See my H6 Chart Trades in Action

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#543: See my H6 Chart Trades in Action

In this video:
00:27 – Trades that I’ve taken on the H6 charts this week.
01:02 – Why I traded the STOXX50 Index.
02:25 – Sell trade on the USD/MXN. 
03:09 – EUR/MZN H6 trade makes profit.
04:41 – Last trade on the GBP/CAD.
05:29 – Low risk and high Reward:Risk trades.
06:50 – Trade through Blueberry Markets.
07:08 – Attend my Masterclass, Prop Firm webinar and book a call with us.   

Today, I’m going to share with you some six hour chart trades that we’ve taken just this week, some winning trades and some losing trades. Let’s get into that and more right now.

Hi there, Traders! It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 543.

Trades that I’ve taken on the H6 charts this week.

I want to share with you some trades that I’ve taken just this week on six hour chart trades across different markets and different forex pairs. I’m going to explain why I’ve taken these trades and to give you an understanding of how we trade.

Now just to let you know also that when we trade at the Forex Trading Coach, our charts are a little bit different to this. I have some candle identifier software, pivot points, divergence, etc. on top. But what I’ve done for the purpose of this video podcast, I’ve stripped everything and so you can just see the actual candle patterns and the price.

Why I traded the STOXX50 Index.

So let’s start here with the STOXX50, which is a European index. So we also trade non forex markets if the pattern show. And so you can see my trade in here. This is a six hour chart trade. It was taken on the completion of this candle here. And if you look at the first two results down here, you can see that one just got stopped out and the other went down to the profit target.

So what is it we’re looking at here? Well, first of all, we have a lovely downtrend in play and then a reversal, By the way, we took this trade, is a buy trade last week. But this pulled back beautifully. And then we saw the continuation pattern heading down in a nice trend line break up through here at this candle closed below that trend line break we had a nice “n” shape that we look for and we actually bounced off a middle bollinger band.

We had a few other things adding to the trade but you can see in here my two entry levels and this mentioned the first position just got stopped out, the second position. Then price fell beautifully. So our profit target, which by the way, was before the 5000 level and before us swing low. So that was the at the first trade there.

Now we take multiple trades throughout each day and each week on our membership site and on my forum site. And so these trades were all posted there.

Sell trade on the USD/MXN. 

The next trade I want to share with you is the next one down here. You can see the sell trade on the USD/MXN. And this trade just got stopped out on the completion of this candle. The price went down and I ended up closing the trade early. You can see there’s a couple losing trades there and I got out of that trade in plenty of time after a loss, a small loss, a control loss of one position, small loss on the other.

But overall, my logic for the trade was we were in a downtrend pullback and then we had this continuation pattern here looking for this to down. So a small loss taken there.

EUR/MZN H6 trade makes profit.

However, the next trade was taken at exactly the same time is on the EUR/MXN and that’s in here. And you can see we had a very similar pattern but probably a stronger pattern there.

Overall, we were in this big downtrend, nice pullback, and then we got the confirmation to go short. And you can see in here my two entry levels in through here, 17.735 and 17.743. In here the second one pulled back absolutely perfectly to the higher or deeper retracement and then the market then turned around in the anticipated direction.

So what we’re doing here is we’re taking sell limit orders. We’re not jumping in at the market needing to be that the exact time we put limit orders that we’re looking for the price to first pull back and then drop in our anticipated direction again with this trade out before the last swing lows here. You can see if you look at that level there, I hover over the top of that candle, you can see the price was 17.746 and you can then see down here my entry level 17.743. Absolute perfection on the entry level at getting the maximum out of that trade and also no real drawdown on the trade.

Another point is, you look at the entry level there and look how absolutely to perfection with that last major swing low back on the second April.

Last trade on the GBP/CAD.

And then finally the bottom two trade. So all my trades are split into two trades. I have a quarter percent risk divided by the two trades on this particular account.

And in here you can see this was a buy trade absolute perfection on a profit target up here. So overall we had an uptrend, pull back and then we took the buy trades based off this candle here, one position got stopped out at the bottom and one hit the profit target. Again, you can see the profits target was 1.7234 or a high of that candle was 1.7236.

So we got to our profit target absolutely perfectly. The price went two pips higher and then completely changed direction away. Didn’t matter. We were out of the trade.

Low risk and high Reward:Risk trades.

So following on from last week where you would have heard me talk about making sure we have low and controlled risk, you can see how these trades here pretty much in that high $50-$60 dollar.

There’s one there a little bit higher, but they’re all around that sort of control risk. Yet the profit targets, depending on which retracement entry gets filled. Are sort of between around a 2 to getting close to some about 2.6-2.7:1 rewards risk even on the shorter time front chart. So even looking at just these trades here you can see this 2,4,6,8 position filled there and you can see that 4 got stopped 4, 4 profit yet overall net gain is fantastic losses low and controlled.

So that’s what we do here at Forex Trading Coach That’s like I said, all these trades were posted on our forum site. We have longer timeframe charts on our membership site. Just wanted to share with you something a little bit different on shorter time frame charts and also to show you, you know, the EUR/MXN not exactly a very, you know, a major pair and the STOXX50 here, you know an indice. So it shows that the patterns that we trade work across all markets.

That’s what we’re doing. We’re looking for the patterns. It doesn’t matter what the timeframe or the market. We look at the close of the candles.

Trade through Blueberry Markets.

If you’re out there looking for a great broker, I can highly recommend blueberry markets. I’m going to put a link to them here. I’ve been using blueberry markets for years and years. So have hundreds, if not thousands, of my clients using blueberry markets. Great bunch of people, great broker based across in Australia.

Attend my Masterclass, Prop Firm webinar and book a call with us.   

If you’ve not been on my one hour free masterclass yet, I strongly recommend you jump on to that. There’s a link that I’ll put by this video on podcast so you can jump on to that. It’s on demand. You can take an hour every day and close everything off.

Go and spend an hour, watch what we do and how we do it and how we can help you to do that.

So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach, bringing you more great trades again this week. Bye for now!

Episode Title: #543: See my H6 Chart Trades in Action

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I’ll Show You My Trades & Why We Took Them

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#542: I’ll Show You My Trades & Why We Took Them

In this video:
00:32 – Sharing my screen and showing you my trades.
01:05 – Trades taken this week on D1 charts.
04:12 – Copying trades to other accounts and prop firms.
04:43 – EUR/CHF D1 trade.
06:11 – 3x H12 chart trades taken.
08:24 – How we trade and teach our clients.
10:29 – Trade through Blueberry Markets.
10:42 – Attend my Masterclass, Prop Firm webinar and book a call with us.

In this week’s video and podcast, I’m going to share with you some trades that we have posted on our membership site and our forum site and take in ourselves this week so we can show you how we operate, how we trade and how we have great results. Let’s get into that a more right now.

Hey there, Traders! Andrew Mitchem here at Forex Trading Coach with video and podcast number 542.

Sharing my screen and showing you my trades.

Something a little bit different this week. I’ve had multiple requests asking for me to share my screen and to show you some of the trades that we take. So that’s exactly what I’m going to do. This week. So if you’re listening on a podcast, apologize, but this is definitely going to be more of a visual video.

So if you’re on a podcast, maybe you can go and look at your charts whilst listening to the podcast or after and see some of the trades. But I will be descriptive in the trades set up. So let’s get into this straight away.

Trades taken this week on D1 charts.

So this week we’ve had a very short week due to the Easter break. But what I want to share with you are just some trades that I have taken myself on our membership site and our forum site.

So let’s share with you here. This is going back to Wednesday, the 3rd of April. And you’re seeing here I’ve got some trades on the EUR/CHF and the AUD/JPY. I want to cover those two to start with. These are taking on the daily charts. These are taken in advance of the market moving. And you can see all the reasons we put there, the entry and exit levels, etc. So I’ll take that off and I’ll just go back to the actual chart and share with you what it is we are looking at.

So this is the Aussie yen in here that we took on the close of the Tuesday candle going into Wednesday, which was the 3rd of April 2024. You can see the two trades I’ve taken down here and you can see the results. But more importantly, I want to explain why we took rates. And if I take the chart out slightly, you can see that overall the AUD/JPY has been this is going back to like the end of December of last year, has been overall in quite an uptrend.

And so when we saw this pattern here now obviously on my own charts, I have extra lines, indicators, etc., Candle Identifier, Bollinger Bands, etc. like that? But for the purpose of this video of stripped all that off to make it a little bit cleaner for you to see. And also if I put my exact levels on that, I would be looking at today, which is Friday the 5th of April, those levels wouldn’t be relevant for this candle back here.

However, what we saw overall was that bigger picture uptrend, as I mentioned. And then we saw this nice pullback here. And notice after this big pullback on the 22nd, we then had quite a few indecision candles and then we had the change around here. So this is quite a significant area that we see the price pull back to.

Then we get our bullish candle on the Tuesday, which is the first full day after some shorter days throughout the Easter break through here. So we took it buy trade. And on our daily trade suggestions, you can drink bitcoin, you can see in here we had a buy trade at 98.64. To bear in mind we post these on the completion of this candle.

Everybody in the world, it doesn’t matter where they live can take retracement orders. So 98.64 if I look at the low of this candle here, you’ll see 98 if you have a look up from the top left here, when I hover over it, the candle went back to 98.58. So we were in around here, 64. So we had one market order in there that had a stop loss down here and that stayed in and our retracement order pulled back beautifully and then went up and hit our profit target at 99.15.

So 99.15 is here. And as mentioned, you can see my two trades in here with their reward risk.

Copying trades to other accounts and prop firms.

Now, if you’re looking at this and thinking, okay, Andrew tells me he’s a full time trader, but he’s only making $56 109, $46. Don’t worry about that. This is the way I trade it. I have a smaller live account and I then trade on larger counts and prop firms behind the scenes through virtual servers and copiers, software, etc. All you need to focus on here are the trades set ups, the reward to risk, and these trades and see why we’ve taken them and how to take them. So that’s the AUD/JPY there.

EUR/CHF D1 trade.

The second trade, which did not get a retracement order filled, but the market order got filled. And again, I’ll bring this back on here so you can see these right here. Our market order had a stop loss of 0.9747 and a profit target of 0.9819. So if I take this back on here, you can see that we entered the market order here now stop loss, which was at 0.9747, which was very safe and our profit target at 0.9819, which was up here just prior to that swing high.

But the reasons for taking the trade, clearly EUR/CHF been in a huge uptrend. We had some pullback here. We had a swing high with the indecision candle and then a pullback and then two more in decision candles over that Easter weekend. Then out on the Tuesday we had that confirmation to go long again and as mentioned, the retracement order did not get filled but the market order because we split our positions.

Market order being a market order here in the market. So you take it buy trade and clearly our profit target was hit the price did go up further, but you were not to know that at the time. So taking a profit target higher than this, I would have been quite crazy. And and clearly you can see here that those high to be tested then is pulling back right now. So our profit target there was hit absolutely beautifully.

3x H12 chart trades taken.

Now, if I pull back onto this page again and have a look down here, you’ll note that down here I said also for that same day we publish this Each day there are some 12 hour buy chart trades on the EUR/USD. EUR/JPY and the EUR/CAD. Now, if I go to my charts on here where I have my 12 hour charts I run you through these three trades now the EUR/USD in here you can see this is a previous trade that we took in here.

Sell trade hit profit target. But this is another trade in here, the one that I was talking about with the euro us up here, this top position, only one position got filled there. So on the shorter timeframe charts I take two limit orders. In fact, you can see I’ve got two limit orders on here today selling the EUR/USD.

This is the trade I want to focus on. And we published membership site at one position got filled and you can see the profit target up there. That’s a reversal of this downtrend. So we take this chart out. You can see we had a nice reversal going on here, reversal candle that we look for and we took the buy trade there. The EUR/CAD another reversal trade I take this and again you can see that the reversal here a swing low and then the engulfing candle that we look for there’s an entry level there’s a profit target.

And the best of the lot was the EUR/JPY And through here, which pulled up pull back our U-shape pattern that we look for there’s our candle ignore this long wick here that was a spike And then at the very beginning of the day you can see in here, if you look at the bottom to try the euro yen trades in here, I took two retracement orders and by zooming a little bit there you can see in here is one order and this the other again, ignore that lowest spike.

That was just a price spike with an issue on that market at the beginning of the day. But my two limit orders there and then the next candle up here and the profit target was hit two fantastic high rewards to risk trades.

How we trade and teach our clients.

So that just gives you an example of what we do, what we look for each day and why. If you think about this, those two trades are shared with you on the daily chart and these three on the 12 hour charts all taken at the completion of the day, which is 5 p.m.. New York time literally took less than 5 minutes to place them all. And that is the way that we trade. We trade on the close of a candle and you do not need to be that glue charts all day long in order to do well as a trade.

You can see the high reward risk trades out of these as well. And obviously, as I’ve mentioned, there’s more to our charts than just here of the Strip is back to the absolute bare charts to show you the candle patterns. But knowing how to do this with the back up of having that information shared with you on a daily basis, as I said in here, we publish strengths and weaknesses for the day.

We publish where we’re seeing individual currencies moving for the day. We publish exact entry and exit levels, clients know how to take these trades and you can just see the quality of the trades that we take reversals and continuations. You have a full understanding of knowing what you’re doing, why you’re doing it, when to do it. And everybody has a losing trades.

If we have losing trades, we have low control risk, we have profitable trades, we have trades that are two, two and a half, three one half, sometimes 4 to 1,reward to risk. And that to me is the key for successful trading. Do not need to trade very long per day. It’s not about how much time you’ll glued to your charts looking at every pit move up and down.

It’s about low control risk, high reward risk trades, knowing what you’re doing, plus getting the back up in support of people who are doing this full time as well.

So I hope that helps. And if you have any questions, please do leave them in the comments box. If you’re watching on YouTube, if you’d like to email me, you can email me directly. [email protected].

Trade through Blueberry Markets.

If you’re out there looking for a really good broker, I can highly recommend blueberry markets. They’re fantastic people. Great platform. The MT4/MT5 platform. Lots and lots of different markets as well.

Attend my Masterclass, Prop Firm webinar and book a call with us.    

And if you’ve not been on my masterclass and you’d like to find out more about how we trade and what we do, there’s a free one hour masterclass and I’ll put a link to that on this post and podcast as well for you.

I hope that helps. I hope you like the different format. And just to give a bit of insight of what we do and how we trade.

So any questions? Please ask. Otherwise I’ll see you next week. Bye for now

Episode Title: #542: I’ll Show You My Trades & Why We Took Them

Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

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How to make Hundreds or Thousands of Dollars per Trade

Podcast:

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#541: How to make Hundreds or Thousands of Dollars per Trade

In this video:
00:26 – How anyone can make hundreds or thousands of dollars per trade.
00:59 – Trade with the trend.
01:38 – Reversals and Continuation candle patterns.
02:11 – AUD/CHF H12 chart hits profit.
03:20 – Use Prop Firms to scale up your gains.
04:08 – AUD/CAD D1 trade hits the profit target in 5 hours.
04:45 – You cannot take every Continuation pattern as a new trade.
06:46 – Trade through Blueberry Markets.
07:38 – Attend my Masterclass, Prop Firm webinar and book a call with us.

Today, I’m going to show you how you can make hundreds, if not thousands of dollars per trade in just a matter of a few minutes per day. Let’s get into that and more right now.

Hey there, traders! It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 541.

How anyone can make hundreds or thousands of dollars per trade.

So today I want to share with you how you, anybody it doesn’t matter where you live in the world can make hundreds, if not thousands of dollars on a single trade. That takes you just minutes per day of chart time to see and to take.

It’s a really exciting opportunity that Forex offers. And the important thing for me is as a trader, I like to have high probability trades. You see, it’s not so much by how many trades you take. It’s about the quality of the trades.

Trade with the trend.

Now you’ve probably, if you’ve been trading for any length of time, heard the phrase about trading with the trend and it’s a fairly logical phrase and expression because it makes sense, doesn’t it?

If the market’s in a big uptrend that you should be taking buy trades. However, it’s not quite as easy as that. And the trouble is a lot of people see a big trend and then they go, it’s in an uptrend. I’m going to take it buy trade. And of course the market hits a high, turns around and stops and they take a loss.

That is the danger that most people are reactionary and only see it’s an uptrend after it’s already done and completed and it’s back to then turn back the other way.

Reversals and Continuation candle patterns.

For me as a trader, I trade two different patterns. I trade reversal patterns, which does mean selling at the top of an uptrend. But my favorite and preferred pattern is a Continuation Pattern.

Now, I’m going to give you two examples from just this week of continuation patterns. So you can go and have a look at your charts. If you’re watching, YouTube will probably put these on screen so you can see them. Obviously, if you’re on a podcast, then you just have to go and find them on your charts. But two trades to give great examples of what I mean by continuation patterns, both profitable trades for us this week.

AUD/CHF H12 chart hits profit.

The first is a 12 hour chart trade on the AUD/CHF. If you go and have a look at the AUD/CHF from the 18th of March 2024, look at the 00:00 candle. So it’s the completion of that candle, which means that the day starts at 5 p.m. New York time, but it means that that candle then closes at 5 a.m. New York time.

So have a look at the charts. The 00:00 Opening Candle, The AUD/CHF 12 Hour chart 18th of March 2024. Go and have a look at that pattern and hopefully we’ll get that screenshot put on here so you can see if you’re viewing the video. We took a buy trade there. What happened? The market moved up, it pulled back, we waited for it to pull back and then we waited for a confirmation signal to go long again, trading in the main direction.

But after that pullback and as you can see, we took a really good trade there. And even on a small account, I made about $230. And what took me probably literally 30 seconds to see the trade place to trade and walk away.

Now, I said you can make hundreds if not thousands of dollars per trade. I’ve just told you I’ve made 230 on that personal account.

Use Prop Firms to scale up your gains.

But we have things called prop firms don’t we? Now, if you’re trading on a prop firm with, let’s say, $100,000 or $100,000 or two or three prop firms, you take that trade on there, you can quite easily make thousands of dollars from that particular trade. Now, going back to my $230 profit that hopefully you’ll see on screen shortly that is taken with only a quarter of 1% risk per trade split over two positions.

So tiny, tiny, tiny risk that I take on my trades, because when you’re trading on prop firms and on your own personal account, of course you have to minimize your losses and your drawdowns. And I choose to trade very, very low risk on prop firm accounts because my aim is not to lose the account. So that is one example.

AUD/CAD D1 trade hits the profit target in 5 hours.

Another example from just today. Today is Thursday, the 21st of March 2024. I’ve taken seven daily chart trades today, but one of them on the AUD/CAD has already hit the profit target in under 5 hours. So have a look at the AUD/CAD on for the 21st of March. So look at the closed candle, complete a candle of the 20th of March and on the daily chart and we took a buy trade there.

It’s already hit the profit target and again I’ll try and get the screenshot on there for you to see. So those are two great examples of continuation patterns.

You cannot take every Continuation pattern as a new trade.

Now can you take every single continuation pattern that you see on the chart? No, you cannot. You has to have more than just the pattern. It has to be in the right part of the chart. You have to have other things backing up the charts, backing up the trade, such as like the pullback in exhaustion, maybe a bounce if it’s a buy trade off, a previous swing high, maybe off the pivot point, maybe off the middle Bollinger band, off of round number, etc. So all those things we add and we look at and that’s what we teach and that’s why we have high quality, high probability trades.

Now of course you get all of that and you get fantastic. Andrew I can see the pattern. You then need the reward to risk and the money management in order to be successful because we’re all about high probability trades and high win rates. But of course there’s every trade, even if it’s a high quality trade work. No, it doesn’t.

So you have to keep your risk low and controlled on every single trade. Doesn’t matter what the pair, the timeframe, the stop loss size, every trade for me has lower and equal risk. However, if I get profitable trades and that means, you know, trade that gets to the profit target, it means that I make somewhere between a 2 to 1 and 4 to 1 on most of my trades reward to risk.

So that means that I can be wrong half the time or even more than 50% of the time and still make very good money from my trades. So that to me is if you pick one pattern, you pick a continuation pattern. I hope that helps because that’s going to massively increase your chance of successful trades, enjoyable trades, high percentage win rates, plus the high reward to risk.

And that’s how you can make hundreds of trade, hundreds of dollars per trade or thousands, depending on your own account or prop firms still with very low risk.

Now, of course, you can make thousands of dollars per trade on a very small account, but you’re going to be risking silly amounts and it will probably go wrong and you’ll blow the account.

For me, it’s always about capital preservation, keeping risk low per trade. So it’s really important that you do that.

Trade through Blueberry Markets

And if you’re out there looking for a good broker, I can highly recommend Blueberry Markets that based in Australia, they offer the MT4 and MT5 platform. The MT5 platform has just an enormous array of different markets forex, indices, commodities, cryptos, metals, etc. But also what I love about it is right there looking for like 12 hour charts like the AUD/CHF that I mentioned at the beginning of this video and podcast.

You’ve got the 12 hour charts built in to MT5 automatically. Now we have software that allows two, three, six, eight, 12 hour charts on MT4, but in all honesty, it’s a lot easier to get MT5 if you’re broker offers of that. And just to have that as a default timeframe. So Blueberry Market. So one of those brokers that also the MT5 platform highly recommend, you go and check them out if you’re looking for a good broker the other thing to mention

Attend my Masterclass, Prop Firm webinar and book a call with us.

If you’ve not been on my masterclass yet, it’s a one hour On-Demand session and teaches you all about trading. How we trade gives you lots of trading examples that we’ve taken on live accounts.

And also if you want to have a call with us, you can book a call there’s a link to that as well.

By the way, the two trades not just mentioned, there’s lots like that today. I’ve taken seven trades on the daily chart, trades in four on the 12 hour charts, but there’s lots and lots of examples.

All of them published those too. I’ve mentioned they’re are on my daily trades suggestions on a membership site and a forum site for our clients to do exactly the same from and profit and to be successful.

If you’d like to come on board and join us, send me an email [email protected] and we’d be glad to have you. I see you this time next week. Bye for now!

Episode Title: #541: How to make Hundreds or Thousands of Dollars per Trade

Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

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Forex Trading’s Preflight Check: Building Your Plan

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Book a Call with Andrew or one of his team now

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#539:Forex Trading’s Preflight Check: Building Your Plan

In this video:
00:34 – Heading off for a flight and carrying out my checks.
02:01 – You need a trading plan.
03:00 – Put in the time to ensure a good outcome with your trading.
03:45 – The market does not have even trading conditions.
04:42 – Trade through Blueberry Markets.
05:06 – Attend my Masterclass, Prop Firm webinar and book a call with us.

Today, I’m going to discuss the importance of learning to plan properly, planning your training, See now exactly what you’re doing, whether you’re flying a helicopter like behind me here, or if you’re trading the forex market, you have to plan properly. Otherwise, you plan to fail. Let’s get into that a more right that.

Hey there, Traders! Andrew here, at the Forex Trading Coach, a video and podcast number 539.

Heading off for a flight and carrying out my checks.

As you can see, I’m out at the hanger. I’m heading off tomorrow morning. Quite early on a flight, quite a long flight, probably about a three and a half hour return flight. And so as a result of that, I’m spending some time here today when there’s no pressure and I’m going through my entire preflight and doing all my checks.

I’ve got my my flight plans here. I’ve got my airports where I’m going to inside here. I’ve covered everything I need to know in terms of the cockpit. I’ve got a huge manual here. It’s about 800 pages that’s just specific to this machine. And on that, I have to know all that. Of course, long before today. But you know, you’ve got to keep updated on that.

I’ve been through the machine here. I’ve checked through and, you know, engines and oils and up on the rotor blades there. I’ve checked everything. All my preflight checks and the tail here, everything is checked. My fuels good is clean. It’s all on board. I know exactly what I’ve got. I know where I’m going. I know my radio calls.

I’m discharging my headsets up. So that’s ready. I’ve got a spare batteries. I’ve got my iPad. I’ve got my phone. I’ve got everything I need to know to do the flight properly, safely, and, you know, to get a good outcome and enjoyable experience for everybody on board and to know what’s going to you know, we’re going to get there safely and just have a great day.

You need a trading plan.

So me doing this is no different to me trading. You know, I’ve got my plan and this is what I want to stress to you, that I just see so many people that don’t have a plan, don’t know what they’re doing. You wouldn’t believe the number of emails that I get saying, Look, I’ve been trading for six months and I go back and I go, Great, Well, you’ve obviously got a problem because you’re contacting me.

So. So what are you doing? And they go, I’m just putting on, you know, one lot on this trade and I’m trading, you know, different times of the day. They trading. They don’t know what they’re trading. They see something all that, let’s say a daily chart that’s telling a buy on an hourly chart. They’re saying sell. They don’t know what to do.

There’s no light, there’s no money management, there’s no risk management. There’s no no, no strategy at all. They don’t know why they’re doing what they’re doing. They just know they want to trade forex. And because they’re probably seen it’s really good and seen something on YouTube or somewhere.

Put in the time to ensure a good outcome with your trading.

And that becomes the problem is that people don’t put enough preparation time into learning the skill that they want to be good at.

And you know, it’s like anything is like flying this thing. There is nothing that beats flying. A helicopter is the most amazing machine it’s ever been invented. And you know what you can do. But you know, there’s a good year at least, of hard work. There’s exams, there’s reading this, you know, there’s all the training you go through, the expense of it all, the, you know, the frustration that comes with it, you know, the ups and downs that come with it.

Is it easy? Absolutely not. Otherwise, everybody would be doing it. And trading is no different. You have to expect to put some time, some dedication, some expense, some ups and downs. You know, three a learning process. And when you’re trading as well.

The market does not have even trading conditions.

Now you know that the market not a straight line. You know that you know let’s face it 2024 so far for the forex market, it’s been very quiet.

There’s not been a lot of really great activity. It’s just the way it is, you know, and the you know, that’s part of trading. You take the ups and the downs, but you control your risk. You know what you’re doing. You have high reward risk trades, but you have your plan. You know what you’re looking at, what patterns you’re looking at.

If you’re trading news, you know what you’re looking for, whatever strategy you have, you know exactly what to look for, when to look, what pairs to look at, what time frame charts to look at when you’re exiting a trade or even when you’re entering a trade. How you entering it? How are you getting out of the trade? All those type of things you have, all that planned, pre-planned in advance.

So really encourage you to do that. If you need any help at all with any trade planning, please feel free to reach out. Send me an email [email protected]

Trade through Blueberry Markets.

If you’re out there looking for a really good broker, I can highly recommend Blueberry Markets over in Australia. Great bunch of people, great trading platforms. Either MT5 platform has so many markets on it and I’ve been with them for years. I know them, I’ve been just meet them in person, just can highly, highly recommend blueberry markets. If you are looking for a broker, I put a link to them below this video and podcast as well.

Attend my Masterclass, Prop Firm webinar and book a call with us.

If you have not been on my masterclass yet, I encourage you to do that. I’ll put a link to that.

If you’ve not seen the podcast and the video webinar, Sorry that I did with a 5%ers Prop Firm company a few weeks ago, I’ll put a link to that as well as about an hour webinar that I presented how to pass prop firm challenges.

And so if you want to call with us, I’ll put a link to that as well. So you can book a call and discuss your trading with us.

I hope that helps. Any questions you have, please, as I said, leave a comment. Email me. We’re here to help. This is Andrew at Forex Trading Coach. I carry on with my preflight. You carry on with your trading planning and make sure it works. Bye for now!

Episode Title: #539: Forex Trading’s Preflight Check: Building Your Plan

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7 Points to Help Develop Your Own Trading Plan

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#538: 7 Points to Help Develop Your Own Trading Plan

In this video:
00:25 – 7 points to help develop your own trading plan.
00:36 – #1 Your personality.
01:15 – #2 What type of trading do you like?
02:16 – #3 What are your goals?
02:55 – #4 Risk management.
03:51 – #5 Know your strategy.
05:16 – #6 Demo, live or a prop firm?
05:50 – #7 Journal and record your trades.
07:10 – Attend my Forex Masterclass.
07:19 – Prop firm Masterclass.
07:40 – Book a call to chat with us.
07:52 – Blueberry Markets.

Today. I’m going to give you some helpful tips and information to help you to develop your own trading plan as a forex trader. Let’s get into that and more. Right now.

Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 538.

7 points to help develop your own trading plan.

Today is all about developing a trading plan that’s going to work for you. I’m going to give you seven points. That’s going to be something that if you put this together. Massively help you.

#1 Your personality.

Let’s start with point number one. So first of all, you have to understand yourself. What type of person are you? What personality do you have? What what makes you tick? You know what you like as a trader. Now, I find that naturally most people, when they start trading and I did exactly the same almost 20 years ago myself. They tend to navigate through to the shorter timeframe charts, the one minute, five minute, 15 minute chart.

Some people think that’s the where the most opportunities are, where the most money is to be made, and that’s why people do that. And then they realize that probably doesn’t work quite as well as they thought it might do. And then they start to look at something a little bit longer timeframe charts.

#2 What type of trading do you like?

So figure out where you are on your trading journey and what type of trader you are. Are you someone that likes to watch the news? I’m someone that likes to watch the charts. Are you a fundamental or technical trader? And then what you need to do there is work out the trading style and that will become, you know, in the cooperation of both of those two. Possibly it could be, you know, looking at the longer timeframe charts, this sort of more medium timeframe or the shorter timeframe.

So look at what works for you. If you’re out there, you know, you’ve got family, you’ve got travel to do, you’ve got work to do, you’ve got music, sport, whatever it might be, you might go, Well, you know what the reality is? I only want to look at my charts maybe just once a day or a couple of times a day or just a few times a week.

Therefore you’re going to have to go to those longer timeframe charts. You may go, Well, you know, I’ve got a couple of hours. I can look at the European session or the US session a few days a week, and therefore I might look at say, the 30 minute, the one hour, the four hour timeframe charts or blend whatever works for you.

#3 What are your goals?

The next thing you need to do is define your goals, your personal goals, your financial goals, the time goals as well. Don’t forget, time is really important. You know, it’s all well and good to write down. Say I’m going to make 10% every month and I’m going to do this and I want to do that. But also is you got to realize that to do this successfully and properly, it’s got to work around what your time restrictions are. Everybody has time restrictions. We all have 24 hours in a day. It’s what you do within that day that counts. So how much of that time per day or per week do you want to dedicate to learning or trading or studying charts or watching news events? You’ve got to understand that.

#4 Risk management.

The next you have to understand is risk management. It doesn’t matter what strategy you have if you don’t get your risk management correct, then it’s going to blow your account. It just is. You have to understand risk management is one of the most important, probably one of the most boring, but one of the most important parts of any trade management plan that you put together. As you know, if you’ve been following me, I work on a percentage risk.

I never look at Pips. To me they’re completely irrelevant and a waste of time. Look at a percentage risk. Because if I risk half of 1% of my account on a trade and it happens to be a $10,000 account, I could do exactly the same on $1,000,000 account or a prop firm account. It doesn’t matter. It’s the risk keeping that low and controlled on every single trade is really important for me.

And also, you’ve have heard me say this keeping your reward to risk high on every single trade.

#5 Know your strategy.

Which then moves into the next section, which is your actual strategy itself. Point number five. What is your strategy? Giving you an edge, You know, how is it doing that? What is it that you’re looking for to determine a new trade where your entry and exit rules and criteria you already know now your risk is going to be low and controlled on every trade if you trade the way I do.

But what is it that is going to say, “Hey, this is a trade sitting up here?” Where are you instantly going to know to put your stop loss or your profit target? You can’t be making it up on the go. You have to know these things in advance. You have to know when to look at your charts. You have to know what pairs to look at, what time of day or night, depending on where you live in the world.

And again, where you live in the world will determine what type of strategy you have. Because, you know, if you have a strategy that say, let’s say worked in the US session and you live, say here in New Zealand, well that’s two or 3:00 in the morning and we’re very lucky that we have a strategy that can be traded from anywhere in the world.

And we’ve got clients at 104 countries or trading extremely well. But not everybody is lucky enough to have a strategy like that. So you’ve got to bear that in mind as well. If you’re a news trader and you say, Well, I have to trade the European news, well, that could be 3:00 in the morning if you live in certain parts of the state.

So you have to get these things sorted out. That works for you.

#6 Demo, live or a prop firm?

The next thing is, once you have a strategy that works, how are you going to trade that? Are you going to start on demo, live, small live account, large live account, trade for other people, family, friends, prop firms, possibly. You have to have this as a plan in advance.

You know, earlier we talked about goals and financial goals for how you’re going to get to these goals. You know, do you need a $10,000 account? Do you need a $100,000 account? Do you need several prop them accounts or working to get to these goals? So you have to write this down and have a structure and a plan in place.

#7 Journal and record your trades.

And lastly, performance and journaling these things, you know, not every performance is going to be a perfect equal and equity curve. Not every month you’re going to have the exact same profit. Of course, you know, some months or weeks are going to have losing and time periods as well. So you have to take that into account. What’s the biggest drawdown you can afford to take if you do any backtesting?

What’s the biggest historical drawdown that you’ve seen in maybe the last five or ten years if you are going backtesting? How reliable was that data and is it credible information? And do you have backtesting data on enough currency pairs to justify making that backtesting information valid So it will help you going forward Journaling your trades. What are you going to do to journal trades and say, you know exactly when you took the trade, why you took the trade, what time frame you took the trade on?

Do you have a picture of what it looks like when you took the trade and you made those decisions? Do you also have a picture of a screenshot of how the trade developed and anything you could have done realistically to improve that trade? And that is another thing. Part of your strategy. Do you like to interfere with trades or do you like set and forget all these things you need to have well and truly documented and journaled upfront, clearing your mind to know exactly what you’re doing.

Attend my Forex Masterclass.

Now, we can certainly help you with that. Now, if you’ve not been on my masterclass, I can highly recommend that tells you all about how we trade what we do and how we can help you.

Prop firm Masterclass.

I’ve also had a masterclass, a one hour session with the Five Percenters, the well-known prop firm I’m going to put a link to them on this video and podcast post here. I highly recommend that you look at that if you want to get into prop firm trading and understand the best strategy and risk in that as well.

Book a call to chat with us.

If you’d like to book a call with either myself or one of my team I put a linked to a booking calendar. So you can book up a 30-40 minute session and discuss your trading and your goals and how we can help you.

Blueberry Markets.

And if you’re looking for a very high quality forex broker that offers the MT4/MT5 platform, I can highly recommend Blueberry Markets in Australia.

I hope that helps. Don’t forget to define the rules of your plan. Write these down. Make sure it suits you as a person, as a trader, as your strategy is your risk management, your goals.

Everything we’ve talked about, write it down and make it work for you. If you need any help, please do reach out and email me personally. [email protected]. Don’t forget to like and leave a comment. If you’d like me to answer any questions that you have and I see this time next week. Bye for now!

Episode Title: #538: 7 Points to Help Develop Your Own Trading Plan

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The Realities of Learning How to Trade

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#537: The Realities of Learning How to Trade

In this video:
00:26 – A trading reality check.
01:00 – Do you want it now or can you wait?
01:41 – Adults are no better than children at wanting instant gratification.
02:23 – How much can I make?
03:23 – Doing the hard work first.
04:33 – Not everything will go in your favour.
05:09 – Don’t knock someone who’s trying to help you.
06:00 – We can help you if you would like to trade well.
06:26 – Book a call with us.
06:38 – Blueberry Markets.

Today, I’m going to talk about the realities of learning how to trade properly and why it’s probably not quite as easy as you think it might be. 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 537.

A trading reality check.

Now today it’s a bit of reality check. And it’s kind of like not being grumpy day, but just wanted to keep things real. I’ve had just a few interactions with people over the last week or so that just got me kind of beating my head against the wall. One was a client and the other is not a client, and it just makes me realize that there’s so many people out there that are not real with their trading.

Do you want it now or can you wait?

Now, you may have heard about the experiment. I don’t know who did it. It was quite some number of years ago where they got a bunch of kids, put them in a room, and they said to them they put like a sweet or lolly chocolate and in front of them and said, You can have one right now. But if you wait, you know, 15 minutes, we’ll give you three.

And of course, most of the kids go, I’m just going to take the one that they can’t comprehend. You know, if you just wait for a little bit longer, you’ll get three times the amount for just a little bit of, you know, dedication. And that was a kid’s experiment.

Adults are no better than children at wanting instant gratification

Now, I think the same logic, unfortunately, applies to so many adults today as well, now that whether it’s me, show my age or what, I don’t know, but whether it’s, you know, an instant gratification thing, whether it’s a cell phone thing, an Internet thing, a Netflix thing, you know, another thing, everything just seems to be instant.

And people unfortunately don’t seem to be able to. A lot of people anyway, don’t seem to be able to. And accept the realities of hard work, dedication and a bit of time, commitment and effort. And also not an instant answer, an instant fix.

How much can I make?

Now, I want to talk about that because I think that you’ve got to get your head around that if you’re going to give yourself a realistic chance of being a successful fighter because everybody wants to know how much am I going to make, how long is it going to take me, how much do I need to my account?

How many prop firms do I need? All these? How to what’s the answer? And without actually figuring out that they need to actually study and listen to people that have done this before and not only ask questions, but when someone gives you an answer in their best interest is to help you listen to that answer and possibly accept it.

And I find that people struggle to do that. And maybe it’s because it’s not the answer that they want or it’s not the quick fix solution. It’s not the you’re going to become a multimillionaire next week solution. It’s and that kind of thing. I just I struggle with, I suppose, because I suppose I’m about a year away.

Doing the hard work first.

You know, you did the hard work moving to New Zealand with a couple of suitcases to the other side, the world, you know, with no Internet back then and no cell phones and, you know, you I worked on a dairy farm where I worked basically for a guy who was the worker and, you know, and so you milk cows, you basically wash the odd down and you wash cow poo down a hole at nighttime, you know, but to farm properly, you’ve got to go through the whole step by step process of knowing what to do. And as many of you know, a lot of martial arts in the past, I don’t do that now. But you know, it’s the same thing.

You got to learn from the best and time dedication. You don’t get to become a black belt within five years. This isn’t going to happen. You know, I learned to fly helicopter. You always keep learning. And I’m right now learning to play guitar. You just keep learning. You’ve got to keep practicing. You got to keep at it if that’s what you want to do.

And training is exactly the same. So just wanted to put that bit of a reality check out there and, you know.

Not everything will go in your favour.

Just expect the ups and downs. Expect that there will be days, weeks, trades, months sometimes that aren’t going to go in your favor, even if you follow someone, even if you join and follow us. Not every trade is going to be successful that’s the reality of it.

But also we have mechanisms and proof and longevity in place to say that if you do this consistently and you have your low risk and I reward risk all those things that I constantly talk about, that it will work, but you just go to stick it. It’s no good doing it for a few months and go, it’s not working for me and I can’t make it work.

Don’t knock someone who’s trying to help you.

And and then also the other thing that I find a little bit annoying recently is that someone else jumps in and tries to help out and and then the old person gets grumpy with the person who’s trying to help them. And it’s like you can only get grumpy with some of those giving up their time, their, you know, their day to try and help you.

You cannot get grumpy if someone following the system’s doing really, really well and you’re not. Maybe they’ve been at it longer, maybe they put more time and effort into it. You know, there’s all those type of things. So that was my one to get that kind of message across because it’s just something that you’ve got to be real about this.

You’ve got to put time, effort, dedication in, except things aren’t going to go always to plan. That’s life. That’s trading. If you can’t accept that, don’t start. It would be my message.

We can help you if you would like to trade well.

But if you do want to start and you do accept that as a reality, no better place than to have a look at us. We’ve just passed 4000 clients have been through the course.

We’re getting close to our 15th birthday, which is in May, and we’re very proud of that fact that 99% of people do incredibly well. It’s just the 1% from time to time. But that’s life. You can’t please all the people all the time.

Book a call with us.

And so if you’d like to have a chat with myself, one of the team I’m going to put a link to for a booking session on here.

If you’re not been on my one hour masterclass to find out how we trade. you can do that as well.

Blueberry Markets.

And if you are looking for a really good broker, can highly recommend Blueberry Markets across in Australia. So I’ll put a link to them as well.

That’s it for this week. Next week I’m going to have more trading tips and information for you, more practical tips.

Today was just a bit of a, that’s happened in the last week or so. I wanted to kind of get that off my chest, put that across there and make you understand that if you can do this properly, be real about it. How about I see you this time next week. Bye for now

Episode Title: #537: The Realities of Learning How to Trade

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Should You Trade Only the Major Forex Pairs?

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#536: Should You Trade Only the Major Forex Pairs?

In this video:
00:32 – Should I trade just the Major FX pairs?
01:34 – Don’t limit your options.
03:08 – Trades on Minor and Exotic pairs this week.
04:00 – Be careful with Sell trades and widening spreads.
05:10 – Attend my Masterclass and book a call with us.
05:22 – Webinar with The5ers.
05:38 – Blueberry Markets.       

Is it best to trade the major forex pairs only, or is it best to trade the exotic pest? It’s a question that I get asked quite often, and this week I’ve got some great examples of why I trade both. Let’s get into it a more right now.

Hey there, Forex Traders! This is Andrew Mitchem here. The Forex Trading Coach with video and podcast number 536.

Should I trade just the Major FX pairs?

So as more and more platforms and more brokers offer more currency pairs, the question becomes, should I just focus on the major currency pairs? And there are obvious advantages to that. Pretty much the main ones would be spreads are generally tighter, you generally find the gaps and you generally find there’s more people trading it. So the volume, liquidity, etc. is better.

Therefore the moves are generally more flowing, more consistent. It also means, if you like, trading the shorter time frame charts that you or like trading quite often with frequency, you’ll find that you’ll find the spreads been so much tighter means that you can take trades on shorter time frames and more often and you’re not paying, you know, massive spreads in the big movements just to get to break even. So there are certainly some advantages to trading just the major pairs.

Don’t limit your options.

Now, some of the disadvantages would be this one, it completely limit your options. So to me as a trader who’s looking for sudden like couple of patterns, why limit your options? It’s like, why limit the markets? This week I’ve taken trades on the Nasdaq and the S&P and we’ve taken trades on the JPN225

So why limit to just, you know, the forex pairs? That’s my thought. If the system the strategy worked on other markets as well. Last week you’d have heard me talking about a corn trade that I took, you know, which quite often take metal trades. We take crypto trade. So I don’t think you should limit yourself if you find that your strategy worked on those other markets.

Likewise, the downside were trading and focusing just purely on the main major forex pairs is that you tend to find they pretty much get dominated by the US dollar. So for instance the EUR/USD, GBP/USD, AUD/USD, the NZD/USD, USD/JPY, the USD/CHF and you know the old US dominant. And of course there are other, you know, sort of major pairs as well, but you tend to find that the US and you know and the yen kind of dominate those major pairs and you can find that from time to time there will be some quite dull price action. And we’ve already seen that for parts of this year. So far we’ve you seeing some quite dull price action on some of the major pairs.

Trades on Minor and Exotic pairs this week.

So moving on to the exotics and the minor pairs, just this week I’ve taken trades on the NZD/CAD, the NZD/SGD, the USD/ZAR, the SGD/JPY and the CHF/SGD.

So I’ve taken profitable trades on those. Now my prop firm account you’d have heard me mention last week was, you know, continuing to go well this week. So far we’ve still got all of one or Friday still to go. I’m at 1.9% with 0.25% risk trade. So for me, if you can average that sort of one and a half to two and a half percent per week on a prop firm with incredibly low drawdown, you only need a few weeks and you passed your next firm challenge.

So for me, that’s why I look at other pairs as well as just the majors, because they get more trading opportunities.

Be careful with Sell trades and widening spreads.

Now, one of the things just to add from a practical, realistic point of view that unless you trade, you probably won’t know this. It’s just be very careful, especially on sell trades on those exotics, because certainly at the close of the day that 5 to 6 p.m. New York time, the spreads can widen quite a lot.

And especially if you want to sell trade, make sure you know the difference between a bid and ask, especially on a sell trade. With the spreads widen it potentially could take out your stop loss at that time. If you have a trade open on one of those exotic pairs when you know sometimes the spreads can blow out to 15, 20, 30 pips at times at that time of day they close of day.

So just be mindful that it doesn’t affect you so much if you’re on buy trades and but just be careful if you’re on a sell trade and you have trades open at that time of the day. It’s another one of the reasons why for me personally, I like to take trades on those exotic pairs on like the 12 hour chart or daily weekly.

You know, there’s longer timeframe charts where the stop loss is a big a bigger distance away. It just protects you from potential widening of spreads.

Attend my Masterclass and book a call with us.

Couple other points. If you’ve not been on my one hour masterclass, I’m going to put a link to that masterclass here so you can jump on to that. I really encourage you to do that. It contains a lot of information.

Webinar with The5ers.

If you’ve not yet seen my webinar that I held just last week with the prop firm called The Five Percenters really encourage you to do that. And again, up a link to that here as well. Some great tips and information about how to successfully pass prop firm challenges.

Blueberry Markets.       

And if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets up a link to them. They offer the MT4 or an MT5. They offer the majors, of course, the minors, the exotics, the cryptos, the commodities, the indices, the metals, everything out they’re looking for. So I put a link to Blueberry Markets as well.

And if you’re on YouTube, don’t forget to like and subscribe and share the video. If you’re listening on the podcast, have been enjoying the podcast.

If you have any other topics or conversations, trading information you’d like me to help you with, feel free to send me an email [email protected], I get them personally myself. I always respond personally and I will make videos and podcasts just like this one to help you with topics that you need the most help with.

I see you this time next week. Bye for now!

Episode Title: #536: Should You Trade Only the Major Forex Pairs?

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Find out more about Blueberry Markets – Click Here

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What’s a Sensible Amount of Risk to Take per Trade

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#535: What’s a Sensible Amount of Risk to Take per Trade

In this video:

00:26 – Preserving capital.

00:40 – Control your emotions.

01:31 – Have a low and known risk per trade.

02:20 – Most people suggest a 3-5% risk per trade.

03:40 – A +2% gain for the week.

04:38 – Attend my Masterclass and book a call with us.

04:57 –Trade through Blueberry Markets.

What’s the sensible amount of risk the issue should take for each trade that you place as a forex trader? Let’s talk about that important subject and more right now.

Hey there, traders! Andrew Mitchem here, the owner of the Forex Trading Coach video and podcast number 535.

Preserving capital.

Today I want to talk about risk preserving capital, keeping your drawdowns low. And it all comes back to how much should you place on a trade in order to be a successful trader.

Control your emotions.

You see, for me in trading, there’s two things you have to control. One’s up here, the head ones in his heart. You have to keep those emotions under control. And you can do that quite easily by controlling your risk, because the fear and the greed always come into the trading as self doubt. But then greed when it comes to making money. Risk management is absolutely crucial. And unfortunate, far too many people don’t know that and they don’t know how to control that and they don’t know how to implement that practically on day by day basis into their trading.

You see, I think there’s a lot of people out there that just don’t know how much risk they’re placing on a trade that is place to trade. And they got I’ve got a 20 pip stop loss and I’m going to put one lot on it or 0.1 lots. Because that’s just what they think they should do. That is not how you trade.

Have a low and known risk per trade.

For me, the best way of trading is to have a known and low risk on every single trade. So you go into a trade and it doesn’t matter what the currency pair is or even what the market is. I’ve taken a trade on Corn this week, you know, and it doesn’t matter where it’s corn on a weekly chart or the EUR/USD on a four hour chart, it doesn’t matter.

Every single trade has the same risk. It’s known and it’s low. So you have to adjust your position. Size according to a stop loss needs to be in order to calculate that. And it’s very easy. And I have a free lot size calculator that does all that for you. But by doing that it means that every single trade that I take has the same risk, and by doing that, I can control my emotions and I can control my drawdowns.

Most people suggest a 3-5% risk per trade.

Now, you have a search out there online, and you’ll find that most people will tell you to risk somewhere between about a 3 to 5% risk per trade. I think that’s utterly crazy. You know, you have, let’s say four trades go wrong and you’re instantly 20% down on your account. Now, you need a lot of good trades to go right to make that 20% up just to get to break even. Now, that in itself is not a good way to trade.

For me personally, I risk half of 1% per trade. So my four trades go wrong. I’m now 2% down. When I’m trading on a prop firm, I risk half of that again. So I risk only 0.25% risk per trade. In other words, if four trades go wrong, I’m now 1% down.

That is within the rules, the criteria of a prop firm. It means I can have multiple trades all go wrong in a row, which is incredibly unlikely to happen. But let’s say it did before I get anywhere near the maximum drawdown at most prop firms, which is somewhere between so maybe 5% or 6%, that will never happen if you’re trading such a low risk per trade.

So it’s really important that you preserve capital. You treat your trading as a real business, treat it seriously, and you can do really well.

A +2% gain for the week.

Just give me an example. This week on my prop firm. So I’m trading here 2 hours through the 12 hour charts on that prop firm. This week, I’m up 2% so far and we still got a whole day to go.

And I’m only risking 0.25%, a quarter of 1% risk per trade. Now, if I end up the week with someone like 2%, maybe slightly more, maybe slightly less, you know, depending on how today goes, I might do that, say four weeks in a row. And I’ve passed that prop firm four into five weeks because of compounding all my gains.

I’ve now passed that 10% challenge, and that’s how you can get through and trade prop firms, if that’s the route you want to go. Now, of course, on my own personal account, if I’m doing that at half percent risk, you know, that suddenly becomes a 4% gain so far for this week. So it shows the gains that can be made while still keeping your risk extremely low and preserving your capital.

Attend my Masterclass and book a call with us.

So I hope that helps with that situation. If you’d like to know more and it haven’t been on my free one hour masterclass, I’ll put a link here below this video on podcasts you can do that is on demand. So just find a time that suits you. Allow about and hour and jump on to that masterclass and it will give you a huge amount of information and trading tips and information of how you can become successful.

Trade through Blueberry Markets.

And if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets. They base over in Australia, they offer the MT4 and the MT5 platform, a huge number of markets and various timeframe charts obviously built into the MT5 platform as well. And if you’re out there looking for a good broker, I highly recommend them and I’ll put a link to Blueberry Markets on this video and podcast as well.

So any questions you have, any topics you’d like me to discuss on future sessions? Please email me. [email protected] if you’re on YouTube, please like and subscribe and feel free to share this video and I’ll see you this time next week. Bye for now!

Episode Title: #535: The One Secret to Becoming a Successful Trader

Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Download my Lot Size Calculator

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | Blubrry | TuneIn | RSS

The One Secret to Becoming a Successful Trader

Podcast:

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | Blubrry | TuneIn | RSS

Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

#534: The One Secret to Becoming a Successful Trader

In this video:
00:26 – What’s the one secret to becoming a successful trader?
00:47 – 8x Monthly chart trades for February.
02:24 – Benefits of trading the Monthly charts.
03:05 – Also we’ve posted 5x D1 trades and 2x H12 trades.
03:46 – A live 2 hour webinar with our clients.
04:09 – Trading the longer time frame charts is also more enjoyable.
05:36 – Most newer traders want to be scalpers.
06:19 – Blueberry Markets
06:31 – Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/     

I’ve got asked this week what would be the one secret I would give to someone who is looking to become a successful trader? Let me share that with you and more right now.

He there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 534.

What’s the one secret to becoming a successful trader?

So this week I got asked on a webinar by someone who’s looking to trade, and they said, Hey, Andrew, if you could keep one secret in trading to help me to become successful, what would that be? And to me, it’s quite simple. It’s looking at the longer timeframe charts. And today’s a perfect example.

8x Monthly chart trades for February.

So I’m making this video on Thursday, the 1st of February day earlier than normal. And the reason I’m doing that is because I’ve just taken the February monthly chart trades. And on our membership site we identified and I’ve placed eight trades on the monthly charts. So based on the January candle close taken at the beginning of February, and with those trades because the longer timeframe charts, they have many advantages.

One, you don’t have to be that your charts at the exact time that they you know the new day opens or the new candle opens and you’ve got hours, days, maybe even longer. And especially the way that we trade with using limit orders or retracement orders as well. It also means that not only are those candle patterns higher quality because they contain more information, more data.

When you think about it, they contain the whole month months worth of price action. So when you get a high quality set up are all showing in the right positive chart, it’s going to have a higher probability chance of working. Today, most of those trades, those eight trades have taken a continuation trades. So they are continuing the main longer term trend.

But after a recent pullback over like, you know, let’s say October, November, December, January and they’re they’re ready to then head up or down again in the overall bigger picture. So that again, adds more weight, more credibility, more probability to the trades.

Benefits of trading the Monthly charts.

On top of that, because that monthly chart trades the rewards, the risks are even better as well.

Spreads becomes almost like completely insignificant. And so with the trades that we’ve taken, they all range between the 3 to 1 is the smallest reward to risk. So let’s imagine if you’re risking, let’s say half of 1%, one and a half percent is the smallest gain I’m going to make on a profitable trade. But the the biggest gain is a 6 to 1 trade.

So that means half a cent risk means I’m making a 3% gain. If that trades hits its for profit target and so they all range between 3 to 1 to 6 to 1 On those eight trades I’ve taken.

Also we’ve posted 5x D1 trades and 2x H12 trades.

Not only that is today, I’ve also taken five trades on the daily charts that have all been published on our membership site for our clients to follow.

But we also put 2 12 hour chart trades on that. So you’ve got the eight monthlies, the five daylies it’s 13. 2 on the 12 hour chart. That’s 15 trades we’ve placed on our membership site today. In real time for everybody to learn from, but also hopefully we get it right and the market does its right thing to earn from as well.

So you can see there a massive amount of information that gets published to help our clients to, like I said, to to learn and also to earn

A live 2 hour webinar with our clients.

Later tonight, my time, I’m holding a live two hour webinar with our clients in the European session. At the end of that session, when we finish, we look through the depending on what’s happening in the market.

We might go as low as the two hour charts, but more likely the four hour of the six hour and the 12 hour chart. So we’re probably going to take some more trades live on that session as well. So just go to show what can be done.

Trading the longer time frame charts is also more enjoyable.

Now, going back to our original question, why have I picked trade the longer time frame? Just because it’s more enjoyable. You can go and do things. I’ve just jumped at the pole here behind me now, unlike other people that you will see on, you know, YouTube and Facebook and things that hire a red Ferrari or hire a helicopter or, you know, go and sit in a hotel somewhere. I do fly. It is my helicopter.

On Tuesday, I flew. For those of you who follow me on Facebook, you’d see that last week I was on the beach. You had seen last week with my daughter and a friend on the horses. This is my house behind me. This is. This is real. This is what? Trading. Once you know what you’re doing, I can help you to achieve.

Now, I’m not out there saying you’re going to suddenly going buy yourself, a helicopter, a couple of horses or a hash to the pool next year because you’re not going to. That’s not real. But over time, the actual learning of knowing what to do with low risk, high reward, the risk and making it enjoyable is all of those things, along with everything else that we provide the community and the suggestions and the advice, etc. All of that combines to make for me, trading the longer timeframe charts the best thing you can do because it’s just more enjoyable.

It’s longevity you can keep doing. I’ve been doing this for 20 years, don’t forget. And you know, and I’m still loving it because I’m not glued to the charts. I think that’s a really important point.

Most newer traders want to be scalpers.

So most people, when they start actually want the opposite, they all want to be scalping. They want to trade. One minute, five minute, 15 minute time frame charts.

They want to be taking in hundreds of trades a day. They want to sort of think they’re an A.I. machine. But, you know, realistically, that’s just not going to be profitable for you. Spread is screen to suddenly destroy your trades, your emotions. You know, all these things that we’ve talked about all the time come into trading. And also, you know, the longer timeframe charts are more reliable.

Therefore the shorter time frame charts are less reliable. You know, your rewards risk massively reduced and so put all those things together. Trade longer timeframe would be my number one key suggestion for you.

Blueberry Markets

And if you’re out there looking for a broker, I can highly recommend Blueberry Markets, they based in Australia. Really good bunch of guys and been with them for years and so a lot of my clients.

Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/     

And if you’ve not yet been on my masterclass I strongly recommend you spend an hour, turn your phone off, turn all your social media stuff off, go and sit down for an hour. It’s on demand. So you choose the time that that is right for you and sit down and watch it and learn from it and follow along. See what we do. And you know, you can gain a lot of information from that. So I’ll put a link to that on this video and podcasts as well.

So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now.

Episode Title: #534: The One Secret to Becoming a Successful Trader

Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | Blubrry | TuneIn | RSS