Weekly Video News & Podcast

#467: The Trend Is Your Friend & How to Profit from it

The Trend Is Your Friend & How to Profit from it

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#467: The Trend Is Your Friend & How to Profit from it

In this video:
00:26 – Trading the trend
01:15 – Why did I take this trade on Silver?
02:57 – Can you trade reversals?
03:45 – One of the best FX brokers is Blueberry Markets
04:57 – Ask me questions
05:25 – Follow my free daily strength & weakness analysis

The trend really is your friend, so how do you profit from it? Let’s talk about that and more right now.

Hey there, traders. This is Andrew Mitchem here at The Forex Trading Coach with weekly video and podcast number 467.

Trading the trend

You’ve all heard the phrase, “the trend is your friend.” It certainly is. But how do you trade the trend? How do you make it your friend? How do you profit from it? That’s the most important thing, isn’t it? So I want to give you some actual live examples.

I was just putting everything together to make this video for this week, and right behind me on our forum site someone about 10 minutes ago at the top of the hour wrote and said, “There’s a great looking sell trade on silver on the one hour chart. XAGUSD on the one hour chart.” Went and had a look at my charts, go absolutely this is an amazing trade, taking it. It’s over my shoulder here, it’s dropping right now and it’s in profit already and I only put the trade on a few minutes ago.

Why did I take this trade on Silver?

Why did I take the trade? Well, as I mentioned the trend is your friend and it really is. So for this week I’m looking at shorts on silver against the US dollar. For today, I actually wrote a specific trade on the daily chart selling silver. When we also looked at the 12 hour charts, we had a fantastic setup. Guess what? Selling silver. Now, right now just a few minutes ago, there is a sell trade on the one hour chart on, you guessed it, on silver. So I’m trading with the trend.

Now if you look at the one hour chart for the last number of hours, it’s actually pulled back upwards. So there’s been quite a little bit of bullish momentum. But where did it stall? It stalled exactly at the $20.00 level, a massive, massive round number for silver. It stalled there, right on 20. It’s had indecision on the previous one hour candle, and the one hour candle that’s just closed just a few minutes ago, right behind me right now live, it has formed a strong bearish candle. We’ve had hidden negative divergence from off the middle Bollinger band below the pivot point, all things that we look for as well. Trend line breaks. Everything is on that trade right now.

But more importantly… I suppose, just as importantly, we have the setup on the one hour candle, but we have the short position there. We already have a short on the 12 hour and the daily. So in other words, we are trading with the trend.

Can you trade reversals?

Yes, you can take reversal trades and yes they look really quite cool and really quite dramatic on your charts. Yes, you can show a massive, massive down trend and you’re taking a buy trade against it, and yes they can work. But would you much rather take a continuation trade when you have everything all lining up. The bigger picture is lining up. You’ve seen that little pullback on the short time frame and then it’s the opportunity to ride it down again. That has to be the high probability way of trading. Right now, I’ve got a decent red candle behind me live. Right now the trade’s in decent profit.

So that’s how you can use the trend to make it your friend.

One of the best FX brokers is Blueberry Markets

Now talking about friends, if you want to a decent broker, and you want to go somewhere that’s friendly, and you want to go somewhere that’s good, and you want to put things in your favour exactly like trading. Do yourself a favour, go and have a look at Blueberry Markets. I’ll put a link to them on this page or podcast, whether you’re watching, listening. You can go and check them out. You’ll notice that last week I sent through an email, if you’re on my database, regarding Blueberry Markets and some of the great feedback that I’ve had from clients and people who are not clients through The Forex Trading Coach who have gone to Blueberry Markets, and the feedback I get without exception every time is fantastically positive.

So if you’re looking for a broker, go have a look at Blueberry Markets. They’re over in Australia. If you’re in America, sorry you can’t trade to them. But from pretty much most other countries around the world you can. If you are in the States by the way, the broker that we do recommend if you’re in America is OANDA. Have a look at OANDA, they’re a very good broker as well. But for everybody else, have a look at Blueberry. That’s it for this week. I hope you’ve enjoyed watching or listening.

Ask me questions

Any other questions that you have just send me an email. I’m more than happy to answer questions for you, talking about specific trades or topics that you have that you’d like me to discuss. Don’t forget, this is number 467 on my website, on YouTube, on whatever podcast you’re listening to. There are 466 other videos and podcasts just like this containing tonnes of really valuable and free trading information.

Follow my free daily strength & weakness analysis

Now talking of free, don’t forget that I do post free of charge every single day a very basic, simple form of what my clients get. But you can view it. It’s my daily analysis the strength, the weakness analysis, where you can trade with the trend, my friend. I’ll see you next week. I’ll also put a link to that on here as well. Bye for now.

Episode Title: #467: The Trend Is Your Friend & How to Profit from it


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Click here to watch more of my Weekly Video and Podcast.

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#466: Is the TFTC Program suitable for New Traders?

Is the TFTC Program suitable for New Traders?

Podcast:

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Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

#465: Is the TFTC Program suitable for New Traders?

In this video:
00:26 – Is the TFTC Course suitable for new traders?
01:36 – Being new is a good thing
02:32 – More experienced traders are harder to un-teach
03:06 – You’ll spend so much wasted time learning by yourself
04:13 – Invest in yourself at the beginning
05:55 – 5 trades taken on our live weekly webinar
07:10 – Take a look at Blueberry Markets
08:37 – Give yourself the best shot at making trading work for you

Would our forest coaching programme be suitable for you if you are brand new to trading and you’ve never traded before, let’s get into that more right now.

Hey traders. It is Andrew Mitchem here, the owner of the Forex Trading Coach with the video and podcast number 466.

Is the TFTC Course suitable for new traders?

Now I’ve been asked recently by quite a number of people by email and in person here in Nelson about learning how to trade, and a concern that so many people have is that they’re brand new to trading. They know nothing about it, and they want to know how to take the next step. But there’s so much going on in their mind, like where do you trade through? Who do you put your money with? Is it us? Is it with someone else? How safe are those funds? How do you play to trade? What is it that you’re actually doing? Is it like stocks and shares? Am I buying crypto?

All these different things that people have going on in their mind, and it becomes like information overload. And it’s like anything new, you need to find a source where someone can hand hold you and take you through the suggested steps to make that process easier for you. And it is quite a straightforward, easy process. It’s just that if you don’t know where to start, it all becomes a little bit too much and you have too many questions. So therefore, it becomes too hard, so you don’t do it.

Being new is a good thing

Now, absolutely if you are brand new, you’ve never traded, but you’ve heard about trading. We can definitely help you 100%. Absolutely. We are the right place for you to come to, because we can take you through that step-by-step process. We can suggest some brokers to you, show you how to start on a demo account. What type of platform to look for, how to place your trades, let you know about what it is you’re actually doing. What markets are you trading, what’s the actual process, why are you buying or selling currency pairs together? You know, what is it that you’re doing.

And all that is before you actually start the strategy and the understanding, which is the main part of what we teach. But in my opinion, I think that if you are brand new to trading, you’ve never really traded before. You might have had a bit of a play on a demo possibly, I think you’re actually in the best position to make this work for you.

More experienced traders are harder to un-teach

Now, sure, it may take a little bit longer, like anything new but if you come to us and you’ve been trading for quite a while and you keep jumping system to system and you’re on this forum and that forum, and then this EA and then this indicator, those type of people become harder to teach because they’ve got so many bad preconceived ideas from other strategies and other systems. Whereas if you are new, you don’t really know anything. And so what we teach you is all you need to know, and you are learning exactly what you need to know in the right order. And from your point of view, that makes things so much easier because

You’ll spend so much wasted time learning by yourself

I can guarantee you that if you don’t find yourself a good strategy, good mentor, good programme, you’ll pretty much guarantee to spend several years going round in circles.

How do I know that? Well, I hear it all the time and I have done that exact same thing myself. I spent four years just going around and around and around. The next latest, greatest system, holy grail strategy, I was into it. The next latest, greatest expert advisor, I was into it. The next latest, greatest indicator and making tweaks to different settings on indicators, I was into it. And none of it worked, absolutely none of it worked.

You know, you pick up little bits here and there, but it didn’t really work. And that is your danger is the frustration. In terms of the time you will waste, the money you’ll waste, and you will likely give up or blame the market and it won’t work for you or you just lose funds.

And you get into forum sites, you find another great system, you have an argument with someone, it just turns to… It just makes it’s a big mess.

Invest in yourself at the beginning

And that’s why if you start by investing in yourself straight off, save yourself all that hassle, save yourself that wasted time and money, and get into a strategy and a system from day one.

The community of traders that we have is immense and I just cannot stress the importance of that enough. It is impossible for me to show you without you seeing what we actually do on the inside how important that is. The importance of following our daily trades each day, so you can follow along with specific trades. On Monday, by the time you get to watch this video and podcast it’s going to be the 1st of August, we will be posting not only our daily chart trades, but also our weekly chart and our monthly chart trades for people to follow along.

You get to see exactly why we’re taking those trades, exact entry and exit level. So you can go onto your charts, which we’ll look exactly the same as ours. Like behind me here, you have the same indicators and templates that I’ve developed that we all use. So we are all looking at the same thing at the same time. It doesn’t matter where you live in the world. It doesn’t matter what broker you use. We all have the same thing. And so, when you are seeing us take those trades and suggest those trades, you can go and learn, but also you can earn. And that’s how you build your confidence. Whether it’s on a demo account or a small live account, or eventually to a slightly bigger large account or a prop firm, however far you want to take it, by following along and seeing what we’re doing and why, and understanding that and training your eye in your brain to see what we are seeing. That’s how you develop into a good trader. Add on top of that, our live weekly webinars.

5 trades taken on our live weekly webinar

Just last night my time, I held a live webinar in the European session, I took five trades live in front of our clients. All five you can see why I’m taking them, you see the methodology, my thinking process, thought process of why we’re taking those trades this week on our forum site. I think we’ve had 20, 25 posted trades on there by ourselves and other clients on different timeframe charts. Again, you can go and see what they’re doing and why, and follow along and trade from those.

I’ve had about three trades this week that I’ve seen people post on the forum site that I go, “Wow, that’s a good trade.” I wasn’t looking at my charts at the time, but I got an email to say, somebody’s taken a trade on the four hour pound Aussie or something like that. And I’ve gone, “Yeah, I like that. I’m going to take it.” And I get a green light, I profit from the trade.

So all of that combined, plus the strategy and everything else we provide is what can help take you from brand new, knowing nothing about trading or where to even start to becoming a good and profitable trader quite quickly. So it’s really important that you invest time and money, in yourself. If you want to make this work, seriously want to make this work, that’s what you have to do.

Take a look at Blueberry Markets

And so the other thing you need to have confidence in is where you’re going to put your funds in terms of a broker. And that’s why we have a list of suggested brokers. But one of the highest recommendations that I can give is Blueberry Markets, have a look at them. They’re on my resources page and I know them personally. I speak to them probably once a month, I’ve been to Australia and visited them in the past.

And, look, here at the Forex Trading Coach we are all about making this work for people who want to come on board with exceptional service, exceptional product, exceptional quality, and integrity and honesty. And that’s what we are all about, and that is why I highly recommend and promote Blueberry Markets, because that is their ethic and their way of working as well. The feedback that I get from my clients and other people who are not clients, but who have gone to Blueberry Markets after hearing these videos and podcasts and go, “Andrew, Blueberry Markets have been fantastic. I’ve never seen services like it.” And there’s a lot of brokers out there that have got good platforms and good spreads, et cetera, but it’s everything else that Blueberry Markets combined to make them stand out above the rest.

So that’s what we try to do here, that’s what they do. That’s why we help each other and promote each other, because we know that if you come on board with us and you choose Blueberry Markets as a broker, you’re getting the best of the best out there.

Give yourself the best shot at making trading work for you

So, give yourselves a head start, give yourselves the best chance making this work. I’ll put a link to my video and course that’s been running, the programme has been running for 13 plus years. Clients in 101 countries, over three and a half thousand people have taken the exact same course. Jump on board, come and join us and make this work for you.

This is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week, bye for now.

Episode Title: #466: Is the TFTC Program suitable for New Traders?


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

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#465: Can You Travel and Trade?

Can You Travel and Trade?

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Click Here to Checkout my 30 Minute Trader Trip in 2019

#465: Can You Travel and Trade?

In this video:
00:28 – Trading and travelling
01:25 – The World is slowly opening up again
01:57 – 30 Minute Trader Trip in 2019 https://theforextradingcoach.com/the-30-minute-forex-trader-updates.html 
03:21 – I’m travelling and trading this week
04:32 – My strategy works
05:07 – Have a look at Blueberry Markets
06:12 – Get trading and travelling again

Can you travel and trade at the same time? If you can, if your system allows you to do that, then you have yourself a fantastic strategy. Let’s talk about that more right now.

Hey traders, it’s Andrew Mitchem here, the Owner of the Forex Trading Coach with the video and podcast number 465.

Trading and travelling

Now trading and travelling is something that if you look online, you see these images or these red flashy sports cars, and people sitting there with a laptop. And you see images of this lovely lady sitting on the beach with her charts open on her laptop. Can it be done? Well yes, but I mean you’re going to get sand in your laptop if nothing else.

So, the image that people portray of the flashy lifestyle, I would prefer to be more realistic about things. And the point of this video and podcast is to let you know that if you have a strategy that does not take too much time up of your day, out of your day, you can trade and travel. And look, there’s nothing better than being able to be travelling and doing things that you want to do and enjoy travelling. And at the same time, making money through your trading.

The World is slowly opening up again

Now, as the world’s slowly starting to open up, well it’s slowly over here in New Zealand. Sounds like the rest of you and the rest of the world are carrying on with things pretty much as per normal. So, well done you. But as things are starting to get back to some form of normality in terms of travelling and people going on holiday and vacation, the ability to do that, take your laptop with you, and to look at your charts once, twice a day, and to make money trading whilst travelling is such an appealing part of being a Forex Trader.

30 Minute Trader Trip in 2019 https://theforextradingcoach.com/the-30-minute-forex-trader-updates.html 

Now back in 2019, if you’re following me back then you would’ve seen the videos. If you’re not, I actually still have the link on the homepage of my website and I’ll put a link under this video and podcast, so you can go and watch it again. But back then in 2019, I went over to France and to England with my family. And in the four weeks from leaving New Zealand to coming back, I recorded a series of videos of the trades that we took on just the daily and the weekly charts. All of the trades were posted from our website. So, you can go back and watch the videos of me with the trades in real time, taking them, seeing them on the membership side, et cetera. And as a result of being away and trading between 10 and maximum 30 minutes each day and of course, that’s travelling to New Zealand on a 26 hour flight each way as well.

But as a result of that four weeks of trading and travelling, we made a 12.79% account gain with very, very small draw downs. Really low risk of only a quarter to a maximum of half of 1% risk per trade and a 12.79% gain whilst travelling to the other side of the world and back. And enjoying lots of family and friend time and visiting the sites, et cetera. So, it shows what can be done.

I’m travelling and trading this week

And just this week, as I’m recording this, I’m travelling up to the north island. It’s my son’s 21st birthday. So, we’re heading up there to celebrate at the weekend. So, by the time you get to watch this, I would’ve already been there. But the point is, is that we can trade and travel and nothing changes. And that’s the beauty of it once you have a strategy that works. So, make sure that you have a strategy that allows you to live and enjoy what you want to do and make trading a part of that.

The danger, as I mentioned in last week’s video and podcast when I talked about people who just say, “Look, I’m just taking so much time out of my day and night watching charts, trading five, 15 minute timeframes.” That might all sound good and scalping and everything else but look, reality is not good. And you cannot do things if you’re forced to be at the charts all that time. And then the danger is that your trading takes over your life and then things will start not going well with your results. And then you’ll give up and you’ll blame trading and everything else, and it all goes wrong.

My strategy works

The reason why after 18 years I’m still trading and loving it and doing well from it is because we have a strategy that works and we can do all these things and trade at the same time. Just today, I took one trade on the daily charts and I’ve taken two on the 12 hours, one on the eight and two on the six hours all taken at the 5:00 PM, New York close of days.

It was not like I’ve taken any extra time throughout my day to place those trades, they’re all taken at the same time. And they’re all going along really, really nicely right now as I’m recording this.

Have a look at Blueberry Markets

Now, when it comes to brokers, talking or been nicely, brokers if want a really nice, good broker, good place to trade through, great experience in terms of customer service and reliability of their platform, their spreads, et cetera. Look no further than Blueberry Markets. They’re based over in Australia, but doesn’t matter really where you live in the world apart from a couple of countries, you can trade through Blueberry Markets. I’m loving being on their MT5 Platform because it just opens up so many more different markets like the indices, the cryptos, the commodities, and as well as that, a lot more Forex pairs on the exotic, et cetera. Plus of course, the ability on MT5 to really easily go between six hour charts, and eight hour, and 12 hour charts that were not standard on the old MT4 Platform.

So, have a look at Blueberry Markets if you are looking for a good broker and a good place to trade through. Great experience, I can guarantee they will really well look after you. So, I’ll put a link to them also on here. That’s it for this week.

Get trading and travelling again

If you can get back travelling again and you can trade at the same time, make money whilst you’re trading, fantastic. Don’t forget to have a look at the link, which I’ll put on here to that trip that I did back in 2019. Pretty amazing to do that and make 12.79% whilst away on holiday, just trading a few minutes a day. This is Andrew Mitchem here at Forex Trading Coach. I’ll see you this time next week. Bye for now.

Episode Title: #465: Can You Travel and Trade?


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Click Here to Checkout my 30 Minute Trader Trip in 2019

Play

#464: How Much Time Do You Spend Trading Each Day?

How Much Time Do You Spend Trading Each Day?

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

#464: How Much Time Do You Spend Trading Each Day?

In this video:
00:25 – Results from my survey
01:31 – 2 easy fixes
03:18 – My first client trades MN1 and W1 charts
04:01 – I publish D1 chart trades every day
04:55 – Take a look at Blueberry Markets

How much time do you spend each day looking at your charts? I bet it’s too much. Let’s see how we can help you reduce that right now.

Hi, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 464.

Results from my survey

Now, earlier this week, I sent out a survey to people on my list and I asked them what their biggest issue is in trading right now. And a lot of people came back with the answers that you would expect, with lack of strategy, not understanding money management, too many indicators, not knowing which way to trade, stop losses, all those type of things, but a point that came out, which was really, really quite common and quite scary in some ways, is that so many of you are spending so much time looking at your charts, glued to your computer screen, thinking that that’s the right way to trade. And pretty much everybody who wrote back who is, they’re not clients, by the way, these are just non-clients, but pretty much everybody that wrote back is either making a little bit, breaking even, and the vast majority losing. And there was quite a common theme between people just not making money, but spending way too much time trying to lose money. Not a good combination.

2 easy fixes

So two easy fixes that I have for you, which will absolutely change your trading around. Number one, look at the longer timeframe charts, without a doubt. Most people were saying, “Look, I’m scalping, and I want to scalp, and I want to take lots of trades, and take five-minute and 15-minute chart trades.” Just do not do that. Start on the longer timeframe charts. If you are struggling to trade, I’d suggest you wouldn’t do anything shorter than a four-hour chart. But look at the longer timeframe charts, at least look at the dailies once a day. That would be my first pick. Get longer timeframe charts, less chart time, more quality, less trades.

And the second thing is only look at your charts at the close of a candle. So you don’t need to be sitting there, watching every pip move up and down, worrying about a five-minute candle or a one-minute candle, stressing that it’s now green, now it’s red, and, “Oh my goodness, what am I going to do?” Don’t do that. Get on the longer timeframe charts, look at the close of a candle. If you are trading four-hour charts, you know when to look at your charts, you know when the market opens, you know when the four-hour chart closes because it’s four hours after it opens. It’s not difficult. And that blows me away, when people go, “Well, when do the four-hour charts change?” Well, look at when it opens, and four hours means it’s going to close four hours after that time. Again, it’s not difficult. People here who want to be currency traders in a professional business, but cannot work out a simple thing like when a candle opens and closes, you got to do your research, guys. And you’ve got to understand these simple, simple, basic things to get somewhere in your trading. So longer timeframe charts, look at the close of a candle. That will fix a lot of your issues.

My first client trades MN1 and W1 charts

But my very first client who I went over to [inaudible 00:03:05] in Australia, he owns a restaurant, and several restaurants, I think now, he still today, to this day, trades monthly charts once a month and weekly charts each Monday, and that’s it. That’s all he does. And he’s still trading some 13 years later after I flew over there and taught him how to trade my strategy. That’s it. He would be trading maybe 10 minutes once a week, that’s it. Still making money, still loving his trading, can do it with his work. So you do not have to be sitting there, spending like 6, 8, 10, 12 hours a day glued to charts, watching every pip move up and down. At least I suggest you get on to, and like I mentioned earlier, look at the daily charts once a day.

I publish D1 chart trades every day

Now, I publish for our full clients, our full coaching programme clients, trades based off the daily charts, each day on our membership site. They have been profitable every single year since I started in 2010. Every single year. There will generally be one to maybe five trades per day. Some days, there are no trades, Today, there were no trades. So instead, we then went through the shorter timeframe charts, and instead we published two six-hour chart trades for our clients to follow, because there were nothing and there were no setups on the daily charts. That’s just the nature of the market.

By the way, right now, because we’re in July, the market can tend to be a little bit quieter due to Northern hemisphere. Summer season, it happens pretty much every year in July, it gets a little bit quiet. So I strongly suggest that the less-is-more principle applies. You take less trades, higher quality trades.

Take a look at Blueberry Markets

Now, if you’re looking at somewhere to go in terms of where to place your trades, a broker, as I mentioned here, all the time, because they’re very, very good, they’re very reliable, every time I send people to them or suggest to people, “Go and check them out,” the feedback’s always 100% perfect, always is without fail. Have a look at Blueberry Markets. They’re based in Australia, but you can pretty much be anywhere in the world, apart from the states, and a couple of other countries cannot trade through them, but pretty much all other countries can. Have a look at their MT5 platform, especially because there are so many more different markets and instruments which you can now trade. The cryptos, of course, the commodities, the indices, and lots and lots of Forex pairs as well. I’ll put a link to Blueberry Markets on this page under this video and podcast and post, and I’ll also put a link to our full coaching programme, if you’d like to take your trading to that very top level with our help.

So this is Andrew Mitchem here at The Forex Trading Coach. Get onto longer timeframe charts. Look at the close of a candle. Don’t bother in-between, it will not help your trading, but get onto the longer timeframes and just look maybe 10, 15 minutes once a day. It will massively help your trading. Anything you need, just ask, [email protected], and I’ll see you this time next week. Bye for now.

Episode Title: #464: How Much Time Do You Spend Trading Each Day?


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Play

#463: The Advantage of Trading with Limit Orders

The Advantage of Trading with Limit Orders

Podcast:

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Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

#463: The Advantage of Trading with Limit Orders

In this video:
00:27 – I love trading with Limit Orders
01:01 – They help to remove the emotion from my trading
02:48 – Examples of why I use Limit Orders
04:39 – Have a look at Blueberry Markets
05:39 – Start using Limit Orders for high Reward:Risk trades

As a trader, what are the advantages of using limit orders, and why do I use them so much in my trading? Let’s talk about that and more right now.

Hey traders, it’s Andrew Mitchem here at the First Trading Coach with video and podcast number 463.

I love trading with Limit Orders

Now I make no secret about it. I love using limit orders. I’ve used them for years and years. Been trading for 18 years, and probably around the last 15 years, ever since I discovered the power of using limit orders and how to use them properly within our strategy, they have made a massive, massive difference to my trading results. One of the reasons why I like using them is because you will pretty much always get a higher reward to risk than you would by entering, let’s say, at the market or a stop order. And I’ll explain with some examples shortly.

They help to remove the emotion from my trading

But I also like them because it helps take the emotion out of my trading, because I trade on the close of a candle. If I’m not there at exactly the close, it doesn’t matter, because on my trades, I’m looking for, let’s say, on a buy trade, I’m using a buy limit. So that means I’m buying when the price first drops. So if I’m not there, panicking and stressing about taking a market order and working out my correct position size and where my stop loss needs to be, and oh no, the market’s moved up, and I’ve missed out. I don’t do any of that because I see the setup, and then I can quite easily analyse where my entry using my buy limit needs to be, and my stop, my profit, work out the stop loss size, work out my position size, and it all takes literally… I use a script that does it all for me. But you can even manually do that in about 30 seconds.

And then you’re taking the trade based on a sound decision rather than an emotional reaction. I’ve got to get in. I’ve got to get in. So a lot of advantages there in terms of the actual practicality of your trading, but also the results, because your reward to risk will be so much better. Now, if you’re taking a buy limit and the price does not fill that limit and it just takes off in your anticipated direction, but without first filling the trade, that’s fine. You just miss the trade. You don’t gain anything, but you also don’t lose anything out of the trade.

And of course you can split your position like I do on my daily charts and my weekly monthly charts by taking part of my order at the market and part of it retracement. If I’m trading shorter timeframe charts, like 12 hours down to two hours, I take only limit orders because the amount that the price needs to move to get back to a limit order and fill it is less. So I love limit orders.

Examples of why I use Limit Orders

Now, as an example, if you took a market order trade with a 100 pip profit target and a 60 pip stop loss, that gives you a 1.6-to-one reward-to-risk trade. It’s an okay trade, and it’s going to give you a pretty good, reasonable reward to risk. Not massive, but okay.

You take the exact same trade, and you use a buy stop order, so that means to buy above the current price, the same profit target, the same stop loss, and let’s say instead of 100 pip profit target, 60 pip stop, you entered 20 pips above. That means you’re now getting an 80 pip profit target for an 80 pip stop loss. All of a sudden you’ve reduced your reward-to-risk to only a one-to-one reward-to-risk. However, using the way that I trade, you’re using a limit order. So now you’re going to buy if the price drops 20 pips from its current position. You’re not there waiting for it. You just put the limit order on and leave the trade. So now using the exact profit target, exact same stop loss, you now have yourself a 120 pip profit target for only a 40 pip stop loss.

And that means now, if your profit target gets hit … Don’t forget: The stop and the profit are identical. It’s just where you enter. You now get yourself a three-to-one reward-to-risk trade. So we’ve gone from a stop order of a one-to-one, a market order of a 1.6-to-one, to a limit order, to a massive three-to-one reward-to-risk. You can see the enormous change that that makes in your trading results. So I highly recommend that you consider using limit orders within your trading.

Have a look at Blueberry Markets

Now, if you’re looking at somewhere to trade, another high recommendation I can give you is, and all through my own knowledge and experience and what I see other people doing, is Blueberry Markets, a fantastic broker.

I’ve got to say that their MT5 platform is my preferred option now. For years and years, I was stuck on MT4, and only because I think it was really good platform with the way that we use it and our software that integrates with it. But MT5, I’ve got to say, in terms of the ability to easily analyse a lot more different timeframes, plus at Blueberry they give you a huge amount of instruments, different markets, non forex markets, plus more Forex pairs in terms of some exotic and minor pairs as well. But also, yeah, the way that you can nitrate the cryptos, the commodities, the indices. And we’ve been doing a lot of that recently, whereas the forex market’s been a little bit quieter. We’ve been trading a lot of more metals and some indices and selling the cryptos as they’ve been dropping as well. Doing well out of those. So I hope that helps.

Start using Limit Orders for high Reward:Risk trades

Give yourself some time to go and research into the benefits of using limit orders. Like I said, from my years of trading and knowledge and experience, I can highly recommend you use them. High reward-to-risk trades. Without doubt one of the most important things you can add to your strategy to make your overall profitability go from maybe just sort of break even, slight gain to some pretty substantial gains. I hope that helps. This is Andrew Mitchem here at the First Training Coach. I’ll see you this time next week. Bye for now.

Episode Title: #463: The Advantage of Trading with Limit Orders


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

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#462: Can You Make Automated Forex Trading Really Work?

Can You Make Automated Forex Trading Really Work?

Podcast:

Play

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Find out more about my TFTC Pattern Trader

#462: Can You Make Automated Forex Trading Really Work?

In this video:
00:28 – The advantages of automated trading
01:31 – We created and launched TFTC Pattern Trader in 2020
02:31 – We’ve automated my manual trading strategy
03:03 – Live account up +6.8% this week
03:35 – How it works
05:55 – Check out Blueberry Markets
06:45 – Please like and subscribe & email me your questions

Can you make automated Forex trading really work? It’s something that people have struggled with for years. Let’s talk about that and more, right now.

Hey there, traders. It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 462.

The advantages of automated trading

Automated trading. It’s something that people have been looking to do properly for years and years. It’s something that has so much appeal because you can basically set it up, leave it, set and forget. It trades for you, five days a week, 24 hours a day. Just does everything. It sticks to the rules. It’s perfect. But as you probably know, if you’ve been trading for any length of time, and if you’ve tried automated trading, or if you purchased EAs or expert advisors, any type of robot system, you’ll probably know that it doesn’t work and that it has failed. And I’ve personally had so many attempts and trials and goes at making automated trading work over the years, and right through from TradeStation, probably about 15 years ago, through to getting people to write code for me, through to buying those bits of software that you can create your own expert advisors, and it spits out the code for you. Tried everything and none of it works.

We created and launched TFTC Pattern Trader in 2020

And so that’s why, about two years ago, we launched our own automated trading software, which does work. And we have overcome all of those issues that people have traditionally had issues with and problems with. And we are very conscious of the fact that the people have so many indicators and they over-optimise things and they make it look absolutely awesome in hindsight. And as soon as the day you put it live, it just fails. It goes downhill like a lead balloon. It takes your account out and it’s just a waste of money and time. So we’re very conscious of that when we started developing our software. It’s called TFTC Pattern Trader the TFTC, of course, for The Forex Trading Coach Pattern Trader. So have a look online, tftcpatterntrader.com.

I’ll put a link to it below on this post, so you can go and find it and have a look. By the way, there’s a free 10 day trial to the most basic version. You don’t get to trial the full thing, but there’s videos showing you what that does include.

We’ve automated my manual trading strategy

Now, one other things we did is we took my manual trading strategy and we tried to automate it as best that we can. And you’re never going to have everything exactly perfect because the human eye and the brain can figure out a lot of things that you cannot programme. But likewise, there are so many advantages of it, such as, it looks all of the time for you. It takes the trades to the set rules and the right risk management, et cetera. So there’s pros and cons to automated trading as there are manual trading.

Live account up +6.8% this week

But to give you an idea just this week so far, I am up 6.8% on my live account. I’m risking only half of 1% per trade, and I’m up 6.8%. I haven’t taken a trade. I haven’t touched a thing. It’s 100% automated and I’m up probably what my bank’s going to pay me in at least two years or three years. And I mean, I’ve made that in a week. Does it make that every single week? No, of course it doesn’t. But it can do that, when the conditions are right, for the bots that you’ve created.

How it works

So the software in general allows you to very, very easily, no coding required, create bots using my strategy on different pairs, different timeframes, different markets as well. And you can then trial that software. You can actually back test it, but also you can forward test. So for example, you could go and back test the last say five years. But four of those will be back tested and the most recent year going forward, it will walk forward using the results and the settings that it created effectively a year ago. So you can see how it would’ve performed over the last year or whatever timeframe you choose walking forward. Really, really cool feature that. And it just adds a lot more realism to the results.

To give you an example, we did an upgrade about seven months ago and the highest performer so far on a live account is up 43% on a live account. And the other beauty of what we’ve done is you can log in there and view the settings of any of the bots that other people have created. So for instance, you could just simply go and find the settings that the person who created the top performing bots, go and look at the stats and tweak them if you need to, the settings, or you can just simply go and copy those and create your own bot with exactly the same settings, and you will get exactly the same results.

Your MT4 or MT5 five trading account is built into the system. So there’s no external virtual server needed or windows updates or any of that type of thing. It’s absolutely bulletproof and a fantastic bit of software.

So as mentioned, there is a free 10 day trial to the most basic version, and you can just go and see how it works there. You can set it up so it’s manual, and so it sends trade alerts through to your phone on Telegram, or completely automated, or a combination of both. It really is, without doubt, the best automated trading software that I’ve ever seen, and I’ve been trading the Forex market for coming up 18 years now. It’s something that we developed knowing all the other issues out there. And of course, because it’s based on my manual trading strategy, the actual foundations are there with a core strategy.

Check out Blueberry Markets

One more thing to mention, if you are looking for a new broker, MT4, MT5 broker, I can highly recommend Blueberry Markets. They’re based over in Australia, but they can take clients in pretty much all countries around the world. There’s a couple of exceptions like the US, due to regulations, et cetera. But pretty much most other countries can trade through Blueberry Markets. So a great bunch of guys. I’ve been with them for years, ever since they started. I’ve met them personally. I speak to them from time to time. We’ve sent a lot of people there. We’ve suggested people go and have a look at them, and the feedback, every single time without fail, is exceptional. So if you’re out there looking for a new Forex broker, consider taking a look at Blueberry Markets. Test them out and trial them. I’ll put a link to them also below this video and podcast. So that’s it for now.

Please like and subscribe & email me your questions

Don’t forget to like and subscribe if you’re watching this on YouTube or any podcasts. Any questions that you have, feel free to email me personally, [email protected], and I will personally reply back to you. If you have any topics you’d like me to discuss on future videos and podcasts, just like this one, just drop me line and I’ll be glad to help you out, and to help you progress with your trading.

So once again, this is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week. Bye for now.

Episode Title: #462: Can You Make Automated Forex Trading Really Work?


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Find out more about my TFTC Pattern Trader

Play

#461: Protecting Your Future from What’s Coming

Protecting Your Future from What’s Coming

Podcast:

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#461: Protecting Your Future from What’s Coming

In this video:
00:24 – You and your future
00:52 – Governments don’t really care
01:29 – Record inflation globally
02:27 – Tough for small businesses
03:47 – What can you do to future proof yourself
04:50 – Cryptos are getting smashed
05:08 – Get onto one of my webinars

It’s time to start thinking about protecting yourself and protecting your future. Let’s talk about that more right now.

Hey, traders. It’s Andrew Mitchem, here at the Forex Trading Coach with video and podcast number 461.

You and your future

I want to talk about you, your future, what you’re going to do about it to protect yourself and your family. You see, there’s a lot of scary things happening in the world right now. Depends what you believe. It depends if you believe that all these long-term agendas are real or not, and how it may or may not affect you. I’m going to leave that up to you to decide. I’ve got my personal opinions on that.

Governments don’t really care

And it’s out there for everybody to do their own research, but what’s for sure is that governments around the world don’t really care about you. And I think that’s quite a fair statement. The last two years around the world have shown that with enforcements, with mandates huge record expenditure, and that’s coming through now, that will affect everybody regardless if your beliefs, politically, or medically, or what you think agendas are coming. Without any question, what’s happening right now and going forward will affect everybody.

Record inflation globally

You see, we’re getting record inflation around the world. Prices going up. Food prices going up. Shortages. If you’ve got a better land, start planting, start looking after yourself. Record fuel prices, shortages of those, shipping costs, electricity shortages, and costs, being forced to go certain ways if you drive vehicles. All these type of things are quite scary for the way that everyday life has been affected. You add onto that high interest rates and lightly only to get higher. So your costs are going up, your mortgages are going up. Any loans, debt that you have is getting more and more expensive. So you put all that together and you probably treading water all going backwards, and again, lightly to get worse.

Tough for small businesses

Small businesses, it’s harder and harder for people to employ people with rules, regulations, increase, labour charges. Today in New Zealand, we have a public holiday today that’s never been had today. It’s the first time of this public holiday. Our government created it a couple years ago, and today it’s a public holiday. It’s estimated, from what I’ve seen and read, to cost the New Zealand economy $440 million today in businesses needing to pay staff time and a half, loss production, all those type of things. Well, if you are a worker, fantastic, you get yet another day off. But probably most people, through various things that have happened in the last year, have had so many days off anyway with coughs and sneezes and public holidays. But think of it from the business owner’s point of view and the economy’s point of view. Yet more costs, yet less production, yet more stress on the owner. And all of these things are accumulating. Like I said, if you are the worker, great. If you are the business owner, and you’re thinking about this from a bigger picture economy, point of view, not so great.

What can you do to future proof yourself

So what can you do about this? Because I see quite a uncertain future for a lot of people. And future proofing yourself, and for me using Forex to do that is a big part of what I do. You see, you’ve got to start somewhere. And think of the analogy of when was the best or when is the best time to plant a tree. Well, it was 10 years ago or 20 years ago. That’s the best time to plant a tree. If you’re not planting a tree then, well, when’s the next best time? Today. Get planting today, get started today, get in terms of go out there and plant trees, but also, from a financial point of view. And growing your own self, your own education, when’s the best time to start? Today. Get learning, get working on how you are going to future proof yourself. How are you going to create passive income? To me, there’s no better way than doing that than the Forex market.

Cryptos are getting smashed

And the crypto market now is getting smashed. So you’d like to start thinking about future proofing yourself and finding out how to do that. Have a look at what we offer. We offer a course that’s been running and a strategy that’s been working and helping thousands of traders for the last 13 years.

Get onto one of my webinars

So if you’ve not been on one of my free webinars for new traders or experienced traders, get onto one of those, pick the one that best suits you. If you’d like to set up an account with a broker, I can highly recommend Blueberry Markets. They’re based in Australia, but they accept clients in pretty much most countries, apart from the US and a couple of other countries. But for the vast majority of people watching this and listening, you can open an account with Blueberry Markets. Get onto their MT5 platform, where you can trade, not only a huge variety of Forex markets, but other markets as well. I will put a link to Blueberry Markets on this page post-podcast for you to find as well.

So it’s just something to think about. This whole future proofing yourself through the way that things are likely to go, do something about it today. Plant that tree today. I’ll see you this time next week. Bye for now.

Episode Title: #461: Protecting Your Future from What’s Coming


Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Play

#460: A Week of Rises and Crashes

A Week of Rises and Crashes

Podcast:

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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?


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