In this video:
00:30 Entry and exit methods
01:10 Making really good money
01:30 Risking half percent to make one percent gain
02:10 Support resistance levels
02:40 Introducing great software
03:10 Great profit target
03:30 High probability trades
04:20 Money management in place
Hi everyone Andrew Mitchem here, the Forex Trading Coach.
Welcome along to another weekly update.
Well, what a great clients only webinar we had yesterday. A two hour live training room session. I was trading on one of my own live accounts and we have some fantastic trades.
I want to talk through some of those.
Using entry and exit methods
At one stage I suggested four different four hourly chart trades all using the entry and exit methods that I’m teaching in my course.
I'm using limit orders – Pending buy and pending sell limit orders to get in to those trades so, looking for a retracement first on the four hour chart before the trade then reverses in our direction.
Now out of the four trades that I suggested yesterday to my clients live, three of them did get filled as a pending limit order and the three that did get filled, all went down and hit full profits.
So, really good trades that people would have got some really good value from actually watching them occur and watching me place those trades live in real-time on a live account. And those that not only benefited from the education process of watching that made some really good money as well.
So that’s what happened on the webinar.
Two different one hour trades
I also had two different one hour trades. I had a sell position on the US AUD Dollar that hit two to one risk to reward that made really a good profit, risking half percent to make a one percent gain. On the British Pound / New Zealand dollar trade I took a long position on that. That just got stopped out – you know that’s the way it goes with trading – we make on some and lose on others – and that’s fine.
But with the risk / reward that I used on the trades, what it means is that I'm risking half a percent one on trade, and lost. Then risking half a percent to make one percent on the other trade, and that made. So I've only got a fifty percent win rate right there on those two trades: One winner or one loser. But I'm still netted the half a percent gain on my account. So that was just yesterday on the live webinar.
On the daily charts has been quite a quiet week to be honest but we have actually made some really good money. I'm up by 2.3 percent on just the two daily trades that did retrace and entered into the market this week.
Introducing a great software
Monday, Tuesday and today being Friday there were no trades whatsoever.
There were lots of support and resistance levels around Monday and Tuesday. Pretty quiet due to the non farm payrolls of the previous week. But having said that, on Wednesday I suggested three trades to my clients – while non of them filled at retracement; they just missed one missed pound pip, one was five pips and others around ten pips. But the direction was perfect on all three.
I’ve started using a great piece of software that I have – it lets me to take staggered entries so I entered all three of those trades at the market also. All three of those are hit full profits which is fantastic. We made really good money out of those.
Then on Thursday we had two trades. I took a Euro AUD Trade and AUD Swiss Franc Trade. Both went back to the retracement absolutely perfectly. Then hit the retracement and went back to be filled and went straight down to the profit target for great profit targets. One of those are made 1.1% and the other are made 1.2%.
So it just shows that on those longer time frame charts you don’t need to be taking lots and lots of trades. You just need to pick the selective trades that look good at the time: The higher probability trades. So the two that enter the retracement only: There was a 2.3% account gain by risking just half a percent – so a tiny risk, just half of the cent per trade.
And then what with the hourly trades throughout the week and the four hourly trades, you don’t need to be watching the charts all of the day – and that’s what a lot of people who come to me and say “Andrew how do I get over of this emotional tie to be trading – having to be at my computer all day and night?”
Well, the answer is: You don't.
You just need to know how to avoid doing that.
You don’t need to be watching every single pip move and you know right now I’ve got the charts going here and got trades on live right now. And I don’t need to be there actually watching those charts.
The importance of trusting your system
The important thing is to have a system in place and to trust your system.
Have the correct money management in place, have good risk reward in your trades. And when you have that, the emotions are not there. The trades are just there doing their thing.
Here they are behind me (screen's just gone blank) but they’re they are behind me, doing their thing and making good money. So that’s the important thing.
Been fantastic week, a great live trading room webinar yesterday and look forward to talking to you this time next week.