Podcast:

Play

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.

Quick Links

FAQs

Contact
About Andrew
About Paul
Testimonials
Privacy
Disclaimer
Cookie Policy

Resources

Free eBook
Free Risk Calculator
Are You New to Trading Forex?
Are You About To Give Up Trading?
30 Minute Forex Trader Update
Online forex video course
One on One Coaching in Person
One on One Coaching – Online
© 2020 The Forex Trading Coach Ltd (NZ FSPR:FSP37396) provides general information and educational courses and materials only. This is not an offer to buy/sell financial products. We do not provide personal advice nor do we consider the needs, objectives or circumstances of any individual. Financial products are complex and all entail risk of loss. Over-the-counter derivative and foreign exchange products are considered speculative because they are highly leveraged and carry risk of loss beyond your initial investment, hence should only be traded with capital you can afford to lose. Please ensure you obtain professional advice to ensure trading or investing in any financial products is suitable for your circumstances, and ensure you obtain, read and understand any applicable offer document.

Latest Podcasts / Videos

#358: If You Don’t Trade Forex Now, You Never Will

 Podcast: If You Don’t Trade Forex Now, You Never Will In this video: 00:24 – The world has gone mad 00:36 - Traditional investing is not working 01:00 – Why we trade the Forex market 01:21 – You need to be trading right now 01:57 – Email from a client...

#357: Are You Thriving or Just Surviving?

 Podcast: Are You Thriving or Just Surviving? In this video: 00:33 – Paul Tillman was here in NZ last week 01:12 – How we made profit from the Coronavirus news 02:06 – The stats show that only 5% make good money 03:05 – The system and strategy works in...

#356: Will the Coronavirus affect Forex Traders?

 Podcast: Will the Coronavirus affect Forex Traders? In this video: 00:20 – Joined by Paul Tillman from NC, USA 00:40 – Webinars, Trades and the Coronavirus 01:00– Recent webinars and how you can benefit – view the recording 02:45 – Our trading day...

#355: What Does Your Trading Day Look Like

 Podcast: What Does Your Trading Day Look Like In this video: 00:25 – How to structure your trading day 01:06 – You’re not going to be a full-time trader immediately 01:46 – Fit your trading around your current situation 02:10 – My trading day 03:45 –...

#354: We can help shortcut your learning process

 Podcast: We can help shortcut your learning process In this video: 00:31 – Information overload online 01:11 – 2 live webinars this week for you to attend 01:39 – Paul Tillman will be joining me in New Zealand for the webinars 02:59 – Paul now works with...