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
Mar 30, 2025
Why Most Traders Fail Prop Firm Challenges and How to Succeed
Podcast:
Click Here to Register My Upcoming Webinar - "Prop Firm Mastery: How To Get - And STAY - Funded... So You Can Transform Your Income In Just 30 Minutes A Day"
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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.
#582: How to Avoid Useless Forex Indicators
Mar 22, 2025
How to Avoid Useless Forex Indicators
Podcast:
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Book a Call with Andrew or one of his team now
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#582: How to Avoid Useless Forex Indicators
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?
#581: How to Choose the Best Forex Pairs for Trading
Mar 15, 2025
How to Choose the Best Forex Pairs for Trading
Podcast:
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#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 hig...
#580: What’s More Important: Win Rate or Risk-Reward?
Mar 09, 2025
What’s More Important: Win Rate or Risk-Reward?
Podcast:
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Book a Call with Andrew or one of his team now
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#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.
#579: What Every Trader Needs to Know About Broker Time Settings
Mar 02, 2025
What Every Trader Needs to Know About Broker Time Settings
Podcast:
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Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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.
#578: Top 5 Forex Trading Mistakes to Avoid
Feb 23, 2025
Top 5 Forex Trading Mistakes to Avoid
Podcast:
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Book a Call with Andrew or one of his team now
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#578: Top 5 Forex Trading Mistakes to Avoid
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.
#577: How to Avoid Common Forex Strategy Failures
Feb 16, 2025
How to Avoid Common Forex Strategy Failures
Podcast:
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Book a Call with Andrew or one of his team now
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#577: How to Avoid Common Forex Strategy Failures
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,
#576: How Indecision Candles Can Boost Your Trading Performance
Feb 09, 2025
How Indecision Candles Can Boost Your Trading Performance
Podcast:
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Book a Call with Andrew or one of his team now
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#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 mea...
#575: How to Trade Forex in Under 30 Minutes A Day
Feb 02, 2025
How to Trade Forex in Under 30 Minutes A Day
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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,
#574: What to Do When Timeframes Disagree in Forex
Jan 26, 2025
What to Do When Timeframes Disagree in Forex
Podcast:
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#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 l...
#573: What Every Trader Needs to Succeed in 2025
Jan 01, 2025
What Every Trader Needs to Succeed in 2025
Podcast:
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Book a Call with Andrew or one of his team now
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#573: What Every Trader Needs to Succeed in 2025
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.
#572: Forex Trading Tips for Small Accounts
Dec 15, 2024
Forex Trading Tips for Small Accounts
Podcast:
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Book a Call with Andrew or one of his team now
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#572: Forex Trading Tips for Small Accounts
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.
#571: Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader
Dec 08, 2024
Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader
Podcast:
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Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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.
#570: Every Trader Must Know About Prop Firms
Nov 29, 2024
Every Trader Must Know About Prop Firms
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#570: Every Trader Must Know About Prop Firms
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 pr...
#569: How to Trade Bitcoin, Polkadot, and Dogecoin Safely
Nov 24, 2024
How to Trade Bitcoin, Polkadot, and Dogecoin Safely
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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.
#568: Why the US Election Results Matter for Forex Traders
Nov 10, 2024
Why the US Election Results Matter for Forex Traders
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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.
#567: How to Know If Forex Trading Is Right for You
Nov 03, 2024
How to Know If Forex Trading Is Right for You
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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,
#566: How to Trade Without Following the Major Trading Sessions
Oct 27, 2024
How to Trade Without Following the Major Trading Sessions
Podcast:
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#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.
#565: Why Trading Multiple Time Frames Boosts Your Forex Success
Oct 19, 2024
Why Trading Multiple Time Frames Boosts Your Forex Success
Podcast:
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Book a Call with Andrew or one of his team now
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#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,
#564: Why 90% Win Rate Systems Are Dangerous for Forex Traders
Oct 13, 2024
Why 90% Win Rate Systems Are Dangerous for Forex Traders
Podcast:
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Book a Call with Andrew or one of his team now
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#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,
#563: How to Capitalize on Q4 Forex Market Trends
Oct 06, 2024
How to Capitalize on Q4 Forex Market Trends
Podcast:
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Book a Call with Andrew or one of his team now
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#563:How to Capitalize on Q4 Forex Market Trends
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,
#562: How Live Sessions Can Transform Your Trading
Sep 29, 2024
How Live Sessions Can Transform Your Trading
Podcast:
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Book a Call with Andrew or one of his team now
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#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.
#561: Why Every Trader Should Consider Using Limit Orders
Sep 22, 2024
Why Every Trader Should Consider Using Limit Orders
Podcast:
Find out more about Blueberry Markets – Click Here
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Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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.
#560: What Makes a Forex Trader Successful? Top 5 Traits
Sep 15, 2024
What Makes a Forex Trader Successful? Top 5 Traits
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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.
#559: How to Fast Track Your Forex Trading Success
Sep 08, 2024
How to Fast Track Your Forex Trading Success
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#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.
#558: Drinking and Trading Coffee
Sep 01, 2024
Drinking and Trading Coffee
Podcast:
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#558: Drinking and Trading Coffee
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 comm...
#557: Why you should never risk ‘x’ number of pips per trade
Aug 25, 2024
Why you should never risk ‘x’ number of pips per trade
Podcast:
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Click Here to Download my Lot Size Calculator
#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.
#556: How to Read the Forex Charts like a Pro
Aug 18, 2024
How to Read the Forex Charts like a Pro
Podcast:
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Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
Click Here to Check Out Other Recommended Brokers
#556: How to Read the Forex Charts like a Pro
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.
#555: What has caused the large recent moves in the Markets?
Aug 10, 2024
What has caused the large recent moves in the Markets?
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#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.
#554: Trader makes a whopping +53% in one month
Aug 04, 2024
Trader makes a whopping +53% in one month
Podcast:
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Book a Call with Andrew or one of his team now
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Click Here to Check Out Other Recommended Brokers
#554: Trader makes a whopping +53% in one month
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.
#553: We’ve Made a +13.2% Account Gain This Week
Jul 28, 2024
We’ve Made a +13.2% Account Gain This Week
Podcast:
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Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
Click Here to Check Out Other Recommended Brokers
#553: We’ve Made a +13.2% Account Gain This Week
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 t...
#552: Avoiding Confusion In Your Trading
Jul 21, 2024
Avoiding Confusion In Your Trading
Podcast:
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Book a Call with Andrew or one of his team now
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Click Here to Check Out Other Recommended Brokers
#552: Avoiding Confusion In Your Trading
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,
#551: What Markets Does Our Trading Strategy Work On?
Jul 14, 2024
What Markets Does Our Trading Strategy Work On?
Podcast:
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Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
Click Here to Check Out Other Recommended Brokers
#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,
#550: Why You Should Be A Fussy Trader
Jul 07, 2024
Why You Should Be A Fussy Trader
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#550: Why You Should Be A Fussy Trader
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.
#549: Why the Trading Tortoise Always Wins the Race
Jun 30, 2024
Why the Trading Tortoise Always Wins the Race
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#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.
#548: What is the Green Cross Code of Trading?
Jun 23, 2024
What is the Green Cross Code of Trading?
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#548: What is the Green Cross Code of Trading?
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,
#547: How To Start Out as A Forex Trader
May 26, 2024
How To Start Out as A Forex Trader
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#547: How To Start Out as A Forex Trader
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,
#546: I’m Not a Fan of Trading AI or Bots
May 05, 2024
I’m Not a Fan of Trading AI or Bots
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#546: I’m Not a Fan of Trading AI or Bots
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,
#545: I Don’t Know Where to Place my Stop Loss
Apr 28, 2024
I Don’t Know Where to Place my Stop Loss
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#545: I Don’t Know Where to Place my Stop Loss
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.
View my Monthly & Weekly Chart Trades
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#544: View my Monthly & Weekly Chart Trades
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.
#543: See my H6 Chart Trades in Action
Apr 14, 2024
See my H6 Chart Trades in Action
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#543: See my H6 Chart Trades in Action
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.
#542: I’ll Show You My Trades & Why We Took Them
Apr 07, 2024
I’ll Show You My Trades & Why We Took Them
Podcast:
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#542: I’ll Show You My Trades & Why We Took Them
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.
#541: How to make Hundreds or Thousands of Dollars per Trade
Mar 24, 2024
How to make Hundreds or Thousands of Dollars per Trade
Podcast:
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#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,
#540: How to Survive a Financial Crisis
Mar 17, 2024
How to Survive a Financial Crisis
Podcast:
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#540: How to Survive a Financial Crisis
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.
#539: Forex Trading’s Preflight Check: Building Your Plan
Mar 10, 2024
Forex Trading's Preflight Check: Building Your Plan
Podcast:
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#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.
#538: 7 Points to Help Develop Your Own Trading Plan
Mar 03, 2024
7 Points to Help Develop Your Own Trading Plan
Podcast:
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#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?
#537: The Realities of Learning How to Trade
Feb 25, 2024
The Realities of Learning How to Trade
Podcast:
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#537: The Realities of Learning How to Trade
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,
#536: Should You Trade Only the Major Forex Pairs?
Feb 18, 2024
Should You Trade Only the Major Forex Pairs?
Podcast:
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#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,
#535: What’s a Sensible Amount of Risk to Take per Trade
Feb 11, 2024
What’s a Sensible Amount of Risk to Take per Trade
Podcast:
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Click Here to Download my Lot Size Calculator
#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.
#534: The One Secret to Becoming a Successful Trader
Feb 04, 2024
The One Secret to Becoming a Successful Trader
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#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.
#533: Trading Full Time in 30 Minutes a Day
Jan 28, 2024
Trading Full Time in 30 Minutes a Day
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#532: Trading Full Time in 30 Minutes a Day
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,
#532: Making 2024 The Year You Become a Successful Forex Trader
Jan 21, 2024
Making 2024 The Year You Become a Successful Forex Trader
Podcast:
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Book a Call with Andrew or one of his team now
#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.
#531: 2023 Trading Year Review
Dec 17, 2023
2023 Trading Year Review
Podcast:
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#531: 2023 Trading Year Review
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....
#530: An Interview with The 5%ers Prop Firm
Dec 10, 2023
An Interview with The 5%ers Prop Firm
Podcast:
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Visit The5%ers Website. Click here!
#530: An Interview with The 5%ers Prop Firm
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,
#529: What’s the Difference Between a Pin Bar and a Hanging Man?
Dec 03, 2023
What’s the Difference Between a Pin Bar and a Hanging Man?
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#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,
#528: Good Trading Does NOT Need to be Complicated
Nov 26, 2023
Good Trading Does NOT Need to be Complicated
Podcast:
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#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,
#527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour
Nov 19, 2023
How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour
Podcast:
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Book a Call with Andrew or one of his team now
#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...
#526: Slow & Steady Wins the Day
Nov 12, 2023
Slow & Steady Wins the Day
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#526: Slow & Steady Wins the Day
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,
#525: From Brand New to Trading on a Prop Firm within 3 Months
Nov 06, 2023
From Brand New to Trading on a Prop Firm within 3 Months
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#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 ...
#524: Are You Getting Stopped Out All Of the Time?
Oct 29, 2023
Are You Getting Stopped Out All Of the Time?
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#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,
#523: Adapting Your Trading Strategy to the Current Market Conditions
Oct 22, 2023
Adapting Your Trading Strategy to the Current Market Conditions
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#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.
#522: Why Sell a Successful Trading Strategy?
Oct 15, 2023
Why Sell a Successful Trading Strategy?
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#522: Why Sell a Successful Trading Strategy?
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
#521: Why a 90% Winning System is a Bad Idea
Oct 08, 2023
Why a 90% Winning System is a Bad Idea
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#521: Why a 90% Winning System is a Bad Idea
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.
#520: Why I Ignore the News
Oct 01, 2023
Why I Ignore the News
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#520: Why I Ignore the News
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,
#519: Divergence Trading in the Forex Market
Sep 16, 2023
Divergence Trading in the Forex Market
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#519: Divergence Trading in the Forex Market
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.
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#518: Are You Emotional or Erratic?
Sep 10, 2023
Are You Emotional or Erratic?
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#518: Are You Emotional or Erratic?
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.
#517: Big Benefits to Trading the Longer Timeframe Charts
Sep 03, 2023
Big Benefits to Trading the Longer Timeframe Charts
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#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,
#516: How to Trade Crypto’s, Indices and the Commodity Markets
Aug 27, 2023
How to Trade Crypto’s, Indices and the Commodity Markets
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#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
#515: Prop Firms Have Been a Game Changer
Aug 20, 2023
Prop Firms Have Been a Game Changer
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#515: Prop Firms Have Been a Game Changer
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.
#514: How To Successfully Trade the 5 Minute Charts
Aug 13, 2023
How To Successfully Trade the 5 Minute Charts
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#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,
#513: Social Media Cannot Teach You to Trade
Aug 06, 2023
Social Media Cannot Teach You to Trade
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#513: Social Media Cannot Teach You to Trade
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.
#512: When All You Want is Results
Jul 30, 2023
When All You Want is Results
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#512: When All You Want is Results
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,
#511: Has Your Income Exceeded the Rise in the Cost of Living?
Jul 23, 2023
Has Your Income Exceeded the Rise in the Cost of Living?
Podcast:
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Find out more about FX2Funding
#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 jo...
#510: Has the US Dollar Crashed?
Jul 16, 2023
Has the US Dollar Crashed?
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#510: Has the US Dollar Crashed?
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 dire...
#509: My Typical Trading Day as a Full Time Forex Trader
Jul 09, 2023
My Typical Trading Day as a Full Time Forex Trader
Podcast:
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#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 ...
#508: 5 Reasons Why Good Education is the Cheapest Investment in Yourself
Jul 02, 2023
5 Reasons Why Good Education is the Cheapest Investment in Yourself
Podcast:
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#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,
#507: What’s Size Should Your Stop Loss Be?
Jun 25, 2023
What’s Size Should Your Stop Loss Be?
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#507: What’s Size Should Your Stop Loss Be?
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.
#506: What’s the Best Trading Session?
Jun 18, 2023
What’s the Best Trading Session?
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#506: What’s the Best Trading Session?
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.
#505: How to Avoid Spending Hours Watching the Charts?
Jun 11, 2023
How to Avoid Spending Hours Watching the Charts?
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#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,
#504: Do You Lack a Clear Trading Strategy?
Jun 04, 2023
Do You Lack a Clear Trading Strategy?
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#504: Do You Lack a Clear Trading Strategy?
In this video:
00:26 – You know the stats – Most people lose
01:45 – Spreads will affect Sell trades
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.
#503 – Trading – Does FEAR Prevent You from Being Profitable?
May 28, 2023
Trading – Does FEAR Prevent You from Being Profitable?
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#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,
#502: Celebrating 14 Years of Helping Traders Worldwide
May 14, 2023
Celebrating 14 Years of Helping Traders Worldwide
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#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 f...
#501: Learn How to Pass a Prop Firm Challenge
May 07, 2023
Learn How to Pass a Prop Firm Challenge
Podcast:
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#501: Learn How to Pass a Prop Firm Challenge
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.
#500: Lessons from my 20 years as a Forex Trader
Apr 30, 2023
Lessons from my 20 years as a Forex Trader
Podcast:
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#500: Lessons from my 20 years as a Forex Trader
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,
#499: Why Schools Will Never Teach Trading
Apr 23, 2023
Why Schools Will Never Teach Trading
Podcast:
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#499: Why Schools Will Never Teach Trading
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 n...
#498: Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day
Apr 16, 2023
Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day
Podcast:
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#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/HK...
#497: What Makes a Good Forex Trader?
Apr 02, 2023
What Makes a Good Forex Trader?
Podcast:
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#497: What Makes a Good Forex Trader?
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.
#496: Learning to Grow as a Trader
Mar 26, 2023
Learning to Grow as a Trader
Podcast:
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#496: Learning to Grow as a 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.
#495: How Long Does it Take to Become a Profitable Trader?
Mar 19, 2023
How Long Does it Take to Become a Profitable Trader?
Podcast:
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#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,
#494: How to Calculate the Correct Lot Size
Mar 12, 2023
How to Calculate the Correct Lot Size
Podcast:
TFTC Lot Size Calculator Script
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Join my webinar for new traders
Join my webinar for the more experienced trader
#494: How to Calculate the Correct Lot Size
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 tha...
#493: Which Trading Session Should You Trade?
Mar 05, 2023
Which Trading Session Should You Trade?
Podcast:
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#493: Which Trading Session Should You Trade?
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.
#492: How to Pass a Prop Firm Challenge
Feb 26, 2023
How to Pass a Prop Firm Challenge
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#492: How to Pass a Prop Firm Challenge
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,
#491: How to Trade Crypto’s Safely
Feb 19, 2023
How to Trade Crypto’s Safely
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#491: How to Trade Crypto’s Safely
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,
#490: 3 Tips to Instantly Improve Your Trading Results
Feb 12, 2023
3 Tips to Instantly Improve Your Trading Results
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#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,
#489: Does Your Strategy Work Across All Time Frame Charts & All Markets?
Feb 05, 2023
Does Your Strategy Work Across All Time Frame Charts & All Markets?
Podcast:
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#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....
#488: Our Daily Trades at 7.5% for the year so far
Jan 29, 2023
Our Daily Trades at 7.5% for the year so far
Podcast:
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#488: What Are Your Trading Goals for 2023
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.
#487: What Are Your Trading Goals for 2023
Jan 22, 2023
What Are Your Trading Goals for 2023
Podcast:
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#487: What Are Your Trading Goals for 2023
In this video:
00:25 – Happy New Year
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,
#486: Are You Ready to Trade in 2023?”
Dec 18, 2022
Are You Ready to Trade in 2023?”
Podcast:
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#486: Are You Ready to Trade in 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 a...
#485: My Top 5 Trading Takeaways from This Year
Dec 11, 2022
My Top 5 Trading Takeaways from This Year
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
#485:My Top 5 Trading Takeaways from This Year
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,
#484: Over a 50% Return in the last 8 weeks
Dec 04, 2022
Over a 50% Return in the last 8 weeks
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Click Here To Contact Ben Clay
#484:Over a 50% Return in the last 8 weeks
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,
#483: My Favourite Candle Patterns to Trade
Nov 27, 2022
My Favourite Candle Patterns to Trade
Podcast:
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#483: My Favourite Candle Patterns to Trade
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,
#482: Don’t Race to Get Rich through Trading
Nov 20, 2022
Don’t Race to Get Rich through Trading
Podcast:
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Find out more about my Online Video Forex Course
#482:Don’t Race to Get Rich through Trading
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,
#481: Profiting from the Crypto Crash
Nov 13, 2022
Profiting from the Crypto Crash
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Click Here to Signup for my Black Friday Sale 2022
#481: Profiting from the Crypto Crash
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,
#480: It’s Time to Secure Your Financial Future
Nov 06, 2022
It’s Time to Secure Your Financial Future
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Click Here to Signup for my Black Friday Sale 2022
#480: It’s Time to Secure Your Financial Future
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,
#479: Your Questions Asked to Blueberry Markets
Oct 30, 2022
Your Questions Asked to Blueberry Markets
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Click Here to Send an Email to Ben Clay
#479: Your Questions Asked to Blueberry Markets
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,
#478: Why We Trade Multiple Time Frame Charts
Oct 23, 2022
Why We Trade Multiple Time Frame Charts
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
#478: Why We Trade Multiple Time Frame Charts
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
#477: Learning from the All Blacks
Oct 16, 2022
Learning from the All Blacks
Podcast:
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Find out more about my Online Video Forex Course
#477: Learning from the All Blacks
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,
#476: My Trading Day & Helicopter Flight
Oct 09, 2022
My Trading Day & Helicopter Flight
Podcast:
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#476: My Trading Day & Helicopter Flight
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.
#475: How to Best Use Divergence in the Forex Market
Oct 02, 2022
How to Best Use Divergence in the Forex Market
Podcast:
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#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,
#474: Do You Lack The Capital to Trade Well?
Sep 25, 2022
Do You Lack The Capital to Trade Well?
Podcast:
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#474: Do You Lack The Capital to Trade Well?
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,
#473: Do You Think Your Government Really Cares About You?
Sep 18, 2022
Do You Think Your Government Really Cares About You?
Podcast:
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#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 sc...
#472: Ready to Give Up on Forex?
Sep 11, 2022
Ready to Give Up on Forex?
Podcast:
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#472: Ready to Give Up on Forex?
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,
#471: What Makes a Good Reversal Trade?
Sep 04, 2022
What Makes a Good Reversal Trade?
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#471: What Makes a Good Reversal Trade?
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...
#470: Now is the BEST time in 18 years to trade the Forex market
Aug 28, 2022
Now is the BEST time in 18 years to trade the Forex market
Podcast:
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#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,
#469: Come and Join our Facebook Group
Aug 21, 2022
Come and Join our Facebook Group
Podcast:
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#469: Come and Join our Facebook Group
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 countri...
#468: The 5 Biggest Mistakes Most Traders Make
Aug 14, 2022
The 5 Biggest Mistakes Most Traders Make
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Click here to watch more of my Weekly Video and Podcast.
#468: The 5 Biggest Mistakes Most Traders Make
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.
#467: The Trend Is Your Friend & How to Profit from it
Aug 07, 2022
The Trend Is Your Friend & How to Profit from it
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Click here to watch more of my Weekly Video and Podcast.
#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,
#466: Is the TFTC Program suitable for New Traders?
Jul 31, 2022
Is the TFTC Program suitable for New Traders?
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
#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 exa...
#465: Can You Travel and Trade?
Jul 24, 2022
Can You Travel and Trade?
Podcast:
Find out more about Blueberry Markets – Click Here
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Click Here to Checkout my 30 Minute Trader Trip in 2019
#465: Can You Travel and Trade?
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,
#464: How Much Time Do You Spend Trading Each Day?
Jul 17, 2022
How Much Time Do You Spend Trading Each Day?
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
#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...
#463: The Advantage of Trading with Limit Orders
Jul 10, 2022
The Advantage of Trading with Limit Orders
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
#463: The Advantage of Trading with Limit Orders
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.
#462: Can You Make Automated Forex Trading Really Work?
Jul 03, 2022
Can You Make Automated Forex Trading Really Work?
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Find out more about my TFTC Pattern Trader
#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,
#461: Protecting Your Future from What’s Coming
Jun 26, 2022
Protecting Your Future from What’s Coming
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
#461: Protecting Your Future from What’s Coming
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,
#460: A Week of Rises and Crashes
Jun 19, 2022
A Week of Rises and Crashes
Podcast:
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#460: A Week of Rises and Crashes
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.
#459: Why I Trade Using Candle Patterns
Jun 12, 2022
Why I Trade Using Candle Patterns
Podcast:
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#459: Why I Trade Using Candle Patterns
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,
#458: How Much Can I Make from Trading?
Jun 05, 2022
How Much Can I Make from Trading?
Podcast:
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#458: How Much Can I Make from Trading?
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.
#457: My 5 Trading Tips to Improve Your Results
May 29, 2022
My 5 Trading Tips to Improve Your Results
Podcast:
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Click Here to Download my Lot Size Calculator
#457: My 5 Trading Tips to Improve Your Results
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,
#456: Trader makes +7.25% gain trading the 15 minute charts
May 22, 2022
Trader makes +7.25% gain trading the 15 minute charts
Podcast:
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#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.
#455: Are You Still In Love with the Crypto Markets?
May 15, 2022
Are You Still In Love with the Crypto Markets?
Podcast:
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Find out more about my Online Video Forex Course
#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,
#454: Amazing offer from Blueberry Markets
Apr 24, 2022
Amazing offer from Blueberry Markets
Podcast:
Find out more about Blueberry Markets – Click Here
#454: Amazing offer from Blueberry 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 m...
#453: Seeing Through the Chaos of The Forex Market
Apr 10, 2022
Seeing Through the Chaos of The Forex Market
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#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,
#452: How to Make Great Returns if You Have a Small Trading Account?
Apr 03, 2022
How to Make Great Returns if You Have a Small Trading Account?
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#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 ac...
#451: What is the Best Time Frame Chart to Trade?
Mar 27, 2022
What is the Best Time Frame Chart to Trade?
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#451: What is the Best Time Frame Chart to Trade?
In this video:
00:26 – The best time frame chart to trade?
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.
#450: All the Trading Tips You Need to Be a Successful Trader
Mar 20, 2022
All the Trading Tips You Need to Be a Successful Trader
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#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.
#449: How Are the Fuel Prices Where You Live?
Mar 13, 2022
How Are the Fuel Prices Where You Live?
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#449: How Are the Fuel Prices Where You Live?
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 tow...
#448: Trading Crypto’s, Commodities and Indices
Mar 06, 2022
Trading Crypto’s, Commodities and Indices
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#445: Trading Crypto’s, Commodities and Indices
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 p...
#447: This Is Why So Many People Are Trading Gold Right Now?
Feb 27, 2022
This Is Why So Many People Are Trading Gold Right Now?
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#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,
#446: The Importance of a Traders Community
Feb 20, 2022
The Importance of a Traders Community
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#446: The Importance of a Traders Community
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 s...
#445: How Using Limit Orders Will Increase Your Trading Performance
Feb 13, 2022
How Using Limit Orders Will Increase Your Trading Performance
Podcast:
Click Here to Check Out The5ers.com Interview with Ryo Chong
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#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.
#444: How To Use Other People’s Money To Boost Your Trading Income
Feb 06, 2022
How To Use Other People’s Money To Boost Your Trading Income
Podcast:
Click Here to Check Out The5ers.com Interview with Ryo Chong
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#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,
#443: Inflation Is Now at Levels Not Seen for 30-40 Years
Jan 30, 2022
Inflation Is Now at Levels Not Seen for 30-40 Years
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#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 fa...
#442: Why the Daily Chart is the Best Time Frame Chart to Trade
Jan 23, 2022
Why the Daily Chart is the Best Time Frame Chart to Trade
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#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.
#441: Planning Your Trading Year to Ensure Success
Jan 16, 2022
Planning Your Trading Year to Ensure Success
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course - Click Here
#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 passe...
#440: Reviewing the Year of 2021 and Trading in 2022
Dec 19, 2021
Reviewing the Year of 2021 and Trading in 2022
Podcast:
Find out more about Blueberry Markets – Click Here
#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.
#439: What to look for when choosing a Forex Broker
Dec 12, 2021
What to look for when choosing a Forex Broker
Podcast:
Find out more about Blueberry Markets – Click Here
#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,
#438: Reading a Book Will Only Get You So Far
Dec 05, 2021
Reading a Book Will Only Get You So Far
Podcast:
Click Here To Learn More About Blueberry Markets
Click Here to Learn More About the Course
#437: How to Easily Calculate Your Position
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,
#437: How to Easily Calculate Your Position
Nov 28, 2021
How to Easily Calculate Your Position
Podcast:
Click Here To Learn More About Blueberry Markets
Click Here to Download my Free Lot Size Calculator
#437: How to Easily Calculate Your Position
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.
#436: Can You Trade Non-Forex Markets?
Nov 21, 2021
Can You Trade Non-Forex Markets?
Podcast:
Click Here To Learn More About Blueberry Markets
Click Here to Learn more About my Course
#436: Can You Trade Non-Forex Markets?
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.
#435: How to Scan Through Your Charts Quickly
Nov 07, 2021
How to Scan Through Your Charts Quickly
Podcast:
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#435: How to Scan Through Your Charts Quickly
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.
#434: How Much Money Do You Need to Invest in the Forex Market
Oct 31, 2021
How Much Money Do You Need to Invest in the Forex Market
Podcast:
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#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,
#433: It Never Rains but It Pours
Oct 24, 2021
It Never Rains but It Pours
Podcast:
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#433: It Never Rains but It Pours
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,
#432: Becoming Your Own Boss
Oct 17, 2021
Becoming Your Own Boss
Podcast:
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#432: Becoming Your Own Boss
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.
#431: Client Makes a 40% Account Gain in September
Oct 10, 2021
Client Makes a 40% Account Gain in September
Podcast:
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#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.
#430: Look Left, Look Right and then Look at Your Profits
Oct 03, 2021
Look Left, Look Right and then Look at Your Profits
Podcast:
Click Here To Learn More About Blueberry Markets
Click Here To Learn More About The Course
#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.
#429: Trading in a Covid World, plus a 7.5% Account Gain in a Day
Sep 26, 2021
Trading in a Covid World, plus a 7.5% Account Gain in a Day
Podcast:
Click Here To Learn More About Blueberry Markets
Click Here To Learn More About The Course
#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,
#428: Become an Investor, Not a Follower
Sep 19, 2021
Become an Investor, Not a Follower
Podcast:
Click Here To Learn More About Blueberry Markets
#428: Become an Investor, Not a Follower
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....
#427: How to Trade while on Holiday/Vacation
Sep 12, 2021
How to Trade while on Holiday/Vacation
Podcast:
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Click Here To Learn More About 1-on-1 Private Online Coaching with Paul Tillman
#427: How to Trade while on Holiday/Vacation
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 Tr...
#426: Why You Don’t Need Money to Trade
Sep 05, 2021
Why You Don’t Need Money to Trade
Podcast:
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Click Here To Watch Ryo’s Testimonial
Click Here To Learn Check Out FPA reviews
Click Here To Learn More About my TFTC Forex Coaching Course
#426: Why You Don’t Need Money to Trade
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,
#425: Things to Know as a New Forex Trader
Aug 30, 2021
Things to Know as a New Forex Trader
Podcast:
Click here to learn more about Blueberry Markets
Click here to Learn More About Echo Trade Copier
#425: Things to Know as a New Forex Trader
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,
#424: Making Money from The Daily Chart Trades
Aug 19, 2021
Making Money from The Daily Chart Trades
Podcast:
Click here to learn more about Blueberry Markets
#424: Making Money from The Daily Chart Trades
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.
#423: Preparation is the Key to Your Trading Success
Aug 15, 2021
Preparation is the Key to Your Trading Success
Podcast:
Click here to Learn More About my Course
Click here to learn more about Blueberry Markets
#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 t...
#422: It’s Your Choice
Aug 07, 2021
It’s Your Choice
Podcast:
Click here to Learn More About my Course
Click here to learn more about Blueberry Markets
#422: It’s Your Choice
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.
#421: Knowing When to Trade
Aug 01, 2021
Knowing When to Trade
Podcast:
Click here to Learn More About my Course
Click here to learn more about Blueberry Markets
#421: Knowing When to Trade
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.
#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 doll...
#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 f...
#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."
#417: Are Cryptos a Good Investment?
Jun 27, 2021
Are Cryptos a Good Investment?
Podcast:
#417: Are Cryptos a Good Investment?
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
#416: How to Achieve Time Freedom
Jun 20, 2021
How to Achieve Time Freedom
Podcast:
#415: Get a copy of our Traders App
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 ...
#415: Get a copy of our Traders App
Jun 13, 2021
Get a copy of our Traders App
Podcast:
#415: Get a copy of our Traders App
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.
#414: It’s Time to Get Real
Jun 06, 2021
It’s Time to Get Real
Podcast:
#414: It’s Time to Get Real
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.
#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.
#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.
#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,
#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.
#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,
#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 we...
#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...
#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 pre...
#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 sizing02:38 – 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,
#404: Thinking of Giving Up Trading?
Mar 21, 2021
Thinking of Giving Up Trading?
Podcast:
#404: Thinking of Giving Up Trading?
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,
#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.
#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.
#401: So You Want to be a Scalper?
Feb 28, 2021
So You Want to be a Scalper?
Podcast:
#401: So You Want to be a Scalper?
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.
#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 doub...
#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,
#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,
#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 tr...
#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.
#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.
#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,
#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.
#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,...
#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.
#390: How to Future Proof Yourself
Nov 01, 2020
How to Future Proof Yourself
Podcast:
#390: How to Future Proof Yourself
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...
#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,
#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.
#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,
#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.
#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.
#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,
#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,
#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 ba...
#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,...
#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.
#379: Securing Your Financial Future
Aug 16, 2020
Securing Your Financial Future
Podcast:
#379: Securing Your Financial Future
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
#378: How useful is Divergence?
Aug 09, 2020
How useful is Divergence?
Podcast:
#378: How useful is Divergence?
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,
#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.
#376: Where to Invest Today?
Jul 26, 2020
Where to Invest Today?
Podcast:
#376: Where to Invest Today?
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.
#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
#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...
#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]
#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 th...
#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,...
#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.
#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.
#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.
#367: Trading in 10-15 minutes a day
May 24, 2020
Trading in 10-15 minutes a day
Podcast:
#367: Trading in 10-15 minutes a day
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,
#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.
#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 podcas...
#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,
Excellent Market Conditions Continue
Podcast:
#363: Excellent Market Conditions Continue
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?
#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,
#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.
#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,
#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,
#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,
#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,
#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,
#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.
#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.
#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 th...
#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 ...
#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,
#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,
#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...
#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 ...
#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 l...
#346: Trading Forex from Anywhere
Dec 08, 2019
Podcast:
Trading Forex from Anywhere
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 ...
#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,
#343: How to Protect Your Capital
Nov 10, 2019
Podcast:
How to Protect Your Capital
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,
#342: Should You be a Forex Scalper?
Nov 03, 2019
Podcast:
Should You be a Forex Scalper?
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.
#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,
#340: Why Courses Do Not Work
Oct 20, 2019
Podcast:
Why Courses Do Not Work
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...
#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...
#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...
#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,
#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,
#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,
#334: Another +7.4% Gain This Week
Sep 08, 2019
Podcast:
Another +7.4% Gain This Week
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
#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 yest...
#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.
#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.
#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,
#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,
#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.
Massive losses 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.
#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,
#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,
#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.
#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 ...
#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,
#322: Why Candle Patterns Rule
May 26, 2019
Podcast:
Why Candle Patterns Rule
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,
#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,
#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
#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.
#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.
Click Here To Know More About The Course
#317: Trading the FX market when volatility is low
Apr 14, 2019
Podcast:
Trading the FX market when volatility is low
In this weekly video:
00:30 – A topical subject – a lack of volatility
01:00 - Do not have a strategy that requires massive trends
01:27 – You need patience to trade these conditions
02:10 – Looking at several different time frame charts
03:00 – Hardly any strong trends right now
03:48 – Get your account auto traded at AMForexCopier.com
04:44 – Making sure your trading strategy is a good one
How do you trade the Forex market when volatility is low, exactly like we've seen so far this year in 2019? Let's discuss that and more right now.
Hi Forex traders, it's Andrew Mitchem here from the Forex Trading Coach with video and podcast number 317.
A topical subject – a lack of volatility
I want to discuss a really important subject because it's topical for right now. It's been emailed in from Raphael, and Raphael said, "Andrew can you talk about the Forex market and the volatility or the lack of volatility that we've seen over the past three months?" So here we are in April, 2019, and pretty much since the beginning of the year since January volatility has been quite low. There's not been a great deal happening on the markets in general. There's different ways to approach that, and we'll discuss those shortly.
Do not have a strategy that requires massive trends
Now what I did need to say to you is that if your trading strategy requires there to be huge trends, like day after day after day or week after week of big up-trends and big down-trends, if that's what your strategy requires in order to be successful, I'm picking that right now here we are in April, 2019, I'm guessing your year has not started well. Maybe that's the issue that Raphael is having.
You need patience to trade these conditions
So there's different ways of looking at it. To me, you need to have patience in your trading. It's really, really important that you have patience. Don't just go taking trades just for the sake of trading. If there's nothing there, don't take anything. As an example, this week on the weekly charts I've suggested there are no trades to my clients. Yes, I've suggested some strength and weaknesses based on the weekly charts, but no specific trades. Last week there were three. When I hold my live webinars and I discuss the trades that we've seen, the good set-ups according to our strategy over the past week, sometimes I'm finding that the four hour charts would have tremendous setups and then another week the four hour charts have very few setups.
Looking at several different time frame charts
So it all comes down to when you get these low volatility trading conditions is having the ability to look at several different timeframe charts. That's why we use offline charts and we have the ability to look on MT4 at charts like six hours, eight hours, 12 hour charts as well as the normal standard MT4 charts.
Because when we have the ability to look at different timeframe charts, that's what gives us the edge and that's what gives us the flexibility to look at what's happening in the market and only picking those very top quality A-grade setups. Really important that you do that.
If you are trading say the daily charts and you need to have strength after strength after strength, then right now you're not doing well. So it comes down to trading what you see on the charts at the time.
Hardly any strong trends right now
Using some strength and weakness as well. Really important that you do that, because the market is kind of all over the place. It's not a really obvious trend in hardly any currency pairs right now. Even the Euro and even the Pound with all the Brexit news going on. When you would expect the Pound to be dropping sometimes it's going back up again. So really important that you use what you see on the charts right now. Use strength and weakness. Use my guide if you want. I publish free analysis every single day on my websi...
#316: Using Historical Highs & Lows
Apr 07, 2019
Podcast:
Using Historical Highs & Lows
In this weekly video:
00:28 – Trader asks a question about using previous highs and lows
01:08 - Highs and lows are set, not subjective
01:38 – Bouncing at a round numbers
02:13 – Factors creating highs and lows
02:38 – How I trade and use highs and lows
03:33 – Using these levels to help us trade better
04:28 – Where to put your profit target?
05:35 – Email me with your questions
I'm gonna explain how to use historical highs and lows in the price action to aid you with your Forex trading entry and exits. Let's get into that more right now.
Hi traders, it's Andrew Mitchem here from the Forex Trading Coach with the video and podcast number 316.
Trader asks a question about using previous highs and lows
I've received an email here from Colin. Colin said to me, "Hey Andrew, can you talk about historical prices? Highs and lows, support and resistance, and how they correlate with aiding entry and exit levels within the market." Colin that's an excellent question.
Quite simply, we use those levels all of the time. Why? Well, what I love about historical highs and lows is they're actual levels. You can see them on your charts. Everybody can see them. It doesn't matter where in the world you are, what timeframes you're trading, doesn't matter what trading platform you're on. All those type of things.
Highs and lows are set, not subjective
Everybody can see where the price is stored, highs and lows, where they are. They're not subjective. When you start drawing trend lines ... Now, we do use trend lines but when you start drawing things like trend lines, and you're looking at other levels, and certainly when you can't start adding indicators on your charts, they become quite subjective. The settings will be different depending on your price fee, depending on the timeframe chart you're on, depending on your broker. All those type of things, they can be different but highs and lows are there. They're set.
Now, when you go a little bit further into them, and delve a bit deeper, you'll probably find that when you look at them, and look at the actual price itself, you'll quite often find that historical highs and lows.
Bouncing at a round numbers
It's remarkable how often they do bounce at what I call a round number. It's a price level ending in a 00 or a 50.
You know, they happen all of the time when you look at your charts. Why? Because that's where the big players are pushing the market. That's where they reverse the market. All those type of levels, the 50s and the 00s, historically become very good high and low levels, bounce levels.
Factors creating highs and lows
Those highs and lows that you see on your chart may also be caused by other factors. They could be caused by news events suddenly changing the market or they could become like fib levels, Fibonacci levels, all those type of things. When it comes to it though, the actual reality is, sometimes you actually really don't need to know why they've occurred, all you need to know is that they have, and you need to seed them, and be able to use them.
How I trade and use highs and lows
The way that I like to trade, as you know, I look at individual candle shapes and patterns, where they've occurred and why. The where and why, we now start to add historical highs and lows into that. Let's say that you're buying a currency pair. Let's say you're buying the British pound, US dollar, let's say. It's come down to what was historical low? It may be a low that happened just yesterday, it could be a low that happened last week, last month. Who knows? Depends on the timeframe chart that you're on but you've seen the price come down and it's bounced at a level that, on your chart when you look to the left hand side you can see that it has bounced there. When it last hit that level it pushed up quite substantially.
Using these levels to help us trade better
Now,
#315: Creating your Dream Lifestyle using Forex Trading
Mar 31, 2019
Podcast:
Creating your Dream Lifestyle using Forex Trading
In this weekly video:
00:26 – Creating the dream and the lifestyle
01:07 - Are you serious about wanting to trade?
02:04 – Teaching you a skill
03:00 – Your account size right now does not matter
03:32 – Comments and videos from trading clients
07:06 – We’re not about selling a course
07:39 – 10th Birthday this week – don’t miss out on this opportunity
Wanted to talk today about creating your dream lifestyle by using forex to aid you in that. So let's get into that and more right now.
Hey Forex Traders. Andrew Mitchem here, The Forex Trading Coach video and podcast number 315.
Creating the dream and the lifestyle
I want to talk all about what it is that you're after out of your life, creating the dream, creating the lifestyle that you're after, and how trading can help you do that. Now, if you're watching this video, you'll see that down here, here's one of my best mates. My dog called Pip, and appropriately enough, she's called Pip as a forex trader.
But here's Pip off to go and get a ball probably, but I'm working from home. This is my house there. Sat by the pool here today, filming this for you, because trading has allowed me to create the lifestyle that I'm after, and I'd like to help you do that as well. When you think about it, with The Forex Trading Coach, we're helping people create dreams. We're helping people create lifestyles.
Are you serious about wanting to trade?
If you're serious about changing the way that you're currently doing things, and you like trading to be a part of that, then you're the sort of person that really should be with us, on board with us.
You see, we're not about creating multimillionaires overnight. We're not about unrealistic dreams and expectations. That's not us at all. We're real people, real traders. You see, what I think the best thing for a lot of people to do is to ... When they join with The Forex Trading Coach, it's not to give up your day job straight away. Don't do that. That's silly. That's unrealistic. Don't expect to retire next year from trading straight away.
Teaching you a skill
But what we're about is teaching you a skill. We're about teaching you the ability to be able to make money through trading, and you don't even need money straight away. That's the other thing.
A lot of people come to me and they say, "Hey Andrew. Look, I can't afford to have a decent enough live account to make a living from." Now of course you're not, because most people don't have that kind of disposable income. Even if you did, you'd be absolutely stupid to put that into a trading account straight away if you don't know what you're doing. So we're about teaching you the ability to be able to trade. I can help you in many ways by getting you to become a good trader, and then you can sell trading signals.
You could sell your system through having a good record on places like Myfxbook and gain passive income. Plenty and plenty of ways to grow your account if your account size is the issue right now.
Your account size right now does not matter
But to be perfectly honest and perfectly blunt, your account size right now does not matter because it's understanding how to trade that matters right now. So, get that right, and then you can create that lifestyle that you're looking for. You can eventually get to a stage where you say goodbye to your boss. You're spending more time at home with your family or travelling, whatever it is that you want to do, and that's really what we are about creating.
We want to help people create that lifestyle and not be glued to the charts either. So, lots of lots of different ways we can help you.
Comments and videos from trading clients
Now, I wanted to ... I've got a group of printed out sheets here. I wanted just to read through a couple of these emails that I've received over the last sort of few weeks. But first of all,
#314: Why Our Trading Strategy Works
Mar 24, 2019
Podcast:
Why Our Trading Strategy Works
In this weekly video:
00:25 – Why does your system work?
00:43 - Issues so many traders have
01:35 – A trader who traded 5 minute charts
02:20 – My strategy is realistic to trade
02:58 – Why does my strategy work?
04:30 – You don’t need to understand all candle patterns
05:50 – Our 10th birthday at The Forex Trading Coach
I want to explain why I believe my trading strategy works so well. So let's say I talk about that and more right now.
Hey, traders, Andrew Mitchem here from The Forex Trading Coach with video and podcast number 314.
Why does your system work?
And I often get asked questions, people say to me, "Hey, Andrew, why is it that your system works, or why do you believe it works? How does it help so many people?" And there's a number of reasons, but I just wanted to share with you probably issues that you may be having as a trader. You see when people start trading.
Issues so many traders have
They think they need to clutter their charts with indicators all over the place. They need to either think that they need to be an expert in fundamentals. They think they need to trade all of the time.
Now, most people when they start off, because trading's exciting and you want to take lots of trades, otherwise why be a trader, they think they need to take trades all the time. So most people put a whole jumble of indicators, and lines, and arrows, and squiggly bits all over their charts, they use supposed great combination of indicators and everybody thinks they're going to get the perfect combination of indicators. They're going to add this one, and add this one, and overlay that one, and only take when this one gets to 50%, and overboard, and all these type of things, and they want to do this on one minute and five minute charts at least to complete confusion.
A trader who traded 5 minute charts
Now, I actually knew a guy, who actually lived not far from me here in Hamilton. A number of years I went to see him, and he actually traded really well and made a lot of money, this guy made a lot of money off five minute charts. Trouble was, he got completely burnt out and he doesn't trade today. And I went to his office, and he had this beautiful house, lovely house, but it was all darkened rooms, he had screens everywhere, completely it was his own office, no kids allowed in it, no wife allowed in it, and it was just purely trading, that's all he did. But the trouble is, he spent all day trading, he spent all evening trading, he spent all night trading, and yes he made a lot of money at the time, but he completely burnt out, it wasn't real.
My strategy is realistic to trade
And I think that a big part of trading and why my system works, and it works for myself and so many other people, is because it's real, it's practical. Now I started trading 15 years ago, I started coaching 10 years ago in April, so we're almost up to our 10th birthday. Now I've been teaching the same way, and I've been actually trading the same way now for 12 years. Nothings changed with the way I've traded. So after two years of working really well The Forex Trading Coach started, but it took me three years up to that to get to that stage. But 12 years with the same strategy, nothings changed, and it's been through all different market conditions, et cetera.
Why does my strategy work?
So why does it work? Well, first of all, it works on all pairs and all timeframes, and it allows you to have a lifestyle, and I think that's really important. That's why we're still going all these years later, because it is real, but it doesn't require you to sit at the computer all day. So the reasons why it works will be this.
We're only looking to potentially taking new trade on the close of a candle. So because I'm a price action based trader, I'm not looking at candle flags, and triangles, and ellet wave and all those things which sometimes look really,
#313: Making Sense of the Mass of Forex News
Mar 17, 2019
:
Podcast:
Making Sense of the Mass of Forex News
In this weekly video:
00:26 – Trader from Russia says the news is confusing
00:55 – A Fundamental trader or a Technical Trader
01:35 – Real time examples
02:18 – The news impact is likely to be very low
03:28 – Simplify your trading and don’t worry about the news events
How can you trade Forex realistically when there's so much happening in the news around the world on a day-by-day basis? 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 313.
Trader from Russia says the news is confusing
I want to explain about an email that I've had sent to me from a trader in Russia, and he said to me. He said, "Andrew, I can't trade Forex because it's too much to consider. It involves two countries with their politics affecting currencies and so many things going on in those currencies that it is impossible to keep up with everything. Can you help me?" The short answer is, "Absolutely. Yes."
A Fundamental trader or a Technical Trader
When you think about it, as traders, you've got two different options. You can either go to be a fundamental trader or technical trader, so as a fundamental trader, you're really concerned with news events, and what the event is, and what the impact is on the currency. Things like that, and you see a lot of images online of people watching TV screens, and news channels, and all those type of things.
My simple advice to you is to ignore that and ignore most of that inclination because quite honestly, you don't need it. My suggestion is that you look at Forex Factory at beginning of the week and maybe on each day, and just have a look at the high impact news announcements.
Real time examples
To give you an example of how little there is actually happening there in the market, today, Friday, the 15th of March, 2019, if you have a look on Forex Factory, there are only three high-impact news announcements for today scheduled for Friday. All three of them affect the Japanese Yen.
Now, the likelihood of them actually making any significant movement in the Japanese Yen is quite ... probably quite small. The likelihood of it happening is quite small, and even if it does affect the Yen, how is that really going to affect you if you're trading other currencies or even if you're trading the Yen? It's likely not to affect you because if you're a technical trader like I am and as I teach, it's all factored into the charts anyway.
The news impact is likely to be very low
But let's say you are trading pick a currency, the Canadian against the Swiss Franc, let's say, or even the Euro, US.
The impact of that Japanese Yen, those three high-impact news announcements for today, it's not going to affect you so it really doesn't matter. Yes, it's nice to know what's happening in Japan or what's happening in different countries, but when you think about it, as a trader, even if you focused on that and just understood what was happening, is the news good or bad, just to get a gauge on what's happening, you've only got eight main currencies anyway. It's not like you're sort of looking at them, stocks and shares, and worrying about different companies and what is happening with different boards, and chairmans, and dividens, and all those type of things. It's happening all the time with thousands and thousands of companies.
We're just talking eight currencies, so really, it's very, very easy to do in fact, and you haven't got to worry about those big events, and as I mentioned, when it comes to the way that we trade, the news announcements don't affect us anyway. It's all taken into account, and the charts tell you everything that you need to know.
Simplify your trading and don’t worry about the news events
So I hope that helps. Simplify your life. Simplify your trading. Don't make it difficult. Don't get too confused by it.
#312: How to Trade my Strength & Weakness Analysis
Mar 10, 2019
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Podcast:
How to Trade my Strength & Weakness Analysis
In this weekly video:
00:29 – Daily Strength & Weakness Analysis
00:55 - Trades posted free by 6pm EST New York Time
01:29 – The likely direction for the upcoming day
02:20 – How to best trade the analysis
02:55 – Why trade with the trend?
04:40 – If you don’t have your own working FX strategy
05:30 – What happens if the price goes the other way?
06:33 – We’re not perfect!
I'm going to explain how you can best take advantage of the free posts that I put on my website each day, where I explain the likely daily directions and strength and weakness analysis. So let's get into that and more right now.
Hey Traders, Andrew Mitchem here from the Forex Trading Coach video and podcast number 312.
Daily Strength & Weakness Analysis
Want to talk about the strength and weakness analysis, that post on my website each day. If you got into the trade section or the Forex Trading Coach and on the right hand side each day you will see that I update it at about six o'clock eastern standard time, that's New York time each day. The likely directions, the strength and weakness analysis of various currency pairs for the upcoming day for the next 24 hours.
Trades posted free by 6pm EST New York Time
Now the trading day is for 5:00 PM New York time to 5:30 PM New York time. And at that time I'm posting trades like specific trades from my class and then by 6:00 PM we had the free analysis, which you can get if you're not a client every single day.
Now the free analysis, of course it's free but because it's free, it is a very basic form of what my clients get like you don't get the specific trades, you don't get the specific reasons for trades, you don't get the intranets for trades and don't get the bigger picture weekly and monthly trades either.
The likely direction for the upcoming day
But what you do get is the likely direction for the upcoming day and the currency strength and weakness of where I see potential bullish currency pairs and where I see potential bearish currency pairs. So as mentioned only clients get the next level, but there's lots and lots of analysis and useful information there for you to take advantage of if you're not a client. Around it's probably six or seven years ago, Forex Peace Army, the well known and respected review company, picked up on my free analysis and asked if I could post on their site each day, which I have done ever since.
And then leading on from that, a whole range of forex companies throughout the whole world, all over the Internet pick up on that daily analysis because they see it as valuable information for their readers. That sort of now available for you every single day to log in and take advantage of.
How to best trade the analysis
Now I had an email from a trader called Henry who said to me, "Hey Andrew, can you just talk about it, make a video about it, and explain how we can best make use of that analysis that you post there each day." How many trade should we take, when should we enter? All those kinds of things. So the important thing to understand that these are not specific trades, they are likely trends, they're likely directions. And what you should be doing is you should be using your own analysis to take trades that are in that same direction as those likely trends that I'm seeing.
Why trade with the trend?
And why would you do that? Well, you think about this logically. If I'm seeing lots of strength in the Australian dollar, let's say as an example, and I'm seeing lots of weakness in the US dollar and against the Yen again, as an example, I'm likely to be saying for this day, I'm looking at bullish trades buy trades on the Australia in US dollar and the Australian Yen. So what that means is when you're taking your own trades using your own strategy, if you see sell trades like potential good setups that are sell trades on the Aussie Yen,
#311: Trade what you see and not what you think might happen
Mar 03, 2019
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Podcast:
Trade what you see and not what you think might happen
In this weekly video:
00:28 – Read the charts
00:45 - The Brexit example
01:50 – The Pound should be falling, or not?
02:42 – The importance of trading what the charts show you
03:48 – Trading with the KISS approach
I want to talk about why you as a trader should trade what you see on your charts and not what you think might happen. There's a big difference between the two, so let's get into it.
Hey traders, Andrew Mitchem here from The Forex Trading Coach with video on podcast number 311.
Read the charts
And I want to talk about something that's very topical right now, especially when you think about the British pound. And I want to talk about the importance of why, to be a good trader and a successful trader, you should really trade what you see on your charts and not what you think should or might happen to a currency path.
The Brexit example
I'll give you a great example. So here we are today, 1st of March, 2019. Now I live in New Zealand, but on the other side of the world far away from me we're having that Brexit issue still dragging on. It just seems like it's been going on for months and months and months. And all I read on the news is Theresa May might be doing this, Corbyn might be doing that. Are they going to leave? Yes or no? Brexit, is it going to carry on with the vote that everybody wanted to leave, or the majority wanted to leave? Are they going to change things? What's happening with Ireland? Europe's getting involved. And to me, as an observer, it just seems like a complete and utter mess, and nobody seems to know what's happening. You kind of get that with I suppose a lot of politics around the world. But it seems a particularly big mess, and dragging on and on and on.
So you think about that logically. What could or should that be doing to the British pound? Well, to me I'm thinking, well uncertainty. Nobody knows what's happening. Are they going to leave? Are they going to make big exit fees to leave Europe?
The Pound should be falling, or not?
The pound should be absolutely crashing. All these big businesses, and industries, and banks, they're all saying, "We're going to leave Britain if they leave Europe," or the Eurozone. And everybody should really be thinking the pound has to fall. It has to fall. It has to crash. Yet you go and look at your charts for this year, for the first two completed months of this year, and all we've seen is the pound against the US dollar has rise about 950 pips. Against the Australian dollar it's risen about 1100 pips. Against the Yen, it's risen about 1500 pips. And it's almost a straight line. It's just gone straight up when everything that you think should say it should be going straight down. It should be doing the opposite.
The importance of trading what the charts show you
So we talked about this on my webinar last night with my class. And it's all about the importance of trading what you see on the charts, because if you think about this fundamentally or almost logically, you'd be just taking sell positions, or thinking you should be looking for sell positions all the time on the pound. Yet this year, so many weeks of this year so far, I've said to my class, "On a weekly bars, I'm looking for buy/trades on the pound/US, or pound/Yen, pound/Aussie, pound/Kiwi," because that's what we're seeing. And then you take that down to a slightly smaller timeframe and you look at each day, and many, many times we've been saying buy/trades on the British pound pairs because that's what we're seeing.
And that's the important thing here. Look at what the charts are doing. It doesn't matter what you think, or what someone else thinks, or what CNN thinks, or what some fundamental trader thinks. It does not matter. The only thing that matters is what's happening on the charts right now, and making sure that you're on the right side of that.
#310: The Best Way to Become a Successful Forex Trader
Feb 24, 2019
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Podcast:
The Best Way to Become a Successful Forex Trader
In this weekly video:
00:22 – How you can become a successful Forex trader
01:10 – We teach how to trade in real time
02:17 – We show you how to trade from the right hand side of the chart
02:27 – #1 - Daily Chart Trades
03:26 – #2 – Live Weekly 2 hour long webinars
04:07 – #3 – Client’s Forum Site
05:17 – If you’d like our help with any trading issues
What's the best way for you to learn how to become a successful forex trader? Let's talk about that and more right now.
Hi, forex traders, Andrew Mitchem here from The Forex Trading Coach with video and podcast number 310.
How you can become a successful Forex trader
Now we're gonna talk about how you can become a successful forex trader and what is the best way for you to learn how to do that. They say everybody's different, everybody learns in different ways. Of course, some people are visual, some like to do things themselves, some like to read. Many, many different ways. But I firmly believe that what sets us apart as a forex education company is that first of all, we're real traders. I'm making this video and podcast. I'm not home in my office with my screens behind me here. I'm a real trader doing this day in, day out. And have done so for 15 years. So that's a really important point. We're not set in some office in London, or New York, or Sydney, or somewhere with call centres. We're not that at all. That's far from what we are. We're real traders. So that's the first thing.
We teach how to trade in real time
The second thing is is that because we're real traders, we teach people how to trade the way that we trade in real time. And I think that for you as someone who's learning how to trade a strategy is absolutely critical. And that's what sets us apart. You see, we've got three different ways of teaching our clients how to trade our strategy in real time. You can go online, and you can see videos, and you can see screenshots of the perfect trade, and someone's highlighted this trade, and it's working just beautifully. You notice how it does that. It always works beautifully. But the problem is that you as a trader, you get to understand the strategy, and you get to learn it, et cetera. You pay for it. And you cannot make it work in real time. That becomes the problem. And the issue there is that hindsight, everybody's multi, multi millionaires. Simple. And the problem is that you have to learn to trade in real time from the right hand side of the charts without any of that hindsight. Without any of those losing trades. You've gotta trade the perfect trade every time. But how do you find it?
We show you how to trade from the right hand side of the chart
And so that's what makes us different because we teach that trading from the right hand side of the chart because that's what we do ourselves. Three different ways that we help our clients with this.
#1 - Daily Chart Trades
The first one is that we place data chart trades on our membership site for clients to follow along. We analyse the data charts each day. And between 5:15 and 5:30 PM Eastern Standard Time, so that's about 15 to 30 minutes after the day the candle opens the new day, we place specific trades based on the daily charts for our clients to follow. So it's all in real time. The market hasn't even started to move yet at that time of the day. We're saying these are the trades that we're looking at, giving all the reasons for the trade set up, plus we are giving the exact entry and exit levels for people to follow along, learn from, and also to earn from. But the most important part of that is the learning because it's learning to train your eye in real time from that right hand side of the chart without any of the benefit of what might happen next or hindsight. So really important. That's a daily occurrence. You get that five days a week.
#2 – Live Weekly 2 hour long webinars
#309: What Makes an A+ Quality Trade Setup
Feb 17, 2019
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Podcast:
What Makes an A+ Quality Trade Setup
In this weekly video:
00:24 – This is so important to your trading success
00:49 - Live trading webinar
01:25 – Trading is not just about the next one trade
02:16 – Training your eye to see that good quality setup
03:03 – A good strategy will win through over time
04:00 – Client makes +3% on the live webinar
What makes an A+ quality trade set up on your charts? It's really important. Let's discuss this and more right now.
Hey traders, Andrew Mitchem here, the owner of the Forex Trading Coach with the video and podcast number 309.
This is so important to your trading success
Now I wanted to talk about something that's really, really important to your trading success. It will help you in so many ways. And it's all about identifying what we call an A+ quality trade set up on your charts. Why is that important? Well it will help you become more successful. It would almost guarantee your success if you stick to these rules.
Live trading webinar
So last night with my clients, we held our live weekly two hour trading room webinar. And we talked about the importance of this, about looking for A+ trade setups. But what is an A+ trade set up? So each person, depending on your strategy, it will be different. But at the Forex Trading Coach, we have a defined, clear set of rules that we're looking for to enter a trade. Now it's really important to understand, to help you with your emotions and help with psychology that you go through this process and you stick to it.
Trading is not just about the next one trade
Because a lot of people will take one profitable trade and all of a sudden they're over the moon and trading is fantastic and then they do something stupid next time.
Or they'll have a loss or two or three losses in a row and all of a sudden trading's terrible, I hate it, I'm losing money. It's my broker's fault, and whatever it is. You get the picture.
So what I suggest to clients do is I'm suggesting that they have the set of rules that we look for and every time they take a trade, does this individual trade set up meet this set of rules that we're looking for? Yes or no. And not all the time is every single one of those going to be perfect, but do the vast majority of these setups or this setup, does it have the vast majority of these technical trade set up things that we're looking for? And if it does, fantastic, take the trade.
Training your eye to see that good quality setup
Because what it means is you get to train your eye to look for that setup. It doesn't matter what the timeframe chart is, what the currency pair is, whether it's the New Zealand dollar because I live here, or whether it's the US dollar because you live in America. It does not matter. Trade the set up because what that will give you is the ability to train your eye to see the setup no matter what the pair, no matter what the timeframe.
What it also does is it takes away those highs and lows of that emotion, because if the trade matches your criteria that you're looking for and you take the trade and it gets to your profit target, fantastic. If it doesn't, if it gets stopped, that is something changes, it doesn't matter because you traded the trade setup itself.
A good strategy will win through over time
And you know if you have a good system, a good strategy like we do that has a high reward for risk, but we know without doubt that if you traded 100 setups of what we call A+ quality setups, over those hundred trades, you will without a doubt be profitable. So that's why it's really important to do that.
Now a client of mine created a journal and every trade he takes he analyses, is it good enough to meet our criteria? Yes or no, if it does he takes the trade, takes a screenshot. And that he said itself is massively helping him. So that is one thing I really want to stress there about making sure you journal your trades and your entry rates.
#308: The Importance of Good Quality Education
Feb 10, 2019
Podcast:
The Importance of Good Quality Education
In this weekly video:
00:25 – The internet is full of Forex education
01:03 - Not just education but you need “Good Education”
01:55 – A call from a trader in Texas
02:50 – We are real traders not a call centre
04:04 – A trading example from the CAD/JPY D1 chart
05:55 – Learnt more in a 15 minute call than from a paid course
06:30 – We’ve been helping traders for almost 10 years – that’s real proof
Let's explain the importance of getting educated, not only that, well-educated with something that works. Let's talk about that and more right now.
Hey, traders, Andrew Mitchem here from the Forex Trading Coach, with video and podcast number 308.
The internet is full of Forex education
I've got a story to share with you regarding a phone call that I had this morning from a guy in Texas over in America, but more about that shortly. The point that I want to make here is online, you will find forex education everywhere. You'll even find it physically in your own local town or city as well, but like with most things online, there are a few good things, and quite a lot of average, and an enormous amount of rubbish, trash, whichever word you want to use, and that's what the online world is like, and forex education is exactly the same.
Not just education but you need “Good Education”
You see, getting yourself educated is good, but getting good education is what makes the difference. Not just getting a course, and assuming that's going to fix all your forex problems. It's finding the right course, something that suits you. It's finding a group of traders who trade profitably successfully, enjoy what they're doing, happy to share the knowledge, all those kinds of things, and something that works for you, in terms of your available time, all those kinds of things. Really important that you seek good education, something that's proven, so ... That applies to anything in life. You could be learning a sport, you could be learning a musical instrument, you could be learning anything. You've got to get yourself not just educated, but good, correct education. This is exactly the same in the Forex market.
A call from a trader in Texas
So back to the phone call that I received from the guy in Texas this morning. He phoned me up and said, "Hey, Andrew, look, I've been with this course over in America. I'm finding I'm not winning, I'm losing money. My risk is really high. They're suggesting I trade 3% risk per trade. I'm trading 15 minute timeframe charts. I can't get hold of anybody, and when I do, they reply by email a week later, different person all the time." It just sounded like this guy has really fed up. He'd invested considerable amount of money and time into this company, and it just wasn't working for him, but it was more the actual, the whole process, the whole strategy, the followup process, the lack of support. All that was frustrating him, so he searched online, he found me at the top of Google, gave me a call and we had a really good chat about how I trade, and how I can help him progress further with his trading.
We are real traders not a call centre
During that conversation I said, "Well, first of all, you know, we're real traders. We're trading. Here's the chart behind me here. We're trading in real time." On our webinars, we trade live in real time. On our daily trade suggestions we put out there for clients to copy, and follow, and learn from. I said, "By the way, this week we've suggested five trades, all five have hit their profit targets so far." We're taking half percent risk, total portrayed with a quarter percent risk at the market order, quarter percent at a retracement order, and again, all these levels are explained and in the course until you get to know how and why to take those trades. We're taking very, very low risk per trade, but we're up 3% just by sort of following the daily trading suggestions just this week.
#307: What proportion of your money should you trade?
Feb 03, 2019
Podcast:
What proportion of your money should you trade?
In this weekly video:
00:29 – How much of your savings should you trade?
01:02 – The 2 different options for you
01:45 – Trading example
02:02 – This is a discussion – NOT financial advice
03:00 – Which is the best choice for you?
04:14 – Don’t keep all of your funds with one broker
05:18 – Email me with any questions
Should you put all of your money and your savings into your Forex account trade that, yes or no? Let's talk about that and more right now.
Hey, traders, Andrew Mitchem here, the Forex trading coach with video and podcast number 307.
Now I've got a really interesting topic to discuss today.
How much of your savings should you trade?
Now it came back from an email here from a client of mine and we talked about this in quite some depth on my latest live Webinar with my clients that I hold each week and it was all about what should we do with our funds. And basically this guy said, "Should I put my savings and take money out of my bank account and put it into my trading account based on the fact that, we trade a strategy that works and based on the fact that we trade low risk per trade?" What should I do? And he said, "Well, basically, really is there any advantage one way or the other what I do?"
The 2 different options for you
So the two scenarios would be one, I take out a funds and additional savings, put it into my Forex account, trade it really low risk. And probably make way more than the bank are ever going to pay me in a year, I'm probably going to make that in a month and that would be very fair pull. The other thing we discussed was, why don't you maybe look at putting half of that money that you would allocate to your Forex account into your account and half leave with the bank where sure, short may be earning very, very low interest rate but also, I suppose you could say it's secure or secure as you can get. So there's two different options. And if you took that second option, of course you could say, let's pick some numbers.
Trading example
Let's say I had $100,000 to try up at $50,000 and with my broker, 50,000 in the bank. And I'm assuming when I trade, I'm trading a 100,000, so I'm doubling up on my normal risk. So you've got a couple of options there and you can play around with the numbers as it suits you.
This is a discussion – NOT financial advice
The important things are this, there's two things really. Number one, I've got to say this is not financial advice. I'm not saying you should go and do this. This was purely a discussion that we had on the live Webinar and I just wanted to share it with you because I think it's something that a lot of people don't give you that normal everyday experience. And this is coming from experience. This is not a suggestions or advice, really important that point. The second point is that I'm assuming that if you're thinking, "Hey Andrew, which way do I go?" That you can actually trade
And that's another really important point. The guy that I was talking about, he can trade, he's been in all my course for awhile. He's doing really well, low risk, et cetera. He's not gambling, he's not doing silly things. So there's a couple of assumptions there. I'm assuming that you can trade profitably, consistently and you're taking low risk. So assuming that comes into play, and if you can't do that, then you need to come and see me first of all. But assuming you can then, which way you go?
Which is the best choice for you?
Well the choice of course is really yours, but just a few things to be aware of, here in New Zealand as a company that I've been using over the last year or so. It's called Halifax and Halifax in Australia had something happened back in around October, November, and as a result of Halifax Australia owning part of Halifax in New Zealand, which by the way, we're a really good broker.
Our accounts have been frozen,
#306: Should you follow Trader’s Sentiment?
Jan 27, 2019
Podcast:
Should you follow Trader’s Sentiment?
In this weekly video:
00:24 – Trader’s question from Norway
00:41 - Sentiment is hard to measure in the FX market
01:42 – Do you follow other traders?
02:04 – Why I use price action
02:50 – Trading against the sentiment
03:50 – Continuation patterns
04:39 – Send me your trading questions
Should you follow sentiment from other traders when making your trading decisions? Let's talk about that and more right now.
Hey, traders. It's Andrew Mitchem here from the The Forex Trading Coach with video and podcast number 306.
Trader’s question from Norway
Now I've received an email just this morning from a trader called Simon over in Norway. Simon said, "Hey Andrew, love your podcast, but can you chat about sentiment on a future podcast? Should we be following traders or should we go against them?"
Sentiment is hard to measure in the FX market
Simon, it's a really interesting question, because sentiment is quite difficult to measure in the Forex market. It depends where you get your information from. Are you looking at different websites? Are you looking at something like Reuters possibly? Are you looking at something like Forex Factory or FXStreet? They all show where traders are long or short on different currencies and where people are placing their positions right now. The problem is is they can only show the data that they can measure, so it's not uniform. It's not the same depending on where you get that data source from.
When you think about it, in the Forex market, it's very difficult to measure, a little bit like volume. Go and have a look at the volume indicator on, say, your broker's platform, and then open up a different broker. The volume levels that you see are vastly different, and I supposed it depends on where the broker gets their data from. Is it just from their traders? Is it from their entire price feed? Where does it come from? Sentiment, very, very similar, can be the same issue.
Do you follow other traders?
If you are simply just following other people or you think, "I'm just going to do the opposite," because 95% of traders all lose, then it becomes quite dangerous in some ways. Although I like the idea, Simon, and I like what you're saying, I think there's a better way to do a similar type of thing.
Why I use price action
That's the way that I trade, which is why I use price action. You see, I'm looking at price action to give me an idea of where the big players in the market are moving the market, where they're placing their orders. That's why I also look at round numbers, like numbers, price levels ending in 00 or 50, because they're strong psychological levels. The price is likely to move up close to a 00 and then it's probably going to bounce back down again, or if it's heading back down to that level, it's going to bounce and then pull back again. A lot of orders are placed out, a lot of stop orders, a lot of stop losses, a lot of profit targets, et cetera, round numbers. So combining price action and candle formations with round numbers and support and resistance, et cetera, is the main part of how I trade.
But coming back to the sentiment question, if we were to say trade against the traders, the vast majority, that's kind of like I'm use as a reversal pattern. Just last week, on last week's video and podcast, I said, "Should you trade reversals or only continuations?" Reversals are going against the trend in some ways, but I only take a reversal signal once I have confirmation from the price action that the price is turning down. I'm not seeing the price going up and up and up and just simply taking sell crates just because I want to. I'm waiting for that price to go up and up and I'm looking for it to start to tip over, some indecision, some confirmation it's about to go the other way.
So Simon, to answer your question with the sentiment and trading against traders, yes, you can do that.
#305: Trading Reversal Patterns
Jan 20, 2019
Podcast: Trading Reversal Patterns
In this weekly video:00:24 – Are reversal signals too risky?00:58 - Reversal trades look really good on the charts01:23 – An example from the GBP/JPY D1 chart02:38 – Continuation patterns are a higher probability trade setup03:18 – In Summary: Reversals and Continuation trades03:38 – Look for “u” and “n” shapes on the charts04:28 – New look website launched this week
Should you trade reversal patterns as a Forex trader or is it too risky? Let's discuss that and more right now.
Hey, Forex traders. Andrew Mitchem here from the Forex Trading Coach with video and podcast number 305.
Are reversal signals too risky?
This video and podcast is all about reversal signals; should you trade them, yes or no? Are they too risky? Basically it's all about helping you decide if they are correct for you or not. We were talking about this with my clients last night on a live two hour webinar. We were showing different reversal signals and continuation patterns. So I trade both of them myself, and they're both very high quality, high probability trade setups that we trade as part of the strategy here at the Forex Trading Coach.
Reversal trades look really good on the charts
However, the reversal trades, although on the chart they look really dramatic because when you think about it, if you had a large uptrend, you are then taking a sell position based on what you're seeing to ride the market right back the other way. Likewise, if you've had an uptrend you're looking for the downtrend, if you had the downtrend you're then looking for the reversal back up. So, on a chart they look fantastic.
An example from the GBP/JPY D1 chart
Right behind me here you might be able to see a daily chart of the Pound/Yen. Now, the Pound/Yen up until a few weeks ago has had a massive reversal, 1700 pips downwards, almost in a straight line. You look at that and then a couple of weeks ago, I think it was the 4th of January, we picked a buy trade based off the way that we trade off the daily charts against that 1,700 pip downtrend. It's worked out beautifully. You can go and look on charts, Pound/Yen daily chart 4th January, 2019, you'll see the trade that we took.
However, it's definitely a higher risk trade because it's against that massive downtrend. When you look back at the Pound/Yen over say November into December, you'll see lots of opportunities for continuation patterns. That is, the bigger picture downtrend looking for a pullback or a retracement back up and then the opportunity to go down again, to sell short to look for the Pound/Yen to drop. That's exactly what it did. Time after time and time again. Because of course nothing does a straight line; it's goes down, it pulls back, it goes down, it pulls back, all the way through as it steps its way down in that example.
Continuation patterns are a higher probability trade setup
So, continuation patterns. No one near as dramatic on the charts. They don't look quite so exciting do they? However, higher probability trades definitely if you know how to trade them properly. So we always look for more than just a candle setup; we look for confirmation of the price, what is the price has it bounced there before? What is the level, is it a round number? Is it a support and resistance level? Is it bouncing at like the upper or middle or lower Bollinger band? Do we have divergence positive negative? Hidden standard? All those type of things that we add to the mix to say, number one, this candle pattern looked really good. It's a reversal trade or it's a continuation trade. But then we add things to it.
In Summary: Reversals and Continuation trades
So, in summary, reversal trades really really dramatic, slightly higher risk because you are trading against the bigger picture. Continuations maybe don't look quite so cool on a chart, but they are certainly higher probability because you're trading with the main direction but after it's had a slight retracement or pullback.
#304: Helping you trade the right way in 2019 and beyond
Jan 14, 2019
Podcast:
Helping you trade the right way in 2019 and beyond
In this weekly video:
00:21 – Happy New Year
00:41 – A lot of political events
01:14 – Having a strategy and a plan
02:33 – My favourite time frame chart
03:21 – H12, H8 and H6 charts
04:01 – Take the higher probability trade setups
04:38 – Shorter time frame charts
05:33 – Forget about making pips
2019, what does it hold for you as a Forex trader? Let's talk about that and more right now.
Hey traders, Andrew Mitchem here, the Forex Trading Coach video and podcast number 304.
Happy New Year
Happy New Year and happy start to 2019. I want to discuss a few things with you on today's video and podcast that's going to help you as a trader into 2019 because quite likely we are going to see some fairly difficult trading conditions will be my guess at this stage.
A lot of political events
A lot of political events happening right now with Brexit still undecided, political unrest within Europe, issues in South Africa, China of course, and the US and Trump and difference enhancements in how the world and the market reacts to all of that. On top of that, you know there's still Russia and there's lots of things happening politically around the world that can affect us as traders whether we like it or not. Whether we're technical traders or fundamental traders, the political events do have a bearing.
Having a strategy and a plan
What can we do about that? Well, to me it's really important that you obviously have a plan and you have a strategy in place. THat's kind of a given, but for me one of the things that I stress to my clients is having the ability to look at various timeframe charts throughout the day or the week and I think it's really important. Let's discuss that.
If you're looking at say like the monthly charts or the weekly charts, of course for some people they're too big, they're too slow, they take too long to mature trades. Some people seem to think that they can't trade them because they don't have a big enough account or they can't afford such a big stop loss, which is actually incorrect, but that's a different subject. But for the me, the monthly and the weekly charts are trades that kind of tick along in the background doing their own thing, bigger picture, I'm happy to leave them in for several days, several weeks, sometimes even several months if needed, and they're sort of like ... Kind of like the bread and butter behind the scenes. Still high reward to risk trades, in fact very high reward to risk.
Spread virtually has zero effect at all on say like a monthly or weekly chart and they just sit there looking at the bigger trend, the bigger picture and very, very nice charts to trade when you see good setups.
My favourite time frame chart
Come down to slightly shorter than that and that's the daily chart. Now that's still after 15 years of trading, that is still my favourite timeframe chart to trade. Why? Because I can look once a day. It's faster than obviously like the weekly and the monthly. It has more relevance to what's happening in the market right now and it's juts a great chart to trade. Once a day look at the charts, are there any good setups on the daily charts? Yes or no? If there are, take them.
Generally I find one or two, sometimes three or four a day and that's what I post to my clients on our membership site. Really high reward to risk trades, easy to place, put them on.
H12, H8 and H6 charts
The bigger picture is less of an issue, it's more riding that sort of ... That movement within the course of a few days. Then you come down short a timeframe again. I've got software that allows us on MT4 to trade charts like twelve hours, eight hours, six hours, fantastic charts. Absolutely amazing charts and timeframes to trade and we trade those on our webinars and on our forum site extensively.
Take the higher probability trade setups
If you don't have that software, which by the way is only included with my course,
#303: Evaluate Your Trading Year
Dec 16, 2018
Podcast: Evaluate Your Trading Year
In this weekly video:00:31 – Was 2018 a good trading year for you?01:02 - What worked and what did not work?01:42 – Stop the searching and time wasting02:31 – Surround yourself with real traders03:14 – Client makes 7% gain in 1 week03:52 – Daily analysis finishes 21st December and starts on 14th January 201904:30 – We love trading and see you in 2019
How has your trading gone this year and what are you going to do to make any changes as we head into next year? Let's talk about that and more right now.
Hey, traders, Andrew Mitchem here, The Forex Trading Coach, with video and podcast number 303, coming from Nelson in the South Island.
Early morning here as I'm off for the day. We're down here on holiday and just wanted to make this video. The last one for 2018. And really to talk about how has your year gone?
Was 2018 a good trading year for you?
What's been good for you? What's worked? What's not worked? What time frame charts have worked? What type of strategies worked? And what is it that you need to do? Just use the next few weeks over Christmas, over New Year, to evaluate your trading and to really to put you in the right position for making next year a really good year for you.
Have you found that the technical analysis has worked? Have you found that maybe fundamental analysis has worked? Maybe you're looking at a combination of the two.
What worked and what did not work?
Maybe you're completely confused and you're not sure what should work or what does work. Maybe your finding yourself glued to the charts all day and you're finding that maybe 15 minute charts are just not working for you. It's just too fast. Maybe you think that daily charts, or weekly or monthly charts, you don't have a big enough account. Whatever it is, use these next few weeks to really workout what is going to make 2019, and beyond, work for you. Really important you do that.
Stop the searching and time wasting
I also think it's important that a lot of people I hear from, who are not clients, they're spending far too much time searching around Google, looking for the next latest greatest strategy. They're spending too much time on forum sites and basically getting inundated with other people's opinions and information overload. The old analysis paralysis going on there. You know, that can be dangerous as well because a lot of those places, in all honesty, are probably populated by people who don't trade, who can't trade, that type of thing. A bit of a generalisation, but you know, online, a lot of places like that, forums, etc., especially in the trading world, can be like that.
Surround yourself with real traders
It's important that you surround yourself with real traders. People who are trading. People also not glued to the charts. Like I said, I'm here in Nelson, I'm trading off the daily charts this week. I put a few trades on the weekly charts as well, but I'm not trading much else, because I don't want to this week, I'm doing other things. Got the family here, going around, been on the beach, although it was a bit of a cloudy day today. Just having a good time doing other things.
And really, you need to surround yourself by people who are, who I suppose walking the talk, not just talking it, they're actually out there doing it, and I think that's really important as well.
Client makes 7% gain in 1 week
Look, I'll just received an email this morning from a client, Mickoli. And Mickoli said, "Hey Andrew, last week I was trading just on the longer time frame chats and I made 7% in a week." Now, he's risking 1% per trade, but we made a 7% return last week. So, ask yourself, do you want to do that from just trading 10, 20 minutes, once a day? And if you do, then you know where to find us, you know where the help is. Mikoli joined me probably about a couple of years ago, I'm guessing, without looking, and 7% in a week, just trading longer time frame chats, and so it can be done.
#302: 10/10 Winning Trades This Week
Dec 09, 2018
Podcast: 10/10 Winning Trades This Week
In this weekly video:00:27 – An exceptional week’s trading01:06 - Large opening gaps this week01:20 – Monthly US jobs news01:52 – 4 trades taken live made +4.15%03:00 – Forum site also includes other trades03:39 – This shows what can be achieved
Hey traders, when you get 10/10 trades hit their full profit target, you know you've had an awesome week. So let's talk about that and explain more right now.
Hi traders, Andrew Mitchem here from the Forex Trading Coach, video and podcast number 302.
As I mentioned, when you get 10/10 trades in a week all hit the profit target, the full profit target, you know you've had a really good week. That's exactly what we've had.
An exceptional week’s trading
It's just been an awesome week on the membership site that we have. So to start with, we have had 6/6 of our daily trade suggestions this week all hit their full profit targets. They've ranged between 1.5:1 reward to risk, which was the lowest, and all the other five are 2.2:2.8 reward to risk. So very high reward to risk on those trades there.
Large opening gaps this week
All six of those have been published on our membership site on Monday of this week, and if you have a look at your charts you would have seen those very enormous and quite ugly gaps on pretty much all the currency pairs at the beginning of the week. So Monday was a right off, we didn't take anything then.
Monthly US jobs news
Today is Friday, and so later today we have the US non-farm employment change, the monthly results, and we have the US for their jobs data. So we're expecting Friday to be a fairly quiet day probably leading up until that information. So I'm talking about just three trading days. We put six daily trades on our membership site, all in real time, all for people to look at to learn from, and all six have hit full profit.
On top of that, because I said 10/10, last night I held a webinar in the European session for my clients, a two hour long webinar.
4 trades taken live made +4.15%
I took four trades on a live account in real time in front of people. We had one trade on the one hour chart, that made a 2.4:1 reward to risk. Had a trade on the 30 minute chart that made a 2.9:1 reward to risk. Had another trade on a 30 minute chart made 1.8:1 and a trade on the 15 minute chart that made a 1.2:1. Put those four trades ... Just those four trades together, half of 1% risk per trade, and anybody who followed that webinar, all my clients, would have made a 4.15% account gain just by copying those four trades. Taking them real time, you could see the trades setting up. I explained where the entry and exits were going to be, why we were taking the trade. 4%. 4.15%. That's just an incredible amount, just following a webinar and learning in two hours real time. No hindsight, no just picking out good trades and ignoring the bad trades. 6/6 on the dailies, 4/4 on the webinar.
Forum site also includes other trades
On top of that, we've got our forum site where clients are posting trades. We've got our chat area on our forum site as well, where people are chatting and talking about different trades. All I'm doing is talking about the daily trades and the trades from my live webinar just yesterday. 10/10. An awesome week.
Does that happen every week? Of course it does not happen every week. But when the market is showing, the conditions are there, and the trades are there and you're selective, it just shows what can be done once you know what you're doing.
As mentioned, be careful with the US non-farm employment change data, it's the last one of 2018. It could be quite volatile possibly just after that, maybe, depending on the result.
This shows what can be achieved
But it just shows what can be done if you know how to trade, if you're following along with someone who knows what they're doing, a mentor. 10/10. Can you get better? Well, you can't get better than that, can you?
Just wanted to share that with you.
#301: Why you should trade different time frame charts
Dec 02, 2018
Podcast:
Why you should trade different time frame charts
In this weekly video:
00:23 – It’s important to trade a variety of charts
01:00 - Different pairs have different characteristics
01:23 – Standard MT4 chart time frames
02:17 – H12 charts showed great trade setups
02:54 – No more time is needed to trade the offline charts
03:47 – Do not rely on one time frame
04:36 – High reward:risk trades
I'm going to explain why I like to trade a variety of different timeframe charts as Forex trader. Let's get into that and more, right now.
Hi traders, Andrew Mitchem here, the owner of the Forex Trading Coach. Video and podcast number 301. I'm going to explain to you the importance of why I believe it's very important that you trade a variety of different timeframe charts as a Forex trader.
It’s important to trade a variety of charts
You see, different Forex pairs, different currencies have different personalities, and they all move in different kinds of ways.
Some are very fast moving, some are very slow moving. A little bit like people in some ways. The danger is, if you rely just on either one currency pair or, more importantly, just one timeframe chart, then you could be limiting the available trades that you see.
Different pairs have different characteristics
Different pairs have different months of the year or different days of the week or even different hours within a day that are better or worse for the different currency pair.
The problem is, is let's say you just traded the four hour charts let's say. The problem is, is what happens if the four hour charts that particular day or that week are either very volatile, and they're moving way too fast, or they're very quiet, and they're just dead?
Standard MT4 chart time frames
The problem is then is you're missing out on so many potential opportunities on other timeframe charts because you might find that the four hour charts that week that you trade them, they just don't show very many possibilities.
With a standard MT4 account, the main timeframes that I trade myself are the four hours, the daily, the weekly, and the monthly. That's good, but what I've done is I've developed some software, which I give to my clients as part of my coaching course, that allows us to trade other timeframes charts on the MT4 platform. We trade especially the six hour, the eight hour and the 12 hour charts. Depending on the week, for instance last week, the 12 hour chart showed some fantastic trade setups.
H12 charts showed great trade setups
This week, the four hour charts have been showing some really good setups, and it's all depending on the nature of the market at the time. The problem is, is that you don't know in advance what next week's going to show us. What's going to be the best timeframe to trade? You don't know. When people come to me, and they say, "Andrew, what's the best timeframe chart I should trade?" I say, "Well, it depends."
So, there is no one answer that's correct. It depends on the market at that time. That's why I like to look at a different variety of timeframe charts. But the beauty of it is, is it doesn't mean to say that you're spending a great deal of extra time trading.
No more time is needed to trade the offline charts
You see, when the daily charts change over at 5:00 PM New York time, at that same time, I can look at the 12 hour, the eight hour, the six hour and the four hour charts.
I'm looking at the daily charts anyway at that time, so for an extra, maybe 10 minutes, I can scan through those other timeframe charts and look for different trading opportunities. That's the beauty of it. As mentioned, this particular week right now, four hour charts on our forum site have gone absolutely crazy. There's all sorts of different four hour charts setting up. Last week it was 12 hour charts that were showing the best trade setups on that week.
Why? Well, it's just the different nature of the market as opp...
#300: The most important things you need to do in order to be a good Forex trader
Nov 25, 2018
Podcast:
The most important things you need to do in order to be a good Forex trader
In this weekly video:
00:25 – An overview of being a good trader
01:11 - The right attitude and mindset
02:15 – Work out what works for you
03:03 – Patience is key to success
03:45 – Understanding position sizing and reward:risk
04:38 – Be slow, steady and consistent
05:30 – Don’t listen to most of the information online
06:14 – Keep things basic
07:40 - Contact me if you’d like to take your trading further
I'm going to discuss the most important aspects that makes a successful Forex trader. Really important information, listen up, here we go.
Hey traders, Andrew Mitchem here. The owner of the Forex Trading Coach with video and podcast number 300.
An overview of being a good trader
I thought for the 300th episode, we'd take basically an overview of the most important things that in my opinion you need to have developed in order to become a good trader, to become a successful trader. In no particular order, but really when you think about it, if you're going to be a Forex trader, you've got to enjoy it. There's no point in doing something if you don't enjoy it. Don't just think oh, I've seen this thing online and it's easy money. I can make passive income, I can give up my job because I hate my job. Whatever it is, a lot of people have some very weird and quirky reasons for getting into trading, but the most important thing I think at the very beginning is you have to enjoy it. You've got to have a bit of a passion to want to do it, to get a bit of a buzz out of doing it. Those types of things, so that's really important up front.
The right attitude and mindset
Then you've got to have the right mindset and the right attitude towards it. Now a lot of people come into trading and they blame people, they blame the market, they blame the broker, they blame their coach, they blame everybody but themselves. You can't do that. You can't sort of start throwing hands up in the air and throwing your toys out of the cot if after the first month of trading it's not working for you because the reality is if you have that kind of mental approach, that thought process, then the likelihood is it's not going to work for you, doesn't matter how long you do it. You've got to have that sort of understanding that you're in this as an investment, you're going to get yourself educated, you're going to take your time, do it slowly, and if you do it that way, then things ... You've got a far better chance of making it work for you. That whole mental aspect and approach is really, really important. You can't be like too fiery and just throw everything, blame everybody if things don't go right. It's your problem. Harsh but true.
Next thing is you've got to work at what works for you. Now it might seem a bit obvious to say that but it's got to be ...
Work out what works for you
You have to develop a way of trading that actually suits you, suits your personality, suits other commitments that you have, suits how much or how little you want to trade. Those types of things. Do you want to be a scalper? Well, no harm in being a scalper. I don't personally do it because it doesn't suit me but you can still trade my strategy on five minute charts if you really wanted to, but you've got to work at what works for you in terms of the type of trader that you are. You've got to understand that if you're looking for certain patents, you've got to be consistent with them. If you're looking for strength and weakness, you've got to be consistent with that trading approach. It's really important to get all of that together.
Patience is a big one. We've talked about that recently on these videos and podcasts. Patience is a massive, massive key to being successful. I'll give you a great example.
Patience is key to success Patience is key to success
A client of mine posted on our forum site just this morning an amazing trade on the 12 hou...
#299: Should you trade the news?
Nov 18, 2018
Podcast:
Should you trade the news?
In this weekly video:
00:29 – News trading – does it work?
00:58 - Or are you a technical Forex trader?
01:38 – Trading the US jobs news
02:20 – Australian employment data
04:18 – The choice is yours
05:19 – Send me your trading questions to andrew@theforextradingcoach.com
As a trader should you trade the news announcements or not? Let's talk about that and more right now.
Hey traders, Andrew Mitchem here, the Forex Trading Coach with video and podcast number 299.
So today I want to talk about news and trading around the news. Should you do it? Should you look at trading those high impact news announcements that come out every day of the trading week or not?
News trading – does it work?
Really, it depends on you as a trader as a person whether you want to or not. So really, if you're not sure a news trader or a fundamental trader is someone who trades news announcements. It basically becomes an opinion on whether you think that news is good or bad for a currency. You get the high impact news announcements like interest rates, employment, those type of things. Or you are a technical trader, like I am.
Or are you a technical Forex trader?
The technical trader looks at charts and looks at patterns and price action and price levels and technical indicators and you make your trading decisions from there.
Of course, some people can use both. Although I'm a technical trader, of course I am aware of the news announcements and what's coming up and which currency they are likely to affect. I go and check what those results are. But the fundamentals do not affect my trading; I'm purely a technical trader. Because for me the charts tell me everything I need to know. Now, as a fundamental trader years ago ... 10, 12, 14 years ago, I used to trade nonfarm payrolls and nonfarm employment change.
Trading the US jobs news
First Friday of each month, US employment data. You speak absolutely easy, used to make a fortune from it, because you'd put a straddle on, a buy and sell stop, and the market would just break out massively one way or the other. I used to make a lot of money.
But of course today, brokers have wised up on things like that. It's very hard to take straddle trades. The price can sometimes freeze on your charts around the high impact news times. The spreads can massively widen. All those kind of things. So that was a long time ago when that was easy to trade. Today it's very, very different.
Australian employment data
To give you an example, just yesterday on Thursday there was the Australian employment data came out. Now, a lot of jobs got created, far more than expected. The unemployment went down. So very, very good news for the Australian economy. However, on Wednesday on my membership site, and actually on the free information I post on various websites, I suggested buying the Australian Dollar against the US and against the Yen. But for my clients as a specific trade we had buy the Australian Dollar/US Dollar at these levels and the market order stop loss here and profit timing there and the reasons why. It's all taught in the course. Real simple. But we had an Australian Dollar/US Dollar buy trade on the daily chart based off the close of Tuesday's candle for Wednesday trading session.
Yesterday, that trade hit the full profit target for a 3.2:1 reward to risk. So if you take a 1% risk on that trade, it made you 3.2% account gain. I took a 0.5% risk so it made a 1.6% account gain from that one trade, which took me about 30 seconds to see and about another 30 seconds to place on my platform. A 1.6% account gain. Simple. Yes, it took just over a day to get there. But the thing that I'm wanting to let you know is that we were seeing the strength in the Australian Dollar over a day before the announcement came out. The announcement came out and the Australian Dollar went up against the US. But we were in the trade long before that.
#298: Why you need patience to trade Forex
Nov 11, 2018
Podcast:
Why you need patience to trade Forex
In this weekly video:
00:26 – The key to being a successful trader
01:03 - The reality of trading
01:38 – Less is more
02:14 – Live webinar with clients
02:43 – Real trading example on the EUR/USD
03:44 – More trades selling the EUR/USD
I'm going to explain why you need to have patience in order to be a successful Forex trader. Let's talk about that a little more right now.
Hey traders, Andrew Mitchem here, the Forex trading coach with video and podcast number 298.
The key to being a successful trader
Now the key to being a successful Forex trader is having patience. Now many people get into trading thinking it's going to be fast, action paced, moving markets all the time, lots of screens with news channels and things coming through and high action pace, traders sat there, can't miss a single bit of news, they can't miss a single pip of movement. They're there taking trades within milliseconds, getting in and out of the market all the time, real fast action paced stuff.
Now that's the perception and the reality is or the reality should be if you are going to become a good trader and to last as a Forex trader.
The reality of trading
The important thing is that you need to do the exact opposite. The reality for me, it couldn't be farther from the truth. I don't have any news channels going, I don't look at any news feeds. I'm looking at the close of a candle and I'm displaying patience. You don't need to be sitting at your charts all day long, all day and night, in order to become a good trader.
Less is more
Think of the phrase 'less is more'. It applies to trading absolutely perfectly. Why would you want to make, let's say 2% on your account in a week and you've taken 50 trades as opposed to maybe making 2% on your account in the week and you've maybe taken 5 trades? Which is going to be more enjoyable? Which is actually making you money? Which is more long term beneficial? Which is actually putting money into your account rather than your broker's account? Patience is the absolute key.
Live webinar with clients
Now just last night I held a live webinar with my clients and a very successful client typed in on the chat that we had saying, "Hey Andrew, I'm taking trades only on the currency pairs that have a certain direction showing on the monthly chart and that same direction showing on the weekly chart, and then I'm taking trades only on that pair in that direction for that week's worth of trading."
I'll give you a great example, so today's Friday the 9th of November and we're just about getting close to the Thursday's daily handle closing at 5:00 PM New York time.
Real trading example on the EUR/USD
Now I'm just about to take a sell trade in and suggest to my clients we look at a sell trade on the daily chart on the Euro/US dollar. Now at the beginning of the month, beginning of November, I took a specific monthly chart Euro/US dollar sell trade.
On the weekly chart, I'm also looking for sell trades, and then today, being the last day of the week, so for the first four days of this week, there have been no suitable set ups on the Euro/US dollar on the daily charts, but today I'm going to take one very shortly. We have a specific way of entering and exiting, etc., but I'm takin a sell trade on the daily chart that happens to be in the monthly and the weekly direction.
When the daily is lining up and I've had a pull back and I've had some indecision, now I'm getting a confirmation candle, I'm going to be taking a sell trade.
More trades selling the EUR/USD
Now just on that webinar yesterday that I talked about, I also took a sell trade on the one hour chart also on the Euro/US dollar because I've got the monthly, I've got the weekly, I had the daily, and then on the one hour chart, I had a perfect sell trade and it made full profit.
The patience is the key. Don't go forcing trades.
#297: Confusion over which time frame you should trade?
Nov 04, 2018
Podcast:
Confusion over which time frame you should trade?
In this weekly video:
00:27 – Which time frame chart should I look at?
01:11 - A few options for you
02:02 – Only trade on the close of the candle
02:58 – Dedicate 1 hour a day to trade the shorter time frame charts
03:31 – I trade for 1 hour a day
04:44 – Different charts showing different things
06:10 – Complete confusion
Do you get confused trying to understand which timeframe Forex chart you should be looking at and you should be trading. If that's you, listen up, I've got some really important information.
Hey Forex traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 297.
Now a lot of people come to me and they say, "Hey, Andrew, I'm confused with which time frame chart I should be looking at.
Which time frame chart should I look at?
Which is the best time frame? Should I be looking at 15 minute charts, should I be looking at hourly charts? You also talk about trading daily charts, Andrew, so which is the best?" Now the answer is there is no one right or wrong time frame chart to trade. And it really depends on a number of things but also it depends largely from your point of view, the things you can control is what type of trader are you? And how long, how much time per day or per week do you really want to start or sit looking at charts on your screen? So you've got a few options. You could be the sort of trader that likes to sit and watch charts and you might like that price action, seeing price moving around quite a lot.
Which time frame chart should I look at?
If that's you, then you should definitely be trading for shorter time frame charts, probably one hour charts and below, so 30 minute, 15, 5 minute, that type of thing.
However, if you are the sort of trader who likes to trade less and you've got other things to do, you've got jobs, you've got family, you've got other activities that you like to do, and you just want to say, I want to trade for a few minutes once a day or like that, then you should definitely be looking at the longer time frame charts. Now things like four hour charts possibly might be the shortest that you go to and you might like the longer time frames charts like the daily charts, weekly charts and even the monthly charts. And the great thing is with the way that I trade is, I only look at taking a new trade or potential new trade at the close of any candle.
Only trade on the close of the candle
So we are now into November, now we've just taken six trades based on the close of the October charts. Because they are monthly chart trades, they have some very big rewards to risk ratios, up around four to one. Now I've just placed those trades this week. I put six of them on and they've got half of one percent risk each. Now if they, if three of them make a profit and three lose, I'm potentially going to make some very nice profits but it took me just ten minutes to scan through the monthly charts at the close of October and into the first day of November and see the trades that were setting up and taking the trades.
So it all depends when you like to trade, how often you like to trade, that type of thing. The other thing you can do is you like the shorter timeframe charts. There's nothing wrong with those time frame charts.
Dedicate 1 hour a day to trade the shorter time frame charts
What you could do is say, I'm just going to pick one hour a day that I focus on trading, say five or fifteen minute time frame charts, just because you like the shorter time frame charts mean to say you are completely glued to your screen, however the danger is a lot of people either become too reactive with their emotions as in like they force themselves to see a trade because they're trading five minute charts, let's say or they just sit at the computer for hour upon hour upon hour. That for me personally, I trade no more than one hour a day.
#296: Having no strategy is a recipe for disaster
Oct 28, 2018
Podcast:
Having no strategy is a recipe for disaster
In this weekly video:
00:25 – Why people trading without a strategy is a disaster ready to happen
01:30 - When you learn how to drive a car you get tuition
02:25 – You’ll end up crashing
03:00 – Understand the market first
I'm going to explain why trading the Forex market without a proven strategy really is a recipe for disaster, so let's get into that right now.
Hey, traders. Andrew Mitchem here from The Forex Trading Coach. We're video and podcast number 296.
Going to explain to you why so many people get into trading without a proven strategy, and why that almost always is a recipe for disaster.
Why people trading without a strategy is a disaster ready to happen
Why talking about this subject? Well, it comes about because the last week, I've held two live, free to the public webinars with my colleague Paul Tillman, who's based over in the US. On those webinars, we asked people to explain to us what is the biggest issues that's holding you back as a Forex trader? What's your number one problem?
While people had things like money management, a lack of time, and the psychology behind trading, not having confidence in their system, the whole lot really came back to the biggest problem was people don't have a strategy. They don't know what they're doing. They lack knowledge, and therefore when you think about it, no wonder the stats say somewhere between 90-95% of all Forex traders lose money. It's quite scary, really, because people enter into this without really knowing what they're doing. It's not good.
When you learn how to drive a car you get tuition
Let's try and change that. Think of it this way: if you went to drive a car, you'd want to know what you're doing. You'd want to know some rules, you'd have some knowledge about the vehicle, some rules about the road, how the vehicle worked, what you need to do, how you start it, how you drive it, how you accelerate, slow down, corner, reverse, all those type of obvious things as car drivers and vehicle drivers, we fully understand.
Think about to when you started to learn how to drive, how scary that was. But of course, probably what you did is you got some help, you got some tuition. Whether it was a professional driving company or friends or family, someone taught you how to drive. What to do, how to get into gear, how to accelerate, how to put fuel in the vehicle. All those type of things that you just normally take for granted.
You’ll end up crashing
Trading's exactly the same. When you don't know how to drive, you'll end up crashing. When you don't know how to trade, you'll end up crashing. They both hurt. One hurts physically because you're getting smashed up. The other hurts financially and emotionally because you're getting smashed up. It's exactly the same, so just think about it in that way. Go back to thinking when you first started driving. If you've got kids and they're old enough, think about how they're driving and how scary it is sat next to them, because really, they don't know what they're doing. But you're trying to help them along, and trading is exactly the same thing.
Understand the market first
What I really, strongly urge you to do is when you want to get into trading, make sure you understand the market first. Make sure you understand the strategy, make sure you understand what works for you. Don't just jump in and throw thousands of dollars into a trading account and then blame everybody, blame the market, blame the broker, blame everybody else apart from yourself. Because the problem is unless you've sought help and support from a proven strategy, a proven mentor, a proven system, then the disasters are likely to happen.
Think about it this way: when it comes back to cars again, if you know how to trade, you can then drive any car you like, because you've made enough money from your trading to be able to do that,
#295: Can you really make money with a small Forex account? (PART 2)
Oct 21, 2018
Podcast:
Can you really make money with a small Forex account? (PART 2)
In this weekly video:
00:35 – Your account size does not matter
01:22 - Do not count success in pips
02:52 – High Reward:Risk trades
03:46 – Yes, you can trade a higher time frame chart
05:07 – What type of trader are you?
06:05 – You can make money with a small FX account
07:15 – Listen to my interview with Imre
Can you really make money with a small Forex trading account? This is part two of that subject. Let's get into it right now.
Hey, traders, Andrew Mitchem here with video and podcast number 295, and this is following on from last week's video and podcast, which was about can you really make money with a small Forex account. That was part one. Today, this is part two.
So, following on from last week's video, the main thing from that that you would have gained from that information is it doesn't matter really what the size of your account is.
Your account size does not matter
You have to learn how to be profitable. And that really doesn't matter whether your account is $100 or it's a million dollars. If you can't be profitable, and you don't have a strategy, you don't have a system, you're not consistent, you're not disciplined, it really doesn't matter what the size of your account.
And on last week's video and podcast, I gave some examples about how you can grow the size of your account from other sources of income, from selling signals, from trading from friends and family possibly, but there are other ways you can increase the size of your trading account right now, and of course, the best way is to make gains on your account. But if you're not profitable, the rest of it doesn't matter.
Do not count success in pips
So what can you do to be profitable? Well, one of the things that I find that so many people still fail to understand is they count their success or their failure in the number of pips they make. Now, just yesterday I held a one-and-a-half hour live webinar, free to the public webinar. Never once did I mention how many pips I've made or have lost. Doesn't matter, completely irrelevant. The only time I use pips is when I'm looking at taking a new trade and I'm calculating my position size needed, and that's according to the stop loss and pips that I'm taking on a trade, and that's according to the risk I want to take, and it's according to the currency pound trading.
So, yes I use pips in terms of I'm risking X number of pips on a trade, but don't forget a stop loss should never have a fixed number of pips. Just because I'm trading the British pound U.S. dollar on a one-hour chart doesn't mean to say I only use 20 pips as a stop, let's say. It doesn't matter. The stop loss needs to be in the place it needs to be for the protection of that individual trade, regardless of its currency pair, regardless of the time frame that you're trading because the market moves in different, in different amounts.
So what might be good last week on a trade on a one-hour chart may be very different from the market conditions right today. So yes, I need to know how many pips my stop loss is, but it doesn't mean to say, let's say it was 20 pips. Doesn't mean to say, and the trade goes wrong it doesn't mean to say, "Oh, I've just lost 20 pips." Doesn't matter. I'm losing X percent of my account.
High Reward:Risk trades
But also you can use that to your advantage because of course we want high reward-to-risk trades. So let's say that your profit target just happened to be 60 pips, for easier calculation, 20 pip stop loss, 60 pip profit target. That gives you a three-to-one reward-to-risk trade.
If it hits the profit, I don't make 60 pips. It doesn't matter to me that I've made 60 pips. What it does matter to me is that I made a three-to-one reward-to-risk trade. For these numbers, let's say I risked one percent on that trade. The trade goes wrong, I lose one percent.
#294: Can you really make money with a small Forex account? (PART 1)
Oct 14, 2018
Podcast:
Can you really make money with a small Forex account? (PART 1)
In this weekly video:
00:23 – Trading with a small Forex account
01:06 - Can I make money successfully?
01:30 – Why do so many people lose money?
02:30 – Keeping it simple is usually the best way to trade
03:18 – Learn how to trade first
04:35 – The size of your trading account right now is irrelevant
05:10 – Invest in yourself
05:32 – Excellent trades taken live for good account gain
07:34 – Next week’s video and how you can profit from the Forex market
Can you really make money with a small Forex account? Let's talk about that and more, right now.
Hi, traders. Andrew Mitchem here, the owner of The Forex Trading Coach, with video and podcast number 294.
I want to talk all about trading on a small Forex account, and can you make it as a small-time Forex trader?
Trading with a small Forex account
Now, I made a video along a similar subject line around two years ago, and it's had an enormous amount of hits on YouTube. It's had about 108,000 views, and lots and lots of comments, so I thought what I'd do is I'd split that subject up into more detail and cover it over this video and podcast, and also next week's video and podcast. Why? Well, it's obviously a very important subject, with so many people wanting to find out more about it, but it's also quite a large subject, so probably more than just one episode.
So let's start at the very beginning. With a small account, people want to know, can I make money successfully? Now, the answer is yes. The problem is, most people don't know how to do that.
Can I make money successfully?
And I say the answer is yes, and I'm saying that with confidence due to my experience. I've been trading Forex for 15 years full-time, been teaching for almost 10 years. But the problem is, is as you know, and as I've repeated many times, the stats out there tell you somewhere between 90-95% of all Forex traders lose money, and that's probably absolutely true.
Why do so many people lose money?
Now, there's a huge number of reasons for that and we'll cover the reasons now, and then on the next episode we'll cover how you can overcome those.
But some of the reasons, and in no particular order, would be, really, a lack of strategy, a lack of understanding of the market, a lack of understanding of good money management, a lack of discipline as a person, a lack of understanding of what type of trader you are or wish to be. Are you a technical trader, or a fundamental trader, or a bit of both? What timeframe charts do you like? Where are you going to put your stop loss? Where's your profit target? What type of trades are you taking? Are you going to take reversal trades, continuation? Are you using indicators? Are you using no indicators? Are you using just price action? Are you going to trade just before the news? Just after the news? What is it that you're going to do?
The problem is, is that unfortunately, most people don't know their own answers to that. I can tell you, in all honesty, with many years of practical experience, keeping it simple, like the KISS approach, is generally the best one. So you don't need to have lots and lots of strategies.
Keeping it simple is usually the best way to trade
You don't need to have lots and lots of indicators and lines all over your charts. Now, some people say to me, "Hey, Andrew, why are you saying that when your charts behind here look really complicated?" Well, the fact is that they're not. I have some clever software that alerts me, alerts my eye to certain candle shapes that I'm looking at, and then I mostly use horizontal support resistance lines, pivot points, and then I've got a couple of other indicators that come lower down in my priority, to add some confirmation. So you don't need to clutter your charts, and that's what works for me and works for my clients.
So coming back to the reality of it, can you make money? Well,
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