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Podcast:
Forex Trading Results – What everyone is after
In this video:
00:22 How to get great results in trading
01:09 Really good week on the daily charts
02:26 Clients who have made great results in trading
04:28 Getting control over finances
05:48 Strength in the GBP and USD
Today I want to share with you some information about results, because at the end of the day that’s what everybody is after in their trading – its results.
Let’s talk about that right now.
Hi, it’s Andrew Mitchem here from the Forex Trading Coach. Today is Friday the 15th of November and I want to talk about results because everything else in trading you can have all the interests you like everything else it doesn’t really matter unless you’re achieving results and that’s one thing I’ve seen as a coach that’s really important for me to not only achieve great results myself, but also to ensure that my clients achieve great results and if it’s something you would like me to help you with I am more than happy to do so.
But it’s something that of course that that’s what everybody gets into trading for is to achieve great results and percentage returns on their accounts and make some money. Whether you want to completely replace your existing income or make more income, or whatever it might be, passive income. It’s all about results and that’s what makes my course different.
Just to give you some examples, it’s been a really good week for me this week on the daily charts. Every trade I’ve taken has hit full profit. I’ve made 3.5% on the daily charts with half of a percent risk on each trade. I’ve made 1.1% on the 4 hourly charts. I’ve made 1.8% on the 1 hourly charts. I’ve lost a quarter of one percent on the 5 minute charts and I’ve made one and a half percent on a break out system that I use just once a week. So all up and I still have all of Friday to go so the first 4 days of this week that is +7.65% account gain but with very, very low risk. That is the important thing also. It’s all well and good to have a 7.5, 7.65% account gain but if you’re risking sort of 3 or 4 percent per trade it’s not really quite such a good result but I’m risking only half of 1%. So 7.65% in the first 4 days of this week and we still have Friday to go so a great result.
But I held a live webinar for my clients last night and we took some trades on that and some trades made profit and others lost and that’s the way trading goes but just some really good information, valuable information with live trades taken in front of people. I had a client on that webinar, Richard, who said that he made, and he shared with us the trade; one trade on the 4 hourly chart on the GBP and JPY and it was in the direction of what I was anticipating the pound to go yesterday which was upwards. He made a 4.5 to 1 risk to reward trade. He took a quarter of 1% risk on that trade. So just a 0% to 5% risk and he made 1.125% return on his account. Richard, I think he is over in the UK, so that’s more, a bigger gain, 1.1% on his account in one trade just in an hourly chart and it made it under an hour and made full profit in under one bar. Then his bank will pay him in an entire year so it just shows what can be achieved. 4.5 to 1 risk to reward. It was about an 11 or 12 pip stop for about a 50 something pip profit. Really good trade and hit full profit straightaway so thanks for sharing that on the webinar yesterday Richard!
Had an email this morning from Gary up in Auckland not far from me here. Gary said he made 2.5% yesterday just in the day. Had another email yesterday from Claire down in Clashaire she made over 2% last week so people making money consistently. That is the important thing and like I said in the beginning it’s the results that count. What I’m really keen on passing on is that you know you can have managed accounts you can buy Robots, if you’re lucky enough to find one to ever make you money, you can have trade copying, you can have little arrows buying and selling here and there with indicators that you don’t really know how they work. But the difference for Forex education and good education is you are in complete control. You have the ability to trade when you want what time frame charts you want, how often you want, what time of day, what pairs, what direction, what position size, everything is in your control.
I strongly believe with any finances the more you are in control of it yourself the better. You know you don’t want some robot being in control of your funds. It’s a bit like owning your own property or looking after your own investment properties or shares or whatever you might invest in. As soon as you let that control go and hand that over to someone else you really are at the mercy of them or their system.
So I love good quality Forex education because it means you are in control of the trade and it’s an education, it’s something you can pass on and it’s something you can always do. If you buy robot and you’re just happen to strike it lucky and the robot makes you some money one month, how’d you know how the system works, how’d you know how its developed, how’d you know what conditions that works in and if it suddenly turns sour and it goes wrong how long do you give it before you pull the pin? Or find another one or trade copy someone else. With your own trading it’s something that once you mastered it you can do it forever on any market and that’s the beauty of good quality education.
So other things I want to quickly mention. Yesterday we saw a lot of weakness on the JPY, we’ve seen strength in the GBP and also some strength in the USD. Now, tomorrow is Saturday and I’m off to Hawaii for the week on a business trip so I won’t be posting my daily post on Forex Peace Army on my website because 5pm New York time will be around lunch time over in Hawaii and it’s when I’ll be having meetings, but I will be recording a video and a podcast the same as this, this time next week hopefully from a nice beach somewhere in Hawaii so I look forward to talking to you then.
Have a fantastic week and I’ll speak to you next week on that beach somewhere in Honolulu.
Talk to you then.
Bye.
