Do You Have Your Trading Year Planned Out?
In this video:
00:45 – Making sure you have 2017 planned now
01:48 – Trading Goals – What are your goals?
02:15 – 2 recent examples to help you
04:10 – Make your trading realistic to do – what makes my course successful
07:05 – Write down your goals now
Have you got your trading year planned or not? Let's talk about that and more right now.
Hi, Forex traders. Andrew Mitchem here, The Forex Trading Coach. This is video and podcast number 209 and the first video and podcast for January of 2017.
Welcome back. I hope you've had a wonderful Christmas and New Year break. I know I've certainly had a great time. Summertime this part of the world here in New Zealand and we've had a great few weeks off trading doing lots of things, family things, flying, swimming, et cetera, doing all sorts of really cool things, but now back into trading.
Making sure you have 2017 planned now
What I wanted to talk about today was making sure that right now at the beginning of January you have your 2017 planned because we all know how quickly time disappears and, all of a sudden, it's the next weekend, then next weekend, then it's halfway through the year. It can disappear on you really quickly. My suggestion is that you start right now today. As soon as you're listening, or watching this video or podcast, get a pen and paper and write down right now all the important things that you want to achieve both trading and personal in 2017. Do it now. Write it down. Grab a pen and paper. Stick it on your wall next to your computer and look at it all the time. Then ask yourself each day: what am I doing today to help knock off some of these goals, to achieve some of these goals, personal goals and/or trading goals?
I can't really help you so much with the personal ones apart from I can honestly say that if you have a goals list, and you look at it, and you try and achieve it, you do achieve them, and it's amazing how much of that list you do get through.
Trading Goals – What are your goals?
Trading goals, I can definitely help you with. You need to decide a few things like what type of trader are you, what timeframe charts do you want to trade, what pairs, what directions? Is it continuation, reversal patterns? Do you want to trade the news? Do you want to trade technicals? How many hours a day do you want to trade? Do you want to trade maybe just a few times a week? What is it that realistically suits you? It's really important to get the part of what suits you and make it real.
2 recent examples to help you
I'll give you a couple of examples. Just today I've had two emails come through my inbox this morning, two different people. One of them said, “Hey, Andrew. Look, I've enrolled in a course and it's all about volume. It's about trading volume in Forex.” They're just questioning how that can be. I said, “Well, from what I understand, that volumes are really hard to me in the Forex market because, of course, there's so many different brokers, different feeds, et cetera, coming in.” You can't really truly measure volume in a Forex market and this person was not happy with the course they bought. They said it's just not working for them.
The other person wrote to me and said, “I've also started a course. I'm just finding it really complicated. It just revolves around being involved, watching charts all the time, waiting for certain things to happen.” They said they're just finding it crazy that in the last month they've been looking at this course, and it's just taking up so much time.
The other thing that was really interesting, which I don't agree with, is they said that as part of a course they were told to use backtesting information and go and review trade setups using lots of backtesting. Now, that in theory is okay. In reality, it's not that great because you'll soon get to realise that the hardest part of trading is seeing the charts right now, right there behind me here, looking at the right-hand side of the chart and making an evaluation and an opinion of what to do right now.
You see, the danger with backtesting is you can scroll through and your eye just automatically scans to the really good setups, and you ignore the setups that would have been okay and didn't work, so you don't have emotions when you're backtesting. None of the realtime emotions come into it. In realtime, you know whether it's 2 o'clock in the afternoon or 2 o'clock in the morning. Realistically, who wants to be trading at 2 o'clock in the morning. You have to find a system and a strategy that works for you in realtime.
Make your trading realistic to do – what makes my course successful
In reality, you've got to make it fit in around other things that you're doing in your trading day and in your life in general. I've said to both of these people, “Look, there's lots of good things that, in my opinion, makes my course very good and makes clients who have taken it very successful.” Just to name a few, I only look at a trade on the close of the candle. If you want to trade just once a day, just look at the daily charts. Very easy to do. It doesn't matter where in the world you live. You can look at the daily charts at some stage in that day and make an opinion on the call. If that's too much for you, go to a weekly chart.
If you want to go short of timeframe chart, then I've got a great software that works on charts like 6, and 8, and 12 hour charts that are nonstandard MT4. If you want to sit in front of the computer and watch the charts for maybe let's say like one or two hours a day and you want to trade 5, 15, 30 minute charts, then that equally works well. It depends on what works for you. It's important to have that. Write it down as a trading plan and some goals. That's how I went back to people. That's the first thing.
The second thing is everyday I post on the membership site daily trading suggestions, specific trades taken in advance of the market moving. You can see what I'm looking at and why. Now, of course, not every time do those trades work. Last year, they made almost 35% return for clients but not everyday will that be winning trades and that's just part of trading.
What you do get to see is that candle pass and setup, the technical setup that I'm looking for and why with the reasons explained, the exact entry, the exit levels again all taught in the course but all written down so you can follow them. You can basically earn while you learn. Not only that, you can then adapt that same principle because I'm writing this off at the daily chart. You can take that same principle and trade it on a four hour chart, let's say, or a one hour chart, or whatever it is that suits you. The thing is that this is written in advance of the market moving. It's not to say, hey, yesterday I might have done this or only show you the good ones and just happen to eliminate the bad trades. None of that is all realtime trading.
The other thing and the third thing that really makes the course wonderful and people succeeding is a forum site. Clients are interacting with other clients and they're posting images, screenshots of trades that they‘re taking in realtime. It really also helps people to highlight in your eye what other people are looking at and why, seeing whether this trade was a good trade or not a good trade. Actually look at the trade setting up in realtime. It really is one of the hardest things to do. If you have those three different methods there … Of course, another one that I have failed mention is my live webinars where I'm trading in realtime on a live account in front of people. All these ways of actually trading and seeing the charts moving and making a decision in realtime, it really is one of the biggest keys that makes the difference between being a good successful trader and someone who cannot trade.
I hope that helps. Get 2017 off to a really good start.
Write down your goals now
Do it right now. Write the trading plan, or your personal goals, or your trading goals. Write it down. Look at it. Review it, and stick to it, and you'll have a great year in 2017.
I look forward to talking to you this time next week. Have a wonderful weekend and a great start to the trading year. This is Andrew Mitchem, The Forex Trading Coach.