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.
Episode Title: #474: Do You Lack The Capital to Trade Well?
Find out more about my Online Video Forex Course
Do You Think Your Government Really Cares About You?
#473: Do You Think Your Government Really Cares About You?
In this video:
00:41 – A quote from Robert Kiyosaki
01:20 – It’s a good time to be alive
02:33 – Wanting more handouts
03:52 – Forex is a way to help you achieve cash flow
04:42 – Trades get posted on our Forum site
05:12 – Blueberry Markets
Are you waiting for your government to save you? Are you waiting to win the lottery? Are you ready to win on the horses? Or are you ready to leave that whole mindset behind and do something to look after yourself and protect your future? Let’s talk about that more right now. Hey there traders. It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 473. Come outside again today, such a beautiful day. Couldn’t film inside at the charts.
A quote from Robert Kiyosaki
I wanted to read something for you and it’s come from someone who I’ve followed for years and years. You probably know him, a guy called Robert Kiyosaki, who wrote the Rich Dad, Poor Dad books, someone that I followed years ago and I credit a lot of the way that I think and finances, et cetera, to Robert Kiyosaki. So I’d like to read this. I haven’t asked for permission for this. This is just something he’s emailed through to his list of which I’m one of, so I’m going to read it out for you anyway, and I think it’s really relevant for us as Forex Traders. So here we go.
It’s a good time to be alive
Robert says, “We are all being bombarded with bad news, bad advice, and people telling us how bad things are. I don’t buy it. I’m tired of it. The media and the governments of the world are telling people that we need to be saved. I even feel they’re trying to control me. I’d like to offer a different mindset for you. Yes, we’ve all had challenges, but I’m optimistic, and I think this is a great time to be alive. And instead of telling you to wait for the government to save you, it’s time to save yourself. There has never been a more important time for you to stop wanting or waiting on the government or your employer or others to provide for you or your family and your financial future. They can’t save you. They won’t save you, and the truth is no one cares about your financial future like you do, or you should do. It’s time to save yourself. You know it and I know it. Take control of your financial future, get yourself educated, surround yourself for people who are doing the same thing and leave the victim mindset behind.” And I read that and I thought that’s such a short but powerful and true statement.
Wanting more handouts
The victim mentality and mindset’s everywhere. People were just after more and more handouts from governments. They think the government’s going to save them. They think they’ve done that with the health over the last two years. No, they haven’t. They think you’re going to get payouts from them. No, it’s your money after all. Everybody who’s paid taxes pays into it. All they’re doing is creating debt. If you think that some government retirement scheme or anything like that’s going to protect you, who knows by the time that we get to retire, there may not even be retirement funds. Some countries there aren’t anyway.
So what he said there is absolute truth. No one cares about your finances. You do and you should do, but no one else really cares. No one’s going to come running and protect you. No one’s going to come giving you this sort of golden handshake or this golden payout that you might think you are due. So what are you going to do about it? And that’s what I love about Robert Kiyosaki’s mentality and the way that he’s always sort of talked and got people to think for themselves, think slightly differently, think differently from the mainstream way of thinking, the way that you probably didn’t get taught finances at school. You’ve got to think slightly differently.
Forex is a way to help you achieve cash flow
And to me, Forex is one of those ways that you can achieve that. Yes, there are other ways there’s businesses, there’s properties, there’s all sorts of other things, but Forex in terms of cash flow and the ability to not work X number of dollars for so much time offers something that a lot of other businesses don’t offer. But having said that, you have to know what to do, and his last line said, “Get yourself educated, surround yourself for people who are doing the same thing.” And that’s where I think here at the Forex Training Coach, we’re different and we help so many people because we do have a community of like-minded people all doing the same thing, all looking for the same goals, and that’s where we help each other with our forum site, with trades that we post to each other.
Trades get posted on our Forum site
I’m forever finding trades on our form site that other people have put on there during the day. And I go, “Wow, that’s a good trade. I wasn’t looking at the charts at that time.” And I go and take the trade and profit from it. And it’s like, all I did was just got notified on the forum site. So look, lots of ways that we can help you to achieve your goals and to basically be self-sufficient, educate yourself, surround yourself with like-minded people who are out there trying to achieve things. So that’s my educational piece for this week.
And if you’re looking for a new broker, somewhere to place your funds, I can highly recommend Blueberry Markets. They’re based over in Australia. We offer the MT4 and MT5 platform. I absolutely love their MT5 platform because it offers so many more markets for us to be able to trade and take advantage of. If the Forex market’s a little bit quiet, then you’ll find that the cryptos or the indices markets have been really good. And we’ve had trades this week on copper and natural gas and some of the American indices as well as the Forex markets. So have a look at Blueberry Markets. I’ll put a link to them on this video and post. Have a great week. I’ll see next week. Bye for now.
Episode Title: #473: Do You Think Your Government Really Cares About You?
Find out more about my Online Video Forex Course
Ready to Give Up on Forex?
#472: Ready to Give Up on Forex?
In this video:
00:34 – Frustrated and ready to quit trading?
00:59 – One of our traders when from quitting to profitable in 4 months
01:33 – They gave it one last go
02:23 – Profitable on a live account and soon to join a Prop firm
03:10 – Don’t give up without trying the TFTC approach to trading
03:56 – Choosing a good Forex broker
04:36 – We’re here to help
Are you about to give up on the Forex market? Are you just finding that you’re frustrated, you’re wasting money, wasting time? It’s just not working. Everybody thinks you’re gambling, and you just think it’s a complete farce. It’s not for you. If that is you, this video is exactly what you need to hear. So before you quit, make sure you listen to this.
Hey there traders, it’s Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 472.
Frustrated and ready to quit trading?
Now, this video is especially for you if you’ve been trading for a little while and it’s just not working. You feel like you’re wasting your money, wasting your time. You’ve done courses, you’ve been through forums, and it’s just nothing’s happening. You’re constantly going backwards, you’re losing money. I feel the frustration. I’ve been there myself. It took me four years before I finally became profitable with my own trading.
One of our traders when from quitting to profitable in 4 months
But I want to talk about a client who I was talking to just yesterday. They first contacted me back in May, just over four months ago. And at that stage, they were ready to quit. They were ready to give up. It was just a waste of their time, really. It was all these things, these promises they’d seen online. They’d been on various forums, bought expert advisors, done various courses, indicators. You name it, they’d been there and done it. Like I had, and probably if this is for you, this video, you’d know exactly how they were feeling.
They gave it one last go
And so, they decided to give it one last shot. And after talking to a client of mine who’d been with me for about a year and a half, they decided to give it a go and they came on board at the Forex Trading Coach.
And we had a catch up yesterday, and it was very pleasing to have the catch-up and just see their complete change in attitude, their change in fortunes of how things are now working out for them. Because they’ve now got a clear strategy, they belong to a group, a community. They know what to trade, they know when to trade. They have information given to them on a daily basis to actually aid them with their learning process, with specific trades that are profitable. And the change is just incredible in four months.
Profitable on a live account and soon to join a Prop firm
And with this person, the last two months, they’ve been profitable on a live account and then they’re looking at going on to a prop firm at the end of September. So probably into the first week of October, looking at going on to a prop firm challenge. And now that they’ve proven to themselves, after a month or so of demo and then a couple of months of live personal account, live trading and results, that they’re ready to go to that next level.
And the webinar was just a fantastic, just a really good catch-up, and pleasing from my point of view. But from their point of view, you just wouldn’t believe the change in how they were looking, how they were feeling, how they were just energised, ready to take on the world because their trading was suddenly now working for them.
Don’t give up without trying the TFTC approach to trading
So if that’s you, if you feel like you’re at that stage where it’s just not working, give us a shot. Because it just happens so many times that people come to us and they go, look, this is just not working, I cannot make trading work. I think I know what I’m doing. And then after a while, they come back to us and go, look, I’ve learned more in the first day reading your course than I’ve learned in the previous however long they’ve been trading. And they finally have a strategy, they finally have an understanding of what’s happening in the market, to be able to look at the market and read what’s happening. So yeah, massive, massive change around.
I really encourage you to take a look and I’ll put a link to my five star rated coaching course. It’s been running for the last 13 plus years, so we kind of know what we’re doing by now.
Choosing a good Forex broker
If you’re looking at somewhere to go and place your funds, I can strongly recommend obviously start on demo if you are new or if you’ve been doing it for a while. Either way, have a look at Blueberry Markets. They’re a fantastic broker. They can take clients from pretty much anywhere in the world. There’s a couple of countries, including the US, who cannot trade through Blueberry. If you are in the US, have a look at OANDA. But for everybody else, Blueberry Markets are a fantastic option. MT4 and MT5, great bunch of people, and you’ll get looked after tremendously well.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach.
We’re here to help
Like I said, if you’re at that frustration stage, but we all have been there, we all know what it feels like, stick with it and come and just change things around and come and give us a go, because it works. See you next week.
Episode Title: #472: Ready to Give Up on Forex?
Find out more about my Online Video Forex Course
What Makes a Good Reversal Trade?
#471: What Makes a Good Reversal Trade?
In this video:
00:24 – What do we look for when looking for a reversal trade?
01:08 – Getting ready for a new trade
01:26 – What exactly are we looking for?
03:13 – Don’t forget to look at the price
05:00 – Bollinger bands give us more clues
06:45 – We trade Reversals and Continuation Patterns
08:30 – Blueberry Markets for MT4 and MT5
09:13 – Look at my 5 Star Rated Forex Coaching Program
What clues do we look for to suggest that a trend is about to reverse? 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 471.
What do we look for when looking for a reversal trade?
Want to talk about reversals today and what constitutes a good reversal, what do we look for to suggest that a reversal is about to take place.
You can use this in many different ways. You could use this, let’s say, you were in a buy trade and the market’s moving up beautifully. It hasn’t quite got to your profit target, let’s say, and you might see some form of indication that the market is about to reverse against your long or your buy position. That’s something that could help you to suggest to either get out of the trade altogether early, or maybe partially close from trade, or maybe move to stop loss. But there’s clues there that I’m going to talk about that can help protect that trade if you are already in a trade.
Getting ready for a new trade
If you’re not already in a trade and you’ve seen the market moving up and you’ve missed that trend, but all of a sudden, you now see a few clues that I’m going to mention that will help you to take a short position against that uptrend, then that is also a very good trading opportunity.
What exactly are we looking for?
What is it that we’re looking for? To start with, to make things easy, I’m going to be talking about a current uptrend and then a bearish reversal.
If we’re looking for a bearish reversal for me, I look at candle patterns and I’m looking for outside or engulfing candles. But I don’t just look at every single engulfing or outside candle go there as a sell trade. Absolutely not. There’s other things that we want to see.
If we’re looking for a bearish reversal, first of all, we need to see there’s been a good, strong prior uptrend first. The reason for that is not every uptrend can keep going obviously. Everything will stall and exhaust and then turn around. We’re looking for that turnaround because this is talking about reversal trades.
First of all, we need that good, strong prior uptrend. If we have a reason for that to look like it’s stalling, it could be an indecision candle such as a pin bar, hanging man, doji candle, where basically the price has gone up, formed a new high, and it’s come back and it’s closed near the low of the candle, or it’s an indecision candle it’s gone up, it’s gone down and it’s closed near it’s open, something like that is giving us an early warning system, basically. It’s saying after this big, strong bullish trend, all of a sudden, the next candle has given a clue that the market’s gone up, reached a point and it’s coming back, or it can’t decide whether it wants to go up or down any further. That’s our first indication. Then to get confirmation, then we need the bearish candle to come next.
Now, again, not every indecision and bearish candle is a setup. We need lots more. First of all, as mentioned, we need that prior trend. We need that exhaustion. Then we’re looking for other clues.
Don’t forget to look at the price
Now a lot of people fail to look at the actual right-hand side of the chart, which is the most important, and that is the actual price. You have to look to see why that indecision and then potential reversal has happened. Why has it gone up and gone no further? Why is it stored there? Looking at the price will give you a really good clue and indication of maybe that the indecision candle or the pin bar’s gone up and it’s hit a round number. Now I call a round number anything ending in 00 or 50 and so the price has gone up, hit that strong level. The sellers have now started to take over and it’s driving the price down. Now you have a reason why that candle formation is happening.
You could also look back across the left on your chart and you could go across and go, that’s interesting. The last time the price got to this level, it reversed. It’s gone and down its price action. It’s now come back and it’s formed an indecision candle and it’s exhausted at that same level that it did back on the left-hand side of your chart back previously, and look what happened back then. It dropped. You may go back even further and go, oh, the time before it got to that price. Guess what, it stalled and it’s dropped. That’s giving us the clue that that price level is a barrier and that the price for whatever reason of that currency or that market that you are trading cannot breach that level and go any further.
It may go slightly over and take out a whole heap of stop losses and get people in on buy trades, et cetera, that just generally lose money. But in general, that area, that region of the chart will be a level that the sellers have now, or the buyers are getting out, and the sellers are now seeing as a great opportunity to start driving the market back down again. So candle patterns and price, again, not just those things. There’s a few other things we’ll look for.
Bollinger bands give us more clues
For me, I look at Bollinger Bands and if that’s happened all around with an upper Bollinger Band, because we’re talking a bullish trend and then a bearish reversal, that gives me an extra clue.
I’m looking for things like trendline breaks. Has there been a break of that uptrend with the bearish candle? If there has, fantastic. Now we’re starting to build a picture here of what we’re looking for, for a quality grade setup.
Then on top of that, we’ve now potentially identified a good trade. We may have negative divergence, even better. We may have strength and weakness, even better.
But what else are we looking for? We still need room to move for the profit target. Have we got enough room so that you may have got your pin bar and engulfing bar, but you then might be now selling directly into a very strong support level. So you don’t want that. You want room to move so that the trade can then come down in your anticipated reversal direction and have plenty of room to move with not too many other barriers in its way or obvious barriers in its way at the time.
Also another thing to add to that is if our trade can have stop-loss protection, that will also help. It could be a pivot point. It could be a previous resistance area. It could be a round number. So you’re always looking to add more and more layers of protection to keep the trade from being stopped at, of course, but also you want to give yourself the best opportunity for the market to then continue downwards in your direction to get to your profit target without too many barriers in the way.
We’re building all this picture together, and that is what we’re looking for, for a bearish reversal. Of course, complete opposite if you’re looking for a bullish reversal. You want the prior downtrend, et cetera, exactly the same but in reverse.
We trade Reversals and Continuation Patterns
That’s one of the things that we teach here at The Forex Trading Coach. We’re all about trading two types of trades, reversals and continuations. You put those two patterns and those two sets of patterns together, you have yourself two very easy patterns to see, but two high probability patterns.
That’s what trading’s about. It’s about keeping things simple, easy to see. Is there a setup, yes or no? Take trade or move on. It’s as simple as that. That’s really what it comes down to. You get those high probability trades and then you add in things like the money management that we talk about and the limit orders to get high reward to risk. You can now start to see how we achieve very high rewards risk trades with high probability, but they’re easy to see. Of course, we only look to take a trade on the close of a candle so you know exactly when to look at your charts again.
All we’re doing is simplifying everything because people just overcomplicate things and just get far too much confusion with lines crossing over the lines and news events and all these other things that really are not necessary and will just cause you confusion and cause you losing trades and will then cause you to be frustrated and likely give up.
We’re about the opposite. We’re about wanting people to enjoy their trading, to enjoy their life, to make money, to look at the market quite simply and quite easily and say, “Yes, here’s a trade. This is how I’m taking it. Here’s a high probability setup. If it works in my favour, it’s going to make me 2, 3, 4 to 1 risk. If it gets stopped out, that’s trading that’s probability. I had a high quality trade set up at the time, but my risk and my loss is very, very low.” So that’s our philosophy for trading.
Blueberry Markets for MT4 and MT5
If it comes to for you to take look at a new broker or you don’t have a broker at all at this stage, I can highly recommend Blueberry Markets. They’re a fantastic broker. I’ve been there with them for years and years. I speak to them on a fairly regular basis. I’ve been over to Australia in the past and I’ve met up with them. Look, a lot of my coaching clients have been with them and go to them. A lot of just people that are just listening to the podcasts and the videos and go and check them out. I always, without fail, get exceptionally good feedback about their platform, their spreads, their team, and the way that they operate, which is why we recommend them. So have a look at Blueberry Markets.
Look at my 5 Star Rated Forex Coaching Program
Also have a look at my five star-rated Forex coaching course. It’s been running for over 13 years. We have clients in 101 countries right around the globe. It works because the strategy, as you can tell from listening to this and watching this, it’s simple, it works and people enjoy trading it because it’s profitable.
I hope that helps. This is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #471: What Makes a Good Reversal Trade?
Find out more about my Online Video Forex Course
Now is the BEST time in 18 years to trade the Forex market
#470: Now is the BEST time in 18 years to trade the Forex market
In this video:
00:28 – The best time to be trading the Forex market in 18 years
00:56 – I’ve seen all trading conditions in my time as a trader
01:23 – What are your trading options right now?
03:06 – Inflation and interest rates
05:00 – The cost of shipping
06:02 – What are you going to do about it?
06:43 – About to lose your job?
07:10 – Blueberry Markets is my broker of choice
07:35 – My 5 Star rated Forex Coaching Program
Right now is the very best time I’ve ever seen in the last 18 years to start trading the Forex market. Let me explain why right now.
Hey, there, traders. This is Andrew Mitchem here, the owner of the Forex Trading Coach with the video and podcast number 470.
The best time to be trading the Forex market in 18 years
And I want to explain to you why I think after 18 years of trading the Forex market, right now is possibly the best and the most important time of why you should really strongly consider trading. If you’ve not traded yet, think about it seriously, getting into it now. If you have started to trade and it’s just not working, this is also for you because right now is the most important time. Let me explain why.
I’ve seen all trading conditions in my time as a trader
After 18 years I’ve seen all sorts of different things happen and conditions in the market, et cetera. All that has happened, presidents, different things have come and gone, troubles around the world, whatever it might be. COVID, all these things have happened. Okay. But right now, going forward, there looks to be, doesn’t matter where you live in the world, so much uncertainty.
What are your trading options right now?
Now, what options do you have right now if you’re looking for investing or just surviving? And I mean that quite seriously, because give you an example. This morning, I was listening to the radio station. And on there, there were two articles back to back which really made me wake up and open my eyes about what’s happening. And one of them was a local council guy talking about how they had invested their money. One of the local councillors here in New Zealand had invested quite a substantial amount of their cash and surplus funds into an investment firm. JBWere was the one, they mentioned it so I’m going to mention it. And how they had lost 6% in the last year on their funds through this expert investment firm.
An investment firm where they’re talking to them, explaining why that their portfolio gone backwards and all the different things happening in the world. Basically, giving all their excuses. But ultimately, the result is everybody who is a great payer of this particular local council, their funds have gone backwards. You take that and think about you doing the similar thing. You go and put your funds with these experts. And I’m not saying all of them, and I’m not even saying that the one I’ve just mentioned is particularly bad or good. I’m just saying they were the ones mentioned on this particular radio station this morning that I heard. And when you think about that, you have so little control yourself. You’re not really knowing what’s going on. That was the first news story.
Inflation and interest rates
The second story straight after that was another guy coming on, talking about all the doom and gloom that’s happening and coming regarding inflation and the cost of living. Now, again, it doesn’t matter where you live in the world, your price of food, your price of fuel, your price of just goods, commodity services has gone through the roof over the last few years.
And they were talking about the knock-on effect of that. And they were also talking about how to overcome inflation. All these global again, so-called experts who run these things are looking at putting interest rates up, which they’ve already done pretty much, most countries around the world over the last little while, last few months. But are likely to keep doing again. What’s that going to do? It means that people on mortgages, on home loans are going to come off of what has been traditionally some fairly low rates, all of a sudden, going onto massively high rates.
What does that mean for you? Well, it means, of course, your cost of living, your mortgage, your ability just to tread water to survive is going to cost a lot more. Add on top of that, the food, the fuel, the everything else, and you can see how it’s going to escalate. And then what that does is it leads on to your discretionary income. You’re going out to restaurants and cafes and cinemas and buying investment properties, or going on holiday or vacation, buying a car. Whatever it might be, all that becomes less and less ability for you to spend.
Which then of course, means that if you’re in retail or accommodation tourism or any of these knock-on effect businesses, whether you’re making them or selling them, there’s less people coming through the door. Therefore, you as a worker and an employee, are in less demand. And you can just see the whole bubble building here. And again, this is a global issue. This is not just me telling you about what’s happening in New Zealand. This is happening the world over right now.
The cost of shipping
Another example, just from yesterday, I was talking to a guy who imports helicopters here into New Zealand. He said that the costs that he got quoted last week to import a 40 foot container with a helicopter in it from America to New Zealand, from Long Beach, California to Auckland in New Zealand was 52,000 US dollars for one container. Doesn’t matter what’s in it. A 40 foot container, $52,000.
It was horrifically expensive. It was massively slow because everything’s just slowed down. And so, you then look at the cost of importing, or exporting, and shipping around the world or air freight. It’s just got horrific in terms of its cost and its reliability and its speed. All that again, combines to make things more expensive. And the knock-on effect means that you and I have to pay more for things. That is inflation.
What are you going to do about it?
Bring all of that back together. What is it that you are going to do about it? And that’s why I believe that the Forex market and learning how to do it or having a passive income and knowing how to do this for yourself today, right now, at the end of August 2022 is probably in the last 18 years, the most important and the best time right now for you to seriously consider learning how to trade the Forex market.
I’ll leave it with you there because I think that is a pretty hard hitting chain of events that are going on that’s going to affect everybody. It doesn’t matter where you are, what you do, how old you are.
About to lose your job?
Actually age, one more thing. My poor brother-in-law, who’s a great guy over in the UK. 58 years old, highly skilled, incredibly smart and good at what he does has just been made redundant. 58, what are you going to do with a high paying job to try and find another one? Nobody wants a 58 year old. And that again, is happening throughout the world. All these examples that I’m hearing all the time, it just keeps going on and on and on. Do something about it.
Blueberry Markets is my broker of choice
Lastly, if you want to put your funds with someone and start learning how to trade through a broker, have a look at Blueberry Markets. Look at their MT4 or MT5 platform. I prefer their MT5 platform now because so many more markets on there, the indices, cryptos, commodities. Plus the different timeframe charts like three hour, six hour, eight hour, 12 hour charts all readily available.
Have a look at Blueberry Markets. I’ll put a link to them here.
My 5 Star rated Forex Coaching Program
And I’ll also put a link through to my five star rated Forex coaching programme, which has been running since 2009. Clients in 101 countries have been on the programme over the last 13 plus years. You really need to consider it for yourself. I’ll see you this time next week. This is Andrew Mitchem with the Forex Trading Coach. Bye for now.
Episode Title: #470: Now is the BEST time in 18 years to trade the Forex market
Find out more about my Online Video Forex Course
Come and Join our Facebook Group
#469: Come and Join our Facebook Group
In this video:
00:30 – Join my Facebook Group for a small monthly fee
01:12 – Content on the Facebook Group
02:30 – For less than a cup of coffee each day
03:23 – Take a look at Blueberry Markets
04:12 – Try us out on the Facebook Forex Insiders group
Would you, for a small fee of less than a cup of coffee per day, like to join my Forex Insiders Facebook group? If it sounds like something you’re interested in, listen up, I’ve got some great news to share with you.
Join my Facebook Group for a small monthly fee
Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 469. And you’ve heard it right, a lot of people come to me and say, “Andrew, look, I’d love to join your full coaching programme, but right now I cannot afford it. And I’d like to see if there’s some way I can learn from you, but from a monthly fee instead.”
And so, as a result of that, a little while ago, I put together a small Facebook group, and it is different to the full coaching course, without a doubt. It is not the full coaching course. I just want to be up front and let you know, it’s nowhere near the level of the full coaching course, but for less than a cup of coffee price per day, it gives you an incredibly good course with a lot of valuable information.
Content on the Facebook Group
You see, there are around 30 videos on that Facebook group and they give you the breakdown of my strategy. Small videos, easy to follow, easy-to-learn videos. There are about 42 weekly video recordings right now, and each week going forward, I hold a live 30-minute webinar for the Facebook group. And on that session, we talk about trades that we’ve taken over the last week. We talk about different topics that people need help with. And we look at upcoming trades live in front of you.
And as mentioned, all the recordings get available or are available there for you to watch as well, plus every week going forward. On top of that, I also give you access to my daily chart trade suggestions and the strength and weakness analysis that I post each day on certain currencies, where I see as likely they’re moving up or likely they’re moving down, plus specific chart trades based off the daily charts for the reasons I’m taking the trade, plus the exact entry and exit levels.
Look, it’s really a great option for you if you’d like to maybe just check us out, see what we’re all about. You might have heard some fantastic things for us and you’re not ready to jump onto the full course, but this gives you that stepping stone for a small fee.
For less than a cup of coffee each day
Look, the fee is $47 for the first month, US, and then $97 a month going forward from there. When you think about that, it gives you everyday daily trading suggestions. It gives you the strength and weakness analysis. It gives you a live webinar each week, all the previous webinars and lots of videos on the now and going forward. So tonnes and tonnes of really valuable information, plus you can ask questions via the Facebook side as well.
So if that sounds like you, I’ll put a link here for you to jump on board and to follow along and to decide of it’s for you. I’ll leave it as that there for you to make that call, but it really is a good first option for people. And of course, it’s a monthly fee. You can cancel it anytime. It’s purely up to you. But for way less than a cup coffee per day, you can jump on board and learn how to trade properly.
Take a look at Blueberry Markets
Now, if you’re looking at somewhere to place your funds and somewhere to trade through, I can highly recommend Blueberry Markets and they are based over in Australia. They can take clients in most countries around the world. If you’re in the US and a couple other countries, then you cannot go there. If you are in the US, I suggest … a lot of our clients go through OANDA and talk very highly of them, but for everybody else, I also suggest you have a look and consider Blueberry Markets.
They’re a very good option and they have the MT4 and MT5 platform, fantastic customer service. You won’t beat them on customer service, actually. They are really, really good. Good segregated accounts, ASIC regulated within Australia. Basically, all the things you look for, for a good broker type spreads, the commission accounts, everything like that. So have a look at Blueberry Markets. I will put a link to them as well.
Try us out on the Facebook Forex Insiders group
But if you’re interested in finding out more about us, taking that first step towards probably at the end, the full coaching programme, that’s up to you, have a look at the Facebook group. It’s called Forex Insiders. It’s $47 for the first month to jump on board, check it out. I’ll put a link here. I’ll see you this time next week. Bye for now
Episode Title: #469: Come and Join our Facebook Group
Find out more about my Online Video Forex Course
The 5 Biggest Mistakes Most Traders Make
#468: The 5 Biggest Mistakes Most Traders Make
In this video:
00:32 – Stop making these mistakes
00:48 – #1 Most traders lack a trading strategy
01:39 – #2 Lack of understanding about correct money management
02:45 – #3 You need high reward:risk trades
03:45 – #4 Knowing when to trade
04:33 – #5 What is the price?
05:39 – Blueberry Markets
06:20 – Contact me for future video topics
I’m going to cover the five biggest mistakes that I see most traders out there making and help you so that you can stop making those same mistakes and turn yourself into a profitable forex trader. Let’s talk about that and more right now.
Stop making these mistakes
Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 468. I want to give you five really important points today and they are the five points that I see that most traders out there are making with the aim to help you not make those mistakes and therefore to improve your trading.
#1 Most traders lack a trading strategy
So, first thing I see, and these are really in no particular order is people don’t seem to have a strategy. They don’t know what it is that they’re looking for and therefore they’re just kind of trading on a bit of a hunch. They have heard something on the news, or they’re just randomly taking buys here and sells there or this indicator might cross over that one, but they don’t really know what they’re doing.
So I think a lack of a clear strategy is one of the biggest failings of most people out there. And to me, a good strategy means that you have full confidence in it. You know exactly what you’re doing when you’re doing it. And it will work equally as well across all different timeframe charts, all different markets, all different times of years, et cetera. So you need a good solid trading strategy. That’s the first thing that most people are failing on.
#2 Lack of understanding about correct money management
The second thing is that most people really do not have any idea when it comes to correct money management and people will just place a trade. I think MT4 or MT5 is defaulted to one standard lot. So they just press buy or sell one lot or 0.1 lots or 0.01 lots. They don’t really know about money management and how to correctly position your trade size. And the reason that people don’t know that is they don’t know where they’re putting their stop loss or anything like that in order to calculate that people don’t know that different currency pairs make or pay different amounts per pip, depending on what your account denomination is so whether it’s in US dollars or euros or New Zealand dollars or Canadian dollars, things like that. And if you’re trading the Euro-US with a US bank account, as opposed to the Euro-US with a New Zealand bank account, you’ll get paid different amounts per pip. So people don’t understand that and they just put random lot sizes on and not calculate that properly. The issue therefore is they don’t have controlled risk on their trades.
#3 You need high reward:risk trades
The third thing leading on from that is they don’t understand about high reward to risk trades. And therefore you find a lot of people will say, “Hey, I’ve got a 90% winning system, but I’m still losing money,” and that becomes the problem. People take lots of small little gains and then have one big loss and it wipes out all those small gains plus lots more. And then you have another loss and you’re massively going backwards. Then you might have a few small gains just to call yourself back and then another big loss.
So not understanding good reward to risk is crucial and also leading on from that. Most people don’t know how to get high reward to risk trades. They just don’t know what they need to do in order to do that. They might have just a crazy little stop loss possibly, but of course it’s going to get stopped out all the time. So understanding the need and also how to get high reward to risk trades is another big issue.
#4 Knowing when to trade
A lot of people don’t understand when to look for a trade and even what timeframe to look at. So people tend to trade when it suits them or when they put the kids to bed or they finish dinner or something like that. Or maybe before they go to work in the morning or on the lunch break, things like that, depending on where you live in the world and when the market’s active or not. People just don’t seem to know when to trade. That can lead to all sorts of confusion and it could lead to one timeframe potentially telling you to buy, another timeframe having you to sell, you’re trading simply because you’re ready not because the market’s ready. And it definitely leads to overtrading as well, where people just taking far too many trades simply because they happen to be at their computer at that time.
#5 What is the price?
And then lastly, people don’t look at the price. Why would you be a currency trader all having these currency pairs, having different values if you don’t look at the right-hand side of the chart and actually look at the price? It’s so simple because it’s there on every chart, but I bet you, most people don’t look at it. They don’t look at when the price last banks at that level and they don’t look at what the price level is. Has it reached one to one parity? All sorts of different things. Has it reached a ran number like 0.70 for the Aussie dollar, let’s say? The New Zealand dollar against the US 0.60 or something like that? People just do not look at the actual price.
Now, look, I’ve given you five points as a whole ahead more I could tell you about with candle patterns and everything else and ran numbers and all these other things and trend lines, et cetera. But those five points are five very big issues that most people make. And if you just solve those or some of those to start with, you’re going to give yourself a big head start.
Now, when it comes to deciding where to trade through, one of the brokers I can highly recommend is Blueberry Markets. They’re over in Australia. Pretty much anybody anywhere can open an account with them except a few countries and especially if you’re in the States, sorry, you cannot open with Blueberry Markets. If you are in the states, have a look at OANDA, but for everybody else, if you want to trade with a good broker with great people onboard, great prices and spreads, lots of instruments, especially if you go to their new MT5 platform, I can highly recommend Blueberry Markets. I will put a link to them on this post and podcast.
Contact me for future video topics
And as always, if you have any questions, any topics you’d like me to discuss in future videos and podcasts, just like this one, just drop me line email@example.com and I will personally reply to you and do my best to help out on future videos and give you lots of trading tips and information.
So I hope that helps take on board those five points, have a good look through our website of all the things that we offer. If you’ve not yet got our calculator, if you’re not yet been on one of our free webinars, just do it because that information’s there for you to use and to take advantage of and to help you with the trading.
So I’ll see you this time next week. This is Andrew Mitchem here at The Forex Trading Coach. Bye for now.
Episode Title: #468: The 5 Biggest Mistakes Most Traders Make
Find out more about my Online Video Forex Course
The Trend Is Your Friend & How to Profit from it
#467: The Trend Is Your Friend & How to Profit from it
In this video:
00:26 – Trading the trend
01:15 – Why did I take this trade on Silver?
02:57 – Can you trade reversals?
03:45 – One of the best FX brokers is Blueberry Markets
04:57 – Ask me questions
05:25 – Follow my free daily strength & weakness analysis
The trend really is your friend, so how do you profit from it? Let’s talk about that and more right now.
Hey there, traders. This is Andrew Mitchem here at The Forex Trading Coach with weekly video and podcast number 467.
Trading the trend
You’ve all heard the phrase, “the trend is your friend.” It certainly is. But how do you trade the trend? How do you make it your friend? How do you profit from it? That’s the most important thing, isn’t it? So I want to give you some actual live examples.
I was just putting everything together to make this video for this week, and right behind me on our forum site someone about 10 minutes ago at the top of the hour wrote and said, “There’s a great looking sell trade on silver on the one hour chart. XAGUSD on the one hour chart.” Went and had a look at my charts, go absolutely this is an amazing trade, taking it. It’s over my shoulder here, it’s dropping right now and it’s in profit already and I only put the trade on a few minutes ago.
Why did I take this trade on Silver?
Why did I take the trade? Well, as I mentioned the trend is your friend and it really is. So for this week I’m looking at shorts on silver against the US dollar. For today, I actually wrote a specific trade on the daily chart selling silver. When we also looked at the 12 hour charts, we had a fantastic setup. Guess what? Selling silver. Now, right now just a few minutes ago, there is a sell trade on the one hour chart on, you guessed it, on silver. So I’m trading with the trend.
Now if you look at the one hour chart for the last number of hours, it’s actually pulled back upwards. So there’s been quite a little bit of bullish momentum. But where did it stall? It stalled exactly at the $20.00 level, a massive, massive round number for silver. It stalled there, right on 20. It’s had indecision on the previous one hour candle, and the one hour candle that’s just closed just a few minutes ago, right behind me right now live, it has formed a strong bearish candle. We’ve had hidden negative divergence from off the middle Bollinger band below the pivot point, all things that we look for as well. Trend line breaks. Everything is on that trade right now.
But more importantly… I suppose, just as importantly, we have the setup on the one hour candle, but we have the short position there. We already have a short on the 12 hour and the daily. So in other words, we are trading with the trend.
Can you trade reversals?
Yes, you can take reversal trades and yes they look really quite cool and really quite dramatic on your charts. Yes, you can show a massive, massive down trend and you’re taking a buy trade against it, and yes they can work. But would you much rather take a continuation trade when you have everything all lining up. The bigger picture is lining up. You’ve seen that little pullback on the short time frame and then it’s the opportunity to ride it down again. That has to be the high probability way of trading. Right now, I’ve got a decent red candle behind me live. Right now the trade’s in decent profit.
So that’s how you can use the trend to make it your friend.
One of the best FX brokers is Blueberry Markets
Now talking about friends, if you want to a decent broker, and you want to go somewhere that’s friendly, and you want to go somewhere that’s good, and you want to put things in your favour exactly like trading. Do yourself a favour, go and have a look at Blueberry Markets. I’ll put a link to them on this page or podcast, whether you’re watching, listening. You can go and check them out. You’ll notice that last week I sent through an email, if you’re on my database, regarding Blueberry Markets and some of the great feedback that I’ve had from clients and people who are not clients through The Forex Trading Coach who have gone to Blueberry Markets, and the feedback I get without exception every time is fantastically positive.
So if you’re looking for a broker, go have a look at Blueberry Markets. They’re over in Australia. If you’re in America, sorry you can’t trade to them. But from pretty much most other countries around the world you can. If you are in the States by the way, the broker that we do recommend if you’re in America is OANDA. Have a look at OANDA, they’re a very good broker as well. But for everybody else, have a look at Blueberry. That’s it for this week. I hope you’ve enjoyed watching or listening.
Ask me questions
Any other questions that you have just send me an email. I’m more than happy to answer questions for you, talking about specific trades or topics that you have that you’d like me to discuss. Don’t forget, this is number 467 on my website, on YouTube, on whatever podcast you’re listening to. There are 466 other videos and podcasts just like this containing tonnes of really valuable and free trading information.
Follow my free daily strength & weakness analysis
Now talking of free, don’t forget that I do post free of charge every single day a very basic, simple form of what my clients get. But you can view it. It’s my daily analysis the strength, the weakness analysis, where you can trade with the trend, my friend. I’ll see you next week. I’ll also put a link to that on here as well. Bye for now.
Episode Title: #467: The Trend Is Your Friend & How to Profit from it
Find out more about my Online Video Forex Course
Is the TFTC Program suitable for New Traders?
#465: Is the TFTC Program suitable for New Traders?
In this video:
00:26 – Is the TFTC Course suitable for new traders?
01:36 – Being new is a good thing
02:32 – More experienced traders are harder to un-teach
03:06 – You’ll spend so much wasted time learning by yourself
04:13 – Invest in yourself at the beginning
05:55 – 5 trades taken on our live weekly webinar
07:10 – Take a look at Blueberry Markets
08:37 – Give yourself the best shot at making trading work for you
Would our forest coaching programme be suitable for you if you are brand new to trading and you’ve never traded before, let’s get into that more right now.
Hey traders. It is Andrew Mitchem here, the owner of the Forex Trading Coach with the video and podcast number 466.
Is the TFTC Course suitable for new traders?
Now I’ve been asked recently by quite a number of people by email and in person here in Nelson about learning how to trade, and a concern that so many people have is that they’re brand new to trading. They know nothing about it, and they want to know how to take the next step. But there’s so much going on in their mind, like where do you trade through? Who do you put your money with? Is it us? Is it with someone else? How safe are those funds? How do you play to trade? What is it that you’re actually doing? Is it like stocks and shares? Am I buying crypto?
All these different things that people have going on in their mind, and it becomes like information overload. And it’s like anything new, you need to find a source where someone can hand hold you and take you through the suggested steps to make that process easier for you. And it is quite a straightforward, easy process. It’s just that if you don’t know where to start, it all becomes a little bit too much and you have too many questions. So therefore, it becomes too hard, so you don’t do it.
Being new is a good thing
Now, absolutely if you are brand new, you’ve never traded, but you’ve heard about trading. We can definitely help you 100%. Absolutely. We are the right place for you to come to, because we can take you through that step-by-step process. We can suggest some brokers to you, show you how to start on a demo account. What type of platform to look for, how to place your trades, let you know about what it is you’re actually doing. What markets are you trading, what’s the actual process, why are you buying or selling currency pairs together? You know, what is it that you’re doing.
And all that is before you actually start the strategy and the understanding, which is the main part of what we teach. But in my opinion, I think that if you are brand new to trading, you’ve never really traded before. You might have had a bit of a play on a demo possibly, I think you’re actually in the best position to make this work for you.
More experienced traders are harder to un-teach
Now, sure, it may take a little bit longer, like anything new but if you come to us and you’ve been trading for quite a while and you keep jumping system to system and you’re on this forum and that forum, and then this EA and then this indicator, those type of people become harder to teach because they’ve got so many bad preconceived ideas from other strategies and other systems. Whereas if you are new, you don’t really know anything. And so what we teach you is all you need to know, and you are learning exactly what you need to know in the right order. And from your point of view, that makes things so much easier because
You’ll spend so much wasted time learning by yourself
I can guarantee you that if you don’t find yourself a good strategy, good mentor, good programme, you’ll pretty much guarantee to spend several years going round in circles.
How do I know that? Well, I hear it all the time and I have done that exact same thing myself. I spent four years just going around and around and around. The next latest, greatest system, holy grail strategy, I was into it. The next latest, greatest expert advisor, I was into it. The next latest, greatest indicator and making tweaks to different settings on indicators, I was into it. And none of it worked, absolutely none of it worked.
You know, you pick up little bits here and there, but it didn’t really work. And that is your danger is the frustration. In terms of the time you will waste, the money you’ll waste, and you will likely give up or blame the market and it won’t work for you or you just lose funds.
And you get into forum sites, you find another great system, you have an argument with someone, it just turns to… It just makes it’s a big mess.
Invest in yourself at the beginning
And that’s why if you start by investing in yourself straight off, save yourself all that hassle, save yourself that wasted time and money, and get into a strategy and a system from day one.
The community of traders that we have is immense and I just cannot stress the importance of that enough. It is impossible for me to show you without you seeing what we actually do on the inside how important that is. The importance of following our daily trades each day, so you can follow along with specific trades. On Monday, by the time you get to watch this video and podcast it’s going to be the 1st of August, we will be posting not only our daily chart trades, but also our weekly chart and our monthly chart trades for people to follow along.
You get to see exactly why we’re taking those trades, exact entry and exit level. So you can go onto your charts, which we’ll look exactly the same as ours. Like behind me here, you have the same indicators and templates that I’ve developed that we all use. So we are all looking at the same thing at the same time. It doesn’t matter where you live in the world. It doesn’t matter what broker you use. We all have the same thing. And so, when you are seeing us take those trades and suggest those trades, you can go and learn, but also you can earn. And that’s how you build your confidence. Whether it’s on a demo account or a small live account, or eventually to a slightly bigger large account or a prop firm, however far you want to take it, by following along and seeing what we’re doing and why, and understanding that and training your eye in your brain to see what we are seeing. That’s how you develop into a good trader. Add on top of that, our live weekly webinars.
5 trades taken on our live weekly webinar
Just last night my time, I held a live webinar in the European session, I took five trades live in front of our clients. All five you can see why I’m taking them, you see the methodology, my thinking process, thought process of why we’re taking those trades this week on our forum site. I think we’ve had 20, 25 posted trades on there by ourselves and other clients on different timeframe charts. Again, you can go and see what they’re doing and why, and follow along and trade from those.
I’ve had about three trades this week that I’ve seen people post on the forum site that I go, “Wow, that’s a good trade.” I wasn’t looking at my charts at the time, but I got an email to say, somebody’s taken a trade on the four hour pound Aussie or something like that. And I’ve gone, “Yeah, I like that. I’m going to take it.” And I get a green light, I profit from the trade.
So all of that combined, plus the strategy and everything else we provide is what can help take you from brand new, knowing nothing about trading or where to even start to becoming a good and profitable trader quite quickly. So it’s really important that you invest time and money, in yourself. If you want to make this work, seriously want to make this work, that’s what you have to do.
Take a look at Blueberry Markets
And so the other thing you need to have confidence in is where you’re going to put your funds in terms of a broker. And that’s why we have a list of suggested brokers. But one of the highest recommendations that I can give is Blueberry Markets, have a look at them. They’re on my resources page and I know them personally. I speak to them probably once a month, I’ve been to Australia and visited them in the past.
And, look, here at the Forex Trading Coach we are all about making this work for people who want to come on board with exceptional service, exceptional product, exceptional quality, and integrity and honesty. And that’s what we are all about, and that is why I highly recommend and promote Blueberry Markets, because that is their ethic and their way of working as well. The feedback that I get from my clients and other people who are not clients, but who have gone to Blueberry Markets after hearing these videos and podcasts and go, “Andrew, Blueberry Markets have been fantastic. I’ve never seen services like it.” And there’s a lot of brokers out there that have got good platforms and good spreads, et cetera, but it’s everything else that Blueberry Markets combined to make them stand out above the rest.
So that’s what we try to do here, that’s what they do. That’s why we help each other and promote each other, because we know that if you come on board with us and you choose Blueberry Markets as a broker, you’re getting the best of the best out there.
Give yourself the best shot at making trading work for you
So, give yourselves a head start, give yourselves the best chance making this work. I’ll put a link to my video and course that’s been running, the programme has been running for 13 plus years. Clients in 101 countries, over three and a half thousand people have taken the exact same course. Jump on board, come and join us and make this work for you.
This is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week, bye for now.