In this video:
00:18 Up 1.3% trade at one stage
00:42 Running Forex Peace Army Campaign
01:04 Chart Action
01:43 Tips for the week
02:16 Making a percentage return on account
02:54 The importance of starting small
Hi everybody, Andew Mitchem here the Forex Trading Coach.
Today is Friday, the 12th of October. We’re already halfway through another month.
Well, it’s been an interesting week for me. I was up 1.3% at one stage this week – ended up with a new 0.3% gain for the week. That’s using a quarter of 1% risk on all of my trades. So, not as good as it was. I did have a few trades go back against me on Thursday into Friday, my time which is slightly spoilt things but then again that’s trading.
Overall – still a positive week.
Elsewhere I’ve had a lot of new clients joined through Forex Peace Army campaign that we’ve had running. A really good special promotion, so for those of you that have just joined, welcome along – you’re going to get some great information from my course.
For those of you who have missed, well the price is back to normal price, and is still great value anyway.
Onto the charts, well the Euro this week is retraced slightly. To me, it looks like it’s still heading upwards. I can see some good strength in it.
Elsewhere, I can see the New Zealand Dollar/US Dollar looks to me like its weakening. It’s coming down quite nicely. In fact, when we take the Euro/New Zealand Dollar pair, I’ve actually go longer term buy on that.
I took a buy based on the weekly charts back last week. And that’s retraced nicely. Back to my entry, now that’s starting to get into good profit and it looks like it’s heading up stronger as we head into next week.
Elsewhere, I can see some weakness still in the Australian Dollar, all-round especially against the US Dollar but all-round the Australian Dollar looks weak to me.
Tip for the week: Interesting there’s lot of people approach me with this offer. And a question that I get asked quite often is: How much can I make? What account size do I need?
And really it’s very hard for me to answer that because a lot of it does depend on you as a trader. But what I do like to say to people is start small. It doesn’t matter whether you’ve been trading for a while or with your brand new trading, just start small. Start with a small account. When you’re ready to go live, start with the small account and look to make a percentage return on that account.
Forget about making Dollars, or Pounds, or Euros whatever it is your account is denominated in. Forget the money for now. Look to increase your account slowly with a percentage gain because if you have let’s say a ten thousand dollar account and you can make let’s say for arguments sake, say 50% return in the year – If you can do that on a ten thousand dollar account then why can’t you do that on a twenty thousand, or a fifty thousand, or a hundred thousand dollar Forex account?
You know it’s exactly the same trading.
The only two things that change is your mind and your emotions but that’s why I say to people start small. It’s really important to do that. Don’t go in with a big account; blow it, lose your confidence.
So start a really small, make a percentage return on that account.
And think it this way, look, if you can make 5% in a year which you know, you should be easily able to do that. But let’s say you make only 5%, well my bank doesn’t even pay me that in a year now so think about it that way. Maybe you make 5% in a month and then think: Wow! Well my banks not paying me that in a year.
So look at percentages, forget the amount of money you make to start with when you begin with your trading.
So that’s all for now!
Hope you enjoyed that lesson. And I look forward to talking to you this time next week.