Andrew Mitchem’s tips for trading successfully in 2016
In this video:
00:37 – How was your trading last year?
00:55 – What are your plans for trading in 2016?
01:10 – My trading plan, download your own free copy
03:00 – A +3.1% account gain this week, a good start to the year
03:16 – I’ll be speaking in Hong Kong at the iFX Trading Expo 26-28th January
Do you have yourself a trading plan for 2016? If you don't, then you really need to watch this video.
Hi, Forex traders. Andrew Mitchem here, the Forex Trading Coach. Welcome back to the first video and podcast for 2016. Today is Friday, the 15th of January. I want to talk about having a trading plan for 2016. I'll share some reasons for you really shortly.
How was your trading last year?
First of all, how was last year? How was your trading year? Was it a good year? Was it not so good year? Are there things you can improve on? What did you do well on? What was not quite so good? Were you spending too long trading? What was it that you found good and what was it you found not so good about 2015?
What are your plans for trading in 2016?
Take those points and use that to help build your plan for 2016. Where do you want to go with your trading this year? What are you trying to achieve out of it? Is it something that you want to do as a full-time income? Is it something as a passive income? Are you just learning at this stage? Have all that information jotted down or have it in your head, but then create a plan.
My trading plan, download your own free copy
Now to help you out I've created a plan here which I have my own version written and printed out. What I've done for you, at the bottom of this video you'll find a form where you can just enter your name and email address. I'll give you access to my trading plan template so you can then go and go through the plan, look at the headlines that I suggest that you complete.
Fill those details in, print it out, and then use that not only to think more about your trading, but every day before you start trading, have a quick look through that plan and make sure that you're sticking to that plan, because it really will help you develop as a more refined trader. It helps to take your emotions out of your trading. Don't forget to download a copy of that. It's freely available just by entering your details below this video. I hope that helps.
I've got things on here such as when am I going to trade, what times of the day, what pairs, what time frames am I looking at. What type of trading setups am I looking at? Does that vary for different time frame charts? Where my entry and exits will be, where my stop loss is going to be. Again, does that vary for different time frame charts or different trading setups? Same with profit targets.
My trade management: how am I going to approach open positions? They're almost at full profit. am I going to take that early or am I just going to leave it there? am I going to close part positions? Am I going to move stop losses up before news announcements? Am I get to close before the weekend? All those things, etc., I have in here.
I've got a section on risk management. How much risk am I going to take per trade? Is that in PIPs or is that in percentages? Whatever suits you. How many trades am I going to take per day. If I've reached my trading goals, am I going to stop trading for the week? All those type of things here. Just have that written down. Then also print that out and have it next to your computer and go through it each day. I think it will really help you.
A +3.1% account gain this week, a good start to the year
For my own trading, so far this year I'm just about to complete my first trading week of the year. I'm already up over 3%, 3.1% at last count, with some trades still open here. I'm really pleased with that as a really good start so far to the year.
I’ll be speaking in Hong Kong at the iFX Trading Expo 26-28th January
The other thing I wanted to quickly mention is that I'm heading over to Hong Kong between the 26th and 28th of January to the IFX trading expo over there. If you are in the Hong Kong region or you're looking to attend that event, it would be great to see you there. Just drop me an email and let me know that you're going to be attending that session. It's going to be a really good one. I've been asked to go there and speak on one of the panels at the IFX expo.
It's at the Hong Kong Convention Center. I'll be speaking on Wednesday the 27th of January, but the event's the 26th to the 28th of January. If you are going, it would be great to know that you're going. It would be great to meet you there.
Just to finish off, have a really good think about how you want your trading to go this year. Don't forget to download that free information on the trading plans below this video.
This is Andrew Mitchem, the Forex Trading Coach. Have a great year and wish you the best of luck for your trading in 2016.