In this video:
00:29 Webinar held last week – amazing results shared by Anne Marie
01:32 Entering part of the market this year
01:47 How to be a successful trader
02:20 Free information going through 2013 – assist you in trading
02:41 Lot of strengths heading into the Euros
03:08 Huge weakness Identified
03:43 Trade what you see NOT what you think
04:22 Charts tell you where the price is actually heading
Hi Traders, it’s Andrew Mitchem here and welcome to 2013.
This is my first weekly video for the year as I have just started trading this week.
Well I hope you had a fantastic Christmas and New Year and you really pumped up excited to get back into your trading.
Just to let you know that last week I held a webinar for my clients and in that webinar we had some amazing results as shared by Anne Marie who lives over in Adelaide in Australia.
She’s been a client of mine since July, 2011. And Anne Marie, she’s taken all of my daily trade suggestions and she’s entered them at part at the market and part at the retracement. So she’s taking just half of +1% (0.5%) of her account and placed that at the market order and 0.5% of her account – so half of 1 percent at the retracement.
And she's has a combined figure (without compounding) using purely a 100% set and forget strategy of an amazing 51%. So she started in August of 2011. She joined just the month prior – so between August of 2011 and December 2012, she returned over 51% if you include compounding into that.
So pretty amazing result!
And I shared with my clients how we're looking at entering part of the market this year, part of the position at the market and part of retracement. And what that gives us with the unique way that we’re entering those trades is a high risk to reward on both positions and that’s really important in order to be a successful trader – to have the high risk to reward risk on all of your trades.
What else has happened?
Well like I mentioned I’ve started trading myself just this last week now that the market conditions are coming back into normality after the break.
Also really excited to let you know and probably if you’re watching this video you’d already see that my websites had a complete facelift to completely overhaul and redesign, trying to make everything far easier for you to navigate around and also supplying you with some really good information as we go through 2013: Free information that’s out there that will really assist you with your trading.
So keep a look out for that. And also there's some really excited things to come that none of my clients know about it yet but it’s all in the pipeline and on the to-do-list of 2013.
Forex Trading Strategies
Looking at the actual trades themselves!
This week definitely have a lot of strength heading into the Euro. So the Euro has been going up and up and up. It did have a slight retracement but overall it's been pushing up and the Japanese Yen just crashed. There’s weakness in the Yen. It’s showing weakness against almost every currency.
Even the currencies that are looking slightly weak, like the British Pound has been looking weak this current week but even against the Yen, the Pound/Yen cross has still been going up so huge weakness in the Japanese Yen and strength in the Euro.
Now, that comes back to me being a technical trader and why I love technical trading because there may be some fundamentals out there to say, really is this Euro too high?
Well to me it doesn’t matter why it’s going high. The fact is that, it’s been driven higher. Same with Yen – it’s been pushed down and so what’s happening? Well, you know I don’t really worry too much about that.
So it’s really important to use a phrase that I teach to my clients and it’s this: “Trade what you see NOT what you think”. And put thinking of that some whole phrase and concept. When you see something on the chart that’s an obvious bullish pattern, take it!
If the longer term’s up and let’s say the four hour chart for the one hour charts showing a bullish pattern then take it.
So trading what you see. So don’t forget the fundamentals but you can almost forget them, because they can really cloud your mind and your vision and get you slightly confused and so very often you will find that ever after news announcements, that you expect the currency to fall but it rises and so the charts tell you where the price is actually heading.
So that’s why I’m strongly a technical trader. It definitely helps you keep on the right side of the market so just remember that when you trade next time: Trade what you see NOT what you think.
So that’s all for now!
Hope you have a fantastic week and I look forward to talking to you this time next week.