In this video:
00:34 A funny story from a business trip
02:14 Two trades on the one minute charts worked well this week
02:50 Learning different approaches to trading
04:17 Had thanksgiving in the States
How much do you really know about Forex Trading?
In today’s video and podcast, I want to talk to you about those small islands called Eastern Australia, better known as New Zealand to most people. I’ve got a funny story to tell you, and also how that relates to Forex trading and how it can really help you.
So let me tell you more right now.
Hi, Andrew Michem here, the Forex Trading Coach, today is Friday the 29th of November. And that’s right I want to talk about New Zealand, some people think of it as Eastern Australia, and how that can affect your trading. A bit of a funny story coming up, and I’ll explain more right now.
Well, I was on a flight last week between Honolulu and Kauaii, and I was sitting next to a gentleman from Texas. And he said “Are you from Australia?” and I said “No I’m from New Zealand.” He goes “I’ve been there years ago to Perth,” and I said “No that’s a long way away, that’s a different place. It’s in Australia I’m in New Zealand.” And we then carry on talking and a little bit later he said “You’ve got those terrible forest fires, in Sydney.” And I said, “No that’s in Australia. It’s a different country. I’m in New Zealand, a three and a half hour flight away.” And it got me thinking, because this guy was sure that Australia and New Zealand was all the same thing, and you know, so in his mind it was. And I kept saying “No Australia,” so I kept saying “No I’m in New Zealand” and he kept saying “Well that’s Australia.” – two completely different places.
So how does it relate to trading? Well quite a way, quite a number of ways really. When you think about it, you know we, we become sort of thinking along the same lines all the time, what you read, what you hear. And a lot of people come to me, and they say Andrew ,you know, I’ve done this and this in my trading, and I’m really experienced I’ve been trading for a long time, but I’m still not making any money. When you analyse that in a little bit more detail, you realise that they, what they think they know is not probably as much as you know what they think they know. And it’s to say that everybody can learn, and you can never stop learning in this market.
Trades on the 1 minute charts – not me – really!
You know, and I’ll give an example for myself. I just last night my time, I took two trades on the one minute charts on a live webinar in front of clients. And they both worked, they worked fantastically well. One made about a 1.7 risk to reward, the other I think was about a 1.3 or 1.4. But both worked really well. Now if you had said to me or spoke to me about a year ago, and said “Andrew, do you trade one minute charts?” I would have said, “No never, don’t be so stupid, I don’t go anywhere near that short time frame.” But when we were looking, there was a really good pull backs, and one minute charts had some really nice bounce levels. Took the trades, both worked as I said.
So everybody has to learn different approaches and learn to adapt, if it suits you. Likewise, I’ve got a lot of people that come to me and say, “Look Andrew I’ve been trading, scalping the market, or trading used, whatever it might be, but I’m still not successful, can you help me?” And after a while, when they’ve taken my course they’ll go, “Hey Andrew, I really do like those four-hour charts, or those daily charts, or weekly charts, or whatever it is. So, some people go from being very, very short time-frame, and thinking they know everything about trading because they trade five-minute charts or fifteen minute charts. But in reality, there is lot that they don’t know. But it’s not until they change do they realise that. And you bring it back to like the guy I was sitting next to on the plane, he thought he knew the whole geography of the world. You know Australia, New Zealand, well it’s the same thing, I’ve been to Perth, therefore I’ve been to New Zealand. It’s about eight hours away on a plane, it’s completely different. And exactly the same thing you can relate to Forex. So it comes down to just constantly learning, educating yourself all the time, if you want to succeed the best you can within this industry.
Excellent trade results this week
I’ve got some fantastic trades I’ve had this week, especially on those four-hour charts. I’ve got three behind me here, and five trades that three of them had green lights on when I started this recording. So there’s three more about to hit full profit as well. So just been a really good week. Of course had Thanksgiving in the States yesterday, and Black Friday today, so it’s been a little bit quieter with the USD itself. But overall it’s just been a really nice week for trading. For me the longer time frames, and then last night on the webinar the one minute charts. Also took a couple of five-minute charts and an hour chart, traded live on that webinar as well.
So that’s it for this week, a little bit of a different approach to the video and podcast, and a little bit how it related to a true story. You know, I’ve got to say that plane flight, it just made me chuckle, how, you know, how someone living in one part of the world, and they get very sort of, you know, they know a lot about that part of the world, but not about other parts of the world. And I thought well how can I relate that story to Forex trading?
Hope you’ve enjoyed this story, and I hope you can also expand your Forex knowledge and also look at other ways to trade if you need to, other time-frames, etc. So I’m here to help if you need any assistance with that, if you need a good strategy that works across multiple time frames, let me know.
This is Andrew Michem from the Forex Trading Coach, thanks for watching, and for listening, and I look forward to talking to you this time next week when I’ll be down in South Island in beautiful Queenstown. So I look forward to talking to you from Queenstown next week.
Bye for now.