Adapting Your Trading Strategy to the Current Market Conditions

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#523: Adapting Your Trading Strategy to the Current Market Conditions

In this video:
00:32 – How often should you change your strategy?  
01:24 – I’ve been trading for 20 years
02:14 – We look at Price Action
02:56 – The way we deliver the course and more markets available to trade
04:38 – Get to view my Masterclass
04:55 – Book a call with me and my team – https://theforextradingcoach.com/call-application/
05:03 – Blueberry Markets

I received a question this week from someone that says, “Hey, Andrew. Is your content ever updated to adapt to the current market conditions?” So I thought I’d make this video on podcast this week. Outside in the sun and answer that question for you.

Hey, there traders! This is Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 523.

How often should you change your strategy?  

I’ve been asked the question about changing your strategy to adapt to the market conditions. Is that something that I do regularly? And if so, when? And it’s a question is actually a really good, smart question because unfortunately, far too many people would do that and they find that the trading is not going to well, something’s happened in the market.

It may be more rangebound or there could be more price action. And so therefore, they change their system in their strategy and their whole approach to adapt to what’s actually happening in the market at that time. The issue I have with that is how do you know how long to give it when things are going bad? In order for you to realize that you’re doing something wrong and therefore you need to make a change. And that becomes the old issue that everybody has. And it’s like in hindsight, it’s fantastic. In reality, things don’t go so well.

I’ve been trading for 20 years

Now, as someone who’s been trading the forest markets for 20 years now and teaching for over 14 years, I can tell you that in the 14 years that I’ve been teaching and around three years prior to that, I’ve never changed the strategy at all.

It’s not changed. If I look back at my daily trade suggestions back in 2009, I look back at my first live webinars I did with clients back in 2010. Nothing’s different. And that’s the beauty of what we do. And you see, you got full confidence in knowing that the way that we trade, the way that we look at the market, the way that we teach, the way that we analyze everything that we do on the webinars, on the forums, on the daily trades, etc., is exactly the same.

Nothing at all has changed. And so how do we manage that? I suppose would be the obvious next question.

We look at Price Action

Well, it’s all to do with the strategy and the way that we trade and we look at price action, we look at the price itself, we look at candle formations where they showed on the chart. What part of the chart are they in?

Do they have stop loss protection? They’ve got room to move. They have strength and weakness with them. All those type of things that we look at on the charts to actually give us the initial chart sets up and the yes or no, do we have a trade here or not? Now, you will probably know that we only trade on the close of a candle.

So that makes our trading very easy to know when to trade and reality is you can trade just sort of once or twice a day. I look at multiple timeframe charts at that exact time.

The way we deliver the course and more markets available to trade

Now, the only thing that has changed over those years is just the way that we deliver the course. It’s, you know, obviously like everything, it’s improved.

It’s got cheaper, it’s got more efficient. You know, we’re not flying like seen people around the world any longer. You know, it’s all online, but there’s still a lot of individual tuition and help. But things that have changed, it would be the markets that we can trade. You see as the Forex Trading Coach. When we started, obviously they were just the forex pairs.

And now there are obviously a lot more forex pairs, but also there are other markets as well. To give you an example, this week, on Monday, Tuesday, sorry, on Tuesday I took a trade on Lead (XPB) if you know your periodic table, you know that that’s lead. We took a daily chart trade on lead which made a fantastic profit for all of our clients.

And on Tuesday night I took a two trades on the four hour charts one was on XAU/EUR and XAG/EUR. Now, if you’d gone back, maybe five years, there is no way that most of us would have access to lead and gold and silver against the euro. We may have had gold and silver against the US, but we certainly wouldn’t have had it against the euro available on most brokers out there.

So things have evolved. Yes. In terms of the markets we can trade, which is fantastic because the strategy works equally well on those other markets than it does on the standard EUR/USD. AUD/USD, you know, GBP/JPY and etc.. You know your standard forex pairs. So that gives us reassurance in what we do works and is fantastic. So it gives us high reward to risk trades. So what does that mean for you? Well, a few things.

Get to view my Masterclass

If you’ve not been on my masterclass, I’d suggest you jump on to that masterclass. It’s about a 45 minute. It’s on demand, so find a time that suits you. Log on there, click on and go and view. That takes you through a lot of information about how we trade, what we do, how we teach.

Book a call with me and my team – https://theforextradingcoach.com/call-application/

If you’ve been on that and you’d like to book a call with either myself or one of my team, you can do that. I’ll put a link to that also.

Blueberry Markets

If you are out there looking for a high quality forex broker that offers Metatrader 4 / Metatrader 5. Good bunch of people really quick to get your funds back to you if you make a deposit or if you then try and withdraw funds.

It’s just so quick, super easy, super efficient. That is blueberry markets, they’re base across over in Australia and they can take clients in pretty much most countries apart from a few and the U.S., the U.S., they cannot take traders from. But other than that, blueberry markets would be a very good choice for most other people out there. So I hope that helps.

I’m off to enjoy this beautiful day that we’ve got here, and we’re in springtime here in New Zealand. I know a lot of you watching this will be going into your autumn, but springtime in the southern hemisphere. And don’t forget, we’re here to help you with your trading and to make it a success for you. This is Andrew Mitchem here at the Forex Trading Coach.

See you this time next week. Bye for now

Episode Title: #523: Adapting Your Trading Strategy to the Current Market Conditions

Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

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