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Have a Trading Plan and look for a Confluence of Events

BY , , , , ,



In this video:
00:47    +0.25% risk per trade on a complete 100% set and forget approach
02:03    A high probability chance of a successful trade
03:20    Trading on a longer term basis
04:52    Offering a birthday promotion discount

Have a Trading Plan, look at a Confluence of Events and some Recent Results

In this video I want to talk about having a trading plan, look at a confluence of events and some recent results.

So let’s get into it.

Hi, it’s Andrew Mitchem here, the Forex Trading Coach.

Today is Friday the 17th of April. I had a live two hour webinar with my clients at this time last night. We had clients from 32 countries from around the world, a really good interactive webinar. Heaps of information shared, lots of live trades, some that I took myself and others that clients had open already prior to the webinar.

+4.45% from trading the Daily charts in the last 2 weeks

I also shared with my clients how over the past two weeks just by following my daily trade suggestions only, at only 0.25% risk per trade on a complete 100% set and forget approach, so that’s including staying open over non-farm payrolls, staying open over weekends etc., just a complete 100% set and forget approach, they have made +4.45% over the last two weeks since the previous webinar.

Now of course if you wanted to risk slightly higher, half of one percent 0.5% risk per trade that would have been a nine percent return over the last two weeks trading just the daily charts, just copying the trades that I post each day on my website for my clients. Takes people five to ten minutes once a day and that’s it.

So image  that, over nine percent, +9% return in just the last two weeks.

The Importance of having a Confluence of Events within your Trading

Now on that webinar we discussed in some length about the importance of having a confluence of events within your trading. So what I mean by that is when you’re looking at a new trade set-up, and let’s say you trade like I do and you’re looking at candle patterns and candle stick analysis. It’s all well and good to actually find a potential continuation or reversal candle but to back it up you need more than just that, because nothing by itself works. You can’t just rely on just a candle pattern, or just a certain indicator, or just a pivot point. It needs to be a multiple confluence of events to give yourself a high probability chance of a successful trade.

And that’s what we talked about, we were looking at not just the candle pattern but where does it occur within the chart?

What’s happened before it and what time of day is it?

Where does it bounce?

Does it bounce at a certain level for a reason?

Has it bounced there in the past?

Has it exhausted prior?

Has there been a trend line break?

Do we have divergence?

Do we have a bounce of a round number? All sorts of different things.

Are we trading with the strength and weakness of the daily trend as well, or are we against that?

So we looked at a huge number of pairs and certain time frames. We look at the daily charts, the four hourlies, the hourly charts and they even found a few five minute chart trades to share as well, because just because I like the longer time frame that doesn’t mean that everybody does.

So we looked at all sorts of things, looking at some really good trade setups.

Ensure you have a Trading Plan

The other thing I wanted to share with was I’ve had a few e-mails from people and I’m a little bit, a little bit scared I suppose you could say. I asked people on the Forex Peace Army site, “If you don’t have a trading plan, let me know.”

Some of the results, I’m a little bit sort of concerned. This is non-clients I’m talking about, people don’t seem to have a good trading plan, and it’s something that you really do need. You must have a trading plan; it’s the same as any other business. Treat your trading a longer term basis, don’t be worried about just having a losing trade or two or like opposite to that don’t be like really excited because you have one or two winning trades. Look at your trading as a longer term business. Look at it over the course of a week, then the course of a month, or a quarterly length of time.

It’s not all about doom and gloom because you’ve had one loosing trade, you know look at it in a lot longer term. One person wrote to me and said, “Andrew I’ve had some good trades but now I’m down this week 85% on my account.”

It’s like what – 85% down in a week, what on Earth are you doing?

It just shows me people don’t understand money management and they are sort of treating their trading as a gamble and don’t have that plan so really ensure you that have the plan. If you need some help with that, just email me, [email protected] and  I’ll send you some information to help you out.

40th Birthday Promotion, get a $400 Discount

Last thing I want to talk about is my 40th birthday promotion. Myself and my wife as you probably know already we’re off to India for three weeks in May to celebrate my 40th. I’ve always wanted to go to there and it’s one of my goals. I have trading goals and I have personal goals and going to India is one of my personal goals and I’m fulfilling that. I’m going to be trading and carrying on trading the daily charts and looking after my clients and answering emails while there, but I’m not going to be trading anything shorter term.

To celebrate that I’m offering you a discount of my course it’s a $400 discount to celebrate Andrew’s 40th birthday. There’s information about that offer on my site, on the home page it’s an offer I’ve never run before, never had a price discount before and I’ve been coaching people since 2009 so it’s not likely I’m going to be doing this again either. That runs out the first of May if it’s something that interests you, you wanted to be looking taking my course, you’ve been on the fence, you’re not quite sure, do I don’t I? If it’s price that’s worrying you, look this is a $400 discount, a genuine discount it ends on the 1st of May.

I encourage you to take advantage of that.

I look forward to helping you becoming a successful Forex trader.

So that’s all for now and I will talk to you this time next week.