In this video:
00:48 This week a 2.6% return
01:34 Two hour live trading room webinar
01:47 Taking profitable trades during live sessions
01:54 Silver trades continue to climb up
02:18 Looking at a charting platform
02:28 Importance of Eastern Standard Time
03:30 Charting package for a successful Forex Trader
03:42 More useful Forex Trading Tips
Hi it’s Andrew Mitchem here, The Forex Trading Coach.
Today is Friday, the 21st of September.
It’s been a really good week for me personally on my own trades. I’m up 2.6% for the week and I still have three open trades. But 2.6% for the week represents a very nice return. With that result I’m risking half of one percent – 0.5 of 1% risk per trade on each of my trades.
When I trade on the managed accounts which I have a company called Wealth with Forex, I’m only trading at quarter of 1% and so naturally half of the 2.6 means that I’ve made 1.3% return for those individual investors that I managed funds for.
And on top of that we’ve had a really good webinar this time yesterday. I had clients from all around the world for just over a two hour live trading room webinar.
And I hold those every two weeks for clients.
We look at taking live trades as and when they happen and we had some people taking some really good trades, really good profitable trades during that live session.
All of those sessions are recorded, so my clients can go and watch them whenever they wish to.
The Silver trade, that as you I've been in for number of weeks now, that’s up at around $34.70, so that continues to climb.
That’s looking really good!
And another point I wanted to make is I always get asked about what chart/time you should use as a Forex Trader.
Now, by that I mean what time of the day do the charts start.
I am firm believer that you need to be looking at a charting platform that starts the week at 5pm – Eastern Standard Time. That’s 5pm in New York.
So that’s really important because what this means is – that’s the “Unofficial” correct start of time day.
And so, I use a broker in Australia called Pepperstone. I also used another one called Go Markets. Both of those have a 5pm New York Eastern Standard Time – start of day all year round.
What does that mean?
Well it means that you’re trading where the big banks and institutions trade. It’s fine on an hourly chart but if you don’t have a 5pm start of day, your daily charts and your four hour charts can look quite different.
Many brokers for whatever reason (and I do not know why) sometimes use a six day week and they have a Sunday candle that lasts somewhere between two and four hours.
Now for traders like myself who trade off the daily charts, this is completely incorrect as it distorts the technical levels on our charts.
So just to recap, use a broker that uses 5pm Eastern Standard start of day time and it will definitely help give you the correct charting package that you need to be a good successful Forex Trader.
So I hope that helps and I look forward to talking to you this time next week, with some more Forex results and also some very useful Forex Trading tips for you.
That’s all for now!
See you soon…