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Strength back in the Canadian Dollar – Currency Strength and Weakness for Wednesday 17th October 2018

Strength back in the Canadian Dollar – Currency Strength and Weakness for Wednesday 17th October 2018

Hi Forex Trader,

I make my Currency Strength and Weakness suggestions every day based on where I see the market heading over the next 24 hours. Use my analysis below to aid your trading and to help you keep on the right side of the market.


My suggestions are posted by 6pm EST each day.

For The Forex Trading Coach clients, login here https://theforextradingcoachcourse.com/ to get your exact entry and exit points for today’s recommended pairs.

Overall there is strength in the CAD, with minor strength in the GBP and NZD

Overall there is weakness in the JPY and CHF, with minor weakness in the EUR  


Trading Directions I am favouring for the next 24 hours

Buy Trades – GBP/JPY, USD/JPY, USD/CHF, NZD/JPY, NZD/CHF, AUD/JPY, GBP/CHF, AUD/CHF, CAD/JPY, CAD/CHF         

Sell Trades – EUR/GBP, USD/CAD, EUR/CAD, EUR/NZD, AUD/CAD     

 

Disclaimer: My clients have full access to my trading strategy, including Currency Strength and Weakness specific trades each day that include the exact entry, stop loss and profit targets.
Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.



FREE FOREX WEBINARS THIS WEEK FOR NEW FOREX TRADERS – Click here

There are 2 webinar times this week.


Click here to subscribe to the RSS Feed

Regards
Andrew


– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator

The Kiwi Dollar shows some strength but will it last? – Currency Strength and Weakness for Tuesday 16th October 2018

The Kiwi Dollar shows some strength but will it last? – Currency Strength and Weakness for Tuesday 16th October 2018

Hi Forex Trader,

I make my Currency Strength and Weakness suggestions every day based on where I see the market heading over the next 24 hours. Use my analysis below to aid your trading and to help you keep on the right side of the market.

My suggestions are posted by 6pm EST each day

For The Forex Trading Coach clients, login here https://theforextradingcoachcourse.com/ to get your exact entry and exit points for today’s recommended pairs.

Overall there is strength in the NZD

Overall there is weakness in the USD with minor weakness in the AUD and CAD

 

Disclaimer: My clients have full access to my trading strategy, including specific Currency Strength and Weakness trades each day that include the exact entry, stop loss and profit targets.
Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.


Buy Trades – GBP/USD, NZD/USD, NZD/JPY, NZD/CAD, NZD/CHF   

Sell Trades – USD/JPY, AUD/NZD, EUR/NZD, AUD/CAD

 


FREE TRADING WEBINARS FOR FRUSTRATED TRADERS

Click here to Register

Are you a frustrated trader, feeling like you're ready to give it all up?

Have you been trading for 6-12 months or more and you're feeling like you're not achieving the kind of profits you should be?

If the answer to either question is “yes” then this webinar is perfect for you. There are 2 webinar times this week.

Click here to subscribe to the RSS Feed

To Your Trading Success.
Andrew


– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator

The British Pound crashes at the start of the new week – Currency Strength and Weakness for Monday 15th October 2018

The British Pound crashes at the start of the new week – Currency Strength and Weakness for Monday 15th October 2018

Hi Forex Trader,

I make my Currency Strength and Weakness suggestions every day based on where I see the market heading over the next 24 hours. Use my analysis below to aid your trading and to help you keep on the right side of the market.

My suggestions are posted by 6pm EST each day.

For The Forex Trading Coach clients, login here https://theforextradingcoachcourse.com/ to get your exact entry and exit points for today’s recommended pairs.

Overall there is minor strength in the USD, CAD and JPY

Overall there is weakness in the GBP, EUR, CHF and NZD

 

Trading Directions I am favouring for the next 24 hours

IMPORTANT: Just to let you know that Monday's trade analysis, when the market opens at the beginning of the new week (Sunday if you are in the US/Europe) are usually the hardest to pick and if you wanted a day off trading, that would generally be the day to choose. The reason being; I am looking at the previous week's prices and the new open prices for the week when making my analysis on a Monday and of course many things can happen between the close of the market one week and the opening of the market the next week and the market sentiment can often change. Just bear this in mind each Monday (Sunday US time)

Buy Trades – USD/CHF  

Sell Trades – EUR/USD, GBP/USD, GBP/JPY, GBP/CHF, EUR/CAD, GBP/CAD, GBP/AUD   

 

Disclaimer: My clients have full access to my Currency Strength Weakness trading strategy, including specific trades each day that include the exact entry, stop loss and profit targets.
Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.

WEEKLY FOREX TRADING VIDEO and iTUNES PODCAST:

In this week's video I talk about:

“#294: Can you really make money with a small Forex account? (PART 1)”

Click here to subscribe to the RSS Feed

Have a great week ahead.
Andrew Mitchem


– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator

#294: Can you really make money with a small Forex account? (PART 1)

Podcast:
Play

Can you really make money with a small Forex account? (PART 1)

In this weekly video:
00:23 – Trading with a small Forex account
01:06 –  Can I make money successfully?
01:30 – Why do so many people lose money?
02:30 – Keeping it simple is usually the best way to trade
03:18 – Learn how to trade first
04:35 – The size of your trading account right now is irrelevant
05:10 – Invest in yourself
05:32 – Excellent trades taken live for good account gain
07:34 – Next week’s video and how you can profit from the Forex market

Can you really make money with a small Forex account? Let's talk about that and more, right now.

Hi, traders. Andrew Mitchem here, the owner of The Forex Trading Coach, with video and podcast number 294.

I want to talk all about trading on a small Forex account, and can you make it as a small-time Forex trader?

Trading with a small Forex account

Now, I made a video along a similar subject line around two years ago, and it's had an enormous amount of hits on YouTube. It's had about 108,000 views, and lots and lots of comments, so I thought what I'd do is I'd split that subject up into more detail and cover it over this video and podcast, and also next week's video and podcast. Why? Well, it's obviously a very important subject, with so many people wanting to find out more about it, but it's also quite a large subject, so probably more than just one episode.

So let's start at the very beginning. With a small account, people want to know, can I make money successfully? Now, the answer is yes. The problem is, most people don't know how to do that.

Can I make money successfully?

And I say the answer is yes, and I'm saying that with confidence due to my experience. I've been trading Forex for 15 years full-time, been teaching for almost 10 years. But the problem is, is as you know, and as I've repeated many times, the stats out there tell you somewhere between 90-95% of all Forex traders lose money, and that's probably absolutely true.

Why do so many people lose money?

Now, there's a huge number of reasons for that and we'll cover the reasons now, and then on the next episode we'll cover how you can overcome those.

But some of the reasons, and in no particular order, would be, really, a lack of strategy, a lack of understanding of the market, a lack of understanding of good money management, a lack of discipline as a person, a lack of understanding of what type of trader you are or wish to be. Are you a technical trader, or a fundamental trader, or a bit of both? What timeframe charts do you like? Where are you going to put your stop loss? Where's your profit target? What type of trades are you taking? Are you going to take reversal trades, continuation? Are you using indicators? Are you using no indicators? Are you using just price action? Are you going to trade just before the news? Just after the news? What is it that you're going to do?

The problem is, is that unfortunately, most people don't know their own answers to that. I can tell you, in all honesty, with many years of practical experience, keeping it simple, like the KISS approach, is generally the best one. So you don't need to have lots and lots of strategies.

Keeping it simple is usually the best way to trade

You don't need to have lots and lots of indicators and lines all over your charts. Now, some people say to me, “Hey, Andrew, why are you saying that when your charts behind here look really complicated?” Well, the fact is that they're not. I have some clever software that alerts me, alerts my eye to certain candle shapes that I'm looking at, and then I mostly use horizontal support resistance lines, pivot points, and then I've got a couple of other indicators that come lower down in my priority, to add some confirmation. So you don't need to clutter your charts, and that's what works for me and works for my clients.

So coming back to the reality of it, can you make money? Well, yes, you can, but the important thing is, is that for right now, as a small-time Forex trader, it's important for you to learn how to trade.

Learn how to trade first

You see, without that, the size of your account and how much you're going to make, and can you give up your job, and can you have massive passive income and retire, and all that type of stuff, really, quite honestly, does not matter, because without understanding how to trade and how to make money as a small-time Forex trader, the rest of it's irrelevant.

Now, there's lots of ways you can grow your account. There's many ways. You can add funds to your account from your own income or your own source of income, whether it be selling property, whatever it might be, but you can add and grow your account. You can make money from your trading and grow your account that way. You can get outside sources, such as you can sell signals. You could trade for other people who are small-time, family people, or friends, et cetera, and gain a commission that way. So there's lots of ways that you can grow your own account, but it still comes back to the fact you need to know how to trade, because for some people, $10,000 might be an enormous amount of money. For other people, $10,000 might be just play money. So the actual size of your account right now is almost quite irrelevant.

The size of your trading account right now is irrelevant

I get people coming to me, saying, “Hey, Andrew. Look, I can't really afford to join your course because my account's only $1,000 or $500, yet your course is $2,000. It's just, I can't afford it. I can't justify it.” My answer is, “Well, that's your call. That's your opinion.” But the thing is, is that how long are you going to go on trading that thousand or $500 account, losing money and then open another thousand or $500 account, and then another one, and then get frustrated, then give up? Or are you, really when you think about it, best off to say, “Well, I'm going to invest in me.

Invest in yourself

I'm going to invest in my education, and my knowledge, and my time, with the help of someone, and actually make sure that I can learn how to trade that thousand-dollar account because that's the most important thing, learning how to trade”? It comes back to that so many times.

I'll give you some examples. I held a live webinar, just last night, for my clients in the European session. I took three trades, live on that session, two on the one-hour charts, one on the 15-minute charts.

Excellent trades taken live for good account gain

Two of the trades hit profit and one got stopped out, and so with those three trades combined, with the two wins and the one loss, with 0.5% risk per trade, I and people who copied me made a 1.4% gain, just from those three quick trades on a live webinar. 1.4%. That's pretty good when you consider most interest rates in savings around the world, on most standard banks accounts, are probably somewhere between about, probably less than one and maybe three or four percent, tops, depending on where you go round the world. We just made 1.4% on three simple trades last night.

Now, on that session also, I had two amazing bits of feedback from clients. A guy called Zhasee, he's over in the Middle East, and he made a 6.9:one reward to risk trade on the Euro/US dollar, and that meant he had a 3.45% account gain, just from that one trade. We also had a typed-in comment from a guy called Colin, not actually sure where Colin's from without looking it up, but Colin made a 7.7:1 reward to risk trade on the British pound/Canadian dollar four-hour chart. Now, that ended up being a 3.85% account gain with 0.5% risk. So you've got one guy making 3.45% and the other making 3.85, just on one trade each, with only minimal risk, only half of 1%. You might want to go, “Well, Andrew, that's too small for me. I might want to risk 1%.” Well, therefore, the guys just made 6.9% and 7.7% on just a trade each. They're not going to be doing that on every single trade, of course they're not, but it just shows what can be achieved.

So, look, that's the first video around the subject, more about the general information.

Next week’s video and how you can profit from the Forex market

On next week's video and podcast I'm going to get into more detail about how you can profit from the Forex market as a small-time Forex trader, with some really good, real-life, practical examples to share with you. So look out for that, this time next week.

This is Andrew Mitchem, The Forex Trading Coach. I'll see you on that video next week. Have a great weekend. See you then, bye.

Click here to register for the Live Forex Webinar

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The market retraces led by NZD and AUD strength to end the week – Currency Strength and Weakness for Friday 12th October 2018

The market retraces led by NZD and AUD strength to end the week – Currency Strength and Weakness for Friday 12th October 2018

Hi Forex Trader,

I make my Currency Strength and Weakness suggestions every day based on where I see the market heading over the next 24 hours. Use my analysis below to aid your trading and to help you keep on the right side of the market.

For The Forex Trading Coach clients, login here https://theforextradingcoachcourse.com/ to get your exact entry and exit points for today’s recommended pairs.


Overall there is strength in the NZD, AUD and EUR

Overall there is weakness in the USD, CHF, JPY with minor weakness in CAD and GBP



Trading Directions I am favouring for the next 24 hours

Buy Trades – EUR/USD, EUR/JPY, EUR/GBP, EUR/CAD, EUR/CHF, GBP/CHF, AUD/USD, AUD/CHF, AUD/JPY, AUD/CAD, NZD/USD, NZD/CHF, NZD/CAD, NZD/JPY, XAU/USD, XAG/USD

Sell Trades – GBP/NZD




Disclaimer: My clients have full access to my trading strategy, including specific Currency Strength Weakness trades each day that include the exact entry, stop loss and profit targets.
Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.

.



A free copy of my Forex journey “From Dairy Farmer to Forex Trader” is available on video, mp3 or PDF file by clicking here

 

Click here to subscribe to the RSS Feed

 

Have a fantastic weekend,

Andrew

 


 

– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator