Another +7.4% Gain This Week
In this video:
00:28 – A large gain of +7.4% so far this week
01:01 – Trading different time frame charts
01:25 – Trades from this week
03:11 – Open trades still in profit of +1.2%
03:55 – Sticking to your strategy
04:38 – Your comments and questions
05:02 – Earning while you are learning
We've made a plus 7.4% account gain so far this week. I'm going to share with you those trades, and also explain the importance of sticking to your trading strategy. Let's get into it right now.
Hi, Forex traders, Andrew Mitchem here from the Forex Trading Coach video and podcast number 334, and that's right, you heard it right.
A large gain of +7.4% so far this week
We are up plus 7.4% so far this week still with a trading day to go on our close trades, and we've got open trades of another plus 1.2%, so almost at 10% just for this week. I'm going to share those trades with you, but also more importantly, remember the last couple of weeks on the videos on podcasts, I've talked about the importance of a second tier trading strategy and also having the ability to trade multiple timeframe charts? This week yet again has illustrated that importance.
Trading different time frame charts
The last couple of weeks I've said, “Look, there've not been too many high quality trade setups on the daily charts.” This week's completely different, fantastic trade setups, and we've had some great profitable trades. I'd like to just share those with you. By the way, all of these have been taken live, and all of these have been posted in advance of the market moving on our membership site for all of our clients to follow, earn from, and learn from.
Trades from this week
So we had a sell trade on the Euro/New Zealand Dollar. Our market order obviously got filled because it's at the market, but our retracement order got filled. Both were great trades overall with quarter percent risk on each. We made a plus 1.75% gain on our count from just that one position, two trades, one overall trade set up. We then also did exactly the same on the US/Swiss Franc. We had a sell trade on that. The market and retracement order both hit the full profit target for a plus 0.95%, so almost a 1% gain there.
We had a small loss on a market order on the Pound/Canadian dollar, and that lost us a quarter of 1%. We're risking quarter percent at the market, quarter percent at retracement. We then had a fantastic trade at 2.1 to one trade on the market order on the New Zealand US dollar just yesterday, made us a half of 1%. Our retracement order failed to get filled by just one pips, so agonisingly close, but it didn't, but we still took half percent on that. We had our breakout strategy that made another 1.5% gain this week. The Euro Pound weekly chart trade that I've been talking about for the last two or three weeks closed for a 3.3 to one reward to risk or in other words at 1.65% account gain. We've also posted on the membership site a fantastic six hour chart trade, and we discussed it on our live webinar just yesterday posted on our forum site in advance of the price getting filled, and that was a six hour chart trade Aussie/New Zealand buyer trade 2.6 to one, or in other words a 1.3% gain on that trade also.
Open trades still in profit of +1.2%
Also, on top of that, we've got an open trade on the Pound New Zealand, which is up half of 1% right now as I'm speaking to you. I've got two trades on the weekly charts, US/Yen and Aussie/Franc up 0.7%. So overall, put all that together, we've made 7.4% on close trades and up 1.2% on open trades, 9.6% gain just on those trades, just on the membership site, just for this week. The Euro Pound was a few weeks ago. We took it but it's closed, and we profited from that full.
profit right now. That was the weekly chart trade, but all the others were actually posted this week as well, fantastic trading.
Sticking to your strategy
The lesson to take from that is sticking to your strategy and sticking to multiple timeframe charts as mentioned, it's really, really important that you do both. Not every week like last week will the four hour charts be fantastic. Not every week like this week will the daily charts be fantastic, or the weekly charts, not every week will they be fantastic.
But you take a combination, and a blend of all those different timeframe charts, and you stick to your trading strategy, and you have high rewards risk trades like I've just showed you here, and you have low risk per trade, and it works. That's pretty outstanding. We could easily talk on close trades this week, 10% gain in one week, shows what can be done. If there's anything you'd like to know about those trades, or if there's anything that you'd like me to talk out on future videos and podcasts, just send me an email to [email protected].
Your comments and questions
If you'd like to gain results like this. Don't forget, this has nothing to do with any other trades that anybody might have taken themselves, and yes, it's fantastic to have a 10% or close on 10% gain in a week on your account.
Earning while you are learning
That's absolutely outstanding, but don't forget it's the earning whilst you are learning, really important that. It's not just about “Here's some trades, go take them”, or “Here's some entry and exit levels that we just post like a signal service.” It's not that.
This is you learning to understand, to be able to take the same kind of trade setups for yourself, knowing exactly where to put your entries and your exits, but training your eye to see the setups. Close on 10% in one week is not bad as it? We'll see this time next week. Bye for now.