In this video:
00:26 Understanding about the markets
02:38 Amazing feedback from clients
04:28 Lot of strength in the US dollar
Amazing Forex Results +6.2% for the Week
All we want as Forex traders is to achieve fantastic results. We’ve had a great week this week. Let me share more details with you right now.
Hi traders, it’s Andrew Mitchem here. Today is Friday the 21st of March and welcome to my weekly video and podcast. I want to talk about trading results because at the end of the day we can have all the logic, all the theory, all the understanding about the markets, the news, the charts, but if you don’t achieve good consistent results then what's is the point? That is all we want as Forex traders isn’t it? It is having a low-risk trading approach without taking too much of our time to study the charts but, of course, we’re after above-average returns. This week has been an exceptional week, and I want to share some of the trade results with you right now.
Starting from the longest timeframe down to the shortest, I have taken trades on the weekly charts this week, and I am up +0.7% on those on my own account. On the daily charts, I am down 0.9% on closed trades. On the 4-hourly chart I am up +3%; I had a great week on the 4-hour charts. On the 1-hour charts I am up +2.8%, and on the 5-minute charts, of which I have only taken 1 trade, I am up +0.6%. Put all those trades together and with only half of 1% risk per trade over all of those trades, I am up +6.2% for the week so far in just the first 4 days, as today is Friday, and we still have all of Friday’s trading to go. So it is an amazing result when you think about it, and that’s probably somewhere between 2 or 4 times higher than most banks will pay you anywhere around the world right now, a 6.2% gain in 1 week. Now, of course, that doesn’t happen every single week, but it shows again with consistency and low risk what can be achieved if you have yourself a good sound strategy that works across all pairs and all timeframes.
Fantastic Feedback from Clients
Last night my time, I held a 2 ½ hour live trading room webinar session for my clients. I took 4 trades live in that session, 3 of them were profitable. I had 1 winning trade and 1 losing trade on the hour charts, 1 profitable trade out of the 1 taken on the 4-hour charts and a 5-minute chart trade that also was profitable. The great thing about those sessions is we are looking at charts, trading in real time. I’ve had some amazing feedback from clients on those sessions just making some great results. One client told me he made 9.6% return last week on his account, just fantastic results. People were typing in all the time, “Hey Andrew what about this setup? I have just taken full profit on this trade.” It’s really pleasing to see when people are then taking trades by themselves and telling me just how profitable they have been, and it was happening all the time yesterday. It was just really pleasing to see.
So, if you want to be able to take advantage of sessions like that, make sure you join my course and get on to those live webinars. They are held every 2 weeks, mostly in the European session, and they last between 2 to 2 ½ hours each. Over the course over the year, that is providing you with at least 50 hours of live trading room sessions in 1 year. Fifty hours, that is a lot of trading. That is watching my charts behind me here with me explaining the charts right now as we saw them and looking at trade patterns and trade setups as they occur. Of course, in that 2 ½ hours, there weren’t trades occurring all the time, but in between I am answering questions for people and looking at previous trades, good and bad trades. It is a constant learning session.
Now all of those sessions are recorded; so clients can go watch them later, and if you were to join my course as a new trader now, you’ve got the last 4+ years of recordings to watch. Don’t forget, there are 50+ hours of live webinars every single year and you’ve got the last 4 years to watch if you want to. There is a huge resource there, +50 hours ongoing every single year, a fantastic way to learn.
Strength in the USD$
What we have seen on the charts this week? Well towards the latter part of the week we have seen a lot of strength in the US dollar based on the Fed announcement that came out yesterday. Are we going to see that continue? Well I’m not sure whether we are or not. There was a lot of indecision on the daily charts yesterday. So heading into Friday, it’s a little bit debatable whether the US strength is going to continue or not. I’m not convinced that it will at this stage. If it is to continue into next week, I need to see that highlighted and shown on the charts to actually make me want to take pairs that are actually with strength in the US dollar. It was a sudden movement due to the Fed announcement; so whether that is now being factored into the market or not is hard to tell right now. I’ve only taken 1 trade today on the daily charts because today is a public holiday in Japan. So, I am discounting the Yen pairs and with the US pairs, I’m just not convinced there is enough strength there in the US right now for it to continue, but time will tell. Again, it comes back to trading what you see, not so much what you think. The charts tell you where the market is likely to be heading; so it is really important to have a good understanding of those candles patterns and the technical chart analysis.
So that’s all for now I hope you have enjoyed this session. Like I mentioned, 6.2% gain on the week. I’m more than happy with that. It’s just a great result. If you would like to achieve results like that and you would like my help with that, please drop me a line, email me at [email protected]. Have yourself a great weekend. I look forward to catching up with you with some more tips and information this time next week.