Don’t Give Up On Your Forex Trading
In this video:
00:35 – Start small and get yourself educated
01:32 – People are too quick to give up as soon as it goes wrong
02:14 – Don’t give up – you need to control your emotions
02:56 – You cannot control the market
03:44 – I’ve posted daily trades for 7 years consistently
04:32 – Daily trade suggestions up more than +36% for the year so far
05:30 – You will get losing trades – it’s a fact of trading
Giving up Forex Training should not really be an option for you. Let’s talk about that, and more, right now.
Hi Forex Traders, it’s Andrew Mitchem here The Forex Trading Coach. This is video and podcast number 199. In this video and podcast, I want to talk about why you should not give up trading.
It depends on how long you’ve been trading, depending on which side of the fence you’re on.
Start small and get yourself educated
You see, each week I get a huge number of people come to me and they say, “Look Andrew, I’m new to trading. I’ve never traded before, but I think that I’m going to be really good at it and I think I’ve got the personality to be a great trader and make all this money and give up my job. I’m just going to be so good at trading, what do you think?”
I say, “Well calm down. You’ve got to be real about this.” Because people think that just because they’re good at one thing means that they can just suddenly give it up, jump into trading and be perfect. A lot of the time this is against what they want to hear, of course. They want me to go, “Yay! Go for it! Fantastic!” I say, “Yeah, go for it. Wonderful. But … Start small, start on a demo account, get yourself educated, get yourself a system, et cetera. Go through, get bigger, go live, be consistent, and then yes, you’ll figure out if you can trade or not.”
People are too quick to give up as soon as it goes wrong
The other end of the scale, we get people who have been trading for a long time and it just doesn’t work. It’s all wrong, I’m going to give up. It’s my broker’s fault. My computer’s fault. My wife’s fault. The dog’s fault. Doesn’t matter whose fault it is, but it’s everybody else’s fault. I’ve been doing it for so long, and I’ve just had enough and it’s not working. You get that sort of feedback as well from people. Luckily not clients, these are just people who are approaching me for their last bit of help.
Depending on which side of the scale you are, new or angry, frustrated, annoyed, ready to give up person. I urge you, don’t give up. Whichever you’re at.
Don’t give up – you need to control your emotions
Because as you know trading Forex is just so fantastic, but you’ve got to of course have a strategy and an understanding of the markets and make it work.
What you also need is a calm, level head. Keep your emotions under check, under control, approach to trading. Really that is one of the big keys to trading. These people that go, “I’m going to go onto another system and it’s doesn’t work and it’s rubbish! I’ve had three losing trades in a row, I’m going to change and buy another indicator,” it’s not going to happen. Because you have to understand that trading.
You cannot control the market
The markets are out of your control. You have to have a strategy that you can keep trading, keep doing. Being methodical, have a routine, have a plan. All those things together.
Everybody has losing trades, losing days, losing weeks, losing months. It happens. We all have them. We have good trades, and when you have good times and good trades celebrate it. Yeah, it’s great, it’s wonderful, your account size is growing, you’ve made some money, wonderful. But do not get greedy with that. Don’t suddenly start thinking you’re indestructible and you’re going to double your position size. “I don’t need a stop-loss, I’m just going to take random trades.” You know the end result from that is it will get you in the end.
I’ve posted daily trades for 7 years consistently
You’ve got to be very methodical, level headed about it. To give you an example, every day for the last seven years on my membership site between 5PM and 5:30PM New York time, Eastern Standard Time, I’ve posted on my membership site for my client’s specific trades based on the daily charts and other market analysis.
There’ll be a handful of days in the last seven years that I’ve not done that. That’s completely things out of my control, but pretty much every day of the trading year I post on there for clients; the currency pair we’re looking at, the reasons for the trade, the direction, the exact entry and exit levels. What that does is it helps people, my clients, to learn in real time in advance of the market moving. But also to earn from that as well.
Daily trade suggestions up more than +36% for the year so far
If you’ve done nothing else than just copied those daily suggestions just for this year, just for 2016, from January through to now October, you’d be up over 36% on your account just from copying five minutes, maybe ten at the most, once per day. Not only are you learning how to do this, so that you can then apply the same strategy to any time frame chart, you’re actually earning at the same time.
Great things going on there. But bring it back to what’s happening in the market; this week for me has been really tough. It’s been a hard week. I’ve got three trades behind me going right now that could take a losing trade into certainly a break even and probably into a profitable week, if those three trades come through and continue the way that they’re going so far right now as I’m recording this video and podcasting.
You will get losing trades – it’s a fact of trading
You have to accept that sometimes you will get losing days, losing weeks, losing months.
If I go back through my history, October every year seems to be quite a difficult trading month. I don’t know why, but it just does. That’s just a fact of trading. But I’m not going to suddenly stop and throw my hands in the air and give up just because I’ve had a losing week. Because this morning, I took the three trades that I saw, and hopefully those three trades are going to make up for those losses plus some gains, and then get October into a profitable month for me.
That’s the lesson there; have a system, stick to it, understand it. Not all the time will it work because market conditions change, and those things are out of your control. What is in your control is the motions, low risk, keeping greed out, high reward to risk, getting a time frame chart that suits you. All those things.
Hope that helps. Really looking forward to joining you this time next week, when I bring you video and podcast number 200. I’ll talk to you then.
4.6% Account Gain Per Month for 69 Months
In this video:
00:30 – Traditional methods of making a return on your capital are not working now
01:10 – Bank rates are negative in some Countries
01.56 – A massive +0.05% Interest Rate Gain is effectively going backwards.
02:30 – Daily Trading Suggestions make +4.6% per month gain on average.
03:35 – Learn and Earn at the same time
04:50 – What is this knowledge worth to you?
05:06 – Get started with my free course – click the link below
You can’t rely on the banks or traditional investment methods to make a good return on your capital any longer, so let’s talk about that and more right now.
Hi Forex traders! Andrew Mitchem here, The Forex Trading Coach. Welcome to video and podcast episode #198.
Traditional methods of making a return on your capital are not working now
In today’s video and podcast I’m going to be talking about why you cannot rely on banks and the traditional methods of making a return on your capital any longer. You just cannot do it, and there’s things you need to do to change because- You think about banks. Traditionally a lot of people were making 5, 6, 7% per year on their savings in a bank and some people could survive like that. They’re happy like that, you see it as quite a safe investment. The bank’s not really or probably shouldn’t sort of go under. Your money should be safe. It’s a reasonable return for no risk.
Bank rates are negative in some Countries
But that’s a number of years ago now, and just to illustrate that we’re getting bank interest rates around the world dropping all the time. In some countries they’re now negative.
To highlight that fact I’ve just received a letter here from Lloyds Bank in England where I still have a bank account. It’s my very first bank account when I was a child. They’ve said on here that my annual interest rate, my gross interest rate before tax is going to go from 0.25 and the 8th of December this year they’re going to reduce it to 0.05%. That’s gross, that’s before any tax or fees et cetera. 0.05%. Luckily it’s a positive, but it may as well not be. That’s just not exciting.
A massive +0.05% Interest Rate Gain is effectively going backwards.
As an example, if for some reason you wanted to have £100,000 with Lloyds Bank in this account, I can’t like it, after the 8th of December, they’re going to pay you a massive £50 in interest, that’s gross, in a year. On a $100,000 account. That’s just mad. There’s just no point in having your money there because by the time you adjust for inflation et cetera, it’s just- it’s going backwards isn’t it.
Daily Trading Suggestions make +4.6% per month gain on average.
What can you do about that? Well of course as a Forex trader to me for cash flow and for higher returns, Forex is the obvious answer. Just to give you some examples if you had copied my daily trading suggestions, as a member and as clients and as so many people do, from January 2011 through to today at only half of 1% risk per trade. That’s 69 completed months. If you’d risked half of 1% on each of the trades that I post you would have been up 315% on your account today. That’s with monthly compounding, so at the end of the month you take your total and your compounding that with .5% risk. 315% in those 69 months, it works out an average of 4.6% gain on your account per month. Now that’s from doing nothing else than just a five minute a day job for copy paste exactly what I say. You take all the winners, all the losers, et cetera. Five minutes a day.
Learn and Earn at the same time
That’s the simple side of things, but as I’m posting that information not only of course am I putting it out there for myself and for my clients to earn from. From the client’s perspective it’s a learning tool as well. Because it’s all well and good to say I’m going to copy and paste Andrew and make 4.6% average per month just from one time frame chart. That’s fine. The important thing that my clients get out of it, it’s the ability to see the charts and the ability to train themselves and educate themselves and to give themselves knowledge to be able to take those trades for themselves. On the daily charts exactly as I do, but all of the time frame charts. They could be looking at weekly charts, they could be looking at four hourly charts, fifteen minute charts, whatever suits. Don’t forget that that information and those figures that I’ve quoted at 4.6% return on average per month for the last 69 months, that’s just from one time frame. That’s just the trades that I take and post. That’s got nothing to do with all the other time frame charts that they see, that clients can see and take.
On top of all that, it’s the knowledge to be able to do that for yourself, against- across any time frame, any pair, any currency, even any other market.
What is this knowledge worth to you?
How much is that worth to you? What’s that knowledge, that power worth to you to be able to do that for yourself? That’s really what your decision comes down to. If you need or want to get yourself educated. To get you on a- to give you a sort of heads up and a bit of a start.
Get started with my free course – click the link below
Click below this video and you’ll see that I’ve put a link through to my free engulfing candle strategy. Free to get onto. No credit card needed, nothing like that. You’d have instant access within two minutes from right now. Get onto that if you haven’t already done it, and see like the basic strategy, the engulfing candle strategy, and that in itself will make you some money. If you want to go further and get the full course of my daily ongoing help and mentorship, that’s entirely up to you.
Once again, have a think about those other investment opportunities. Just have a think about that if you did nothing else in the last five and a half years then just logged into my website once a day for five minutes to place your trades, copy paste, put them on, leave them, very, very, very low risk per trade, 315% return on your account since January 2011. That’s quite unbelievable, but it is very very true and accurate also. It’s unbelievable when you compare it with traditional investments. 4.6% per month to some people might not sound much but you just got to think about that over that long-term with compounding, and what an amazing result and achievement that is, but wouldn’t you like to do that for yourself?
Once again this is Andrew Mitchem, The Forex Trading Coach.
Only Good Practise Makes Perfect
In this video:
00:29 – It’s not true that all practise makes perfect
01:02 – Repetition is good but only if you learn and improve
01:56 – You need a good strategy and support
02:46 – Client’s review – making 5% return per week
04:25 – The basics are so important
04:48 – My Free Engulfing candle strategy is available to join now
Let’s talk about why good practice makes perfect, but not all practice makes perfect. Let’s get into that right now.
Hi Forex Traders, Andrew Mitchem here, and this is video and podcast number 197.
It’s not true that all practise makes perfect
We are going to talk about why only good practice makes perfect. You see, there’s a common phrase out there, that “All practice makes perfect”, and it’s just not true. You see, if you are practicing the wrong thing, and you keep consistently doing that, and you keep practicing that, then the end result and the outcome will be, you are doing the wrong thing. It cannot change because you’re practicing doing the wrong thing over, and over again.
For me, that phrase is not quite true, but what is true is that good practice makes perfect.
Repetition is good but only if you learn and improve
Now, many of you would know that I’ve been practicing karate for that past 8 or more years. In karate, we use repetition all of the time, we’re constantly practicing the techniques to refine them to get better at them. The reason that we practiced everything, time and time again is because you can then become instinctive at it, it just need to be an instant reaction without thinking about it. It’s really important that in karate, we practice good practice. Same thing, we have a teacher, we have Senseis, we have people that instruct us to make our techniques better, because when we are practicing these things thousands, and thousands of times of these movements, we need to practice the good techniques.
There’s no good of again, just going out there and doing a punch, or a block, or a kick 10,000 times if it’s incorrect, because it’s not going to be effective. That same principle can be carried across into your Forex Trading.
You need a good strategy and support
When you think about trading, if you’re just using the random system or a pool system, and you’re refining how to use that, then the end result’s not great. That’s why in Forex Trading as well, you’ll need to have a good system, a good solid, reliable system that works in all markets, all conditions. It’s also why you need yourself a tutor or a mentor, and you need someone to be able to basically show you where you could improve, what techniques you could improve, where you’re going wrong at the moment, and then what you’re doing?
As you’re using that information and that advice to practice in the market, and then that again becomes good practice which will lead to a profitable result in the Forex Market.
Client’s review – making 5% return per week
Now, I wanted to share with you a review that I’ve got here, it’s on Forex Peace Army. It’s by a guy called Ian, and I just wanted to read out part of Ian’s review. He said, “I’ve been trading with Andrew for over 1 year, this follows 10 years of failing at trading stocks on the ASX. I’ve been very slow to let go of my bad habits by over-trading, impulse entries, totally random arguments for trades.” He set out being the quintessential, undisciplined failing trader. “But the great thing is,” Ian goes on to say, “But the good news is that 6 weeks ago in 96 trades to go, I decided to stop all the smart ass, childish, self-indulgent behavior, and do exactly what Andrew said to do. The result has been up and down, but the average is that I had of 5% return on my account per week.”
That’s a really interesting story, and when you think about that and you relate that back to everything I’ve just said regarding the practice as opposed to good practice. Ian’s just said there that he’s been trading for over 10 years doing the wrong things. He’s been with me for a year, and he’s not really taken on board a lot of what I’ve said. However, the last 6 weeks and 96 trades, he’s now averaging after his comeback to listening to what I’ve said, and sticking to the system, sticking to the rules, he’s now averaging 5% per week return on his account.
The basics are so important
It just goes to show, if you come back to the basics, come back to the simple principles of trading, have a solid strategy, have a tutor that’s there to help you and to guide you along the way, it doesn’t matter whether it’s trading or karate, or whatever it is, the principles are the same.
The outcome with good practice is likely to be far better than just bad practice. I hope that helps.
My Free Engulfing candle strategy is available to join now
Now, to help you, there’s one more thing that I could help you with right now, and below this video, you’ll find there’s a link through to my free Engulfing Candle Strategy. It’s a free course, it helps you to gain an understanding of basic candle passing, and put it into practice on a daily basis, and it will help you to make money from your Forex Market.
Once again, this is Andrew Mitchem, Forex Trading Coach, have a wonderful weekend. I’ll catch you this time next week.
#196: Which Time Frame Chart Should You Trade?
In this video:
00:32 – Choosing the best time frame chart for you
01:15 – The merits of various time frame charts
02:52 – Trading the Weekly charts
03:53 – Benefits of the longer time frame charts
04:50 – The short time frame charts – what to expect
06:00 – Work out what suits you
07:00 – To Summarise
What is the best timeframe Forex chart for you to trade? Let’s talk about that and more right now.
Hi Forex traders, Andrew Mitchem here, The Forex Trading Coach and welcome to video and podcast number 196. In today’s video and podcast I’m going to be discussing a topic that I get asked almost daily.
Choosing the best time frame chart for you
It’s all about choosing the right timeframe chart for you to trade. You see, it’s an issue that confuses a lot of Forex traders and it’s easy to understand why that is the case because when you go through your charts, depending on the platform that you use, there are a group of different timeframe charts to use and depending on what’s happening on which particular currency pair, they can all show different directions.
Some are looking like the price is moving up and they’re sort of green candles and others you could see the price is moving down and they’re red. It causes a lot of confusion for people.
The merits of various time frame charts
What I want to do to help you is to just run through just briefly some of the merits of different timeframe charts and how you can best decide what works for you, because ultimately trading successfully is all about what works for you. Let’s go through that, starting with the longer timeframe charts. Now if you use MT4/Meta Trader 4, you’ll know that the monthly charts are the longest timeframe chart available to trade.
Now monthly chart is quite an unusual chart in that you have to wait a long, long, long time on most currency pairs before you get a really good trade setup. Now if you trade like me on the close of a candle, it’s quite easy because basically you’ve got 12 times a year that you can go and look at your monthly charts and you think, is there a setup, yes or no. Monthly charts probably are not really for everybody because you have to wait a long time between trades. You have to accept that the trade’s going to remain open for a long, long time as well or potentially for a long time. I’d probably say to most people, just leave the monthly charts.
However, if you’re quite prepared to leave trades open, see them sort of move into profit and back into maybe a loss and be prepared for that longer term hold that position. If that’s you, absolutely go for it. A lot of people do come to me and they’ll say, look, I’m just too busy with work or family, other commitments, to sort of be looking at charts all day and night. If that’s you, then maybe the monthly charts are a good option for you.
Trading the Weekly charts
You come down to the next timeframe and that on most platforms would be a weekly chart.
That to me probably personally, is one of the longer timeframe charts that I trade and I also post on my membership site for my clients weekly trading suggestions. I also post monthly but we don’t get too many good setups. Weekly of course, you get sort of four times, sometimes five, depending on the month, within the weekly charts, within the month to go and look at. I like weekly charts, I think they’re great. If you look through all the different currency pairs you can quite often see, I generally post somewhere between about sort of one and four weekly charts in a week.
At the odd time there are none if everything’s a little bit sort of flat and indecisive but most times there are some good setups there. That then you need to make the decision of if you’re going to close that at the end of the week or let it stay open. Again, it depends what suits you.
Benefits of the longer time frame charts
Great thing with those sort of weekly and then down to the daily timeframe charts are a number of factors. Spread doesn’t really become a major issue. You can generally ride out most news announcements if you get widening spreads or the trade goes against you for a bit, if technically your setup is good in the first place.
You don’t have to be sort of monitoring your charts all the time when there’s a higher impact news announcement comes out, because generally on the bigger timeframe charts you have a bigger stop loss. You also have a bigger profit target and so it means that your reward to risk out of your trade on a longer timeframe chart or a daily or a weekly chart is generally very, very good, depending of course on your strategy. The way I trade they sometimes sort of go between a three, four, even a five to one reward to risk on the daily or especially onto the weekly timeframe charts.
If you get that and you only get a few setups every so often and you can get profitable trades out of them, then you’re going to make some excellent, excellent returns.
The short time frame charts – what to expect
Let’s jump to the other end of the scale and you can go down to one minute charts. I’d suggest that hardly anybody looks at those. Five, fifteen minute timeframe charts, that’s great if they suit you, if you have the ability to be patient and wait and not jump in too like reactive. If you see a setup and you see it then great, you need to get in of course, but just because you’re on a five minute timeframe chart, you don’t want to be just clicking trades here and there all the time, feeling that you have to trade.
You still need to be patient and wait for good setups. If you’re on to those five, fifteen minute timeframe charts, the great thing is you can say spend an hour a day, maybe two, ideally in the higher activity times of the day, so ideally into the European or the US session, depending on what suits you. See those trades, take those trades and then emotionally you’re out of the trade. If you close your trades out and you say, I’m going to spend no more than, let’s say, two hours per day doing these trades, looking for potential setups. You can close your computer, close everything and then come back tomorrow and start again.
Work out what suits you
That’s the great thing with trading shorter timeframe charts but they don’t suit everybody. It’s exactly the same as the longer timeframe, it’s what suits you. Find what suits you and also you might come up with a combination. Personally for me, I take trades on weeklies and definitely the dailies almost every day and then I look through 12 hour charts and six hour charts using some software that I have that allows me to look at those timeframes on MT4. Four hourly charts I like as well and less so for me the one hour charts because the European session is in my evening time and the US session is in my early hours of the morning, so I don’t get up at 2:00 in the morning to trade the US session.
If you have the ability to look in the European or the US session a few times on the close of an hour chart in the daytime for you, fantastic. Then you will see some good setups throughout the day. I hope that helps.
Just bear in mind overall the bigger the timeframes, less chart time, less emotions and higher reward to risk trades generally. Very short timeframe charts, you may need to commit more time to your charts, or to your trades, but the good thing is you can then close out and be done or you have to accept that the reward to risk on those short timeframe charts may not be quite so high, because spread can be an issue.
You’d have to be aware of news announcements that could affect the trades that you have open. Those sort of things you have to be aware of. Go through your charts, find what suits you as a person, as an individual, as a trader, work out a combination if needed, and then stick to that.
Once again, this is Andrew Mitchem, the Forex Trading Coach. Have a great weekend, look forward to catching up this time next week
How To Avoid Analysis Paralysis In Your Trading
In this video:
00:17 – Video and Podcast #195
00:27 – Analysis Paralysis affects so many traders – Information Overload
01:14 – Forums are mostly the blind leading the blind
01:25 – How do you avoid Analysis Paralysis?
02:00 – I love flying a helicopter and Karate – need to make your own decisions
03:21 – Personally I prefer to trade the longer time frame charts
04:14 – Having the confidence in the strategy to take the trade
04:58 – You need a simplistic approach to trading
05:30 – Get my #1 trading strategy for free – click on the link below
How can you avoid analysis paralysis in your trading? Let’s talk about that and more right now.
Video and Podcast #195
Hi, Forex Traders, Andrew Mitchem here, The Forex Trading Coach, and this is video and podcast #195.
Analysis Paralysis affects so many traders – Information Overload
In today’s video and podcast I’m going to be talking about analysis paralysis. It’s a big problem that affects so many Forex traders, and it doesn’t really matter whether you’re new or more experienced, it just affects people across the whole spectrum of Forex Trading.
The problem is there is so much information out there regarding trading. The Forex market is so big. You get things like this. You get cell phones, you can’t get away from market analysis, Twitter feeds, CNBC with lines scrolling everywhere, latest updates, news announcements. There’s experts giving their opinion. You get fundamental opinions. You get economists. You get technical opinions, or lines, and charts, and graphs in different time frames. It goes on, and on, and on and people get extremely confused.
Forums are mostly the blind leading the blind
You then get the problem when you get the vast majority of forum sites with people with different opinions and different techniques all giving different opinions at the same time. Again, it becomes complete information overload. It’s a big, big problem.
How do you avoid Analysis Paralysis?
How do you avoid that? Well, firstly, you need to become your own independent trader. You need to be able to think for yourself and make a decision for yourself, because it’s a thing that I believe that in society in general we’re becoming worse and worse at that. People have no ability to be able to make their own decision or do what they think. It’s like we have that herd mentality where we feel in society in order to fit in we have to do what everybody else does, and we have to sort of copy other people.
I love flying a helicopter and Karate – need to make your own decisions
In trading that’s not always a good thing. You see, outside of trading two of the things I love are flying a helicopter and karate, and in both of those you have to be able to make your own decisions, your own informed decisions, think quickly, react, and back yourself, really. You need a lot of training, and knowledge, and education to get to that level, of course you do, but once you have that training, and knowledge, and education you’ve got to keep refining it, you have to keep practicing it, but you also have to have that spontaneous back yourself, make that instant decision when things either don’t go wrong, or things go unexpected. You have to have that ability to see something and make a call, a judgment call on that right now.
Trading really is not a lot different. The way I like to trade is I like to see a trade, take a trade. You see, the market’s either going to go up, it’s going to go down, or it’s going to go sideways. It’s not going to do anything else, really, when you bring it down to the absolute basics. The problem is when you start taking on different news feeds, different opinions, you do get that analysis paralysis. It’s just information overwhelm, and you don’t know what to do. People will get stuck because they’ll go, “On a daily chart, Andrew, the Australian U.S. dollar’s going up, but on a four-hour chart it’s going down, and on a 15-minute chart it’s going up, and on a 5-minute chart it’s going down. What do I do?” Yeah, people get confused.
Personally I prefer to trade the longer time frame charts
The way that I like to trade personally is I much prefer the longer time-frame charts. That’s not to say the shorter time-frame charts don’t work with my strategy. They work extremely well. In fact, last night I was holding a webinar and some people trading 15-minute charts had made 14% in the last two weeks, but personally for me I know what works for me the best and it fits in with everything else that I do. The longer time-frame charts with candle patterns, candle shapes, support and resistance levels, I can basically look at a chart fairly quickly and I can say, “Yes, there’s a technical trade set up here” or, “No, there’s not. Yes, it’s a continuation pattern or it’s a reversal pattern.” Does it have my overall longer term strength or weakness bars with that?” Yes, or no? Therefore, you very quickly develop an understanding and ability to look at a chart, see the trade, take the trade.
Having the confidence in the strategy to take the trade
You have to be able to do that. When you get to that type of rhythm within your trading you then have to have the confidence in the system and the strategy to be able to see that, see the trade, take the trade, and if the trade works out in your favor, fantastic. If it doesn’t that’s not the end of the world. You still, at the time, saw what you thought was a great-looking trade. You have to have the ability to back yourself and see what you think at the time, and back that up and see the trade, take the trade. If the trade works out then fantastic. If it doesn’t, too bad. It’s not the end of the world, because not all perfect trade set ups will result in a profitable trade. It’s just a part of trading, and you have to understand that and accept that.
You need a simplistic approach to trading
Basically it comes down to having a simplistic approach to trading, see what’s on the chart, have that ability to make a decision, and back yourself, and back your strategy. If you do that you’ll find that your trading becomes far more enjoyable. They’ll be a lot less clutter going on. You’ll be able to make clear decisions, and you get away from relying on other things like news feeds and what other people say. That, in my opinion, is the way to declutter your charts, declutter your trading, and become an independent profitable trader.
Get my #1 trading strategy for free – click on the link below
One last thing, below this video I’ve got a link to my number one candle strategy. If you’d like to get that for free, click on the link below this and really help you with looking for candle patterns and adding some strength and weakness and round numbers, et cetera into your trading. Getting some great feedback from the people, the thousands of people, who have downloaded that strategy for free over the last month or so. If you’d like to join in, click on the link below and you can get in for absolutely no charge whatsoever.
This is Andrew Mitchem, The Forex Trading Coach.
Is It Really Possible To Make Money As A Forex Trader?
In this video:
00:24 – Everybody has this same question – Can you make money as a small time Forex Trader?
00:59 – Reasons why so many traders fail to make money
01.50 – How it’s possible to make money as a Forex trader
03:00 – Daily trading suggestions and results
04:18 – Recent client’s testimonials – including clients who are now trading Forex full time
06:16 – How can you benefit from this information?
06:40 – Make sure you are one of the 5-10% of traders who are successful
Is it really possible to make money as a small-time Forex trader? Let’s talk about that and more right now.
Hi, Forex traders. Andrew Mitchem here, The Forex Trading Coach. Today is Friday, the 9th of September.
Everybody has this same question – Can you make money as a small time Forex Trader?
I want to talk about the question everybody asks. Is it really possible like, is it really, really possible for a small-time retail trader to made money on a regular basis in the Forex market. That’s all most traders want to know. Is it possible? The answer is yes, but most people don’t make money and there are so many reasons because you’ll hear the stats that 90% to 95% of all Forex traders, all retail Forex traders lose money.
It’s a well amount stat and it’s probably true.
Reasons why so many traders fail to make money
Reasons why. Well, a number of reasons. People don’t have a plan. They don’t have a structure. They certainly don’t have discipline. They don’t have the emotion to cope with trading, to take losses or the greed when it comes to too much profit. People take too many trades, like they over-trade. They don’t know whether they’re a technical trader or a fundamental trader. They take too much risk per trade. They have a bit of an anger with trading. If they have losing trades, then they double up positions. They don’t have stop losses. There’s a whole number of reasons why people don’t make money.
They don’t have the knowledge. They don’t really know what they’re doing. They don’t have education. They don’t have support. Whatever it might be, there’s just a huge number of reasons to back up that fact that 90%, 95% of people who trade, small-time Forex traders, lose money.
How it’s possible to make money as a Forex trader
But, it’s definitely possible to make money, so let’s talk about some reasons how it’s possible, and give you some tips and information, and some proof around that. Okay, so for my clients, each day I put out on the membership site daily trading suggestions based off the daily charts. I do that every day at 5:00 PM New York time.
At the beginning of the week I do the same thing based on the weekly charts. Specific trades, why I’m taking the trades, the reasons for the entry, the exits and the specific levels, which is all taught in the course anyway, but it helps people in real time before the market’s made a move for the day to see what I’m seeing and why. Now, of course some trades work and some don’t. That’s just trading, but I’m putting that information out there in advance of the market making its move for the new day. That’s the only way you can really learn. There’s no good in me saying, “Yesterday I might have done this or I did do that” because that’s economists sort of speak.
I’m talking about, “This is what I’m looking at doing right now for the market right now in advance and moving.” That’s where you learn from, but also, that’s where you can profit from because that’s what my clients are doing.
Daily trading suggestions and results
If you did nothing else, then copy my daily trade suggestions once per day … Sometimes there are no trades. Other days there might be one to two trades. Today there was actually five, but most days there’s one to three trades, per day. Very easy. Put the trade on. Stop loss profit target. Put part of your position on at the market, part of retracement level which I teach and explain. That’s it. Leave it.
Okay, so if you did absolutely nothing else than just that with half of 1% risk per trade, this year you would to be up 32% on your account. Adding compounding, monthly compounding, it works out just over 36%. Just the daily chart, once per day. Probably less than five minutes work once per day. That’s if you just copy. That’s if you did nothing else. That’s no other time frame charts. If you also copied my weekly charts, they’re up another 24% for the year so far. Of course there’s all other trades that you can take on different time frames in your own time, but nothing else than just copying and viewing that information, 24% on the weekly charts so far this year and 32% on the daily charts.
That’s an amazing result and we’re only in early September. That proves that you can make money. That’s if you just want to do nothing else than just that.
Recent client’s testimonials – including clients who are now trading Forex full time
What I’ve got here? Some testimonials I’d like to read with you. These are available on Forex Peace Army or my website. These are just some recent ones. One here from Ivo, lives over in Ireland. “I first did Andrew’s course back in 2012. My goal was simple. I wanted to become a full time Forex trader. It’s now 2016 and I can finally say I’ve done it. I trade full time. I quit my job as a full time engineer.” That’s from Ivo in Ireland. Another one here, just received just this morning from Chris in Florida. Chris said, “Trading the daily charts and four hour charts, risk half of 1% per trade as you recommend. In the last five days” but he didn’t trade Sunday and Monday, nonfarm payrolls and US holidays. He said, “I’m ahead by 10.75%.” That’s taking my suggestions and what I’ve taught in my four hour charts. 10.75%, that’s huge, but only small risk.
Another one here from Stephan in Oakland. “I’ve been involved in Andrew’s training and trading for over the last five years. With his methods in trading, it’s assisting me to now trade full time myself successfully. I’d recommend Andrew, 21, his training methods, if you’re looking to trade long term. That’s a sustainable way of trading Forex.” Another one from Gary, Texas, in America. “I initially invested in the Forex Trading Coach in 2012. Notice I said invested, because I never considered it a cost or expense. It’s been an investment based on the returns that I’ve generated by following Andrew’s training.”
Another one here. This was just received last week from John in Perth, in Australia. “I’ve been very busy with my happy life. I’d always check out your daily strength and weakness reports and check out your ideas. I’m still trading your strategies with great success averaging 1% per week. This week I’m up 1.7%.” John in Perth, in Australia. This is a few there. There’s plenty more that you can see on my site.
How can you benefit from this information?
How does this affect you? Well, what I’d strongly suggest you do is, if you haven’t already gone on to my free trading strategies on my course, get a copy right now. It’s free to you. It’s free to view, to download.
An indicator and a template, and get some ideas about how to base your trading. There’s a link right below this video. Click on it and get started on that.
Make sure you are one of the 5-10% of traders who are successful
Once again yes, it’s possible to make money in the Forex market. The stats say the majority will fail and we’ve already been over the reasons for that. Most people just lack a strategy, a plan, some back up help, and some education and knowledge. It doesn’t matter what you do in life, if you want to do it well, it takes some hard work. It takes an effort, dedication and takes some investment, whether it’s time or money or probably both, but you know, if you want to become a trader and a full time Forex trader or not even a full time Forex trader …
Not everybody wants to be, but if you want to be successful at Forex trading and make some passive income or full time income, then you really need to put in a bit of effort and a bit of work up front. A bit of an investment into yourself and into your future. If you want to do that, just start with the free course. If you want to go to the full course, then that’s your call. Click on the link below.
I’ll see you this time next week. This is Andrew Mitchem, The Forex Trading Coach.