In this video:
00:20 Live trading webinar
00:50 Hitting really good profit
01:05 Understanding a very good risk reward ratio
02:03 Strong support level
02:41 Hitting absolute profit target
02:59 Getting good trades on short time frames
Hi Andrew Mitchem here again, the Forex Trading Coach.
Today is Friday, the 24th of August.
Well it’s been another amazing week with the trading. This time, yesterday we had a really good two and a half hour live trading webinar. I hold these webinars every two weeks for my clients and I’ve got clients from all over the world. Thirty eight countries I have clients from and many of them log in every two weeks and we trade live on a live account, in front of everybody. I trade here from my office and one of my live accounts.
Risk Reward Ratio
So we have really good trades, I believe it took about eight trades live during the session yesterday and on top of that I had probably about another six or seven open trades live. And they went through;
Most of them went through and hit really good profit. There were two actually on the four hour chart I think they got stopped out, but three others that took towards the end of the webinar all made. Now it’s really important to understand that when I trade I have a very good risk to reward ratio.
So looking at somewhere between a one a half to two and a half reward for every risk, every one risk.
So, for me I trade a half of percent of my account of risking half a percent per trade on a daily charts. And all the other time frames from four hourly, hourly and down to the fifteen minutes charts.
I risk only a quarter of one percent of my account on any one trade.
So upon risking a quarter percent and I have a two to one risk reward, that means that I’m making a half a percent gain for a quarter percent risk. So you can do the math and you work that I have for three profitable trades and two losing trades, you can see that the actual returns are really good.
Buying trade on the Silver
On top of that, longer terms, I'm personally taking a buy trade on the silver. I took it at the end of last week. I actually forgot to mention that in last week’s video, but I bought some silver when it got to the twenty seven fifty level. It’s been a really strong support level and I’m not really buying that so much in terms of looking at the closing out of that trading anytime soon. I’m just taking that more of a personal buy and hold philosophy on silver because I think that silver has got a long, long way to go.
Last year, just about touched fifty and theres no reason at all why over the next few month, possible years, that fifty plus that well beyond will be achieved – and that’s just a personal opinion.
Buying trade that hits profit target
What else have we had?
So on top of the webinar, we’ve had again a really good week. Have a buy trade on New Zealand dollar / US dollar that hit the profit target absolutely perfectly on Thursday, yesterday. That was the Thursday trade on the daily chart.
Today I’m taking a short position on the Australian US, and a long position on the Euro Pound. And they’re open now as I'm speaking.
So we’ve had some really good trades on short time frames outside of the webinar yesterday. The Euro Pound system, my Monday break out system, looks like it’s going to hit profit again this week. The last trade still in right now but it’s looking really good and its in good profit as I speak.
Tournament for the weekend
So what else going on for me personally?
I’m off for a Karate tournament now for the weekend. I’m a Karate instructor and I’ve got the next two days of Karate camp with all the instructors from around New Zealand meeting up together so effectively a good hard session of boot camp effectively but lots to learn.
So, I love to learn Karate, it gets me away from the trading and just take the whole mind set away.
So that’s it for now.
As you can see, trades are going on a lot behind me. I’ll be closing any open trades out on Saturday morning my time before the market shuts and also Karate like I said.
I look forward to getting back into trading Monday morning again.
So, that’s all for now I look forward to talking to you this time next week and have a great weekend.