In this video:
00:50 Making money from the Forex market
01:04 Trading on the four hourly charts
01:32 The beauty of my system
02:10 The importance of looking at strong and weak currencies
02:40 Strength in the US dollar
02:53 Looking for predominantly short position
03:32 Increases the probability of your trade working
Hi everybody, Andrew Mitchem here the Forex Trading Coach.
Today is Friday, the 19th of October.
Well I’ve got an eye infection today so I’ve got the perfect face for radio and definitely not videos so sorry about that.
Well, it’s been a really busy week for me. I’ve had lots of things going on personally. I’ve had my wife who’s been in hospital with surgery and been playing Mum and Dad looking after five kids this week. On top of that I bought a house and we move in onlyy a few weeks time.
Why am I telling you this?
It’s to let you know that with trading, you don’t have to be watching the charts all day long in order to trade successfully and make money from the Forex market.
Like I mentioned, I’ve had a really, really busy week. It’s just not stopped, but I’ve been trading on the daily charts and they take me about 10-15 minutes once per day.
I’ve been trading on the four hourly charts when I can and so what that means is I know that I don’t need to look at my charts in between every four hour candle. So I know that once I’ve taken a trade on a four hour chart, I’ve got another four hours to go and do whatever it is I need to do in a day before any possible new charts set up if I’m trading four hourly charts.
Of course if you are trading the hourly charts you know that you wouldn’t need to go and look your screen and your charts until the next hour is complete.
And that’s the beauty of my system.
There are so many systems out there that rely on things crossing over and a signal could occur anytime in the day or night. That is not the case of my system. It makes it very easy to plan your day around your trading.
And you can trade as much or as little as you like.
I have some clients that just trade the weekly charts so once a week on a Monday at the beginning of the week and then just the daily charts.
So all up there’ll be trading no more than let’s say one hour per week but they're still doing extremely well.
The other thing to mention that we talked about on yesterday’s webinar with my clients is I emphasized the importance of looking at strong and weak currencies and looking at the two together as a pair.
So what I mean by that is, for today I’ve been looking at weakness in the British Pound and I’ve seen weakness in the British Pound based on the daily charts against several other currencies.
For example, I might be looking at weakness in the British pound against the US, weakness against the Yen, weakness against the Euro. And likewise I may be seeing strength in the US and I’m looking at strength in the US let's say against the Euro, against the AUD, against the Kiwi. And so I’m looking at the weakness in the British pound, the strength in the US Dollar – putting the two together and therefore I'm looking for predominantly short positions and short signals on the British Pound/US Dollar.
So that was covered quite a lot in my last webinar and it’s something that I mentioned everyday to my clients as part of my daily trade suggestions.
I list the two or three or four – whatever I might see of the strongest currencies for the day and the weakest currencies for the day.
What that does is that allows my clients to go and look at their charts and play the strongest against the weakness when you see a suitable signal.
And of course what that means is we’re then trading with the overall strong dominant trend at that time which of course increases the probability of your trade working.
So that’s all for now!
Have a great week next week and I look forward to talking to you on Friday.