In this video:
00:35 Saw renewed strength in the Japanese Yen earlier in the week
01:50 Euro strength continuing probably into next week
02:02 Holding a live web trading webinar every two weeks
02:14 Taking a short position on the Australian Dollar/New Zealand Dollar
02:36 Positive feedback on the website’s new professional look
03:15 Good introduction to Forex Trading tips
04:36 Sign up for the lot size calculator
Hi Traders, Andrew Mitchem here, the Forex Trading Coach.
Today is Friday, the 25th of January – it's nearly the end of the first month of the year already – Can you believe it!?
Well, it’s been a fairly quiet week in terms of the couple first few days of the week. Fairly quiet but then as we’ve developed into the week things are really starting to move again. Earlier in the week we saw renewed strength in the Japanese Yen and I said at that time to my clients, “Look just be really careful with this.”
I actually did take the trade where I was short in the Euro/Yen looking for a pull back. But I mentioned all along throughout the week up until Wednesday: Just be really careful because we are trading against the major trend which has been Japanese weakness. And so we did fairly well out with the trade. It didn't hit full profit and then there was an obvious reversal bar looking for the price in the Yen to weaken the Euro/Yen almost everything against the Yen to push back up again.
And that’s what we’re seeing now at the end of the week.
So today being Friday, I’ve gone long on the EUR/JPY, the CHF/Yen, the CAD/JPY and looking for that JPY weakness to continue. And right now with the trades behind me, when I just looked, they we’re going ready well.
So that’s great!
Euro Forex Focus
And the Euro, although its been fairly quiet throughout a lot of the week, it’s now showing a lot of strength heading into the last day of the week. And I would anticipate at this stage unless anything dramatic happens later today in the European and then US session, I would anticipate that the Euro strength continuing probably into next week.
Australian Dollar Forex Focus and Weakness
And also I’m looking for Australian Dollar weakness today. I mentioned the Australian Dollar weakness in last night’s client’s webinar. So every two weeks I hold a live trading room webinar with my clients and we were looking at opportunities to go short in the Australian Dollar. And there were few days showing and clients did take some of those.
I did take a short position on the Australian Dollar/New Zealand Dollar on the one hour chart and it worked absolutely perfectly. Just took me out this morning my time when I woke up and hit full profit so I was really pleased to get that one.
Thanks for the new Forex Website Feedback
Elsewhere, also you'll see that my website has been changed right now, really positive feedback of that people loving the new look, new fresh of professional look of the website. So thank you for your comments over that one.
Weekly Training Webinars Now Available
And if you haven't already done so and you’re not currently a client and you are relatively new to trading, make sure that you sign up for one of my free webinars. You can just sign up these two sessions every week. It lasts about an hour and you can choose either a twelve hour split so you can trade something that’s going to suit you regardless the way you live in the world.
So you can see those on my website. Sign up for them. They’re free and they last like I said about an hour. Really good tips in there – some really good introduction to Forex Trading tips that you can learn and benefit from.
Not Got The Forex Trading Coach Lot Size Calculator – Why Not?
Also just to let you know on this site, if you haven’t already downloaded it make sure you get my free lot size calculator. The reason I wanted to mention that is this reason: I’ve had an email this week from someone – they're not a client – but I’ve had an email from someone who’s looking at fighting back against the market.
They’ve had some loosing trades and that fought back and lost. And it happens every time. You know it doesn’t matter how much you trade, where you live, what type of person you are, what type of job you have – none of it matters.
If you start breaking the rules the market will, in the end, get you. So this person started doubling up because they started losing, trying to recoup some of those losses and it just doesn’t work, so use that lot size calculator.
It’s free, it’s on my website. Get it today.
Pips Don't Matter
Stick to a set amount of risk per trade whether it would be a half of 1%, one percent, or quarter of 1 %. Whatever it that suits you but use that lot size calculator. It takes you away from the mentality that most people have of judging your success in trading on the number of pips you make. It really doesn’t matter.
The number of pips is irrelevant.
It’s the amount that you risk compared with the amount that you make in a percentage terms that met the difference.
So sign up for that lot size calculator if you haven't already got it. If you haven’t been in one of my free webinars that I hold there twice a week, jump in to one of those.
Hope you’ve enjoyed the session. Look after for those trades through to next week.
Hopefully that you'll makes some good profit from them.
Talk to you this time next week.
Bye for now.