Weekly Video News & Podcast

#460: A Week of Rises and Crashes

A Week of Rises and Crashes

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

#460: A Week of Rises and Crashes

In this video:
00:25 – Outside in the middle of winter
00:40 – Massive moves in the markets this week
01:30 – Crypto’s are crashing
01:55 – What does this mean for us?
03:15 – Client makes +105% since April (in just 10 weeks)
03:54 – Blueberry Markets offer loss refunds
04:54 – Movements provide us with great trading opportunites
05:33 – Feel free to contact me directly

It’s been a week of rises and crashes. Great opportunities for us in the Forex market and in the crypto market. Let’s talk about that and more right now.

Hey, traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 460.

Outside in the middle of winter

Wanted to get outside. Beautiful, crisp winter morning here. Not sure if you can see the snow behind me, but we’ve got a good dusting of snow on the mountains behind. And it’s just a beautiful time to be outside. I’m hoping to go for a flight at the weekend and go and check out that new snow.

Massive moves in the markets this week

But back to the charts. Well, what a week it’s been. Just massive rises, massive crashes, depending on what markets you’re looking at. With the interest rates around the world, last week, the Australians put theirs up by 0.5% or 50 basis points, expected to be 0.25.

This week we’ve had the US, expected to go up by 0.5, went up 0.75, but the US then crashed, which is not what you’d expect, which is why we look at charts and not the news. The frank, when we were holding our live webinar last night, they put theirs up, expected zero change. It went up 50 basis points and the frank went massive, went through the roof. And then the British put theirs up by 0.25% as expected.

Crypto’s are crashing

Right now, Bitcoin, if you go back six weeks ago, back into the end of April, Bitcoin was about 40,000 US dollars. Today it’s approaching 20,000. It’s almost down to 20,000 as I’m recording this. Ethereum, a month ago, 2,200, today, 1,100. It’s halved. It’s crashed. It’s dropped by 50% in a month. Just unbelievable.

What does this mean for us?

What does it mean for us though? As traders, it means opportunity. There are opportunities everywhere with movements in the markets. And the thing is, it doesn’t matter whether I’m expecting the US to go up because they put their interest rates up and it went down, because on the charts, we were looking to sell the US anyway. And that’s exactly what happened. It doesn’t matter that Bitcoin and Ethereum are crashing, because we can sell them. When we see opportunities to sell, we can do that. In fact, about half an hour before I’ve started recording this, we’ve just taken a 12 hour sell on Ethereum because it’s pulled back a little bit yesterday and now it looks like it’s dropping again. Great opportunity to drive it down again and get out before the last swing low.

So opportunities everywhere. Forget the news. Just trade what the charts are showing you. And there are so many great opportunities because of course, we can go long and short. We can buy and sell. It’s not like we bought Bitcoin at 60,000 and spent $60,000 on a Bitcoin and now it’s worth 20,000 and we’re all going, oh my gosh, we’ve just lost 40,000. Not like that at all. It’s complete opposite. We’re just buying and selling it depending on what we see at the time on the charts. I’ll give you an idea.

Client makes +105% since April (in just 10 weeks)

A client of mine who has used our breakout strategy, which is a strategy that we use just once a week, he’s adapted it onto different currency pairs. And he’s sent me his myfxbook link. He’s up 105% since April. And we are now the 16th, 17th of June. So, in what’s that? 10 weeks, he’s up 105% on his account. He’s had a 12% draw down. That’s all he had, and 105% gain. So shows what can be done there. He sent me his myfxbook. Happy to send you a link to that, if you want to have a look at it.

Blueberry Markets offer loss refunds

And another thing to let you know about. Blueberry Markets have told me that they are holding what they call, a bit of a loss guarantee for new accounts, if you don’t have an account and you’d like to open an account with Blueberry Markets between now and the end of June. It’s not applicable to Americans or Australians, but most other people it is. And as an example, if you opened up a $1,000 account with them and you had, let’s say a $200 loss, they would refund up to 20% of your loss. Or in other words, the $200 back to your account. Find out about it. Just have a look at Blueberry’s site. Contact them. And it’s something that’s actually quite good, if you are looking at trialling them out and seeing what you think about them, because any losses that you have up to 20%, they will refund. I think they’ve got a maximum of $300 refund or something like that. But have a look at them. I’ll put a link to them below this post as well. So I hope that helps.

Movements provide us with great trading opportunites

Like I said, great opportunities out there with rises and crashes. Every time there’s movement, it provides us with multiple opportunities to trade different markets, different timeframe charts, all using the same strategy. Getting some great feedback from people. Clients doing really, really well, which is so pleasing to see. Yeah, you can trade long. You can trade short. You can trade different markets, using the same logic, by looking at the charts, trading what the charts are saying. The strategy works. It’s been proven for 13 plus years now. We’ve now got clients in 100 countries as well, by the way. Really proud of that achievement.

Feel free to contact me directly

So if you need any help with any trading information, drop me an email, [email protected] And I’ll see you this time next week. Bye for now.

Episode Title: #460: A Week of Rises and Crashes


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Play

#459: Why I Trade Using Candle Patterns

Why I Trade Using Candle Patterns

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

#459: Why I Trade Using Candle Patterns

In this video:
00:26 – Why I use candle patterns
01:01 – Brokers offer you multiple indicators
01:41 – I deleted everything and started again
03:13 – Not all candles are equal
04:08 – Candles show you what’s happening in the market
05:05 – Blueberry Markets as a good broker option

I’m going to explain why I trade using candle patterns. Let’s talk about that and more, right now.

Hey, traders. This is Andrew Mitchem here at the Forex Trading Coach with the video and podcast number 459.

Why I use candle patterns

This video is really important because it explains why I use candle patterns and why I believe you probably should do too, and how it will massively help you with your trading.

You see, there are different ways of trading. You can be a fundamental trader, where you’re predominantly looking at news events, political events, those type of things, or a technical trader. I’m a technical trader. But even when you become a technical trader, there are still so many different ways of trading. And most people unfortunately get caught up in the hype and the glitz and the glamour of too many indicators.

Why I use candle patterns

You see, the Forex brokers are very, very good at offering you just an enormous basket of indicators. And everybody makes the same mistake when they start trading, as they think they are going to find this magical formulation of indicators that no one else has found. There’s a magical combination, the right settings, that just no one else in the history of trading’s ever discovered before. And this is what’s going to make it work for you and why you should have lines all over your charts.

Look, I fell for it years and years ago as well. And it’s something that pretty much everybody who decides to be a technical trader will do so at some stage in their trading journey. So it brings me back to candles.

I deleted everything and started again

The reason that I became profitable is I got rid of all that mess on my charts, all those lines and arrows and stars and all those different things. You know what I mean if you’ve been trading with any form of indicators in the past. And I got back to candles. Why? Well candles tell me what’s happening in the market. They tell me where the price has reached to as a high, where it’s been as a low. So therefore natural support and resistance levels. It tells me there’s momentum. Is it moving upwards? Is it moving down? Is it indecisive? It tells me, when I look at what part of the chart the candle is in, whether there’s room to move. Do I have the ability to get to my profit target before hitting resistance levels as buy trades?

And also the thing that so many people fail to do is they fail to look at the actual price. Now we’re trading Forex pairs, or you might be trading commodities or cryptos, whatever it might be. If you don’t look at the price on the right hand side of the chart, then all you’re doing is basically following lots of squiggly lines on your charts if you’re a technical trader, with too many indicators. You have to look at the right hand axis of your chart and look at the price. Why did that candle get up to that level? Oh, it’s because it was a round number. Oh, look, it happened several candles ago, or several days ago, or weeks ago, it hit that level and it reversed. And so all those type of things are really important for you to consider when you’re trading with candles.

Not all candles are equal

Now, another great thing with candles is, like I’ve said, they can show you indecision. They’re not all equal. They’re not all saying you have to buy here or sell there. You could be in an up trend and all of a sudden there’s an indecision candle. And that then gives me two messages. One, if I’m already in a buy trade, look that buy trade may be coming to an end and it may not get to my profit target. And it may now be a really good idea to start managing this trade, maybe closing part of it out. There’s reasons why it may not continue up to my anticipated level. If I’m not in a trade and I’m seeing a big up trend, and then I see indecision that’s going, hey, there’s an opportunity here that if we get another candle that’s indecisive and then bearish, we could then be seeing this tip over. And therefore that becomes our selling opportunity. So that’s how you use the candles.

Candles show you what’s happening in the market

Also, they make life very, very easy for you to be easy to identify in a picture form, what’s happening in the market. Are there more buyers? Are there more sellers? And also it’s easy to then gain strength and weakness because you could go through all, say of your Euro pairs and go, well, they’re all heading up. So therefore the Euro is probably the dominant strength in this. And so you can use strength and weakness really easily as well.

And also, don’t forget we only look at making our analysis on a candle once that candle has closed. That again makes your life easy because you know when to look at your charts.

Now, talking of charts, on MT4 and MT5, we have custom built indicators and candle identifier software, along with support and resistance levels and pivot points, et cetera, that help myself and all of our clients to analyse the market in a far easier format.

Blueberry Markets as a good broker option

Now, if you’re looking for a good MT4 or MT5 broker, have a look at Blueberry Markets. They’re over in Australia. They can take clients from pretty much most countries around the world, apart from maybe the US and a few other countries. But for the vast majority of you listening to this or watching this, and if you are looking for a good MT4, MT5 broker, I highly recommend you consider Blueberry Markets. I’ll put a link to them on this post and you can go and check them out for yourself.

So I hope that helps with the candle patterns. Very, very important that you use candles and use them correctly. They will massively help your trading. I know they will. They completely changed mine around all those years ago. And I hope that helps. This is Andrew here at the Forex Trading Coach. I’ll see you this time next week. Bye for now.

Episode Title: #459: Why I Trade Using Candle Patterns


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Play

#458: How Much Can I Make from Trading?

How Much Can I Make from Trading?

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

#458: How Much Can I Make from Trading?

In this video:
00:24 – How much can you make from your trading
00:59 – Made a +1.5% gain during the live weekly webinar
02:03 – What if I had risked more?
03:35 – If you want to trade for Prop firms
03:50 – Being self-employed and being an entrepreneur
04:53 – We’ve never missed daily trades or webinars
05:10 – The next tennis great?
06:17 – Take a look at Blueberry Markets

How much can I make from my Forex trading? It’s a question that people ask me all the time. Let’s talk about that a more right now.

Hey traders, it’s Andrew Mitch here at the Forex trading coach with video and podcast number 458.

How much can you make from your trading

Question I get asked all the time is, Hey Andrew, how much can I make? And when you think about it’s such an open ended question. It has so many variables in his answer that you can’t actually give someone a real answer. What I can say is that it comes down to your dedication, your hard work, how much risk you take, what type of trader you are, what strategy you trade. There’s lots and lots of variables, far too many to talk about on here. But I’m going to give you a few general ones.

Made a +1.5% gain during the live weekly webinar

Here’s a great example for you just last night on my live webinar, where I hold with my clients, I ended up making a 1.5% account game. I took trades on the U.S., Singapore dollar 2 hour chart, U.S. Swedish Croner 6 hour, the German 30 index, 6 hour, and the U.S. dollar index 6 hour.

I actually had a buy trade that hit profit on silver against the U.S. on one hour chart in the session as well, but not including that one, because that was taken before we went live on the live trades that I took, that my clients could have followed copy taken. I personally made a 1.5% account gain, but I was only risking a quarter of 1% risk of my account, total per trade. Very, very small risk per trade, fantastic gains. And the reason I’m telling you that is when people say to me, Hey, what can I make? I go, well, I made 1.5% last night and they go, that’s okay. That’s not great. It’s not exciting. Think of it this way.

What if I had risked more?

If I risked 2 1/2% risk per trade 10 times what I risked, I would’ve made a 15% account gain in the night on the webinar in just two hours. Start thinking about that and you go, wow, that’s actually really impressive. A lot of people out there will tell you if you have a look on internet land and YouTube gurus and everybody else out there online that tells you how to trade. So many people will tell you should be risking up to 5% risk per trade. Let’s imagine if I did that, I would’ve made a 30% gain on my account just in the one night. And the danger of that is that so many people then get really excited when they hear 15% gaining in a day or a night, just on two hours or 30% even. And people get the wrong side of it and they go, wow, that’s just amazing. 30% in two hours. Where else can I do that? And while that is true, it all comes back to risk. And to me, you are far better off having that low controlled risk and being a consistent trader than you are to go 30% but 5% risk trade. It all depends on what suits you but my suggestion is you go low risk trade.

The trade is still the same, but it’s just that you are got so much more control there and consistency becomes such an important part of your trading. Now, if you are at 30% gain, but you risk 5% trade and a few trades go wrong, not quite so good.

If you want to trade for Prop firms

If you want to trade for prop firms, you’ve got to go low risk per trade because they’re interested in making sure your draw downs are very low. And that’s why so many of our clients are doing really well on prop firms.

Being self-employed and being an entrepreneur

But also I wanted to let you know about another thing as an entrepreneur as a self-employed person for pretty much my entire life. Apart from a couple of years, I can tell you that when you are self-employed people don’t see the down side of things. People don’t see the behind the scenes. People don’t see all the hours and hours of dedication, the ups and the downs, the working long hours, the weekends, the early mornings, the late nights, whatever it might be, the highs and the lows, the self down people don’t see all of that.

And to get anywhere as an entrepreneur, as a self-employed person, it can take a lot of time, effort, dedication, and determination to come through to where things are good. Is trading fantastic? Yes. Once you know what you’re doing. Is it just like the best thing you could do? Yes, it is. But once you know what you’re doing. Does it take time, effort, dedication to get there? Yes, it does.

We’ve never missed daily trades or webinars

Couple things with that in our 13 years at the Forex training coach, we’ve never once missed a live webinar for our clients, never once. We’ve never once missed a day of our daily trades being posted, not once at all. We have massive dedication and commitment to our clients because that’s what we do as traders and as teachers. That’s what we do.

The next tennis great?

Another analogy I’ve got is the French open it’s on right now. How many millions of people around the world want to become the person that’s in the French open final, but really how many of those people get the right nutrition, the right training, the right coaching, the right commitment, all that type of thing.

It’s very easy for people out there to go. I just want to go and suddenly become the best trader in the world. I want to go and make 50% in a day. Very easy for people to do that but the reality is that it’s only a few people that make it because they are the ones that have the dedication to learn properly and to make their trading work properly for them. I kind of hope that helps. It’s a bit of a bit of a long story to actually answering the question. How much can you make? Look, it’s unlimited of what you can make. Just depends on the variables of what type of trade you are. You’re going to take reversals, continuations, are you going to trade news? You’re going to trade the charts, what risk you’re taking with trade. All those type of things come into it and are really important.

Take a look at Blueberry Markets

Also, another important part of your trading is making sure that you have yourself a good Forex broker. I can highly recommend Blueberry Markets. I’ve been with them for years. I’ve sent so many people to them over the years, or suggested people go and look at them and all the time without fail. The feedback’s amazing. Have a look at Blueberry Markets, if you’re looking of a new broker, for MT4/MT5 they are a fantastic bunch of people, good platform, good spreads, good markets, etcetera, like that. And customer service that you will not beat. I hope that helps. And this is Andrew Mitch here at the Forex trading coach. I see you this time for next week. Bye for now.

Episode Title: #458: How Much Can I Make from Trading?


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Play

#457: My 5 Trading Tips to Improve Your Results

My 5 Trading Tips to Improve Your Results

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Click Here to Download my Lot Size Calculator

#457: My 5 Trading Tips to Improve Your Results

In this video:
00:35 – #1 Understanding Risk Management
02:26 – Download my Lot Size Calculator
03:02 – #2 High Reward:Risk Trades 
03:59 – #3 Focus on a few Candle Patterns and Time Frame Charts
05:25 – #4 Forget Social Media and time wasting
05:57 – #5 Seek high quality trading education
07:22 – Bonus #6 – Blueberry Markets

I’m going to give you five tips that will massively help change your trading results around. Listen up for those five tips right now.

Hey, trader. This is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 457.

In this video and podcast, I’m going to give you five things that you can do right now today that will massively help change your trading around. Let’s get into those.

#1 Understanding Risk Management

Number one, you need to understand risk management. Everybody wants to see all the flash side of trading, all the results, et cetera. But in order to trade properly, you have to understand risk management and have to know how to control your risk. Because ultimately, one of the keys to staying in business and trading properly and trading long term is understanding controlled risk.

And it’s all well and good when you see people that say, “Hey, look, I made $100,000 in a month and I doubled my account in two weeks.” None of that really counts. It’s all just one-offs, if at all it’s true. But the important thing for you, because there’s two things I always say to people who are new that control your trading. One’s up here, one’s your head, the other’s your heart. You’ve got to get those two under controls, to your emotions, psychological, all those type of issues under control. And to do that, you have to have low and controlled risk per trade.

Now, most people out there all still, despite all these years of me banging on about don’t do it, people will still talk in pips. Forget pips. They will get you nowhere. They will not assist your trading. Do not worry about how many pips you make, lose, risk or anything like that. It does not matter. You try going down to the local shop and supermarket and go and buy something in pips. You cannot do it. Never have been able to, never will be able to.

What you have to do is yes, you can measure number of pips you’re taking on a trade, but that then has to relate to your position size. And so, it’s your position size that’s the key to your trade. And what that means is, if you use the right position size on each individual trade, you can trade all timeframe charts, doesn’t matter what the stop-loss is. Doesn’t matter what the currency period is, whether it’s a crypto or FX or metal, it does not matter.

Download my Lot Size Calculator

Understanding that is very important. I have a Lot Size calculator that will help you with that. If you don’t have it, I will put link on this video and podcast somewhere for you to get it. It works on MT4 and MT5. You simply drag it onto the correct chart that you’re about to trade. It knows the account size that you have. It knows the trade that you’re about to take in terms of the currency.

All you do is enter the risk that you want to take, and I recommend no more than half of 1%. And you enter the stop-loss of the size of the trade. It will tell you the lot size needed or the position size needed for that trade. Understanding risk management, number one, key.

#2 High Reward:Risk Trades 

Number two, understanding that high reward to risk trades will be your friend. That is the way that you are going to make small little step back, big step forward, little step back, big step forward. That’s how you grow your account is by having high reward to risk trades.

You see people that go, “Hey, I’ve got a 90% winning system.” Wow. It means nothing. If they’re making less than their risking. It means nothing. You have to be making two, three, four times what your risk is per trade. That is how you will get ahead in your trading. It also means you do not need to have a 90% winning system. In fact, a 50% winning system with an average of, let’s say a three to one reward to risk on your profitable trades will make you a lot of money and will make you a consistent trader. That was number two, understanding high reward to risk trades.

#3 Focus on a few Candle Patterns and Time Frame Charts

Number three, focus on just a few candle patterns and focus on some timeframe charts that are showing the best candle patterns. Look for your trades at the close of a candle. Don’t worry about looking at a four hour chart trade if it’s only been open for one hour. Don’t look at a one hour candle at 20 past the hour. Forget it. Look when the candle closes.

And at that time, nothing else will change. All, any indicators that you use, any price levels, they’re all set. They will not move. When the candle closes, look for the patterns, making sure that you’ve got room to move for the trade, et cetera. And your stop-loss can be protected ideally by something like a round number or a previous high, previous low. But understand a few select candle patterns and then look at the timeframe charts that suit you. Don’t go trading daily and weekly charts if you think you like the high price or high paced action.

Likewise, forget trading five and 15 minute timeframe charts if you like to look at your trades just maybe once or twice a day. And therefore, if you are that person, you should be trading higher timeframe charts. Again, the pattern doesn’t matter. Or it doesn’t matter what timeframe you’re trading, it just depends on what suits you. But the pattern is the pattern is the pattern. It works once you know how to trade properly.

#4 Forget Social Media and time wasting

Number four, get rid of most of your time-wasting. There’s social media, searching through YouTube for all gurus, looking on different Forex websites for the latest, greatest system on different Forex threads and forums and things like that. Honestly, most of it is a complete and utter waste of your time. It will cause confusion. And it will take you away from the real thing, which is for you to develop something that works for you and to understand how to trade for you.

#5 Seek high quality trading education

And with that in mind, number five is about seeking education. Look, people are out there who have systems that work. People that have been trading for years and years who have proven to help thousands of traders. We’re one of the few out there that can offer that. We’ve been operating for now over 13 years. We have clients in 100 countries. We’ve got a 162 reviews on Forex Peace Army over the last 13 years, since 2009. Try finding too many others out there that can say that and help so many people.

Look, joining a group of like-minded people or trading the same strategy is absolute gold. It really is. It helps you because, let’s face it, you’re trading from home on a laptop, wherever you’re trading, wherever you live in the world. Probably no one else in your household has any idea of what you’re doing or what you’re trying to do. Most of your mates don’t, most of your family don’t. It’s something that takes the right sort of person, the right group of people to help you to progress. You need someone to bounce ideas off to ask questions to. And I think that’s a real important point of our trading community at the Forex Trading Coach, alongside all the other things that we offer. I think that’s something that can massively help all traders out them.

Bonus #6 – Blueberry Markets

And lastly, I said five. Let’s go for six points, give you a bonus one. If you’re looking for a good broker, have a look at Blueberry Markets. I mention them on all of my video podcasts. I’ve had more feedback this week from people that say, “Hey, Andrew, I’m so pleased that I’ve gone to Blueberry Markets. You recommended them. I’m absolutely blown away by how good they’ve been, their onboarding process, their support, their help, everything like that.” Have a look at Blueberry Markets if you’re looking for a new broker. Again, I’ll put a link to them on this post.

That’s it for this week. I said we’ll do five points. Given you six. Hope that helps. Stick to those five or six if you’re looking for a broker and they’ll help change your trading rate. Absolutely no doubt about it. I’ll see this time next week. This is Andrew Mitchem at the Forex Trading Coach. Bye for now.

Episode Title: #457: My 5 Trading Tips to Improve Your Results


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Click Here to Download my Lot Size Calculator

Play

#456: Trader makes +7.25% gain trading the 15 minute charts

Trader makes +7.25% gain trading the 15 minute charts

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

#456: Trader makes +7.25% gain trading the 15 minute charts

In this video:
00:35 – One of our clients makes +7.25% account gain in the week
01:20 – We only look for a trade at the close of a candle
01:54 – We don’t only trade the longer time frame charts
02:55 – Trade what suits you
05:05 – Take a look at Blueberry Markets
06:11 – Future trading topics

One of our coaching clients made 7.25% account gain last week, trading only the 15 minute timeframe charts. Let me explain about that and more right now.

Hey traders, this is Andrew Mitchem here at The Forex Trading Coach, with video and podcast number 456. Something a little bit different this week, and I mentioned it at the end of last week’s video and podcast, and I’ve had a lot of people saying they’re really wanting to know more about this.

One of our clients makes +7.25% account gain in the week

I talked about a client who just the previous week made 7.25% on his account. On the previous video, I think I was mentioning he made about 8.5%, I think it was, but he actually had a losing day on Friday when I made last week’s weekly video. So for the previous week he ended up, of the five trading days, he lost Friday and made four profitable days Monday through to Thursday, for a total net gain of 7.25% trading with only very tiny risk of a quarter to a half percent risk per trade. And he did that by trading between 45 minutes and one and a half hours per day on only the 15 minute timeframe charts.

We only look for a trade at the close of a candle

And the great thing with the way that we trade is you only look at the candle close. And so you know that if you’re trading for 45 minutes a day, he could have looked at four different timeframe charts, or four different closes. And if he was trading for an hour and a half, he had six closes on the 15 minute timeframe charts to look at. So he did that for the five days for a 7.25% account gain, only on the 15 minute timeframes. And when you think about that, that’s pretty good.

We don’t only trade the longer time frame charts

And a lot of people think that we trade just the longer timeframe charts. And personally, I tend to trade two hours and above, that’s just what suits me. But the great thing is from your point of view, is that our strategy works. And from our client’s point of view, the strategy works. And what that means is you have the ability to trade whatever suits you. Just because I’m now explaining about a number of our clients that are now jumping onto 15 minute timeframe charts, doesn’t mean to say you should go and do that, but only if it suits you. Likewise, if I’m talking about trades on 12 hour charts or daily’s or weekly’s, or even monthly’s, don’t just jump onto those timeframe charts if they don’t really suit you. On those, you’ve got to be prepared for them to be in a little bit longer and just let them do their thing. On a 15 minute timeframe chart, you’re going to be expecting really that you have to dedicate an hour or so per day and sit and watch those closes four times within the hour. But it just shows what can be done.

Trade what suits you

And that’s the important thing, it’s trading what suits you. But also, it’s trading what the market’s giving you. If you want to trade 15 minute timeframe charts, and you say, look, I’m going to dedicate one hour a day to do this, look at four times, don’t feel that you have to take lots and lots of trades just because you’re trading short timeframes and you’re there for that one hour. You’ve got to trade when the setups are there. And that can be shown through in the results that the clients are getting. And with this guy making 7.25% gain in just five days, what he’s doing is he’s actually taking most of his trades which are continuation trades. And that’s the important thing.

If you’re trading shorter timeframe charts, don’t go for these massive reversals, and you’ve had a huge downtrend and you’re suddenly going to take a buy trade. Yes, sometimes they will work, but you’re far better off trading with the trend. That’s why we teach our clients and we post each day the daily analysis for where we see the likely strengths and weaknesses on certain currency pairs. We do exactly the same on the weekly timeframe charts as well, for the longer timeframes. But on a day-by-day basis if you’re seeing, let’s say, the Australian US dollar going up, and it’s been going up on your charts, the strength is with it and the Aussie’s looking strong all around, the US is looking weak, and you see a little reversal trade trying to trade the Aussie US down. It’s far less likely to work, even if it’s a good setup.

What you’re far better off doing is letting the uptrend do its thing. If you’re in it, fine. If you’re not, that’s fine also. But then let it come back, let it retrace, and then look for that bullish opportunity again and trade that continuation pattern. Because that is going to be your higher probability trade, trading with the trend after a pullback. But also, you’ve got so much lower risk, less risk on the trade. The probability of that trade working in your favour is so much higher than taking these really cool, dramatic looking reversals. They do look good, but they’re high risk. So I hope that helps.

Take a look at Blueberry Markets

Now, if you are looking for a broker to go to, I can strongly recommend Blueberry Markets. I’ll put a link to Blueberry underneath this video and post and podcast, whether you’re watching or listening. But just check out Blueberry Markets, go and just check them out. I really encourage you to do that if you’re looking for a good MT4, MT5 broker. The feedback that I constantly get, all the time without fail, is that Blueberry are awesome. Their customer service is amazing. People can’t believe how well that they look after their clients. It just blows me away all the time, which is why I like working with them, because that’s how we like to operate here at The Forex Trading Coach. It’s really important that we suggest people go to like-minded companies and people, because for us, the dedication, the enjoyment, the customer service, the making it work, all those things are highly important to us, and the integrity, et cetera. And that’s exactly what you’ll get from Blueberry. So have a look, check them out if you’re interested in looking for a new broker.

Future trading topics

Any topics that you’d like me to discuss like this on any trading subject topic at all, let me know, send me an email, [email protected] I’ll see you this time next week. Bye for now.

Episode Title: #456: Trader makes +7.25% gain trading the 15 minute charts


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Play

#455: Are You Still In Love with the Crypto Markets?

Are You Still In Love with the Crypto Markets?

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

#455: Are You Still In Love with the Crypto Markets?

In this video:
00:26 – An Incredible Week in the Crypto Markets
00:57 – Billions wiped off the market in the last day
02:12 – 401k becomes the 301k in the US
02:40 – All is not lost
03:00 – We can buy and also sell Cryptos
04:23 – Are you looking for a good broker?
05:47 – Next week, how a client has made +6% gain in the week on the 15 minute charts

Are you still in love with the crypto markets, or has that love disappeared? What an interesting week it’s been. Let’s talk about this and more right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach, with video and podcast number 455.

An Incredible Week in the Crypto Markets

As a crypto trader, if you’re into cryptos, what a incredible week this has been. Probably not that great if you’re a traditional way of trading the crypto markets. I was going to be talking about short timeframe charts this week. We’ve had one of our clients taken 15 trades this week on the 15 minute charts, and he’s up over 6%. But I’m going to cover that next week because I really want to talk about cryptos being so topical right now.

Billions wiped off the market in the last day

So, what’s happened? Well, billions have been wiped off the crypto market just in the last few days. Ethereum has plunged by 20% in the last day, in the last 24 hours, 20%. Bitcoin in the last day is down 11%, and 200 billion has been wiped off the crypto market in the last day. 200 billion, with a B, dollars. Incredible. That’s just in the last day.

LUNA, it’s called ADA/USD, if you see it on your charts, it’s called LUNA. It’s down 99% in the last 48 hours. I’ve just looked at my charts. If you went back to the 5th of April of this year, just over a month ago, it was at $119, 5th of April. Today, 13th of May, it’s been as low as 0.001 of a dollar. I think that’s a 10th of 1 cent. So it’s gone from that on the 5th of April, $119, to today, 13th of May 2022, 0.001 of a dollar. That’s incredible.

401k becomes the 301k in the US

I’ve also read an article regarding the US Retirement Funds, called the 401(k), which they call it over there. I’ve seen people now calling it the 301(k), a bit of tongue in cheek, but the reason they’ve done that is because 7 trillion, with a T, $7 trillion has been wiped off the stock market just this year. And we’re not even in mid-May, so it’s not looking great, is it?

All is not lost

But as always, we try to find solutions to these things. It is not all doom and gloom if you learn to trade your cryptos or your other markets the way that we trade, and to trade them with the leverage through the Forex markets or through the Forex brokers. The reason for that is quite simple.

We can buy and also sell Cryptos

We can buy and we can sell. We can go long. We can go short. And we can do that on cryptos as well. So for example, if you saw Ethereum or Bitcoin or even LUNA dropping, and you saw a reason to take a short position or a sell, we can jump straight into the market, or a limit order, a stop order, whichever you want, but you can get into the market and you can sell that crypto.

And that is the difference with this, as opposed to going out there and mining, or going out there and spending what was last week about $46,000 for a Bitcoin. Today, it’s about 26,000, but you’re not actually going out there with that money or investing that amount of money. And you’re not with the traditional way, I say traditional, obviously cryptos are quite new, but with the way that most people trade cryptos is you’re out there just buying something hoping it’s going to go up. Not much good if you’ve bought LUNA at $119 about six weeks ago, and you thought, oh, I’ll just go and buy LUNA at $119. Let’s say you bought a hundred of them. Today, it’s worthless. But the ability to sell something that you’re not actually owning is what’s so different about the way that we trade and why we enjoy trading cryptos now that they’re available on a lot of these platforms.

Are you looking for a good broker?

Now, if you’re out there looking for a good broker that gives you the ability to trade cryptos and indices, commodities, and of course the Forex market, but to trade them in the way that we trade, I can highly recommend Blueberry Markets. But if you go to Blueberry Markets, go and choose and select their MT5 platform, because that has a lot more of the other non-Forex markets on it. I’ll put a link to Blueberry Markets on this video, post-podcast post, and you can go and check them out. Have a look, they’re a great broker, I’ve been with them for years and years. I’ve been with their MT5 platform now for quite a few months, really enjoying it, really enjoying the ability to trade these other markets as well. On different timeframe charts, you could trade say Bitcoin on a 15 minute timeframe chart through to a monthly timeframe chart, and everything in between. It’s really good to be able to do that on some of these charts, like 12 hour charts, which means you just need to look twice a day. Really good to do that.

So have a look at Blueberry Markets, MT5 allows you to trade those other markets. It’s a really good platform. And I hope that helps. Look, it’s not all doom and gloom out there. There are ways around these things, like with everything. Look at changing the way that you’re trading cryptos if you’re trading it like the more usual way of buying, holding, and hoping. There is far more to it than that, and we can help you with that.

Next week, how a client has made +6% gain in the week on the 15 minute charts

So this is Andrew Mitch here at the Forex Trading Coach, I’ll see you next time, next week, when I will be talking about how our clients made 6% trading the 15 minute timeframe charts this week, in only about an hour per day. I’ll see you next week. Bye for now.

Episode Title: #455: Are You Still In Love with the Crypto Markets?


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Play

#454: Amazing offer from Blueberry Markets

Amazing offer from Blueberry Markets

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my 13th Birthday Sale

#454: Amazing offer from Blueberry Markets

In this video:
00:24 – Easter break
00:54 – Broker offers a great incentive
02:30 – Inflation continues to soar around the world
03:42 – How much has your wage increased in the last year?
04:27 – What are you doing to future proof yourself?
05:45 – Click on the link to join Blueberry Markets
05:56 – Join us at The Forex Trading Coach
07:16 – 11 trades posted today for our clients to learn and earn from

I found a broker for you who is willing to refund some of your losses on your live account. Let’s talk about that a more right now.

Hey traders. This is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 454.

Easter break

Hope you had a great break over Easter. We had a really good time where we had spectacular weather here in New Zealand, and we took advantage of that, myself and my wife, we flew down to Dunedin, which is close to the bottom of the South Island.

I did nearly eight hours of flying in the helicopter, for the week, and I had a great time. So I hope you had a great break too.

Now, something different, a number of things to discuss with you on this week’s video on podcast.

Broker offers a great incentive

The first thing is, I was talking to Ben Clay, over at Blueberry Markets, last weekend.

He’s put together a really fantastic offer, which I’ve never really heard of before. And I thought I’d just share that information with you.

If you open a new trading account with Blueberry, between now and the end of April. So you’ve only got this week to do this. And if you fund it with a minimum of $200, they will refund 20% of any losses that you have on your account.

So just check with them the exact terms and conditions. Say that you’ve seen this video or heard this podcast, and you’re interested in their offer.

But I’ve I heard of a broker before, that’s willing to refund a proportion of the losses that you make. So it could be something that’s really worth having a look at.

Now, I think there’s some terms and conditions. Like always, you cannot be an existing client with an existing account, and you cannot be in Australia or an Australian resident.

So there’s a few things to check through. But it has a lot of merits, that if you opened, let’s say, a $1000 account and took a loss, they’re going to offer to refund. And again, there’s maximum levels of refund, et cetera.

They’re going to offer to refund, I think there’s up to 20%, of your losses back to your account for you to use. So something very different.

As I was discussing with Ben, I said, “Look, I think this is something quite different. I’m going to share this with people who are on my video and podcast list.” So I hope that’s helpful for you.

Inflation continues to soar around the world

In other news, you’d have seen that inflation continues to rise around the world. Here in New Zealand, just yesterday, they announced a 6.9% inflation jump, which is the worst or the highest in 32 years.

And that’s continuing to happen right around most of the world. I think Britain was up to about 7%. I think America’s eight something. A lot of countries around the world are getting very, very high inflation levels.

From what I can see, certainly here in New Zealand, the way that they’re just printing money and spending money, left, right, and centre, you just wouldn’t believe how crazy they’re running the country right now.

This is probably only going to get worse. You add into this, the fertiliser cost, the shipping cost, food, transportation, everything else, labour wages, everything that’s going wrong with price increases right now, fuel, all et cetera, it’s just going to get worse.

So if you think the 6.97% is bad today. Yes. It’s the worst in 32 years. But I’m predicting, it’s probably just going to continue to get worse for most people.

How much has your wage increased in the last year?

So cost of living, wages. Has your wage gone up 7% in the last year? Just to maintain where you were a year ago. If not, what are you doing about that?

And I think that’s something that everybody, doesn’t matter what you do, what you want to think about doing job wise, investment wise, you’ve got to think about this. Because it affects every single person.

You just go and try filling up your car with fuel, as opposed to last year. I’ve just banked for about eight hours of about 1500 litres of jet fuel in the last week, going down there and back.

I can tell you, it gets very, very expensive. And it’s so much more than even what it was at the beginning of this year; just four months ago. So you’ve got to do something.

What are you doing to future proof yourself?

You’ve got to look after yourself, protect yourself. Trading, to me, is probably one of the best ways you can do that. We’ve just had a client who’s mentioned to me just on Wednesday, that he’s just passed his next prop test.

And he’s now onto a live account, prop trading. I think he was onto a $100,000 live account on prop firm. When he gets to the next level, I think he’s got to make 10% on that.

I think he’s on a 70/30 profit share. So he’s on for a $7,000 gain there every time he now makes 10%, and then he’ll be up to probably 200,000 on the next challenge.

All these ways that you can really future proof yourself with your knowledge of what you’re doing, how to do this, be able to do this for yourself.

Doesn’t matter what your trading account size is today. It really is irrelevant. So don’t get stressed if you think you can’t trade more than $1,000 of your money.

Learn how to trade first, get onto prop firms. And that’s just such a great way of increasing your own personal income through your trading.

And of course, you can then go and reinvest that back into your own trading and build up from there. Or get onto someone like Blueberry, and they’re going to look after you with any losses as per that promotion.

Click on the link to join Blueberry Markets

Going back to that Blueberry promotion, I’ll put a link on this video in podcast here, to Blueberry Markets, and just say, “You’ve interested in their promotion, you’ve heard it.” And they’ll look after you there.

Join us at The Forex Trading Coach

Last thing to mention on the 11th of May, or it’s the 10th, if you are in Europe, or America, or Canada. We are starting our 13th birthday sale. It’s going to be a fantastic sale this year.

A great opportunity for you to take advantage of jumping on board with us at a crazy low price. I’ll put a link to that promotion on here as well.

If you’d like to take advantage of our 13 years of teaching and my personally, coming up to now 18 years of trading the forex market full time, jump on board and take advantage of it.

It’s the full course, just at a crazy low price. We do this once a year for our birthday. This is our 13th year of teaching.

Have a look on the likes of Forex Peace Army, you’ll see reviews back to 2009. Very few other companies or people can say that they’ve been trading and have been reviewed anywhere on anything to do with the forex market, whether it be brokers, or education, or anything, for that length of time.

We’re really proud of what we have achieved and how many people that we’ve helped, and what we do in the forex market to give back with free information, plus the course for those who want to take it that step further and jump on board with our real professional help and information.

11 trades posted today for our clients to learn and earn from

Just today, we’ve just put on six trades on our membership site. Four on the 12 hour chart trades and two on the eight hour, plus five specific daily chart trades, with the reasons why we’re taking the trades the exact entry and exit levels, all for our clients to learn from and to earn from.

So I’ll put a link to Blueberry Markets on this page, this video, post and podcast, and I’ll put a link to the registration form, for you to look at and joining us on our 13th birthday.

So I hope that helps. Have a great rest of a week. This is Andrew Mitchem here at the Forex Trading Coach. I’ll see you next week.

Episode Title: #454: Amazing offer from Blueberry Markets


Find out more about Blueberry Markets – Click Here

Find out more about my 13th Birthday Sale

Play

#453: Seeing Through the Chaos of The Forex Market

Seeing Through the Chaos of The Forex Market

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

#453: Seeing Through the Chaos of The Forex Market

In this video:
00:25 – The markets are just chaos
01:17 – Doing nothing could be the best thing to do
01:57 – Traded the H8 and H12 charts instead
03:11 – We help our clients to demystify the charts
04:24 – You have to be able to act on what the market is telling you in real time
05:45 – Time to join us?
05:51 – Are you looking for a good Forex broker?
06:42 – How you can contact me

How can you easily see through the chaos that is the forex market? Let’s talk about that and more right now.

Hey, traders. It’s Andrew Mitchem here at The Forex Trading Coach. This is video and podcast number 453.

The markets are just chaos

Now, the markets are just chaos. That’s really what they are. Lots of lines, lots of different indicators, lots of confusion going on, different timeframes, different currency pairs, different system strategies, just utter chaos. But as a trader, you need to be able to see through that chaos to actually read on the charts what is actually happening, and think, “Well, behind the scenes, what are these charts telling me is happening right now?” Are there more buyers in the market? Are there more sellers in the market? Is this a trade to take or not? How do I know which currency pair to look at? How do I know which timeframe chart to look at? What happens if the MACDs telling me to buy and the RSIs is telling me to sell? All those type of things. Utter, utter chaos going on in the market.

Doing nothing could be the best thing to do

And sometimes, the answer is to do nothing. Give you an example, just today, right now. The 8th of April on the daily charts, we have taken no trades today on the daily charts. Why? Because there are no good setups. We’ve been through all the forex pairs, all the metals, the indices, commodities, cryptos, everything. I do not see a single trade today on the daily charts. So, therefore, we’ve not taken any. We’ve had a great week so far. We’ve had four really good days of trading and had some good trades. And therefore, the answer today or the solution today, the strategy is do not take any trades because there are none.

Traded the H8 and H12 charts instead

However, we’re still taking two trades, one on the eight-hour Euro-Aussie and one on the Euro-Hungarian forint on 8-hour and 12-hour that we posted on our membership site for our clients to trade and to learn from. Why? Well, because out of all the different currency pairs, all the markets, all the timeframes, at the change of day leading into Friday the 8th, those are the only two setups that I see on the charts that are suitable to trade the strategy that I trade. And therefore, those are the only two that we’ve passed onto people. Why are they good? Well, they have the candle pattern that we look for. They’re bouncing at the right area that we’re looking for. They have some stop-loss protection that we’re looking for. They have room to move. They’re both sell trades. They have room to move before any next support gets in the way, any previous lows, pivot points, middle Bollinger Bands, all those type of things. So, we see on those two trades, are high-probability setups, and therefore they are the two we’ve taken. So, we’ve looked through of all the chaos, we’ve seen through all the chaos, the different lines, graphs, prices, everything that’s going on, strength and weakness on the markets. And we’ve come to the conclusion that they are the two best trades. So, that’s how we help our clients.

We help our clients to demystify the charts

We help demystify. We help you to see through the chaos that’s out there. And we say, “These are the trades that we are taking,” and why. And when you think about that, having that ability to follow along with someone and look, we’re not always right. No one’s always right, but those are the trades in real time that we see as the best two trades. So, we’ve given our clients our insight, our thoughts through the setups and our solutions, and our solutions are those two trades at the changeover of the day between the 7th and the 8th at 5:00 PM, New York time.

And so that helps to demystify, it helps to give clarity. They can see exactly what we’re seeing and why. They can see the candle pattern, the part of the chart that the trades occurred in, the reasons for the trade, all those type of things just helps you focus on what it is you need to look for, as mentioned, through what is otherwise utter chaos. And so we make things simple. That’s what we do. That’s our job as traders, as teachers, that is our job to make things simple.

You have to be able to act on what the market is telling you in real time

And as traders, you have to have things simple. You have to be able to see these things in real time and to be able to act on them. Otherwise, if you’re the sort of person that has a strategy that only looks great in hindsight, then good luck to you. It’s not going to work.

Years and years ago, I did a lot of looking into Elliot Wave theory and different things like that. And for me personally, when I read books or looked online of different waves and patterns and retracements, ABCs and all these things, all looked wonderful in hindsight, but you try looking at it in real time. Again, utter chaos. And so for me, it didn’t work, but the way that we now trade, the way that we use candle patterns and all those type of things that we teach, it works in real time. So, that’s where you need to get to. That’s why we hold live webinars each week. That’s why we post our trades each day. That’s why we have a forum site that discusses all these different setups. That’s why we have trading software, so we all look at the charts at the same time. We’re all looking at the same charts that you see behind me here with the pivot points on there with the candle identifier, with divergence. All the things we look for, we all see the same thing. And that’s where we have a fantastic community of traders, all helping each other out, all trading the exact same strategy and all doing well.

Time to join us?

So, if you’d like to be part of that, you know where to find us. Just email me, [email protected].

Are you looking for a good Forex broker?

Now, the other thing, if you are also looking for a good broker. As I mention, each week, because they’re so good, it’s Blueberry Markets. Highly recommend you have look at them, check out their website, ask questions. You can ask me questions about them. We have a lot of clients go through Blueberry Markets. They’re really good. Apart from if you live in maybe the US and a couple of other countries around the world, pretty much anybody else can trade through them. And I highly recommend them. I’ve been with them for years. Met them in person, speak to them every few weeks. Just good people, good platform, good spreads, good variety of markets in their MT4 and of course MT5 as well. So, have a look at the link that I’ve put here below this video and podcast, if you’re interested in looking at trading through Blueberry Markets. So, I hope that helps.

How you can contact me

Any questions that you have, any topics you’d like me to discuss on future videos and podcasts just like this one, I’m here to help. So, let me know what you’d like me to talk about. And if you have any trading issues, let me know, and I’ll do my best to help you out with those and cover them for you. So, I’ll see you this time next week. Happy trading, unravel the chaos, make things clear and demystify your trading. It helps so much. We can help you with that. You know where to find us. Bye for now.

Episode Title: #453: Seeing Through the Chaos of The Forex Market


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

Play

#452: How to Make Great Returns if You Have a Small Trading Account?

How to Make Great Returns if You Have a Small Trading Account?

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

#452: How to Make Great Returns if You Have a Small Trading Account?

In this video:
00:31 – How to make excellent gains with a small account
00:49 – The incorrect perceptions
02:07 – Questions from traders 
04:00 – Losing traders blame the market
04:26 – What can you do differently?
05:06 – Trading on a prop firm account
06:08 – How much money do you need in your account right now?
07:11 – Choosing a Forex broker

I’m going to explain how you can make fantastic returns from your trading, even if you only have a small trading account today. Let’s talk about that and more right now.

Hey, Forex traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 452.

How to make excellent gains with a small account

And I want to explain all about how you can make some exceptional gains and returns through trading the Forex market even if your account is very small. And ultimately your account size today does not matter, but let me explain more.

The incorrect perceptions

You see the problem is most people think you need a large account in order to trade and to make money from trading and eventually to make a living from trading. But there’s more to it than just that. And let me explain what I mean. You see the issue that I see everywhere is that so many people get into trading with unrealistic expectations, and they might come to the market with a thousand dollars account or $5,000 account. And they think they’re going to be able to live on that. And of course you can’t.

And so therefore to try and make some meaningful money out of that, they start doing silly things. They’ll start scalping the market, trading, making a pip or two on one minute or five minute charts. Some people will try news trading. Some people will try what called Martingale, which is when you basically double your position size all the time. And eventually one of those trades will win and make up for all the losses. Some people trade without stop losses. All these kind of crazy things that people do, which is incorrect trading, but they do it because they have a small account size to start with. So you can see the issue that people have.

Questions from traders 

And I get questions all the time from people and they say, “How much do I need to pay for your course? Things like that. And people then come to me and go, “Well, how much am I going to make?” And I’ll give you a great example. Right behind me here. I’ve got a US Singapore 12 hour chart trade open. Okay. So I’ve got three trades open on my account behind me. They’re all on the 12 hour charts, all took yesterday, all on our membership site, all posted. And I’ve had three trades close, three still open. If I close them all right now on those six trades, I’ll be up 1.8%, but I’ve only risked a quarter of 1% on each of those six trades. So I’d be up 1.8% if I close them right now. I’m not going to because the three still open have got a little way to go to profit. I’ll probably be up around 2-1/2% total if they all hit their profit target for the six trades, quarter percent risk per trade.

Now some people looking at that and go, “2-1/2%, that’s not very exciting.” I look at that and go 2-1/2%, but with only exceptionally small risk per trade is incredibly good trading. But I could quite easily say to you here now that I’ve risked 2-1/2% per trade instead of a 0.25%. So I’ve risk 10 times the amount. And I could then go and say, “Well, if these trades hit profit, I’ve made 25% in a day.” And that would be true. But the issue is is that my risk is 10 times greater. So therefore my gain, because I’m a profitable trader, is also 10 times greater. But you see the issue where most people who don’t know how to trade is they’ll start risking 2-1/2% of their account per trade and have losses and probably have all six trades lose. And all of a sudden they, 12, 15% down on their account in one day. And that becomes the problem.

Losing traders blame the market

And the issue then becomes is they then start blaming the market. They blame everybody else. Forex is a scam. It doesn’t work. Someone else tells you, you pass that on to someone else. They think that Forex doesn’t work. And so you see the snowball effect once that happens. But the whole thing happens because of lack of education and they don’t know what they’re doing and they’re not thinking properly. And that all happens due to a small account size.

What can you do differently?

So what can you actually realistically do about that? The thing that we are finding, just so many of our clients are doing, once they know how to trade and once they’ve been with us for a bit is they’re trading through prop firms. And I’ve mentioned this on quite a few recent video and podcast, and I’m just in the process now putting together a worksheet of different prop firms and the advantages and disadvantages of different prop firms and different programmes that they each have. And we’re also working towards maybe having our own Forex trading coach prop firm as well. That’s a few weeks away, but when I get that information, of course, I’ll be letting you know.

Trading on a prop firm account

But to give you a prime example, one of our clients over in the UK is now trading on a $750,000 prop firm account because he’s gone through all the stages and been profitable all the way. He’s now on 750,000. When he makes a 10% gain on that, which is $75,000, he’s on a 70/30 profit share, which means he’s up for 52,500 US dollars when he makes 10% on that account. And once he gets to that next level, his prop firm is then going to double his account. He’s up to one and a half million. So assuming he then makes another 10% on that account, and there’s no time limit on there. He’s in up for $105,000 on the 70/30 profit share. In fact, I think he goes to 75/25% at that stage I think. I don’t think he’s quite 80/20. I think that’s another level again.But you see what can be achieved.

How much money do you need in your account right now?

So going back to the very beginning, how much money do you need in your account size right now? Doesn’t matter. The important thing is you need to learn how to trade correctly with low risk, low draw down, high reward to risk trades and realistic expectations. If you do that, and that’s where we come in. If you can do that with our help, you imagine being like this guy in maybe another few months, on $105,000, because he’s made 10% on the prop firm’s fund, on someone else’s money. He doesn’t need a the 1.5 million himself. He just needed to come on board with us, learn how to trade properly, put some time and effort in and go through the stages of the prop firm. And that’s just one prop firm, of course. So that is one of the very simplistic, easiest ways that you can turn your trading into very, very high quality returns. All comes back to learning how to trade first.

Choosing a Forex broker

And if you’re looking at somewhere right now for you to put your funds, whether you’re starting out on a demo account or going to a live account, I can highly recommend you take a good look at Blueberry Markets. You’d have heard me talking about Blueberry Markets for years now. The reason is they’re so good. The reason is their customer support is the best you will find. They now offer the MT5 platform, as I’ve mentioned in recent podcasts, and I’m finding it exceptional. Good spreads, lots of markets to trade, of course, on MT5 it’s easier to look at different timeframe charts, like 12 hours and eight hours, six hours, cetera like that. And just really decent people. Have a look at Blueberry Markets. I’ve put a link to them on this video and podcast so have a look there. And I mentioned to them if you join them that you heard about them through a podcast or video just like this, and they’ll look after you really well.

So I hope that helps. Just remember, your account size today does not matter. Learning how to trade properly does matter. Do that. The funds will follow. I’ll see you next week.

Episode Title: #452: How to Make Great Returns if You Have a Small Trading Account?


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

Play

#451: What is the Best Time Frame Chart to Trade?

What is the Best Time Frame Chart to Trade?

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

#451: What is the Best Time Frame Chart to Trade?

In this video:

00:26 – The best time frame chart to trade?

01:31 – Even more time frame charts now available on MT5

02:08 – How I analyse the market each week

03:14 – Trade only at the close of a candle

03:42 – Trade at 5pm EST New York Time

04:21 – Where is the best candle pattern showing?

05:25 – Have a look at Blueberry Markets when looking for a broker

06:35 – Subscribe and share this video

What’s the best timeframe chart to trade? You’ve got so many options now, and it can be very confusing, so let me help you with that and more right now.

Hey, traders, it’s Andrew Mitchem, here at The Forex Trading Coach with video and podcast number 451.

The best time frame chart to trade?

And I get asked the question every week, “Andrew, what’s the best timeframe chart to trade?” And that’s it. People get very confused. They want to know the best. The answer is really there is no one best timeframe. But as a trader, I believe that you need to look at multiple timeframe charts.

Now, the issue that a lot of people have is they might be seeing a potential buy trade on one timeframe. And you might have seen a down trend and the trend looks like it’s reversing. The market looks very oversold, and you’re thinking, “I’m looking for opportunities here to buy it back up again.” And that may be on, let’s say, a one hour chart. And then you go to a four hour or six hour daily chart, and it’s clearly in a down trend. And you’re going, “Oh, but I’m now looking at this being overboard and it looking like it’s going to fall. But when I click through to a different timeframe, it looks like it’s going to start rising.” And that complete confusion and you’re not really sure what’s happening in the market.

Even more time frame charts now available on MT5

And I suppose now with MT5, if you’re on MT5, you now have the option of far more built in timeframe charts that MT4 never offered. As an example, you can trade two hour, three hour, 6, 8, 12 hour charts that on MT4, they were never there a standard timeframe charts.

And so potentially this leads to even more confusion for people because they got even more timeframes to scan through and you can even go down to the number of minutes on MT5 as well. By the way, I suggest that you don’t trade anything shorter than a one hour chart ever. It’s just not worth it.

So you can see the confusion that people have there.

How I analyse the market each week

So for me, when I analyse the market each week, at the beginning of each week, I go through the weekly charts and I look at the anticipated strengthen and weaknesses on different currencies and the currency pairs. In other words, where I’m seeing on the bigger timeframe, likely movement up or down for that week. I do the same each day based off the daily charts as well. So I say that within the day, the next 24 hours, the euros looking really strong and the U.S. is looking really weak. Therefore, the Euro, U.S. dollar, I’m anticipating it’s going to go up. Doesn’t mean to say, I’m just simply taking a buy trade, but it means to say that I’m preferring buy trades if I see them.

If my weekly analysis suggests that the Euro, U.S. is heading up and my daily does, then I’m really ideally focusing on looking for buy trades on the Euro, U.S. on maybe a 12-hour chart or four hour, whatever it might be that you are trading, still according to your candle pattern. But you can see the issue that people have with the confusion of different timeframes and what they’re saying.

Trade only at the close of a candle

So I think it’s also really important that you only trade at the close of a candle as well. That stops a lot of the confusion. And at that time everything’s set. Any indicators that you are using, whatever it might be, stastics, MACD, RSI, whatever it is you are using, that is set. And those levels do not move once the candle has closed. And what you can also do at that time is save yourself a lot of time.

Trade at 5pm EST New York Time

Now at 5:00 PM, New York time, at the close of the day and the open of the new day on the Forex market, you can trade the daily charts, the 12-hour, the eight hour, the six hour, and the four hour. I probably wouldn’t go any lower than that at that time of the day. And at that time of the day, you can scan through your charts. Look at those five timeframe charts and do that really quickly. And then for me, I also try to look at 5:00 AM, New York time, whereas I can look at the 12, the six, the four, the three, the two and even down to the one hour charts because it’s in the European timeframe at that time. But it’s really important when it comes to actually picking which timeframe you’re going to trade.

Where is the best candle pattern showing?

For me, it comes down to which of those timeframe charts is showing the best candle pattern and the best overall setup at that time. And with that, I want the cleanest passing. I want the most protection for my trade. So it has my trade banks at a certain level. It does have say the pivot point to protect it. It does have a round number to protect it, all these things. I want as much protection around my stop loss as possible. So with the aim of if the trade starts to go against me, it doesn’t go through these barriers, these different levels and hit my stop loss. So I want protection around my stop loss.

Likewise, I want the least path of resistance to my profit target. I don’t want it to start having to go through, on a buy trade, previous swing highs, or round numbers, et cetera. I want to make sure it as little barriers as possible to get to my profit target. So it’s all about which timeframe chart shows me the best set up, the cleanest pattern at that time.

Have a look at Blueberry Markets when looking for a broker And when it comes to your actual trading itself, have a look at Blueberry Markets. I strongly recommend Blueberry Markets. I’m finding them really good. I’m loving their MT5 platform as well, by the way, with all the extra commodities and indices, the other additional more exotic Forex payers as well. And just the ability to scan through those extra timeframe charts very easily. I’ve just personally created two profiles, one for Forex and one for everything else on my MT5 account. And I’ve got a little script that basically says, “Make all of these 12-hour charts.” And it just goes and puts them all at 12-hour charts. Or, “Make all of these six hour charts.” If you don’t have that, of course you can just create different profiles for each timeframe chart.

But the ability to trade a lot more markets, the ease of going through lots of different timeframe charts and just a bunch of great people, really good people, fantastic customer service. Again this week, I’ve received emails from people saying, thanks for recommending Blueberry, finding that they’re really good and people are happy with them. So that’s very important when it comes to selecting a broker. So I hope that helps.

Subscribe and share this video

Feel free to share this video or pass it around to anybody who you know might be struggling with different timeframe charts and understanding that within the Forex market or any other market. And I’ll see you this time next week. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now.

Episode Title: #451: What is the Best Time Frame Chart to Trade?


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

Play