Avsnitt
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How to Know If Forex Trading Is Right for You
Podcast:
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#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, -
How to Trade Without Following the Major Trading Sessions
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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. -
Saknas det avsnitt?
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Why Trading Multiple Time Frames Boosts Your Forex Success
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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, -
Why 90% Win Rate Systems Are Dangerous for Forex Traders
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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, -
How to Capitalize on Q4 Forex Market Trends
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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, -
How Live Sessions Can Transform Your Trading
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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. -
Why Every Trader Should Consider Using Limit Orders
Podcast:
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#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. -
What Makes a Forex Trader Successful? Top 5 Traits
Podcast:
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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. -
How to Fast Track Your Forex Trading Success
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
#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. -
Drinking and Trading Coffee
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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... -
Why you should never risk ‘x’ number of pips per trade
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#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. -
How to Read the Forex Charts like a Pro
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#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. -
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. -
Trader makes a whopping +53% in one month
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#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. -
We’ve Made a +13.2% Account Gain This Week
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#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... -
Avoiding Confusion In Your Trading
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#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, -
What Markets Does Our Trading Strategy Work On?
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#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, -
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. -
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. -
What is the Green Cross Code of Trading?
Podcast:
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Book a Call with Andrew or one of his team now
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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, - Visa fler
