In this video:
00:26 Few good trade set ups on the daily charts
01:44 Real important lesson for new traders
03:02 Made really good money on yesterday’s webinar
04:41 Looking for predominantly long positions
05:12 Two webinars for more experienced traders
When The Market is Quiet, Don’t Pay Your Broker
Let me explain more right now.
Hi, it’s Andrew Mitchem here, the Forex Trading Coach, today is Friday the 28th of June.
And what I mean by that is when you look back at this last week, it’s been an extremely quiet week of trading; it’s been quite difficult to look at daily strengths and weaknesses. I’ve actually had very few good trade set ups myself on the daily charts. It’s just been a very quiet week, been a lot of indecision candles on the longer time frame charts, and no real major trends, a lot of trades have bounced at certain support and resistance levels; it’s just been a really quiet week. And you get that from time to time, and the good thing is we know that with the Forex market if you do get those quiet times, there’s always some good trades not too far away around the corner, so hopefully we’ll get that next week.
The point I wanted to make is if the market’s quiet, the market’s quiet. You can’t change it. Of course, you could go down to shorter time frame charts, and I’ll talk about those in a minute, but don’t overtrade.
There are No Prizes for Trading More
I use a catch phrase, or a phrase to my clients, and it’s this: “There are no prizes for trading more.” And it’s absolutely true; you don’t have to feel like you have to take more and more trades, there’s nothing to be gained or achieved by taking more trades. All you’re going to do is probably end up losing the majority of them, because you’re taking them for almost the feel or the need or the sake of taking trades, and what you’re going to end up doing, what you’re going to do is feed your broker’s pocket, line your broker’s pocket with what I call clicky-click fees, which are your spread fees you pay to enter a trade.
So, don’t take trades unnecessarily if they’re not there. Real important lesson, especially for people who are new to trading.
A Fantastic 2 Hour Live Trading Room Webinar
And the other thing I wanted to share with you, I had a fantastic two hour live trading room session with my clients last night my time. I had a huge number of people attend, like I always do, but it was a particularly good session with quite a number of shorter time frame chart trades taken. I had a couple on the daily charts that went really well; one in particular was the USD/CHF. Yesterday it made seventy four pips and a two point two risk to reward trade. Earlier in the week I had a short position on the EUR/AUD, made one hundred and eighty-five pips in a three point four risk to reward. So, that’s the daily charts, but on the webinar yesterday, we had some great shorter time frame, four hourly trades and one hourly trades taken live in front of people. In total I had, throughout the session taken live and the few trades that were open before we started, I had twelve trades on those shorter time frames taken; seven were winning trades, hit full profit, and five were losing trades.
High Reward:Risk Ratio Trades
Now, as a win rate, it’s probably not massively high, but the trades averaged a 2.2 to 1 risk to reward, that was their average. So, I came out of that with some really good money on yesterday’s webinar. Like I said, the trades were taken live in front of clients. When I take those trades, I’m showing their count, I’m showing where I’m entering, the position size, obviously talking about the reasons for entering the trade, the stock loss profit target, everything’s fully disclosed and you can see me taking the trades live.
So, that was a really good session because as I said, the rest of the week’s been pretty dull and pretty slow moving, so to have those twelve trades in total over that two hour session on the four hourly charts and the one hour charts, was just really good. And of course they were taken in the European session when you generally find the most activity. But really good results there; for me, it was just over one percent gain on the account just in those two hours, but I was only risking an eighth to a quarter of one percent of my account on each of those trades. So, it just shows, even in two hours, you can make one percent quite easy with extremely small risk on each trade.
This Weeks Trades
The other thing I wanted to say is obviously we’ve seen the Euro selling off throughout the week. So, the Euro has sold off quite nicely during the week, but against the US, it’s hit the 1.3000 level, the big, strong round number. I’ve been saying to my clients for a couple of days, when it hits one thirty, expect the trades went back up, and today being Friday, I’m actually looking for long positions on some of the Euro pairs, the Euro Yen, and Euro Pen. I’m looking for predominantly long positions today, still a lot of weakness in the GBP, the US is looking strong still, and I’ve also got a trade open on the daily charts, looking for long positions on the USD/JPY, looking for that to continue back up, after a couple of days of indecision. So, it’ll be interesting by the time you watch this where the US Yen has increased up to.
Experience Traders Webinars Starting Soon
The other thing I wanted to lastly mention was I’ve almost completed a webinar that I’ve been putting together for more experienced traders. I talked about this last week. I’m hoping to have it ready to go probably by the first or second week of July. So, I’m anticipating probably two webinars per week designed for more experienced traders.
So, as soon as that is ready, I’ll let you know. I’ll be posting it on my site and I’ll also be sending out e-mails, so if you’re not on my e-mail list, please send me an e-mail, drop me an e-mail to [email protected], and I can then just keep you updated with news and information about Forex marketing in general, and also what I’m up to and what I can help you with.
So, that’s all for now, have yourself a fantastic weekend, look forward to talking to you this time next week.