My Favourite Candle Patterns to Trade
#483: My Favourite Candle Patterns to Trade
In this video:
00:37 – Trading the patterns
01:10 – Make your trading enjoyable
01:48 – The candle patterns we look for
02:18 – My favourite candle pattern
03:04 – Different time frame chart trades this week
05:05 – Trade the pattern
As a trader, it’s important that you learn to trade the pattern and do not make your trading too complicated. If you can do that, your results will be good. Let’s talk about that and more right now.
Hey, traders. Andrew Mitchem here at The Forest Trading Coach with video and podcast number 483.
Outside again today. Get some nice comments and feedback from people, just enjoying the outdoor environment here in Nelson, in New Zealand, and of course summertime here so nice to get outside.
Trading the patterns
Trading the pattern, it’s a really important part of trading and it can declutter your mind. It can make your trading far more enjoyable, far easier and definitely more profitable. Now what I mean by that is in so many things like compliance, red tape, overcomplicating things just in life in general, government policies, whatever it is that things are just in many ways just overcomplicated and trading is no different.
Make your trading enjoyable
And in order to make your trading enjoyable, I strongly believe that you’ve got to declutter your mind and make things a lot more simple.
And for me, it’s about trading the pattern. I do that regardless of the timeframe chart that I’m trading. So a lot of people come to me and go, “Hey, Andrew. What’s the best timeframe chart to trade? Should I only be trading daily charts? Should I only be trading hourly charts?” And to me, you trade the setup that’s on the chart at the time. And if it’s a good setup, you take the trade. If it’s not, you don’t take the trade.
The candle patterns we look for
So when I’m looking at a trade, I’m looking for a candle shape, candle pattern to form first to give me the confirmation that we could be seeing either a reversal pattern or a continuation pattern. So I trade those two patterns to start with. I trade reversals because if we’ve been in a big up trend, let’s say, we’re then seeing a bearish candle and we’re then turning around, looking for a down trend opposite with a buy trade then, looking for a down trend and it to turn around to go up.
My favourite candle pattern
My favourite pattern though is a continuation pattern, and that’s when we’ve had, let’s say, a big up trend. We’ve had a pullback and then we see a bullish pattern to go long again. So candle pattern is always number one to me. I like to see previous indecision or bounce at a certain level, a round number if it’s a buy trade bounce off a support level. I like to see room to move for the profit target. I love to see a round number to help protect my stop loss, things like that. If I’m taking a buy trade, I don’t really want to see my profit target above the last, say, swing high. I don’t need to have to make new ground, new high price to get to my profit target. That again just detracts from the likelihood of my profit target being hit. So all those things come into it.
Different time frame chart trades this week
But then it comes to the timeframe chart that you’re trading, and I want to give you three examples of trades this week. This is eight trades in total that I’ve taken this week. Seven have been profitable. Now, on our forum site on Tuesday at the 5 AM Eastern Standard Time changeover, on the 12-hour charts, I posted four trades; the New Zealand-US and Aussie-US, a US-yen and a franc-yen on the 12-hour chart trade. It took 10 minutes to scan through the charts at that time, and the 12-hour charts happened to be showing the right pattern. So again, I didn’t know at the time, was it going to be the four-hour charts, the six-hour charts, the 12-hour charts that were showing the pattern?
And when we went through the charts, there were those four charts on the 12 hours that were all showing high-quality setups. So guess what we did? We took them, and guess what happened? They worked and they were all profitable. And I can share those trades with you.
Also, on Tuesday actually, I was out in town, came back home and I saw someone posted a four-hour chart trade on our forum site, and it was a euro-New Zealand trade. On the four-hour charts, again, they traded the pattern. I saw the trade, took the trade, and it was a great profitable trade. And on Wednesday, we took four trades on the daily charts, and we had an aluminium trade or aluminium if you’re in the US, and that stopped that. And then we had the US-franc, US-Norwegian krone and the franc-Singapore dollar. A little bit of an unusual couple of pairs there, but they were again, showing the pattern. Guess what we did? We took the trades.
Guess what we did also? We posted those trades on our membership site with exact entry and exits for our traders to follow with the reasons why we’re taking the trade and it was to do with the pattern. And guess what happened? Those three forex pairs all hit their profit target. So again, it’s the pattern.
Trade the pattern
Trade the pattern regardless of the timeframe chart, almost regardless of the pair. If the pair that you see on your chart on the close of a candle is showing the pattern that you’re looking for, then take the trade. It will work.
So I hope that helps. Keep your life simple. Keep your trading simple. It’s far more enjoyable. You’ll do well from it. Any other trading topics that you’d like me to cover on future videos and podcasts just like this, just send me an email, firstname.lastname@example.org. Happy trading, everybody. See you soon.
Episode Title: #483: My Favourite Candle Patterns to Trade
Find out more about my Online Video Forex Course
Don’t Race to Get Rich through Trading
#482:Don’t Race to Get Rich through Trading
In this video:
00:28 – Take your time when learning to trade
01:33 – How I can help you
02:06 – Trading with low risk per trade
03:00 – Controlling your heart and your head
03:17 – Client makes +60% in 6 weeks
04:47 – Check out Blueberry Markets
05:16 – Today’s lessons
05:37 – Like & Subscribe
Hey traders. Don’t race to get rich through trading. It’s likely to end in tears. Let me explain exactly what I mean through my 18 years of knowledge and experience to help you right now.
Hey there, traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 482.
Take your time when learning to trade
Came outside this afternoon, beautiful afternoon. And I wanted to talk about why you should not race to get rich through trading. You see, people get into trading and they think it’s going to be easy. They think they’re going to become super rich really, really quickly without too much thought or too much effort. And look, you can’t blame people for thinking that. I did exactly the same.
Give you a bit of a kind of funny story. 17, 18 years ago, I was pushing kids around in prams, push chairs, or walking the dog and not really being in the moment, and instead my head was in the how much money am I going to make through my trading kind of space. And I would be forever calculating while I was walking. Go, okay, so I start with 10,000 and then I double that, that’d be 20, and I’d double that. That’d be 40, and I’d double, that’d be 80. And I was trying to sort of figure out if I’m doubling my money every sort of month, how long it would take me to get to these magic high numbers.
And it’s a mistake that so many people go through. And like I said, I really don’t blame you if you are going through that or have done that because it’s exactly what I did myself.
How I can help you
But what I’m here to help you with is now after some 17, 18 years of trading full time, in fact coming up near 19 now of trading full time, I can offer you knowledge, experience, bit of wisdom to help shortcut things for you. And that’s what we do at the Forex Trading Coach. It’s not only about the course, and the strategy, which of course work, it’s about the realities of trading.
And yes, you can do really, really, really well from your trading, and I’m going to share with you a testimonial that I received just yesterday shortly, but it’s about the realities.
Trading with low risk per trade
And I quite often get asked by people saying, “Andrew, look, how can I make money when you only say trade half of 1% risk per trade?” And you got to remember, that’s not me saying you should trade half of 1%. That’s what I’m saying that suits me. And from my years of experience and knowledge, I find it a really good number. Now, if you want to go and trade 2, 3, 5, 10% per trade, go for it. It’s your money after all. I’m not here to say you have to do this. I’m here to say, if you want my help and knowledge, these are my suggestions. And I’ve always sort of used that figure because I find personally that figure is a really good low risk figure.
And when you look at prop firms around the world now, which by the way is a really good way for people to make money, once they know what they’re doing, a prop firm, all it really wants is, yes, it wants you to make some money, but it wants you to have low control drawdowns. So that’s exactly why the half percent risk per trade strategy, philosophy, call it what you want, is such a great thing because it keeps your drawdowns low.
Trading with low risk per trade
Now, I’ve always said in trading, there’s two things that you have to control. One’s your heart and one’s your head. If you can control those two in your trading, you’re on the way to doing really, really well because it’s all well and good, even with a fantastic strategy, you’ve got to be able to control your emotions to do this properly, and that’s why low risk trading helps.
Client makes +60% in 6 weeks
Now also wanted to share with you this testimonial that’s come through from a guy called Andrew who happens to live here in New Zealand also. And he said, “I’ve been with you six months, and initially, trading was quite slow. I was slow getting my head around it, and after a few months, I gave up, and it wasn’t working.” He then said, “I wanted to get back into it. So I’m glad that I have. I’ve now made a 60, that’s six zero, 60% gain on my account over the last six weeks following the process and just managing my trades a little bit more.” And he goes on to say about how he’s really enjoyed the support through us from Blueberry Markets, loves the live webinars, can’t get on them all, but they’re always great, love watching them and always learning something. We have a wonderful community here, and I’m proud to be part of it. Everybody is so supportive and knowledgeable.
So it’s really nice to receive messages like that. And I suppose the takeaway from that is a little bit like the theme with this, don’t go try getting rich straight away. Don’t rush to get rich. So like Andrew’s done there. Unfortunately, he sort of stopped and gave up initially, but he may have been in that same mindset where he’s trying to jump into it and become a multimillionaire in the first month or so, and it’s not going to work. So now he’s realised that, he’s back into his trading, he’s trading properly, he’s done the course, been through it a few more times now, been on webinars, and now it’s working. And that’s reflective in his 60% gain in the last six weeks there. And that’s on a live account as well. So that’s really good to see.
Check out Blueberry Markets
He also mentioned about the support of Blueberry Markets and our support, and Blueberry Markets, as you would know, is a broker who I strongly recommend people go and have a look at, check them out. Now, if you’re in a few countries around the world, most noticeably the US, you cannot trade through Blueberry Markets. If you are in the US, have a look at maybe the likes of OANDA. But for everybody else, I can strongly recommend Blueberry Markets will be a really good broker for you to consider trading through, great bunch of people, incredible support, great platform, lots of markets, especially on their MT5 platform as well.
Today’s lessons So I hope that helps. The takeaway from this is trading does work. Trading will work for you if you give it time, if you give yourself time, knowledge and stick at it. Of course, you need the strategy and everything else in place and you need support. And that’s where we come in here at the Forex Trading Coach. So I hope that helps. This is Andrew Mitchem here at the Forex Training Coach, and any questions, please just ask.
Like & Subscribe
If you’re watching YouTube, please like and subscribe. If you’re listen on the podcast, hope you’ve enjoyed it, and I’ll talk to you this time next week. Bye for now.
Episode Title: #482: Don’t Race to Get Rich through Trading
Find out more about my Online Video Forex Course
Profiting from the Crypto Crash
#481: Profiting from the Crypto Crash
In this video:
00:25 – Today’s video and podcast
00:53 – A massive fall in the Crypto market this week
02:30 – Crypto Cash
03:11 – Trading Battle and my 2022 predictions have been correct
04:50 – Our Black Friday sale starts on 17th/18th November
06:16 – Check out Blueberry Markets
07:13 – This week’s summary
The crypto market has been crashing and tumbling this week. So how do you profit from that rather than take massive losses? 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 481.
Today’s video and podcast
A big list of things to get through today, including the big crash in cryptos and how you can profit from that. I want to talk about my 2022 long-term predictions that I made last year and how those have come correct. I want to talk about our Black Friday sale on this upcoming Friday, on the 18th of November. I want to talk about Blueberry Markets as my preferred broker. So let’s get into that.
A massive fall in the Crypto market this week
So cryptos; they have been tumbling. If you’ve been following cryptos, if you’ve been trading in cryptos, or you’ve been holding cryptos, you would have seen that this week we have had a massive fall in most of the crypto markets. So for a lot of people that’s obviously really, really bad news. But for us as traders, Forex traders but we can now trade cryptos in the same way because my strategy works across all markets and all timeframes and that does crypto pairs as well. So luckily for us, we have the ability of course to trade short or to sell something. We’re selling something that we don’t own. Unlike going out there and actually buying Bitcoin or Ethereum or something, we’re not doing that. We have the advantage of riding the market down if we’re selling it and profiting exactly the same way as if we were buying it and the market was going up.
Now, that’s one of the main things that attracted me to the Forex market getting close on 20 years ago, was the ability to sell something and watch it fall and profit from that, unlike say traditional buying shares or buying property or something like that, where of course you buy, hope, hold, hope it goes up kind of strategy.I wasn’t overly interested in that and that’s why I like the ability to make money, providing I’m on the right side, whether a market is going up or down. That’s the beauty of the way that we trade.
So with cryptos, for example, we’ve seen this week the likes of Bitcoin go from $21,000 down to $15,000. A massive, massive drop. We’ve seen Bitcoin cash go from 120 down to $86. We’ve seen Ethereum go from $1,600 down to $1,080. So massive, massive drops. Sure they might come back a little bit but the beauty is, as mentioned, we can trade them if they’re going up or down. We’re price-action based and that works across all markets without fail. That’s the beauty of it. So that’s why I like to trade the Forex market and now other markets.
Trading Battle and my 2022 predictions have been correct
The Trading Battle is a group online who came to me just over a year ago and I did a trading battle challenge on their website on a live feed that goes out on YouTube and other platforms. At the end of 2021, they asked me and all the other people on there to make a video without predictions for 2022. If you go back and watch my video from November or December of 2021, I was saying that my 2022 longer term prediction was for the New Zealand/US and the Australian/US to fall. That was based on what I could see on the longer term monthly charts. If you go and have a look at your charts from the beginning of this year to right now, you can see that pretty much the Australian/US and the New Zealand/US have just fallen the whole year. So it’s a combination of those two weakening, US strengthening.
But I could see that based on the monthly charts. So I’ve made a video update for them explaining what I was looking at a year ago and how that’s come true, and also how we can teach you to do exactly the same. Again, it doesn’t matter what the timeframe is, it’s just that this particular objective was more of a longer term what’s happening this year perspective. Those are the two currencies that I picked out. Go look at your charts and start at the beginning of January of 2022. Have a look at today. You can see that’s been a pretty good, fair reflection of what’s happened. So really pleased we’ve got that all in order.
Our Black Friday sale starts on 17th/18th November
Also, our third thing, our Black Friday sale is coming up. By the time you get to watch this on your Sunday or Monday, it will be on Friday. So Friday the 18th of November. It will be Thursday the 17th start time depending on where you are in the world. So if you’re in the US or in Europe, then the start time of the sale will be Thursday the 17th for you. For me over here, this side of the world over in New Zealand, the start time will be 9:00 AM my time, Auckland New Zealand time, on Friday the 18th of November. There is a countdown timer, so you can’t get it wrong. I’ve put various countries and various cities around the world on a page so you can see the exact start time in your start time so you cannot get it wrong. It’s a 12 hour dime sale. It is going to be the lowest price I’ve ever offered the course in coming up 14 years here at The Forex Trading Coach.
If you want to change your trading around and you want to get into it or it’s just not working for you and you want to make it work and get these longer term predictions as well as shorter time frame trades that we post, this is your prime opportunity. I’ll put a link here for you to register your interest. Make sure you jump on board. It’s a 12 hour sale. The price is starting crazily low and it’s going to increase every 15 minutes. So do not miss out, if that’s the thing for you that you want to change your trading around going into 2023.
Check out Blueberry Markets
Lastly, Blueberry Markets over in Australia. Great bunch of people, awesome broker, great pricing, great platform, lots of different markets. From what I’ve heard on the grapevine, going to get even better and bigger going into next year. Sounds like there’s a few developments coming along from Blueberry that’s just going to make them even better. Again, I’ll put a link to Blueberry Markets. Without doubt, they have the best customer service. Absolutely no question there. The amount of things that we’ve had people come to us and say, “Hey, Andrew, I can’t get this,” or “I can’t apply to this,” or “There’s something wrong here.” and I’ve gone to Blueberry directly and said, “Hey guys someone’s having an issue with their broker can you do this? And they go, “Yeah, sure, no problem”. Got it fixed and got people sorted, happy, within hours sometimes. It’s amazing how they operate. So I’ll put a link to Blueberry Markets here as well.
This week’s summary
So that’s a lot we’ve covered. We’ve covered the buying and selling of any market but cryptos you would have seen has fallen massively. We’ve covered the Trading Battle and my longer term predictions from last year coming really good this year. We’ve covered Black Friday this Friday, or Thursday depending on where you live in the world, and Blueberry Markets. Any content you’d like me to cover on future videos and podcasts, just ask. Send me an email email@example.com. Hope you’ve enjoyed listening or watching, and I’ll see you next week. Bye for now.
Episode Title: #481: Profiting from the Crypto Crash
Find out more about my Online Video Forex Course
It’s Time to Secure Your Financial Future
#480: It’s Time to Secure Your Financial Future
In this video:
00:24 – A lot of doom and gloom in the world right now
01:10 – Mortgage rates and Interest rates rise
01:52 – Pension funds are dropping
02:28 – What can you do about it?
02:50 – Live webinar discussing a variety of time frame charts
04:14 – Black Friday 2022 Sale – register here https://theforextradingcoach.com/black-friday-2022/
It’s time to start thinking about securing your financial future, regardless of how old you are, regardless of how wealthy you might be, and regardless of where you live. Let’s talk about this really important topic right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 480.
A lot of doom and gloom in the world right now
Thought I’d come outside this morning, early morning and record this video for you. There’s a lot going on obviously around the world right now with inflation going up, cost of living going up, job uncertainties, wages not keeping up with inflation, and a lot of property values starting to drop. In fact, I saw just this morning reading one of the UK online papers, they’re talking about potentially up to a 30% fall in their house prices. Property investors, maybe not such a good time now with higher interest rates and falling values if you already own property as well.
Mortgage rates and Interest rates rise
With mortgage rates going up and up, it’s making things harder and harder for people to afford property, and so therefore it’s not so attractive. Also, overnight my time, Britain has raised their cash rate from 2.25% up to 3%. That’s actually a 33% rise, huge. Just this week, the US have also gone from 3.25% to 4%, and on Tuesday, Australia went from 2.6 to 2.85. Other countries did something similar just a week or so prior, and that’s just this week, just those three countries.
Pension funds are dropping
We’re also getting news about pension drops, and I saw again on an English online paper here, this comment about my pension fund has plunged, wiping out almost all the gains over the last eight years. People are saying, well, their pension funds, if they’re coming up to retirement age, let’s say. Your value of your pension fund some eight years ago is pretty much where you are right now because of the lowering values and just the bad performance of pension funds. All this comes down to the very obvious, I suppose the obvious question, not the obvious answer, so much.
What can you do about it?
The obvious question of what are you going to do about it, and how can you change this? Because obviously this is just spiralling out of control on so many different levels.
To me, there is a relatively straightforward answer, and it’s to get trading or get educated into trading so you can try to figure out what you can do about this for yourself.
Live webinar discussing a variety of time frame charts
Now, just last night my time, I held a live webinar with our clients. We discussed a variety of timeframe charts, monthly charts of which we’ve got five trades on for the month of November. We discussed weekly charts, some daily charts, which we’ve taken about nine trades this week. 12 hour charts, eight hour and six hour.
With that in mind, that means that you can trade those timeframes in 15 to 30 minutes per day by looking at your charts two or three times easily. We’re not talking about sitting there looking at like one minute, five minute, 15 minute charts where you got to sit there all day and night just staring at charts, getting really stressed about your trading. Not that at all. We’re talking about making this practical that you can do this doesn’t matter where you live in the world, what time zone you’re on, what commitments you currently have with current employment or holidays or family, whatever it is, you can do this once you know what you’re doing.
On that webinar, I took a NZD/CAD trade and I took a EUR/USD trade. One is still in, the NZD/CAD still in profit right now. The EUR/USD actually hit profit in under one hour. We also had one of Wednesday’s daily chart trades hit profit on the GBP/CAD with the drop in the pound in the European session on Thursday, and that hit profit target as well.
Black Friday 2022 Sale – register here https://theforextradingcoach.com/black-friday-2022/
Also, just to let you know that on Friday 18th November, I’m holding our Black Friday sale. We do this each year and it just gives a lot of people opportunity to jump on board with us here at the Forex Trading Coach for a crazy low price. Now, we are holding our Black Friday sale one week earlier than the actual Black Friday, and so there’s a lot going on around the world with that whole time of year with Thanksgiving in the States and things like that. We’ve actually brought it forward. We’re bringing our Black Friday sale forward one week to Friday, 18th November.
If you are in the US or in Europe, that will be your Thursday, 17th start time. If you’d like to jump on board with us here at the Forex Trading Coach during that Black Friday sale, register your interest. Really important that you do that. I will put a link here so you can register your interest. There’s no commitment, it’s just purely register your interest so you can find out more about the sale.
It’s the full course. It’s everything that we have as the normal $2,497 US course. The Black Friday sale’s going to be nothing like that. It’s going to be a massive reduction. It’s going to be a 12 hour sale, and it’s really important that you do register to find out details about how you can take advantage of that.
It’s a crazy low price, and when you consider all the other options you have right now, plus it is massively disappearing and all your costs are going up and up and up. Do yourself a favour. Learn how to trade properly, learn how to look after your financial future and security by yourself. There’s no better time and more important time than right now.
Once again, register your interest for the Black Friday sale and I’ll see you this time next week with another video and podcast. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now.
Episode Title: #480: It’s Time to Secure Your Financial Future
Find out more about my Online Video Forex Course
Your Questions Asked to Blueberry Markets
#479: Your Questions Asked to Blueberry Markets
In this video:
00:32 – I’m joined by Ben Clay at Blueberry Markets
01:16 – Q #1 – Opening an account
02:09 – Q #2 – Methods to fund an account
03:45 – Q #3 – Banks having issues with opening a trading account
04:58 – Q #4 – What’s the smallest account size?
07:07 – Q #5 – Making a request for something different from Blueberry Markets
07:46 – Q #6 – New markets available to trade
08:55 – Q #7 – How secure are my funds if I don’t live in Australia?
10:02 – Contacting Ben Clay directly at firstname.lastname@example.org
Last week, I put some questions to our database and we’ve had some fantastic replies. We’re going to interview Ben Clay at Blueberry Markets and find out how Blueberry can help you as a forex trader. Let’s get into that and more right now.
Hi everybody. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 479.
I’m joined by Ben Clay at Blueberry Markets
We are very lucky today to be joined by Ben Clay, who’s the partners manager over at Blueberry Markets. Welcome along Ben. Ben, how are you?
Thank you. Very well, Andrew. Always a pleasure to be here. Thanks for having me again.
Awesome. Well, just to recap, last week I sent an email out to our database asking for people to come through with a group of questions, knowing that I was going to interview you this week and to be able to put those questions to you. So, thank you very much for helping out with these questions that we have to ask you.
So first one is from Steve, and Steve says he’s never opened an account before. What is the process, and how complicated is it to set one up?
Q #1 – Opening an account
Yep, pretty straightforward. The application itself takes three to four minutes to complete on our website, and then you just need to upload the ID documents that it will request. Typically one government issued photo ID and then a proof of address that was issued in the last 90 days. And you can upload all that in the portal. The account’s typically open within a few hours, or 24 hours or so.
Cool. So pretty straightforward, really. In terms of opening a demo, how’s that been?
That’s basically the same. You would do that straight on our website. There’s a section there that just says “Open a demo account.” That’s a lot faster. Obviously, you don’t need to upload any ID documents. But there’ll be two buttons on our website. “Open a demo account,” “open a live account,” and you can follow the steps there. And you can get demo accounts up and running within the client portal as well.
Okay, awesome. No, I hope that answers that one for you, Steve.
Q #2 – Methods to fund an account
We have a question here from Gidivo, and it’s regarding funding the accounts. And this specific question was about can I fund on a MasterCard credit card and fund and withdraw that way? Because in some countries that’s possibly a little bit easier than going through online banking system. Can you let us know what sort of different ways someone can fund and also withdraw?
Absolutely. So MasterCard and Visa is completely fine. That’s probably the most common deposit method and withdrawal method we see. Typically, when you’re using a MasterCard or Visa to deposit, you would fund the initial amounts with Visa or MasterCard, and then withdraw that same amount back to the Visa or MasterCard. And then any profits can typically be sent via bank wire. We also accept crypto deposits if you have a US dollar denominated account, as well as bank wire, Scrille, Nettella. We had PayPal for some countries. Here in Australia, we have BPay and Poly Pay, as well as a few other additional methods as well.
Wow. So quite a few. Now, just to help out with that, if you put funds across on let’s say MasterCard, do they have to come back via MasterCard? You can’t put funds across and start an account with MasterCard, and then withdraw it to a PayPal account? Or can you?
That’s correct, yeah. The funds typically have to be sent back to the same method of deposit, just for global anti-money laundering laws. And this is usually pretty uniform across most brokers.
Yeah, yeah. No, I understand. Fair enough.
Q #3 – Banks having issues with opening a trading account
And a similar kind of question, we’ve had a question here from Salman, who says he’s in the past had issues with his bank. I’m not sure where Salman lives, but in terms of being able to put deposits through to a broker and the bank having potential issues with that, can you elaborate on that?
That’s an interesting one. Typically, the bank might reach out to the clients if they have made a deposit to check if they do want to make the transfer. It’s good and bad, I guess you could say. Good in the sense that they are usually just looking out to protect you to make sure that you are sending funds to a reputable company. So obviously, always make sure that you are sending funds to a broker that’s regulated and has a decent reputation and has been around for a little while, and funds are going to be held in a segregated accounts. But at the end of the day, they are your funds. So it’s not necessarily the bank’s business what you’re doing with those funds and you should be able to send them wherever you like. But it is a protection thing at the end of the day that banks will do. So sending to Blueberry Markets shouldn’t be an issue whatsoever, as we are regulated in multiple regions.
Yeah, no, cool. Perfect. Thank you for that. I hope that helps for you Salman.
Q #4 – What’s the smallest account size?
Next question from Felix. Felix says, I’d like to know how much I can deposit to start with. So I suppose this is more a general newbies question. Once they go from demo, they get into live, maybe you could elaborate on account sizes, different account types, possibly, as well.
Yeah, sure. So as a beginner, I mean start with $100. That’s the minimum. Start with the minimum amount, especially if it is your very first live trade. If you’re going from demo to live, there is a very big difference in psychology. On the demo account, obviously there’s zero risk. You’re not concerned about the losses of trades. Whereas when you start with $100, you don’t even want to lose 10 cents on that account.
So start small. Start with the smallest lot sizes, even with $100 you can do micro lots and still give yourself a bit of free margins to play with. So definitely start small while you’re dipping your toes in. And then as you build your confidence up, you can start adding funds to the accounts.
And we have two different account types here at Blueberry. We have our standard and our direct account. The standard account is just going to have our regular spreads with no commission when it comes to currencies.
It’s probably a good way to start, because you don’t have to worry about the commission charge, you’re just looking at the spread. And as soon as you paid off that spread, you’re in profit. Then the direct account goes from $1000 or more is what you can start with. That carries a $7 per lot commission when you’re talking about currencies. And we’ll have a reduced spread. So basically our raw spread direct what we get from our pricing providers.
I mean, from my personal point of view, I think that once you’ve been trading for a while, you should get onto the… I personally prefer the commission account once you know what you’re doing, just because that nice tight spreads all the time. But yeah.
So beginning go the other way. Just pay the spread, and possibly a little bit more experience. Then go the commission route.
Exactly right. And it all comes down to preference, as well, at the end of the day. Whatever you’re comfortable with, whatever you’re comfortable with trading on. And unlike you, I prefer the other direct account at the end of the day.
Yeah, no, fair enough. The nice thing is you have both.
Got both options, yeah.
Q #5 – Making a request for something different from Blueberry Markets
Question here from Scott. And Scott says that he would like to have a demo account based in New Zealand dollars. I’m guessing he lives here in New Zealand, but he didn’t find that available. Is that something that you could set up if people have a request for different types of demo or even possibly live account denominations?
Absolutely. We do have Kiwi dollar based live accounts, but Scott, I’ll get that set up today for you. So you can have Kiwi dollar accounts on MT4 or MT5. I’ll make sure that’s done today.
Awesome. And that’s why I love working with you guys, because you make things happen. It’s fantastic. It’s really good. You wouldn’t find many brokers do that.
Q #6 – New markets available to trade
Tim asks, are you looking at adding more markets to your MT4 or MT5 platforms? Either, I’m guessing more potentially forex pairs or others, cryptos, commodities, indices?
Yeah, absolutely. We’re always looking to build out our product range. We’re going to have some relatively large changes coming in the next couple of months, which we’ll keep all our clients posted about. But as a sneak peek, there’s going to be a lot more individual shares available, hundreds more.
So we’ll be letting everyone know about that. We’re very, very excited about that. But as I said, we’re always looking to do what our clients are looking for. So if there’s any particular product that you’re looking for, reach out to us and we’ll look to see what we can do to have it added.
See if you can get them added. Is there any difference between the MT4 and MT5 platform in terms of, is it now easier to add more markets to MT5?
Yeah, so MT5 typically has the ability to have a lot larger range of products, where MT4 is still relatively limited. It’s gotten a bit better, but MT5 is always going to be the platform that’s going to have a much broader range of products.
Q #7 – How secure are my funds if I don’t live in Australia?
Yeah, no, cool. And last question here, this comes from Meg. Meg says, how secure are my funds with Blueberry Markets if I don’t live in Australia?
Great question. That’s one that she’d ask any broker you’re trading with. Absolutely. All our funds are held here in Australia in segregated accounts, in either Commonwealth Bank accounts or National Australia Bank accounts. So they’re two of the big four banks here in Australia. So no matter where you’re based in the world, that’s where your funds are held at the moment. And always segregated away from company operating funds. So in other words, Blueberry can’t touch those funds. If anything were to happen to us, the client funds stays segregated away from company operating day to day.
Yeah, that’s massively important. Because on a personal level, I’m still waiting on funds from another broker that happened about probably three years ago, and we’re still only 50% back. So having that segregation’s massive.
It also goes back to always my point about trading with regulator brokers as well. The fact that we have regulation here in Australia means that there’s very strict guidelines that we have to abide by.
Yeah, awesome. That’s fantastic. Ben, that’s covered the questions that have come through.
Contacting Ben Clay directly at email@example.com
How would someone find you, contact you? What’s the next step if someone’s either thinking of starting forex for the first time or switching from an existing broker?
Yeah, awesome question. So blueberrymarkets.com is the easiest place to come find us. Andrew, you can post my email in the description.
Of the podcast. Anyone, feel free to reach out directly to me. I’m always available. I work very, very hard to make sure that my clients are satisfied, as does everyone here in our team. We have 24/7 live chat. And that’s on weekends, with targets for every single chat to be answered within 30 seconds.
So reach out to us, ask us questions. We’re always here.
Awesome. Ben, I can vouge for that, because I know every time I email you I always get an answer really, really quick and it’s fantastic to see that hugely dedicated service. So it definitely helps with everybody’s trust and credibility. And I’ve been with you guys, pretty sure since the beginning, or very close to it, and always recommend you guys, because I know that the feedback that I get from my clients who go with you is always exceptional.
So thanks for your time today on this video and podcast. As mentioned, I will put a link through to Blueberry Markets and I’ll put Ben’s personal Blueberry email address on the linked description as well. So thank you, Ben, and look forward to catching up with you another time.
Thanks very much, Andrew. Always an absolute pleasure.
Episode Title: #479: Your Questions Asked to Blueberry Markets
Find out more about my Online Video Forex Course
Why We Trade Multiple Time Frame Charts
#478: Why We Trade Multiple Time Frame Charts
In this video:
00:26 – How looking at different time frame charts will help your trading
01:01 – If we had focused on 1 time frame chart
02:14 – More trade examples
02:45 – More successful trades on my live weekly webinar
03:39 – A higher probability of overall success
04:06 – I’ll be interviewing Ben Clay at Blueberry Markets
I’m going to explain why we look at multiple time frame charts each day. Let’s talk about that and more, right now.
Hey there, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 478.
How looking at different time frame charts will help your trading
I want to explain why we look at different time frame charts and how it can really help you with your trading. This week’s a really good example, and this week we haven’t had a great deal happening on the longer time frame charts. We had no weekly chart trades, which is quite unusual. On Monday and again today, being Friday, we’ve had no daily chart trades. On Tuesday and Wednesday, we only had one daily chart trade, and on Thursday we had four. And of course, you cannot tell in advance what’s happening and why and what the market’s going to do.
If we had focused on 1 time frame chart
So if we had just focused purely on the daily charts this week and the weekly charts, we’d have had just six trades. However, we look at other time frame charts as well. But it doesn’t mean to say that you are taking lots and lots of time to do that because if you can trade once a day and have a look at the charts when the daily charts close, you can also look at the 12 hour charts, the eight hour and the six hour. That’s at 5:00 PM New York time. If you can also look at 5:00 AM New York time or any time after that, you can also look at two hour, four hour, six hour and 12 hour charts. And so because we take trades only at the close of a candle, I can quite easily trade once or just twice a day. It takes a maximum of 30 minutes to go through all those different time frame charts and give ourselves more trade setups.
Now, if you’re the sort of person that trades just one hour charts or just 15 minute charts or just daily charts, you are really limiting yourself because you don’t know what the market conditions are going to be. And that becomes quite a, not so much dangerous, but limiting factor on your trading.
More trade examples
So, some more examples. This week at the Wednesday, 5:00 AM time frame changeover, I’m on our forum site at that time. I posted five trades, two of them on the 12 hour charts and three of them on the six hour charts. Out of those five trades, four out of the five have been profitable, one’s still in and it’s in slight profit. So, so far we’re a hundred percent profitable success. One trade’s still to go on the 12 hour chart.
More successful trades on my live weekly webinar
And then last night, my time, on our live weekly European session webinar, which I hold, next week’s a US session webinar with Paul over in America, but I held the European session webinar last night, my time, European morning. And on that session I took two trades on the two hour charts. We took a New Zealand Swiss Franc two hour chart trade, which was very profitable, made a three to one reward to risk. Fantastic trade, hit the profit target in two candles or four hours. And I had a losing trade on the two hour US oil. So although one was profitable, the other lost, we’re still massively up because of our high reward to risk. But both of those were two hour charts.
I also took a four hour chart trade on the Australian Yen, and I took a six hour chart trade on the Euro Yen. Both were profitable, so three out of four profitable trades.
A higher probability of overall success
So it just goes to show, by looking at multiple time frame charts, you’re giving yourself a higher number of trades, a higher probability of success because you can fine tune to find the highest quality trade setup. So it’s really important that you don’t just limit yourself to just a handful of currency pairs or just one or two time frame charts. Be flexible because you have to be flexible because you don’t know what the market’s going to give you at that time. So, I hope that helps as a good lesson.
I’ll be interviewing Ben Clay at Blueberry Markets
Now next week, instead of making a video and podcast like this, I’m going to be interviewing Ben Clay at Blueberry Markets, and I’d like to offer you an opportunity to ask some questions to Ben and I can ask those questions on your behalf. So if you have any questions that you’d like to ask Ben at Blueberry Markets, about anything to do with trading or anything to do with brokerage, about them, about why they think they are a good broker, about anything, the way they operate, their history, anything at all to do with Blueberry Markets or anything to do with a broker in general, send me an email early next week to firstname.lastname@example.org. In fact, you’ll get this on your Sunday or Monday depending on where you live in the world.
If you can send me an email within the next 24 hours or so, would be fantastic, with your question for me, or questions for me, to ask on your behalf to Ben at Blueberry Markets. Next week I’ll be making a weekly video and podcast just like this, but it will be the live interview of Ben. I’d love to ask some questions on your behalf, things you’ve always wanted to ask a broker but maybe didn’t know or didn’t know who to ask. This is your opportunity. Send it through email@example.com and I’ll ask that for you next week.
Have a great weekend. Bye for now.
Episode Title: #478: Why We Trade Multiple Time Frame Charts
Find out more about my Online Video Forex Course
Learning from the All Blacks
#477: Learning from the All Blacks
In this video:
00:29 – I’ve been watching the New Zealand All Blacks train
01:14 – Trader getting burnt out
02:19 – Watch last week’s video where I shared by trading day
03:03 – Do something that is proven
04:20 – The system makes life easier for the players
05:04 – Where you can find high quality training
05:25 – Looking for a good broker?
06:06 – Do you also like quality?
I’m going to talk about how you can train like the mighty New Zealand All Blacks and how you can be successful as a trader just like they are in world rugby. Let’s talk about that a more right now.
Hey there traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 477.
I’ve been watching the New Zealand All Blacks train
I’ve just been with my youngest daughter, Amber, to watch the mighty New Zealand all Black team train here in Nelson. They did an open training session this morning where everybody could go along and watch their final training before next week. They head off to Japan for the start of their Northern Hemisphere winter tour over there and then over to Britain. And I think they’re playing Scotland and Ireland and France and Wales. Great to see them, but from what I got out of it is to see how well oiled they are. A fantastic working machine that has proven success and also a machine that looks after the player welfare. So I’ll come back to All Blacks shortly.
Trader getting burnt out
I received an email this week from a trader who’s not a client over in the UK, and he was talking about burnout. And he was saying, Look, Andrew, why is it that you are still trading? What is it that you do differently to me, because I’m just getting exhausted. I’m burnt out. I’m that FOMO. He’s getting FOMO, the fear of missing out. He’s scared to leave charts, he’s fearful that he’s going to miss trades, all that type of stuff going on in his head. And I said to him, Look, well, before I can really help you, tell me how you are trading right now. And he came back and he said he’s trading a mixture of five minute charts and news trading.
So he is trading European mornings, he’s trading the US time, he’s looking for high impact news events. He’s stressed about being there. When do you put a trade on? When do you take it off? Looking at five minute charts all the time. And so it’s just constantly, it’s like a hamster going round on a wheel, it’s just never ending.
Watch last week’s video where I shared by trading day
And I said to him, Well, first of all, go and have a look at my video from last week. If you haven’t seen the video on podcast or listened to a video on podcast number 476. Last week, I shared with you a trading day when I traded just twice a day. And by the way, those trades did really well and I took you for a flight in my helicopter. So which would you rather be? Would you rather be just looking at your charts twice a day, taking trades and doing really well with low risk and low stress and doing things that you enjoy, or would you rather just sit there just, not quite 24 hours a day, but getting close. Like this guy in the UK. He’s just sitting, just lethargic, just not getting out and doing stuff, and the trading’s just taking over his life and it’s becoming a nightmare.
Watch last week’s video where I shared by trading day
So very easily, I was then able to suggest to him, he gets onto longer timeframe charts and gets a strategy that works, et cetera. That’s proven and it continues to work, and it looks after you as a trader.
So, I bring that them back to what I saw this morning with the All Blacks, you go in there, everything’s set up, it’s perfect. There’s all the training guys, the gear, the cameras, the drones, the players turn up, they do their warmups, they get into a little bit more intense work, some exercises, tennis balls come out for hand eye coordination. It gets a little bit harder, a little bit faster. And they have a system that works.
And that’s no accident that it works. And there’s no accident that the All Blacks have been one of the most successful sports teams of any sport anywhere on the planet in history and continue to be so, because their system of the training, the way that they play, the way that they bring new people through, the way that they support each other, the way that they’ve got the doctors, the medical people, they’ve got all the physios, they’ve got the fitness guys, they’ve got the dieticians, they’ve got, the whole thing is just run like clockwork. It’s very, very impressive to see.
The system makes life easier for the players
And so when the players come to do their job, which is the entertaining, and they’re throwing the ball around, it works because the system works. And you think about how you can become a successful trader like the All Blacks and continue to do it, not just a one hit wonder. These guys have been doing it since rugby started. They’ve been the best in the world. And so there’s a reason for that. And you bring that to your trading. And if you have a proven strategy that’s enjoyable, you’ve got people around you, you’ve got a system in place to safeguard you with low risk and high quality outcomes, you’ll get high probability trades and you’ll get good results. No different to the All Blacks.
Where you can find high quality training
So if you’d like to learn how to train and trade with the success of the All Blacks as a Forex trader, and also looking at your commodities, indices, cryptos, you know where to find us here at the Forex Training Coach. We’ve been doing this for 13 and a half years, and we have clients in 101 countries. Like the All Blacks, what we do is proven to be successful.
Looking for a good broker?
So if you’re looking for a broker, have a look at Blueberry Markets. This week I’ve had five other brokers contact me by email and LinkedIn. I turned them all down because all they’re after is just, how many people can you bring us? And that’s not what I’m about. I’m about suggesting that you look at a broker like Blueberry Markets, if you’re out there in the market looking for a new broker because they offer quality. They’re a good broker, decent people, good platform, good spreads, everything that you’re looking for. And so I like to work with quality. It’s why I like to watch the All Blacks play and train, and it’s why I like to work with Blueberry markets.
Do you also like quality?
So if you like quality, if you like success, and you like a proven strategy, then consider joining us here at the Forex Training Coach to take your trading to that next level. And we’re here to help.
I’ll see you this time next week. This is Andrew Mitchem, massive supporter of the New Zealand All Blacks and Forex trader. See you next week. Bye for now.
Episode Title: #477: Learning from the All Blacks
Find out more about my Online Video Forex Course
My Trading Day & Helicopter Flight
#476: My Trading Day & Helicopter Flight
In this video:
00:31 – My trading Day & Helicopter flying
00:53 – Taking 5 trades on the D1, H12, H6 and H4 charts
01:47 – Trading done and Pre-flight done
02:21 – Flying from Nelson to Awaroa
02:41 – Check my trades and ready to fly home
03:23 – An H4 trade at the 5am EST changeover
Today I’m going to share with you my trading day. We’re going to start here taking some trades off the daily charts very shortly. Then I’m going to take you on a helicopter flight, where I’ll be flying myself, and then I’ll be back here to trade some more tonight. Let’s get into that and more right now.
Hey there traders, this is Andrew Mitchem, here at the Forex Trading Coach, with video and podcast number 476.
Taking 5 trades on the D1, H12, H6 and H4 charts
We’ve got a real special day lined up for you today. It is coming up to about 10 to 10:00 in the morning here. The daily charts are about to change over at my 10:00 AM, which is coming up to 5:00 PM New York time. I’m going to scan through the daily charts right now, and then I’m going to go through the 12-hour, the 8-hour, and the 6-hour charts, and I’m going to come back shortly and let you know what I’m trading.
Trading done and Pre-flight done
Righty. So here we are back again, just some 20 minutes later. I’ve been through the daily charts, the 12, the 8, and the 6, on the forex and non-forex pairs. This is what I am trading today on the daily charts. I am taking a trade on the Euro Swiss Franc, and also on the pound New Zealand. So both sell trades, Euro Swiss Franc, sell pound New Zealand, sell on the Dailies. I’m also taking a H4 chart trade on silver as a buy trade, a H6 gold trade against the US and a Euro Australian H12 chart trade. So all up I have got five trades that I’m taking now, and that’s it for the morning. Next stop helicopter time.
Okay, so we’re inside. All the pre-flights are done. Everything’s all checked in here, and we’re ready to start up in the next few minutes, going for a nice flight. Little bit like trading. You do your homework, you do your due diligence, you do all your testing, and then once everything’s been thoroughly checked, you take your trades. I’ve actually just checked the gold and silver trades that I mentioned earlier, they’re going really, really well, especially the silver trade. The silver H4 forex chart’s just going tremendously well. So, really nice to see. I’ll update you once we start flying. Talk soon.
Check my trades and ready to fly home
So just had a nice couple of hours with some friends here at Awaroa, which is north of Nelson. Beautiful, very remote place here. Got a bit of a landing spot here for us. And yeah, just checked my phone. We do have reception here, so just checked the phone, see the trades are still going really well. Actually, better than when I left. So heading back now, and then I’ll come back on when we’re at home tonight, looking at the changeover of the 5:00 AM Eastern Standard Time charts. And I’ll be looking at the 2 hour, 4 hour, 6 and 12 hours, and I’ll update you on the progress of today’s trades at that stage and hopefully take a few more trades. Talk to you soon.
Flying from Nelson to Awaroa
1500 feet flying out from Nelson going to Awaroa. Good day outside. quite windy though
but nice to see we’re up flying. We are getting ready to the beach. See you soon.
An H4 trade at the 5am EST changeover
Righty. So here we are, 10:00 PM. Just taking my last trades for today. Just one trade at the 5:00 AM Eastern Standard Time, which is New York time changeover, and that is a sell trade that we’ve just taken on the Aussie Franc on the H4 chart. So let’s see how those trades go. We’ve been talking about it here on our forum site and discussing it with other clients as well. So yeah, just really great to have the amount of traders on there all looking through the charts, and I’ve been through all the forex and non-forex pairs at the changeover, at the different timeframe charts, and a lot sort of almost trades, but only that one good enough trade to take, using the criteria that we have. So I hope that helps. Trading just twice a day, it’s taken me what, less than 30 minutes in total to look through all the charts, place the trades here today.
What do we have? Five trades earlier today, one now. Let’s see how they all go. But between the trades earlier today, the flying, trades now, you can see how flexible the system is. You don’t even have to trade at these two times, by the way. It’s just the two times that I choose to trade. But you can see how you can trade, still do normal things, whether it be a normal job, career, travel, family things, whatever it might be, flying, whatever it is that you like to do, you can do that and trade, the strategy that I’ve created and teach and trade, and been doing that, teaching for 13-plus years and trading for nearly 18 years now. Wow. Hence the grey bits. But look, hope that helps.
And any questions just ask. We’re here to help and we love what we’re doing, as you can see. Thanks again. This is Andrew Mitchem at the Forex Training Coach. Bye for now.
Episode Title: #476: My Trading Day & Helicopter Flight
Find out more about my Online Video Forex Course
How to Best Use Divergence in the Forex Market
#475: How to Best Use Divergence in the Forex Market
In this video:
00:26 – Using Divergence
01:27 – The 2 types of Divergence
02:22 – Reversals and Continuation Patterns
03:49 – Continuation Patterns are Higher Probability Trades
04:59 – Regular and Hidden Divergence
05:32 – Blueberry Markets for MT4 and MT5
Does divergence really work in the Forex market? And if so, how can you best use it? Let’s talk about that a more right now.
Hey, there Forex traders, this is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 475.
I want to give you a really good bit of trading information here regarding the use of divergence. And you’d know that if you’ve been following me for any length of time, I use predominantly candle patterns. I look at price action, I look at support and resistance levels and strength and weakness on the charts, as that to me is the most important information. However, there is one indicator that I use of the more traditional lagging indicators, and that is the stochastic indicator. And I use that in a few ways. It helps me to determine if the price is overboard or oversold.
And what that means is if the price is going up and up and up and it’s then overbought. If I were to see a reversal pattern, that means that it’s in quite a high probability part of the chart, that the price cannot keep going up forever and therefore it’s lightly to then pull back. And I can take a potential cell position, but I also use the stochastics to help me with divergence.
The 2 types of Divergence
Now, there are two types of divergence, those regular or standard divergence, and there is what we call hidden divergence. Now, in basic terms, divergence is when, let’s say the indicator is going one way, but in reality the price is going the other. And that causes a divergence. One thing’s heading up, the other’s heading down, and you get the opposite, like the conflict going on there. So that is a divergence. Now there’s sort of more specifics that we look at than that, whether we’re looking at that happening with the lows and the price getting higher or the highs and the price getting lower, different things like that.
But in basic terms, divergence means price going one way, the indicator suggests the price should be going the other way, and then you generally get a reversal or a continuation happening. So it’s a really good early warning system for you as well.
Reversals and Continuation Patterns
So two ways of trading it for me reversals. That is when you get regular divergence with the price coming off the bottom or the upper Bollinger Band area. So in other words, the price is either oversold if it’s at the bottom Bollinger Band or overbought. If it’s at the upper Bollinger Band and stochastics are either low below the 20 or high above the 80 level. And if you get that showing, then you have yourself a high probability chance of a reversal trade. Now of course, you cannot just say, “Here’s a positive divergence signal, the market’s oversold the price is going to go up.” It’s not as simple as that.
You still need the candle pattern and you still need it to come off the right price level. Strength and weakness is always important. If you get a trend line break, have you got a good place for your stop loss, plenty of room to move for your profit target? All those things that we talk about all the time are still massively important. But by piecing together all these little parts of the jigsaw, if you can then add a divergent signal on top of everything else that you see, that to me adds more and more quality, more and more probability of success for your candle pattern and your setup that you are taking. So I really like reversal patterns and standard divergence, but I love continuation patterns with hidden divergence. And the reason for that is this, continuation patterns to me are an even higher probability, safer way of trading.
And what we’re looking for in basic terms is this. Let’s say that the price has been moving up and it’s come off the bottom Bollinger Band back towards the middle Bollinger Band, and then we get a red, a hidden divergent signal. Let me get that right. We get a hidden divergent signal off the middle Bollinger Band, and we then get the candle pattern looking like it’s heading down again. So it’s come up to the middle Bollinger Band, and then we are then looking at trading it again. So in other words, down trend pullback, looking for the down trend to continue.
Continuation Patterns are Higher Probability Trades
That continuation pattern is by far a safer pattern than looking for a big down trend. And then looking to pick the bottom and looking for that reversal. Reversals look really cool on your charts if you can pick them. They’re really good, but they are slightly higher risk.
A continuation pattern means you’re trading with the main trend, but after a pullback has already happened. And so that becomes a safer pattern.
Regular and Hidden Divergence
So two different ways of using divergence, regular divergence of the upper lower Bollinger Bands looking for reversal trades. Hidden divergence, in my opinion, are far better, safer way of trading after a pullback to the middle Bollinger Band. And then looking at writing the main trend again. Have a look at those on your chart. If you’d like more information about that, then jump onto one of my webinars to the hold for new traders or experience traders, or just jump onto the full coaching programme where we can teach you properly everything that we look for.
Blueberry Markets for MT4 and MT5
And if you’re looking for a broker to choose for a demo account to get you started or you’re ready to go to a live account, my pick is always Blueberry Markets. They have a fantastic MT4 and MT5 trading platform available. Fantastic group of people. They also have a really good client portal where you can log in and you can trade change funds between accounts, you can open new accounts, withdrawal funds. Really, really quick fund withdrawal as well. So have a look at Blueberry Markets. They’re based in Australia and they’re really, really fantastic brokerage. I’ll put link to them on this video and podcast as well for you to check at Blueberry Markets and my five star coaching programme.
So once again, this is Andrew Mitchem here at the Forex Trading Coach. Look forward to bringing you more trading tips and information next week. Bye for now.
Episode Title: #475: How to Best Use Divergence in the Forex Market
Find out more about my Online Video Forex Course
Do You Lack The Capital to Trade Well?
#474: Do You Lack The Capital to Trade Well?
In this video:
00:23 – Do you lack capital to trade well?
01:20 – Control your heart and your head
01:46 – Learn how to trade first
02:56 – Understanding the markets
03:36 – Going to University
04:05 – Get yourself into Prop firm trading
06:05 – Blueberry Markets
06:38 – The Successful Trader System
Is a lack of trading capital one of your biggest problems that you face in order to become a successful trader? If that sounds like you, listen up, I’ve got some great tips and information to really help you. Hi, everybody. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 474.
Do you lack capital to trade well?
Now, if lack of capital is one of the issues that you have as a trader, I’ve just got some great tips to help you. Because every day, I get email from people that say, “How much do I need in my trading account in order to give up my job? How much do I need in my trading account to be able to pay for your course? I don’t have enough money. If I pay for your course, it’s going to drain my existing trading account. I don’t have any extra spare cash to put into it. I’m worried that if I start off with five or 10 grand, I don’t have anything else to add. I’m worried if I start with too much even, then I’m going to lose money and I’m going to be scared and not want to trade again.”
So it’s all these kind of money-related issues going round in the heads of pretty much everybody out there looking to trade.
Control your heart and your head
Now, I always say there’s two things you need to control in your trading, one is your heart and the other is your head. You need to get both of those two under control. To do that, you need things like a strategy. You need mentorship. You need assistance, support to know what you’re doing, low-risk money management, all those type of things. But the problem is if you haven’t got enough money to start with, people feel that none of that matters, whereas in reality, it should be the opposite.
Learn how to trade first
You see, to me, the most important thing right now for you to do is to learn how to trade. Your account size today, how much money you have available of your own personal money to trade within your account right now or even to look at adding to your account is completely and utterly irrelevant. It has almost zero bearing on whether you can learn how to trade properly.
You see, you flip it the other way around. You could come to me and go, “Andrew, I’ve got a million dollars. Send in my account and I’m ready to start trading. I’m a multi multimillionaire. I’m just going to throw a million dollars at it and see what happens.” You can guarantee that that person is also going to lose money, lose confidence, and give up trading. So it really doesn’t matter if a thousand dollars is a massive amount to you or a million dollars is a tiny amount, does not matter one little bit unless you know how to trade properly. So that’s why I say you this, the size of your account, the size of your capital, your wealth, all of that is completely and utterly irrelevant unless you know what you’re doing and how to trade.
Understanding the markets
So it comes down to understanding the market, knowing what to look for, and trading properly. Because you see, a lot of people go, “Andrew, you talk about a half percent risk. I’ve got a thousand-dollar account. That’s $5 I’m risking per trade and I might be making $10, $15. That’s not enough to live on.” Again, completely and utterly irrelevant. It does not matter today. The thing that you have to learn to do is to learn how to trade properly, consistent with low drawdown and high consistency, high reward to risk trades. If you can do that properly first, then you can make money from trading.
Going to University
Think of the learning process as like going to university. Think of it like an apprenticeship. You’re not doing those things. You’re not at uni and you’re not on an apprenticeship to be your end goal and to make all your money right then. You’re there to learn the steps to learn the process in order to better yourself to then fast-track yourself to be able to jump into that career or higher paying job or whatever it is that you are doing those skills or that learning for. Trading is no different.
Get yourself into Prop firm trading
How you can get there with trading is once you know what you’re doing, you can get into things like prop firms. Now, to give you an example, we’ve got one of our clients on a prop firm. He’s been doing it for about a year now. He’s up to $750,000 in just one account. He’s got multiple prop firms going by the way, but his biggest account is $750,000. If he can make a 10% gain on that account within the drawdown parameters that the prop firm have, that means he makes $75,000 US on that account. It’s not even his money. He’s on an 80/20 profit share, which means that if he makes the 10% gain or $75,000, he then is on 80% of that, which is $60,000 to him from just the one prop firm. Now sure he has taken some time to get to that stage and prior to that, he’s taken some time to learn the course, the strategy, the programme that I teach to get to that stage where he can then start at the prop firm.
It’s not a get rich quick scheme. It’s not going to fix everything in two minutes. You have to still go through the steps in order to get towards being good enough to go to a prop firm, but it just shows you that when you are good enough and you know what you’re doing, you can outsource your skills to things like prop firms, signal companies, whatever it is you want to go through. Prop firms is probably one of the best and easiest ways of gaining a large consistent return with someone else’s money, but again, you have to know what you’re doing first. You got to walk before you can run. But isn’t that incredibly exciting that once you’ve developed the skills, there are multiple ways out there for you to gain massive monthly returns and income without actually worrying about whether I’ve got $5,000 or $1,000 or a million dollars today. It does not matter.
So you can see the relevance of your account today, the size of your account right now, completely irrelevant. Learn how to trade first.
If you’re looking at a broker to put any amount of funds through, start on a demo, work up some live accounts. Blueberry Markets, I can highly recommend them. I’ve been with them for years and years. I talk about them every week. Why? Because they’re good. They offer incredible customer service, great trading platforms, the MT4 and MT5 platform. Their MT5 platform has multiple markets, very, very tight, low spreads all throughout the day and night. I highly recommend them. I put a link to Blueberry Markets here as well.
The Successful Trader System
And also, I put a link to my five-star rated Forex coaching programme, the Successful Trader System, which has been running for over 13 years and helping traders right around the world just like you learn how to trade, understand what they’re doing, and then take it big once they know what they’re doing. Any questions? Send me an email, andrew@theforextradingcoach. If you have any topics or conversations or trading information you’d like me to discuss on future videos and podcasts just like this, just send me an email. If you’re watching, don’t forget to like and subscribe. Thanks again. See you next week.