Exceptional Return of 1% per Day
In this video:
01:03 A client with exceptional return (1% per day)
02:41 Weekly chart trade on the Euro/U.S. Dollar (EUR/USD)
04:52 A lot of strength in the Japanese Yen (JPY)
I’ve just been talking on the phone with a client of mine who’s making 1% return per day on his account. Let me share that and more details with you right now.
Hi traders it’s Andrew Mitchem here, the FOREX Trading Coach and today, is Friday, the 18th of July.
I’ve just got off the phone about half an hour ago with a client of mine who’s only been with me for just over one month and he’s based here in New Zealand and he’s really excited to share his trading results. I’m not going to mention names on this particular video and podcast but if you would like to find out more I’m sure he’ll be more than happy for me to pass on his details but he wanted to tell me that he spent a quite bit of a time initially when he bought the course studying it full time. The last couple of weeks he’s been trading, (he’s been trading since he started) but the last couple of weeks he’s been trading on a live account and he’s making 1% on average per day.
He did tell me his account size on a live account; I’m not going to divulge information but let’s just say he’s making more per day than most people on wages would be making per week. He was just really excited to share that information with me and just to let me know, obviously, one, he’s very happy with his own trading and the returns he’s getting and how much the course has helped him to develop from being a break-even type of trader to already this quickly making a really good return on his own trading and also of course gaining huge confidence from his trading.
FOREX Trading Strategies
Now he was telling me that he uses my daily analysis that I post for my clients each day and the strength and weakness analysis that I also post and looking at different currencies; some are strong some are weak for the day. So what he’s doing is he’s trading in those directions going down to the shorter time frame charts. He suggested that he’s looking at mostly the 15-minute time frame for refined entries but doing extremely well (1% per day) is just an exceptional return.
So I just wanted to share that information with you and just show you what is being achieved and what can be achieved by just having a really good strategy and place that suits you and that gives you confidence within your trading.
The other thing that also just happened about he hits a really good hour. Actually the last 30 minutes I was talking to him and just before I started this video. I’ve had a trade (weekly chart trade) on the Euro/U.S. Dollar (EUR/USD). It’s been open for two weeks so I took it on the 9th of July and it’s just closed for full profit – 4.6 to 1 reward to risk trade so that’s a pretty incredible return there. If you were to trade let’s say 0.5 of 1% on that trade which I did – that was a 2.3% return on my account just from that one trade.
Yes it took just over two weeks to hit the profit target but it didn’t take any more work and that’s the important thing to realise. It was taken on a weekly chart so I have to expect that it’s going to take 1, 2, 3 or 4 bars. In this case, it’s been weeks to come through the full profit.
If I was taking that same type of trades set up on the 15-minute charts, I might expect the trade to take 1, 2, 3, or 4 bars – in other words, at maybe from 15 minutes through to an hour or so to hit full profit. It really doesn’t matter what time frame chart you take your trades on. If you have a good strategy the actual candle patterns and the set ups, the technical setups are exactly the same. It just depends on the time frame that you’re trading at that time when you see that setup. So I’m really pleased with that trade – a really nice profit there on the Euro/U.S. Dollar (EUR/USD) selling that.
Elsewhere the New Zealand Dollar (NZD) has weakened quite a lot this week. Now you might recall that this time last week I was talking about how strong the New Zealand Dollar (NZD) has become and still is but I did say also just to be aware of a likely retracement because of the levels that it was hitting those new highs, it was hitting against the U.S. Dollar (USD). And I said at the end of that video and podcast this time last week just to be aware of a retracement, a pullback likely to occur and that has actually been the case this week and the New Zealand Dollar (NZD) has dropped quite a lot against most of the other currencies.
The Way I trade – Looking for JPY Strength
And today being Friday, I’m looking for a lot of strength in the Japanese Yen (JPY); a lot of strength yesterday (Thursday) and looking for that to continue into today. So what that means is really if I see a currency pair setups that let’s say the Euro/Japanese Yen, the GBP/JPY, the NZD/JPY, the AUD/JPY. I’m looking for short positions on those because I’m looking for the Japanese Yen (JPY) strength to continue.
So it just gives you an idea of the way I’m thinking regarding my trading on the day by day basis. It helps you to trade in the likely overall direction for the day. It doesn’t mean to say that on the daily chart, the currency is going to close higher or stronger or weaker. It’s saying that for today let’s say the New Zealand Dollar/Japanese Yen (NZD/JPY) I’m preferring short positions because my overall opinion is for the New Zealand Dollar (NZD) is showing weakness right now, the Japanese Yen (JPY) is showing strength. Put the two together and short positions when they show, if and when they show, are likely to have a high probability of success than long positions. So it just gives you an understanding of the way that I’m looking at my charts.
That’s it for now, this is Andrew Mitchem from the FOREX Trading Coach.
Have yourself a fantastic weekend and I look forward to talking to you this time next week.