Are you about to quit Forex Trading?
In this weekly video:
00:26 – Frustrated trader on live webinar
01:06 – Less in more
01:50 – No one perfect way of trading
02:24 – Look at your charts twice a day
03:31 – Buy and Sell Limit orders
04:20 – Be part of a trading community
05:10 – 3 trades made a +1.5% account gain
Are you about to give up Forex Trading that's just not working for you? If that's you, I've got some really important information for you to listen to first before making that decision. Here we go.
Hey traders, Andrew Mitchem here, the Forex Trading coach of video and podcast number 290.
Now, I wanna share with you a story from my live webinar with my clients just last night. Now in that webinar, I had a new client on his first live session with us as the group, and he said to me,
Frustrated trader on live webinar
“Hey, Andrew, I've been trading for eight years, on and off. It's just not working for me. I've joined your course as basically the last ditch effort to make trading work. What's the secret? Can you ask people on the webinar, other clients, what's the secret to making this whole thing work? Why are they successful and I'm not?”
It was really interesting to watch the comments come through from a number of my clients, and a number of them have been with me for many years.
Less in more
There were a range of comments come through, but basically it came down to the less-is-more philosophy, the trade to longer timeframe charts, the be selective with your trading as in don't take B grade setups. Only take the top quality setups. Get to understand the patterns that you're looking for. So, we looked for, basically, two quite distinctive patterns. One's a reversal, one's a continuation. Basically, if you get most of the setup looking exactly as you want, it doesn't matter what the pay or what the timeframe, what the direction is, but if you get that, so often the trades will work out. And why? It's because of probability.
No one perfect way of trading
Now, there is no one perfect way of trading, and different people have different ways of trading, obviously, and that's why the strategy that I use basically combines different bits and pieces of different strategies to get one overall proven strategy that works. Along with that strategy and the patterns that you're looking for, it was about taking those longer timeframe charts. Personally, I wouldn't look at anything less than one hour timeframes. Be selective. Don't worry if you miss trades. You're gonna miss trades. You don't have to be at your computer all the time.
Look at your charts twice a day
A really interesting comment came out from a client that's been with me for about three years. His advice was just to look twice a day and that's it. You've gotta carry on with normal things in life, whether it be family, entertainment, recreation, job, whatever it might be. But, it has to be realistic in terms of the time that you can dedicate to your trading. He was saying, “I just look twice a day and that's it.”
He looks around 5:00 am New York time, and 5:00 pm New York time. Now, at 5:00 pm New York time, which is the beginning of the new trading day, at the beginning of the week you can look at the weekly charts. Beginning of each day you can look at the daily charts, and also, you can look at the 12 hour, the 8 hour, the 6 hour, the 4 hour, and the 1 hour charts. Put that all together once a day at 5:00 pm New York time. It might take you maybe 20 minutes, 15, 20 minutes to go through all those charts. Very, very easy to scan through and select which trades you'd like to take. And then, at 5:00 am New York time, which is when I hold my live webinars, you can then look at the 1, 4, 6 and 12 charts. That's it. That's all you need to do.
Buy and Sell Limit orders
You don't have to be there at that exact time because we use a lot of limit orders, buy and sell limit orders. We are looking for retracements anyway, so you don't even need to be at your charts at that exact time. So, what does this do? Well, it gives you less stress, less headaches, higher reward to risk trades, news is less of an influence in your trading, because you're trading those bigger pictures, those longer timeframe charts. You're not having to be there watching every pip move up and down. You're not fiddling with trades. You're not trading stops. You're not waiting for something to cross A to cross over B or that red line to cross over that green line. You're not waiting for all those kind of things. That's the beauty when you take your trading techniques level into that bigger timeframe.
Be part of a trading community
The other comments were along the lines of be part of a community and all those type of things. Discuss your trades, take screenshots of your trades. I've got some great software that when I place a trade, it takes a screenshot for me. My clients have access to that software as well, so not only does it make the placing of the trades very accurate in terms of position sizing, et cetera, but it also takes a screenshot of what the trade looks like at the time that you place it. And, that's very, very important. You can go back and see with hindsight what's happened and go, “I would've taken this one. I might have taken that one.” But, what you want to see is what does that chart look like, right at that time that you decided to take the trade? Go and review that. Review the good trades and the trades that don't work out. It's very important that you do that.
3 trades made a +1.5% account gain
As part of the group and community, just following on from that, during the session yesterday, I took three trades on the one hour charts, live in front of my clients. One was the Aussie Yen, which was profitable. One was the Euro Aussie that, in the end, got stopped out, although it got into some reasonable profit. And the third one was a buy trade on gold against the U.S. dollar. That also hit profit. Now, the net result of taking those three trades live on the webinar, with half percent on each of those three trades, was a positive plus 1.5% account gain for myself and my clients who followed those three easy to see easy to follow trades.
Again, less is more. You don't have to sit there watching five minute charts and doing all these different things. We just looked at the close of the one hour chart when we started the webinar and the close of the next one hour chart mid-way through the webinar. That was five minutes looking throughout the one hour charts on two occasions, 1.5% account gain. Not bad is it? Those sort of things can be done.
If you'd like more information, feel free to contact me. [email protected] and I hope you enjoyed this video.