Weekly Video News & Podcast

#496: Learning to Grow as a Trader

Mar 27, 2023

Learning to Grow as a Trader

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#496: Learning to Grow as a Trader

In this video:
00:26 – Being self sufficient
00:42 – Nothing to see here
01:44 – Learning how to trade is exactly the same
02:07 – Putting in the effort reaps the reward
03:00 – Think of your trading is like growing a plant
03:16 – Get onto one of my webinars
03:38 – Choosing a broker – Blueberry Markets

You need to learn to grow as a trader. It’s no different to planting your own food like I’ve just done behind me here. Let’s talk about that and more right now.

Hey, the traders! Andrew here at the Forex Trading Coach with video and podcast number 496.

Being self sufficient

Now we like to be pretty self-sufficient here. We grow our own food. In fact, of this planted here in this brand new garden bed that I’ve just built behind here, some broccoli and some cauliflower and some garlic and some cabbages as we head into winter here.

Nothing to see here

Now, there’s nothing here to see. Right now, it’s just empty. You can’t hardly see the plants I put in, but that’s because it’s all new. And they need time to grow and to nurture. And we like to be self-sufficient. As I mentioned, with our own food. We like to avoid supermarkets as much as we can. We grow our own food around vegetables and fruit. We’ve got our own meat, our own fish, and yeah, we’ve got our eggs and, you know, everything you can possibly really want.

And that’s our choice. But it takes some hard work and dedication. But the rewards are massive because you feel better. Everything’s home grown. You know what treatments it’s had or not. It’s there to pick in season. And although it’s hard work and it takes some dedication and you get your ups and downs, you get your failures, certainly, you know, things go wrong, the weather and whatever it might be, something eats it and you’ve got to start again.

It can be frustrating. And it got me thinking when I was putting these plants in here, just that I’m going to make my weekly video and podcast on this exact topic about planting.

Learning how to trade is exactly the same

Because it’s no different from you learning how to trade. You know, when you start off you like this, you put all this effort in and you can’t see anything and you kind of wonder like you all that cost of building it.

I’ve just put six cubic meters of soil in here. Grown the plants from seeds, put them in, and I still can’t see anything. There’s no reward there yet, you know, there’s no plant, there’s no food yet, and trading’s no different.

Putting in the effort reaps the reward

You’ve got to put that time in that effort, in that commitment upfront. And yes, you will get failures.

There is no doubt about it. Things will go wrong, You’ll do silly things, you’ll lose money. You have great straight set ups that will lose money. And that’s just the nature of trading. But once you know what you’re doing, once you’ve had some success and some time in like the business. Like of these plants here, when they grow and I could show you trees up here of avocados and tomatoes and lemons and nut trees and figs and pumpkins growing up there and watermelon and all sorts of things and corn.

How well can I see behind me here there’s cabbage, there’s lettuce, there’s quail, there’s peppers, there’s all these things I can see behind the camera here that are growing because we put the time and the effort in, you know, previously to get them to grow to that stage.

Think of your trading is like growing a plant

So think of me trading like growing a plant, nurture it and put some effort in, help it grow and accept there’ll be a few losses and a few failures, but accept also that once you if you stick at it, the rewards are massive. So that’s my trading and gardening analogy for today.

Get onto one of my webinars

If you’ve not been on my webinar, there’s two sorts of webinars that I hold and one for experienced traders and one for new traders. I’ll put a link to both here on this page so you can jump on to one of those. You only need to attend it once. Just pick the time that suits you or you can actually go and watch a recent recording as well. If you don’t want to attend one of the scheduled sessions.

Choosing a broker – Blueberry Markets

If you’re looking for a broker, I can highly recommend Blueberry Markets. Fantastic broker there over in Australia. Go and have a look at them. Check them out. I’ve been with them for years and years. I’ll put a link to them as well on this page, so I hope that helps.

This is Andrew Mitchem here, the Forex Trading Coach. Enjoying the inside and enjoying the food, enjoying the sunshine and loving the trading. I see you this time next week. Bye for now.

Episode Title: #496: Learning to Grow as a Trader

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#495: How Long Does it Take to Become a Profitable Trader?

Mar 20, 2023

How Long Does it Take to Become a Profitable Trader?

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#495: How Long Does it Take to Become a Profitable Trader?

In this video:
00:28 – How long does it take to become a good trader?
00:48 – How long is a piece of string?
01:45 – Be patient for long term success
02:16 – What should you do?
03:07 – Using your demo account correctly
04:15 – The next stage to trading live and prop firms
05:19 – Choosing a broker
06:19 – Like & Subscribe

How long will it take somebody to learn how to trade the forex market properly and turn into a profitable trader? It’s a question that everybody has. Let’s talk about that and more right now.

Hey, forex traders! It’s Andrew Mitchem here at the Forex Trading Coach with a video and podcast number 495.

How long does it take to become a good trader?

And that’s right, everybody wants to know, how long is it going to take me to learn how to trade properly? How long is it going to take me to be profitable as a trader, whether I know absolutely nothing or for some people they’ve been going around in circles doing this for years.

How long is it going to take me, especially if I’m starting a new strategy and a new course?

Well, the answer really is, is how long is a piece of string? But what I can tell you, in other words, there is no one answer. But what I can tell you is this The more that you are patient, the more that you put your dedication and time upfront into learning, the more that you forget about making money, the better you will be long term.

And what I mean by that is that so many people just charge straight in headfirst like a bull in a china shop. Just go, I want to make money or they paid for course. I want to pay off this course really quickly or they’re in debt or they’ve lost their job, whatever it might be. Everybody’s always focused on how much money they’re going to make.

And when you focus on the money that you’re going to make, you’re going to do things wrong. You’re going to do silly things, you’re going to take gambles, take big risks, because all you’re doing is focusing on the outcome of the monetary side of things.

Be patient for long term success

What you need to do is take your time and be patient, because I can promise you, if you do that slowly, carefully, methodically, almost in a boring way, and your long term chances of being a profitable and highly skilled forex trader are massively increase.

And I can tell you that because I’ve been trading the markets for nearly 20 years and I’ve been and seen it all from my own experiences and through the thousands of people that have come on board with us here at the Forex Trading Coach.

What should you do?

So what can you go and do? Well, first of all, if you’re learning a strategy, you’ve got to learn it properly.

You’ve got to get onto demo accounts, you’ve got to make your mistakes on a demo account, whether it be a money management thing or whether it’s a partial closing thing or trading the wrong direction, whatever it might be, use the demo accounts carefully and use them to your advantage. Now, the other thing you got to be careful with a demo account is you don’t open up too big an account size, a lot brokers will give you, let’s say 50,000 or 100,000.

That’s unrealistic for when you’re going to go live. So I suggest you open a demo account and try and get down to one of the smallest sizes that you can have, maybe sort of 10,000 or something like that, because then it becomes real when you go live and nothing really changes.

Using your demo account correctly

So once you’ve made all those silly mistakes of entering and exiting trades, you then need to use your demo as though it were real and you have to use it and carefully and properly.

Don’t just think, Oh, it’s a demo account. I don’t care that trade loses or I’m leaving that trade in over the weekend. I forgot to close. It works, doesn’t matter. It’s just a demo. Don’t think that at all. You’ve got to treat it like it’s real and you then have to become consistently profitable on that demo before I suggest.

Then you look at going live. When you do go live, then go to a small account. It doesn’t matter how much money you might have. You start with a small account and just carry on doing the same thing. Because when you go live, your emotions will definitely come into it, your head and your heart. Two things you have to control when you’re trading, but by that stage you should have eliminated all those silly things that you’re going to do on the platform.

But now you’re focusing on the trading and being consistently profitable on that small account, because when you have losing trades, it hurts when you have profitable trades, this joy and excitement, but you’ve got to try and bring those to almost to neutral. Then when you do that, you’ve got a few options.

The next stage to trading live and prop firms

First of all, you’re in like the 5 to 10% of people who are making money consistently. So congratulations. Secondly, you can then increase your account size. You could trade for other people. You can get on to prop firms and different things like that, which will then massively increase your returns. So that’s what I’m saying at the beginning. Do it patiently, Do it slowly. Don’t worry about how much money you making today, because I would much rather have a conversation with somebody.

And they said, Andrew, I’ll join your course. It took me six months or so before I felt like I was comfortable to go live and then another six months and now after a year I’m feeling really good and I’m making good, consistent gains. I’d much rather have that conversation with anybody than someone to just jump straight in. And after two or three months they’re blowing their account.

They don’t know what they’re doing. They’re losing confidence. They’re blaming the strategy, the system, the broker, me, everything but themselves. And so the long term person with a long term mindset will be the one who wins in this market. Right.

Choosing a broker

So you’ve done that. You’re understanding that you want to put your money with someone who’s a good broker, good, trusted, solid, reliable, honest broker.

Look no further than blueberry markets. They’re a fantastic organization, fantastic team of people. The based over in Australia. You can open accounts with them pretty much forever. You live in the world apart from the States and a couple other countries, but most other people can. They have the MT4 and MT5 trading platform. I’m now complete convert to the MT5.

I love it because not only is it have the built in extra time frame charts, but of course it has so many more markets to trade. And as a technical trader that just gives me so many more opportunities to get high quality A-plus grade trades set ups on a daily basis. So I hope that helps. Remember, don’t rush to trading and if you’re looking for a broker, consider blueberry markets.

I’ll put a link to them on here as well. So once again, this is Andrew Mitchem here at the Forex Trading Coach.

Like & Subscribe

Have yourself a great week or weekend wherever you’re watching or listening to this and any questions, please ask. Don’t forget to like and subscribe. If you’re on social media or YouTube and any questions you have for future editions just like this, send me an email.

Andrew@theforextradingcoach.com. See you next time. Bye for now!

Episode Title: #495: How Long Does it Take to Become a Profitable Trader?

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#494: How to Calculate the Correct Lot Size

Mar 13, 2023

How to Calculate the Correct Lot Size

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TFTC Lot Size Calculator Script

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#494: How to Calculate the Correct Lot Size

In this video:
00:27 – What lot size should I use?
01:04 – Doing it all wrong
02:30 – Get a copy of my Lot Size Calculator script
04:35 – Losing trades will be equal money now
05:08 – Blueberry Markets is my broker of choice
05:50 – Future discussions

Calculating the correct size for your trader is vitally important to your trading success. It can make or break you as a trader. Let’s talk about that and more right now.

Hey there, traders. It’s Andrew Mitchem here at the first trading catch with video and podcast number 494.

What lot size should I use?

So a lesson for you for this week. I was approached by somebody via email a couple of days ago, not a client. And he said to me, Andrew, can you help me out? I’m really struggling with my trading. And he was just tearing his hair out, couldn’t really figure out what was going wrong.

Yeah, low win rate and was just losing trade after trade. And I said, look and show me some of your trade results. Maybe like export your trade history through to me and I’ll take a look at it for you to see if there’s anything obvious I can see to assist you.

Doing it all wrong

Now the thing that stood out so obviously, and of course I didn’t know his strategy, I didn’t know why I was entering the trades or anything like that.

But the obvious thing, the first thing that I looked at is that every single trade that he was taking had the same size and he was this placing 0.1 lots and he was placing on every single trade. It didn’t matter what the currency pair is, what the direction, what the stop loss size was, and or even different markets. Every single trade had the same 0.1 lot size.

And I went back to him and said, here’s an obvious flaw in your trading, because have you noticed that some of your losses are enormous and some of your gains are really tiny and when you have losses, they’re all over the place. There’s, you know, some big losses. There’s smaller losses. And same with your gains. You know, you might have a profitable gain, but it’s tiny.

And compared with the loss that you just take him on the last trade. And he said, oh, the reason I do that is because it’s easy. I put 0.1 lots on every trade. And I said, So what’s the reasoning? You know, apart from being easy? I said, Well, that’s all I’ve ever thought to do. And I suppose it’s easy.

And when you look online, people calculate their pips and they think that they’re doing well. If they have positive pips. And he just put the same size on every single trade.

Get a copy of my Lot Size Calculator script

So I said to him like, here’s the first thing you can do. Go to my website and download my lot size calculator. It works on MT4 or MT5 and it’s freely available to you.

And if you don’t already have it, I strongly suggest if you use the MT4 or MT5 platform, you go and download it. It’s a script and it’s been downloaded tens and tens of thousands of times over the last probably been on my site about 12 or 13 years. Now, unlike some calculators which are really slow and cumbersome to use, this is fantastic.

It’s a script and all you do is drag it onto the chart that you are trading right now. So let’s say you’re trading the EUR/USD. You drag the script on. The script knows your account size, the balance. It knows that denomination of your trading account, such as if you’re trading in the USD or JPY or NZD or GBP, whatever CAD, whatever it is that your account or denomination is, it knows and all you’re doing because you’re dragging it onto the EUR/USD chart.

It knows you’re trying to trade the US dollar, so therefore it knows the dollars per pip that you get paid on that particular pair in your currency of your account. So all you have to do is put it in the stop loss, stop loss in pips of that trade. It’s defaulted to half of 1% risk. But you can make that anything you like.

But what you do is literally put in the stop loss press. Okay. And it will tell you the exact size that you need to place on that trade. So if that trade goes wrong with the stop loss size that you’ve just told it, it will lose the default half of 1% of your account on that trade if that trade were to go wrong.

It’s so easy. It literally takes like 10 seconds, if that, to calculate it and to use it and it tells you the exact level you need. Very, very clever piece of software, highly recommended.

Losing trades will be equal money now

And what that would do and what I told this guy, what it will do for him, and it will mean that every single trade that you have will have a losing trade, will have the same risk level, the same percentage risk, or the same monetary loss if the trade goes wrong.

So it doesn’t matter if you have a trade on the EUR/USD with a 30 pip stop loss or a trade on the EUR/USD with a 125 pips stop loss, it doesn’t matter because every trade you will have equal and controlled and low and known risk really imporant when you do that.

Blueberry Markets is my broker of choice

So you’re either looking for a really top quality broker and you’re after an MT4 or MT5 broker out there.

I can highly recommend blueberry markets they based over in Australia across the ditch for me. I’m in New Zealand, but you can open an account with bluerberry markets It doesn’t matter where you live in the world. There’s a few countries you cannot. Unfortunately, the US is one of them, but there’s a few other countries. But for the vast majority of people listening to this and watching this, you can open an account with blueberry markets.

I’ll put a link to them on this page and on this post, as I will do so. So you can go and get a freely available my size calculator script. Do both have a look? They’ll be on this page.

Future discussions

So if you would like me to discuss anything like this, just like this guy did this week on future videos and podcasts, if you have any trading issues or any difficulties, anything you don’t quite understand.

All you need to do is send me an email to Andrew@theforextradingcoach.com or leave a comment here if you’re watching on YouTube or any other platform and I will definitely help you out by making a future video and podcast about the subject that you need help with to help you out the best I can.

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

Episode Title: #494: How to Calculate the Correct Lot Size

TFTC Lot Size Calculator Script

Find out more about Blueberry Markets – Click Here

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#493: Which Trading Session Should You Trade?

Mar 6, 2023

Which Trading Session Should You Trade?

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#493: Which Trading Session Should You Trade?

In this video:
00:25 – The best time to trade?
01:12 – Forget about the trading sessions
01:50 – Trade at the close of a candle
03:25 – I trade in 30 minutes a day of chart time
03:50 – Blueberry Markets use the correct charts
04:50 – 12 Monthly chart trades taken in March
05:28 – Like and subscribe

A lot of people get confused with not knowing what trading session is best for them to trade. Let me help you with that topic right now.

Hey, traders. This is Andrew Mitcham here, the owner of the Forex Trading Coach with video and podcast number 493.

The best time to trade?

Today I want to talk about trading sessions. When’s the best time for you to trade? Should you be trading the Asian session or the European session or the US session? And a lot of people get a lot of confusion going around that.

So the issue that I see is people think that they have to be there just at the European Open because that’s when the market is most active. But then for some people they’re at work or for some people that’s at nighttime. And so they feel that there has to be output like crazy hours of the morning or night and to trade properly.

Other people think that they need to be there for the US session. For me, that starts at like 2:00 in the morning. No way. I’m going to be there at 2:00 in the morning. Getting up, trading the US session. So the short answer is you don’t need to do any of that. But the issue is that so many people get confused with that.

Forget about the trading sessions

So the easy way around that is to forget about the trading sessions based your trading on the New York start of day charts. Now 5 p.m. New York time on a Sunday, the Forex market opens and it stays open for 24 hours until 5 p.m. New York time on a Friday. So that means at 5 p.m. New York time, every day of the week, the daily charts change over from one day to the next.

At that same time, the 12 hour charts change. The eight hour charts change. So do the six hour charts and down further from there.

Trade at the close of a candle

And so if you look at trading based on the close of a candle, that means you can trade. Doesn’t matter where you live in the world, what your time zone is. It’s why we have clients in 101 countries around the world at the Forex Trading Coach, and nobody has any issues trading our strategy.

And that’s why we’re not saying you need to be there at the beginning of Europe for the first 2 hours. That would be terrible. I could think of nothing worse than sitting glued, watching the charts, just sitting, waiting for something that might happen. The issue then becomes this You force trades or you think, Well, because I’m here right now, I have to make something happen.

Say you force trades and you do silly things. If you look at your charts at the close of a candle and you don’t even need to be there at exactly that time because we trade using limit orders. So we don’t need to have to be there. But if you do look at the close of a candle, let’s say on a four hour chart or a six hour, 12 hour daily, whatever it is you’re trading.

Have a look through there. Everything set. If you’re using any indicators, none of the levels are moving. They’re set because the candle has closed. And so that means that you’re not there trying to react in real time, you know, because something’s moved up or down a few pips or things like that, or you’re taking an indicator on a buy signal and then you find that 5 minutes later it then turns around and looks like it should be a sell signal and you get away from all that confusion.

You get away from that confusion of like a 15 minute chart says, Buy it an hour chart says sell. You get away from all that. And it also means you trade when it suits you.

I trade in 30 minutes a day of chart time

I personally trade in no more than 30 minutes a day actual chart time because quite easily two or three times a day I can scan through all my charts, all the currency pairs, all the timeframes that I need to look at in that time.

So if you do that, it takes you away from that mentality of feeling like you need to be there at different trading sessions. That is not a great way to trade.

Blueberry Markets use the correct charts

And so leading on from that, have a look. If you’re after a good broker at Blueberry Markets, Blueberry Markets are fantastic bunch of people, great brokerage, they offer MT4/MT5 charts and they do use the correct 5 p.m. New York Times start of day charts on their charts.

Just be careful if you with any other broker. I mean, more and more brokers finally are working at that 5 p.m.. New York Time is the start of your daily charts, but some still have what they call a Sunday candle, and it means that on a daily chart you’ll have six candles in a week and you’ll generally have like a candle, small candle, the beginning of the week.

The last two or 3 hours before the first candle of the week is properly starts. I would try and avoid brokers who offer charting packages like that is not great. You need five full complete days in the week on the daily charts and therefore your charts will start and the broker starts the new week at 5 p.m. New York time.

12 Monthly chart trades taken in March

I’m talking about also scanning through your charts really quickly. Yesterday, been sorry on Wednesday, start being the first of the month for March. I took 12 trades yesterday based off the monthly charts really easy one from once a month to scan through the charts. I saw 12 trades, which is really high. We don’t generally get as many as that, but all the set ups were there.

So guess what we did? We took the trades. I’m that’s it. That’s all I’ve done with them. Put the trades on and leave them. Let’s see how they go. So again, very short amount of chart time, make you analysis, take your trades, trust your set ups, trust your systems, put the trades on, let the market do its thing. So how that helps as Andrew Mitchem here at the Forex Trading Coach.

Like and subscribe

Any topics you’d like me to discuss on future videos and podcasts? Add them to the comments box like and subscribe to this video and feel free to share it around to any friends who are interested in progressing with their trading. Once again, thanks very much. I’ll see you this time next week.

This is Andrew Mitchem at the Forex Trading Coach. Bye for now!

Episode Title: #493: Which Trading Session Should You Trade?

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Join my webinar for new traders

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#492: How to Pass a Prop Firm Challenge

Feb 27, 2023

How to Pass a Prop Firm Challenge

Podcast:

Podcast: Play in new window | Download

Find out more about Blueberry Markets – Click Here

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Join my webinar for new traders

Join my webinar for the more experienced trader

#492: How to Pass a Prop Firm Challenge

In this video:
00:30 – Everyone wants to trade through a prop firm
01:15 – They don’t just hand out money
02:31 – You must preserve capital
03:50 – Don’t use a prop firm who insists on a time limit
04:58 – Trade a variety of markets and time frame charts
05:38 – Do not rush your trading
06:04 – Use a strategy with high reward:risk trades
07:02 – Use Blueberry Markets if you want a good broker
07:39 – Like & Subscribe and leave a comment
08:16 – Ensure you are profitable first before opening a prop firm account

In this week’s video and podcast, I’m going to give you some important tips of how you can pass a firm challenge and therefore make substantial gains for yourself from the Forex market. Let’s talk about that and more right now.

Hey, traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 492.

Everyone wants to trade through a prop firm

So everybody’s talking prop firms right now, aren’t they? You know, it’s the big thing. It’s a way that you as a trader do not need to put large amounts of cash or capital into your own trading accounts, whether you’ve got lots of money or whether you got no money. It does not matter these days because prop firms are there to help us to gain really good incomes through trading the markets, the forex market and other markets.

So what is a prop firm if you’ve not heard of a prop firm, it’s basically a firm out there online are lots of them. As always, there are a few good ones and there’s probably lots of not so good ones. So be selective. But basically it’s a firm that will allow you to trade on their capital for a profit share.

They don’t just hand out money

Now, of course, they’re not just going to go randomly giving out hundreds of thousands of dollars to people. They have no proof of bad. So there’s a charge to do it naturally. And also for most of them, there is a challenge to get through first on a demo account for maybe one or two challenges, depending on the level that you enter the challenge.

And before you can go into real money. However, we have some traders here at the Forex Trading Coach, some of our clients who are on substantial figures of $750,000 USD and more, and they are making incredibly good income through trading the prop firms and bypassing the different challenges. So think of it, if it was your capital, what’s the most important thing you’d like to know?

Well, of course you want to know. Can that trade are actual Trade. But also, are they a good trader and can they preserve my capital? That’s really what it’s about. It’s all well and good saying. “I’ve got a system with a 90% win rate or I’ve made 50% on my account last week”. But probably if you’re doing that, you’re gambling, you don’t know what you’re doing and you will almost certainly fail the prop firm challenges. So in order to pass a prop firm successfully, you need to do a number of things and I’m going to outline those for you.

You must preserve capital

First of all, as mentioned, preserve capital. So how do you do that? Well, you have to have low and controlled risk. You’d have heard me talk for years and years, about 14 years now, about I trade personally with no more than half of 1% risk per trade. That’s my personal level. Now, on a prop firm, you might want to go lower than that. You might want to trade, say, 0.25, a quarter of 1% risk per trade because the aim of a prop firm is not to lose their capital. Most of them have a challenge of, let’s say, making a 10% gain, and that’s all well and good.

But they have a drawdown maximum, most of them around 5%. So again, preserving capital is key. So if you think of it in simple terms, let’s say you are at five sorry, half of 1% risk with a 5% maximum drawdown, you can have ten trades, all losing in a row before you get to your 5%. Now, obviously, if you go down to 0.25, you’ve got more, more and more trades that you could have in a row losing before you get to that level. And if you strategy is any good, you of course, are going to have some good profitable trades in there as well. So really low risk quarter of 1% to half of 1%, Max, is where I’d suggest you look at your risk level.

Don’t use a prop firm who insists on a time limit

And so to get to 10% gain a lot of the prop firms and be careful with this because a lot of prop firms put a time limit on you getting to those gains.

I personally do not like that. I personally would select a prop firm who does not have a time limit on getting to that 10% gain. What you don’t want to do is get into the gambling mentality or let’s say you’re up five or 6% and you’ve got two or three days left and then you start doing silly things.

You may fluke it. You may get to that 10% by taking a stupidly abnormal high risk and just pulling it off. And you get there the trouble is you get onto a bigger account or you stop paying for more prop firms and you get into that same mentality and you’ll end up coming unstuck. So I would much prefer to look for prop firms who do not have a time limit on getting to the game. That’s really important. The other thing is also when I say risk quarter to half percent per trade. Don’t be like the majority of traders out there. We just put the same lot size on every single trade regardless. Don’t do that.

Trade a variety of markets and time frame charts

Have known controlled risk and know your size that you need to trade different markets because depending on the market conditions like you might find that the metal has been going really good.

Like yesterday we took a sell trade on gold and silver worked beautifully. You know, sometimes the metals are showing good set up, sometimes they’re not. Sometimes the forex pairs are, sometimes they’re not. Look at a variety of forex pairs as well and also look at a variety of timeframe charts. Give yourself the best opportunity because you don’t know next week what the market is going to show and give us.

You just don’t know. You might find that the day the charts went really well or you might find that the chances are not so good and the six hour chart are showing what’s a good set up. So give yourself the best all round chance here of success.

Do not rush your trading

And also don’t rush it, Do not rush it. Do not be forced into having to make X percent in X amount of time. Do not rush it because that’s not what professional traders do. You wait, you look for the high quality set ups and you take them when they show. If a lot show at the same time, take them and you know, if all of a sudden you’re getting like a day or two with not many trades, that’s fine. Also, trade what the market is giving you at the time.

Use a strategy with high reward:risk trades

I’m also you need to ensure that you have a strategy that has high reward to risk trades. That’s exactly what we have here at the Forex Trading Coach with most of our trades making a 2 to 1, 3 to 1, 4 to 1, sometimes a 5 to 1 reward to risk. Put that in simple terms. If you’re risking half of 1% on a trade and getting a 2 to 1 means you’re making a 1% gain if you’re at half of 1% risk and on a 4 to 1, it means you’re making a 2% gain on your account in just that one trade when it hits the profit target.

So you need to have that. So we can certainly help you with a proven strategy for trading. Have a look on this page or if you’re listening to the podcast, have a look somewhere on the page and you’ll find details to how we can help you with our proven online Forex trading coach course, which has been trading and helping traders for 14 years.

I’ve been personally trading for a lot longer than that, but we’re up to 14 years this year at the Forex Trading Coach, something we’re incredibly proud of.

Use Blueberry Markets if you want a good broker

Now lastly, if you’re out there looking for a good broker, I can highly recommend Blueberry Markets that based over the ditch over in Australia. I’m of course here in New Zealand. But doesn’t matter where you live in the world in most countries around the world, you can open an account with Blueberry Markets.

Fantastic, fantastic group of people, real good, honest, friendly people. You can get on the phone, you can talk to them. They’re incredibly responsive with emails, really good trading platforms on MT4. And now of course on MT5, a good variety of markets, good tight spreads. So have a look at Blueberry Markets again, I’ll put a link to them on this post and the podcast.

Like & Subscribe and leave a comment

Don’t forget to like and subscribe. If you’re watching on YouTube or any other or any other video channel and any questions, as always, leave them in the comments box and any any topics you like me, discuss on future videos and podcasts just like this one taught them. And let me know and I’ll be helpful and glad to the guide to cover those for you on on Future editions.

So this is Andrew Mitchem here at the Forex Trading Coach. I see this time next week, enjoy a pop firm’s be real low risk, high reward risk. Good strategy.

Ensure you are profitable first before opening a prop firm account

One thing I forgot to say, make sure that you are profitable first on a live account. Doesn’t matter what the size is, but be profitable on a live account before even thinking about top firms.

It’s there’s two things in trading you need to control. Once you head, once your heart in your emotions got to keep that under control and you got to know that you can trade properly, correctly, with low risk first on a live account before you put more money into something else. So otherwise you’re wasting your money going into prop firms.

They are fantastic if you know what you’re doing. I hope that helps. See next week.

Episode Title: #492: How to Pass a Prop Firm Challenge

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#491: How to Trade Crypto’s Safely

Feb 20, 2023

How to Trade Crypto’s Safely

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#491: How to Trade Crypto’s Safely

In this video:
00:32 – How we made +2% on Bitcoin
00:49 – Most people are losing money buying Cryptos
01:59 – Here’s my trade on the daily chart and why
04:16 – Litecoin also hits the profit target for 1.5% gain
04:48 – Making money from crypto safely
05:50 – Consider Blueberry Markets if you’re looking for a good broker
07:03 – Get onto one of my webinars and find out about our coaching course

I’m going to share with you how we trade cryptos using a very low risk safe way, and also how yesterday I made over a 2% gain on my account just trading Bitcoin on one trade. Let’s get into that and more right now.

Hey there, forex traders! Andrew Mitchem here at the Forex Trading Couch with video and podcast number 491.

How we made +2% on Bitcoin

And I’m going to explain today on this video podcast how we trade cryptos and how just yesterday on one trade on Bitcoin, I made over a 2% gain with only a half percent risk on my account. So let’s get started.

Most people are losing money buying Cryptos

Well, Bitcoin, cryptos in general. Well, look, probably like yourself. I know a lot of people who have invested in them over the years and I know a lot of people, the vast majority who have either lost money or currently losing money by trading cryptos kind of more the traditional, if you could call it that on such a new market, but more the traditional approach.

Now, a lot of people that I know are still massively in loss because they got into cryptos like about a year ago, so that early to mid 2022, the price had come down a bit. It was a sort of 40 odd thousand dollars for Bitcoin. And and everybody said it’s going to head up to 100,000 and beyond.

So a lot of people kind of got into it. And those people have been absolutely stunning because, you know, it’s come all the way down to around that sort of 15, 16,000 level and now it’s starting to head back up again. But all of that in using the way that we trade, it’s kind of irrelevant because, of course, as traders, we can go long and short so we can buy and sell. So that becomes your first advantage.

Here’s my trade on the daily chart and why

But I want to give you a specific trade that I took just yesterday. So if you go and have a look at Tuesday, the 14th of February 2023, Daily Candle on Bitcoin. Have a look at that. And it was taken Wednesday the 15th and I’m recording this on Thursday the 16th. So go and have a look at the trade that we took yesterday based on the Tuesday’s close on the daily chart Bitcoin BTC/USD.

Have a look at that. You will see on your charts there. That there was a perfect bounce off the swing high from the 5th of November 2022. So back on the 5th of November the market went up, it formed a high and it dropped again. The market is then gone over that level and come back to that level and then using the Tuesdays candle, which is our closed candle with the confirmation of the bullish set up. It’s come back and use that high from the 5th of November 2022 as the low of the candle that we’re looking at trading which just the 14th all February 2023.

So we now have a candle pattern in the right part of the chart. Bouncing off a very strong major support or resistance now becomes support level so that we’ve got a confirmation candle with a reason to trade it. We have our trendline break and everything else that we’re looking for and we had room to move for the profit target was no obvious barrier in the way.

Guess what we did? We took the trade. Guess what happened? It worked. It retraced beautifully to a retracement level. So we took two positions on the one trade. I split my risk personally. I’d go half percent maximum per trade, so went quarter percent risk at the market with a market order that made a massive 5.2 to 1 reward to risk and my retracement order filled absolutely beautifully, perfectly and quarter percent risk on there.

That made a 3 to 1 reward to risk put the two together half percent total risk gave me a 4.1% sorry a 4.1 reward to risk half percent over that gives me a 2.05% account gain on just Bitcoin with a half percent risk total.

Litecoin also hits the profit target for 1.5% gain

We also took Litecoin LTC/USD and that’s still going really nicely. It’s almost at it’s profit target as I’m recording this right now.

I that could well be another set of one and a half. It’s not quite such a high reward to risk, but it could be about another one and a half percent account gain. Let’s assume it gets there. I risk 1% total on those two trades and I’ve made a three and a half percent account gain by trading crypto. But the way that we trade the forex market. So get back to the original topic for today.

Making money from crypto safely

It’s about how do we trade crypto safely? To me that is a far safer way because what I might find next week is I might look at selling Bitcoin or Litecoin or whichever crypto setting up. I don’t need a massive amount of money in the market.

I don’t need to go out there and spend 40,000 USD to buy this one Bitcoin. You know, I can just trade it in exactly the same way and profit from those moves in exactly the same way you can. The forex markets, the indices, the metals, the commodities and of course the cryptos. So really different way of trading it, but a very safe and effective way of trading.

More than that, you actually not only profiting, you’re learning this skill for yourself. It’s not all someone out there said that Bitcoin was going to go to 100 grand. It’s 40 or better bison. That’s a zero skill and that’s gambling. What we’re doing is with skill, with accuracy, with probability, and we’re getting the rewards from it.

Consider Blueberry Markets if you’re looking for a good broker

And if you’re looking for a really good broker to trade some cryptos, or any other forex or metals, etc..

Have a look at Blueberry Markets. Their based over in Australia, but pretty much wherever you live in the world, apart from a couple of countries, including the US, you can trade through blueberry markets. I’ve been there, I’ve met them, I know them, I speak to them probably every couple of weeks. I’m probably in contact by email a few times a week with them.

The feedback that we get from our clients at the Forex Trading Coach that we say, Go and have a look at blueberry and people who choose to go to blueberry.

The feedback is always outstanding. You cannot get better than that. You’ve got safety of funds, segregated accounts, fantastic people to deal with. Good portal MT4/MT5, a good variety of markets, good tight low spreads and yep just a highly recommended company to trust your funds with and to try to reach those blueberry markets again.

I’ll put a link to them here on this page. So that’s it for this week. Consider how we trade. It’s probably differently from just going out there and spending a fortune and hoping that things go up.

Get onto one of my webinars and find out about our coaching course

If you like more information, jump onto one of my free webinars if you’ve not been on them. I held two different sorts of webinars each week, one for new traders, one for experienced traders.

If you like to jump on the full coaching course, have a look up a link on here. Also just to find out about it, this from research. We’ve been on Fox Peace Army since 2009. Not too many people can say that. And we love doing what we’re doing and we love trading just exactly like we did yesterday. That literally that trade took me about a minute to look for and it took about 30 seconds to place.

And I ended up with potentially if the Lite Coin gets there with three and a half percent account gain for a minute or 2 hours worth of work. So try doing that elsewhere. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now

Episode Title: #492: How to Trade Crypto’s Safely

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#490: 3 Tips to Instantly Improve Your Trading Results

Feb 13, 2023

3 Tips to Instantly Improve Your Trading Results

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#490: 3 Tips to Instantly Improve Your Trading Results

In this video:
00:27 – 3 Trading Tips for you
00:55 – #1 Declutter your charts
02:40 – #2 Get onto the higher time frame charts
05:25 – #3 Control your risk and drawdowns
08:05 – Let’s recap the 3 trading tips
08:23 – Join one of my free webinars

I’m going to give you three trading tips which you can implement today. And these tips will massively improve your trading results. So let’s get into it right now.

Hey, there traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 490.

3 Trading Tips for you

And I want to give you a three tips today, which if you implement them today in your trading, they will, without doubt, improve your trading results.

And you will know if you’ve been trading for any length of time that you see out there, that 90 to 95% of all traders lose money. Why is that? Well, it’s because most people fail on these points.

#1 Declutter your charts

So let’s talk about point number one. So the first thing you can do to help improve your trading results is to declutter your charts.

More than likely, you will have lines and indicators and dots and arrows and squiggly lines and all over charts. And the brokers are incredibly good at promoting indicators. And when you go on to most forum sites out there, they are incredibly good at giving you strategies and formulas which involve far too many indicators. And basically most indicators out there lag time and they can only draw plot something on your charts from historical data.

And that’s the problem. They’re all a combination may be slightly more reactive or slightly slower, but ultimately what they do is tell you what’s already happened and just plot it on your chart in a in a nice pretty form with a few lines and dots, etc.. The problem is, is that most people get completely naturally confused and they get convinced that what those lines tell you is how you should trade.

And that has a number of problems in that everybody seems to think they’re going to find the holy grail of combinations of different time settings, etc. And when this line crosses that line, then the dot appears up here. That’s how you trade in when you should trade. The problem is, is that, of course, takes away all the skill of trading.

It takes away from looking at what’s happening in the market. It avoids you looking at the price and the really important that you should look at the price on the right hand side of the chart, because that’s the most important thing. It takes away you looking at currency strength and weakness. It takes away all those skills that you need to be a good trader. So the first point would be de-clutter your charts.

#2 Get onto the higher time frame charts

Point number two would be to get on to the longer timeframe charts. Probably you are trading too much and on too short a timeframe chart. That’s what most people do and that’s where they become. They fall into the trap of feeling that they should be trading all the time. And most people, when they start thinking, Well, if I go to the five or 15 minute time frames or dare I say the one minute time frames, I’m going to find more set ups.

I’m going to make more money because I can just scalp a few pips here and there. There are multiple issues with that and I don’t know where to start. So there’s the issues of you over trade. You spend far too much time, a chart. Every trade that you make, the spread becomes a massive part of your trade.

Because if you’re making like, let’s say four or five pips and the spread happens to be two pips on that trade, then you know, effectively your you made seven pips to make five or something like that where you’re making five, you’re really only making three and you’re going to get stopped out of trades all the time. So get away from those shorter timeframe charts because they will do no favors whatsoever.

Get on to the longer timeframe charts. Now, really longer timeframe charts would be probably something sort of 2 hour charts, 4, 6, 8, 12 daily, weekly and even monthly. But get onto those longer timeframe charts because if you look at, let’s say the daily charts, what that means is you can look once a day. It doesn’t matter where you live in the world, you can look at your charts once a day. At the same time, which when the daily chart changeover is 5 p.m. Eastern Standard Time, that’s New York time.

At that same time, we go and look through the 12 hour, eight hour and the six hour charts so we can cover four timeframe charts at that one time and then at 5 a.m. New York time, because that is then into a more active trading session. With the European session, we look at the two hour, the three the for the six and the 12.

So we’ve got five timeframe charts, all of that one time. You can do those two changeovers if they suit you if your time zone in under 30 minutes easily once a day and thanks you trading done. So really important that you do that and you look at the close of a candle if you’re looking at the close of a candle on let’s say a 12 hour chart, you can look twice a day.

If you’re looking at that on a five minute chart, you’re going to be just stuck there, glued your screen all day and night. And it’s not something you’re going to do with longevity or enjoyment. So longer timeframe charts definitely help and they’re more reliable and offer better reward to risk out of your trades as well.

#3 Control your risk and drawdowns

Point number three and control the risk that you take per trade.So many people don’t understand risk. If you look at prop firms, for example, one of the best ways of passing your prop firm challenge is to keep your risk low. You know, it doesn’t matter if you can make 20%, but the regain. But the problem is if you have a drawdown of 20% or 30% to do that, you’re failing your prop, Then why do prop firms do that?

Well, they want to preserve their capital. So as a trader, that’s your number one priority is to preserve your capital so we can talk about strategies and taking out the A-grade trades and all that type of thing. But if you don’t know how to control your risk and keep your risk low and equal per trade, it just completely disadvantages you and you’re going to get absolutely smashed and you will lose money and you will then maybe open another account or then eventually give up and blame the market, blame everybody else.

But the problem is, is you did not control the risk on each trade. So forget about making pips. Forget about the stop loss being an X number of pips, so your profit being an X number of pips just to get that put the stop loss where it needs to be for that particular trade. According to the pair you’re trading, the timeframe chart, the current market conditions, if there’s lots of activity or not, put that stop loss in the right place and then adjust your lot size to ensure that your risk is a set and known level that you are comfortable with.

For me personally, I never risk more than half of 1% of my account per trade. And then people go, Well, Andrew, how on earth can I make money if I’m only risking half of 1%? Easy! You just have to learn how to trade first. Once you do that with low risk, you can then get on to things like prop firms or managing funds for other people or whatever it is that you want to do.

Don’t worry about your account size today. Don’t worry about that sounding like a really low risk because it is a low risk deliberately. Because if you believe most people out there on the Internet land and YouTube and everywhere else, they will tell you to risk 3% to 5% per trade. That is utterly mad. Do not do that. Two or three trades your, you know, 15% down.

Think about it this way. If you get to 50% down on your account, in other words, you’ve gone from let’s say a 10,000 as an account to a $5,000 account, you now need to make 100% gain on your account size, which is now $5,000, just to get to break even. So you then start that mentality of gambling and it just becomes a big mess. Do not do that.

Let’s recap the 3 trading tips

So to recap those three important points that you can start doing today. Number one, declutter charts. Look at the price. Number two, get onto the high timeframe charts. Look at the close the candle. Number three, learn to control the risk you take portrayed and forget about Pips.

Join one of my free webinars

If you’d like more information, if you’ve not been on one of my free webinars yet, I held two different sorts of webinars, one for new traders, one for the more experienced traders.

I highly suggest to get on to one of those if you’d like, help with point number three about controlling risk. Have a look at my website for free lot size calculator that works on empty for an empty five and I will put a link to that on this video and podcast as well. And if there’s anything else that we can help you with here, Forex trading coach would gladly do that.

Send me an email Andrew@theforextradingcoach.com or put a comment if you’re watching YouTube on this video and I’ll be pleased to help you with your questions.

So once again, this is Andrew Mitchem here at the Forex trading coach. Have a great week ahead. And I see this time next week. Bye for now

Episode Title: #490: 3 Tips to Instantly Improve Your Trading Results

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#489: Does Your Strategy Work Across All Time Frame Charts & All Markets?

Feb 6, 2023

Does Your Strategy Work Across All Time Frame Charts & All Markets?

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#489: Does Your Strategy Work Across All Time Frame Charts & All Markets?

In this video:
00:24 – Don’t use a strategy that only works on one time frame chart
00:57 – Things that experience bring
01:33 – The strategy that I developed 17 years ago and still use today
02:58 – Candle Patterns and Price
03:10 – Real life examples from this year
03:50 – H2 EUR/USD makes a 4:1 Reward:Risk
05:13 – The power of a trading community

Your trading strategy, if it’s a good strategy, should work across all timeframe charts and all markets. Let me explain more. Right now

Hey there, traders. It’s Andrew MItchem here, the Forex trading coach for video on podcast number 489.

Don’t use a strategy that only works on one time frame chart

Now, one of the things that fascinated me when I started trading almost 20 years ago was I would buy systems or view systems online or buy books, and people would say, Hey, this system’s really good. It’s fantastic, guaranteed to work, which of course it’s not.

But you know, it’s getting to work and you should only apply it on the pound US dollar or you should only apply it on 15 minute timeframe charts or five minute time frame charts. And I can never really understand why that was. But when you knew you kind of take on board what people say and they develop the systems, you kind of go with it.

Things that experience bring

It’s not until you develop some time, strategies, knowledge, experience, and I have your ups and downs that you go through. Do you actually realize that that’s not a good way of trading? But she soon find out that over optimizing and curve fitting, although it may look good in hindsight and you can make results, historical results look absolutely incredible.

You soon get to find out and realize that the reality is that that kind of over optimizing and curve fitting does never work in the real market going forward or doesn’t work consistently well.

The strategy that I developed 17 years ago and still use today

And so when I developed my own strategy, which we’re now talking about sort of 17 plus years ago, by the time I’ve been through the ups and downs of following other people and I wanted something that was real, that was going to work across all timeframe, charts, all currency pairs and all trading conditions, because you never know when you’re going to be in trending markets or rangebound markets.

You just don’t know in advance, of course. And now what we developed as we go into more and more markets available to us, we have more markets available to us, especially on MT5, is of course we can now trade into the crypto markets, the commodities, indices, metals and so the fantastic thing that I love about my strategy is not only does it work across all different timeframe charts and by the way, if you’re on MT5, you know how easy it is now to put on like six hour charts or two hour, six hour, eight hour, 12 hour charts, which of course in MT4 days we didn’t really have so much availability to those charts.

So not only does the strategy today were equally as well across all timeframe charts, we have a lot more forex pairs in play. You know, we’ve got some like Euro/Mexican and we’ve got, you know, US/Singapore and we’ve got Thai and we’ve got and you know, pesos where all these markets that a few years ago we didn’t have access to. Plus of course to go to all those other non markets.

Candle Patterns and Price

And the beauty of using price action by using candle patterns and candle shapes and where they appear within the charts is that can be applied across all timeframes, all markets. And that’s why the strategy does so well.

Real life examples from this year

Now let’s put that into a real example for you. Just last week I was saying how our daily chart trades had produced a 7.5% gain in the eight days for January that we’d been trading when I made last week’s video.

And we ended up having and great end into January and we’ve started off quite nicely in February as well. However, I have noticed this week that the majority of our trades have come from shorter timeframe charts, just the way that the market is, the conditions out there. We’ve had a few daily charts and we’ve taken two on the monthly on the February monthlies as well.

But the majority of our trades this week have been shorter timeframe charts. Now I want to give you a couple examples.

H2 EUR/USD makes a 4:1 Reward:Risk

Just yesterday I saw on our forum site someone is saying on the two hour charts there’s a couple trades setting up on the EUR/USD and the EUR/CAD as sell trades as reversal trades. Now I wouldn’t know how to look at my charts of that.

Well that pretty good. By the time I got to my charts, a few minutes had passed and passed the change over. Now if you go and look to our chart Euro US dollar the 8:00 candle 0800 hour candle on the 2nd of February. So it’s the candle that started at 8:00 and finished at 10:00. Don’t have looked it out in the charts you see a lovely reversal trade there. On that trade on a two hour chart trade.

I ended up getting a 4 to 1 reward to risk out of that trade. So in other words, half of 1% risk on that trade. Real low control risk, only half of 1% of my account risk. But I made a massive 2% account gain on that one trade. The euro Canadian made a 2 to 1. So that did really well as well.

So you put the two trades together. I made a 3% account gain on two trades taking that exact same time, all posted and written on our forum site by someone else. I didn’t even look at the charts at the time. I just happened to see that pop up on the Forum site. Went to look at the trades, saw the trades go Yeah, they’re fantastic.

Took them, profited. So what does that tell you? Well, it tells you that different time, different charts can be treated equally as well and also tells you about the power of a community and a forum site of like minded people. And that’s one thing we’re really proud of here at the Forex Trading Coach. Coming up in this April, we celebrate our 14th birthday here at the far trading carriage, something we’re massively proud of and we love doing what we do.

So if you have any interest in trading, different timeframes, different markets, but the same strategy, that’s the important thing with low risk, high reward to risk trades, just like those two trades I’ve just mentioned and like last week on the daily charts, come and have a chat with us here at the Forex Trading Coach. We’re here to help.

We’re friendly people, we’re real people. We trade from home and we do this because we love doing it and we love the community of traders. So I hope that helps. Don’t forget, if you see a strategy, if someone goes, you can only trade this on a one hour timeframe or whatever the timeframe is, or you can only trade this on the EUR/JPY or whatever the market is.

It’s likely to be curve fitted, over optimizing probably not a great thing to do. You need to be able to trade regardless of the time frame chart, the conditions and the set ups that the market is presenting to you. Just like the two examples from daily charts last week, shorter timeframe charts this week, just the way the market is.

But we’ve profited both times and that’s what makes this work. This is Andrew Mitchem Forex Trading Coach I see this time next week bye for now.

Episode Title: #489: Does Your Strategy Work Across All Time Frame Charts & All Markets?

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#488: Our Daily Trades at 7.5% for the year so far

Jan 30, 2023

Our Daily Trades at 7.5% for the year so far

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#488: What Are Your Trading Goals for 2023

In this video:
00:29 – Superb market conditions
00:48 – Our Daily chart trade suggestions
01:37 – The trades and their results from the last 2 weeks
04:00 – The performance that can be achieved
04:47 – Use this valuable knowledge

We have had an absolute flying start to the year with our daily trade suggestions up 7.5% right now in only a week and a half. Let me explain more about that and how you can achieve results like that right now.

Hey there Forex Traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 488.

Superb market conditions

Well, the market conditions over the last couple of weeks have been absolutely superb. Lots of good trends, lots of moves in the markets and from our point of view, lots of good chart setups on the timeframe charts that we look at, which are mostly the daily charts and the 12 hour chart, 6 hour charts, 4 hour charts, etc..

Our Daily chart trade suggestions

But I want to focus for now just on our daily trade suggestions so that based off the daily charts which we post once a day on our membership site, so all that finances matter where they live in the world can follow along with those trades. Look at the trades, the reasons why we’re taking the trade, the paper, the direction, a paragraph of the reasons why, plus the exact entry and exit levels, which are all taught in the course anyway.

But they just confirm what’s happening and give reassurance to people why they can earn while they learn and I’m making this on Thursday. So we only had three days of the trading week so far this week plus all of last week when we started for the year and already we are up 7.5% gain with only half a percent risk per trade. I want to explain those trades to you.

Our Daily chart trade suggestions

We started off last week with a 1.45% gain we had and we’re training some non forex markets and also a few minor pairs as well because we trade the pattern, not so much what the actual pair is. So let me explain to you the trades that we took last week. These were all there for people to follow and to get the exact same results.

By the way, it doesn’t matter where you live in the world. The US30, the US index, we made a 1.2% gain last week that we then got stop that on the Euro/Singapore. So we lost half of 1%. We had a US/Chinese Yuan, which is quite an unusual pair. Only one position got filled. We made .75 US/Mexican, one position filled we made half of 1% gain and we got to stop that 4% loss on the Nasdaq.

So a 1.45% gain last week. So we take two positions, one at the market, one over a limit order total between the two. I suggest a path of 1%. And that’s what I’m basing these figures on this week. Superb week, only three days completed so far. We are up 6.04% Aussie/US dollar on Monday made 0.9% Aussie/Franc on Monday made 1.12.

They were only on one position as well as a massive reward to risk the Pound/Canadian made a 0.6 gain. The Franc/Singapore had one. Stopped out and the market or stopped out profit target on retracement 4.52 US/Mexican traded that again on Tuesday 0.5% one position. Tuesday Aussie/New Zealand one position 0.8%. And yesterday, Wednesday we took a trade on Lead of all things.

Both positions fill both positions hit profit for 1.6% gain a total in just three days. This week 6.04%, no overall losing trades there at all. So just shows what can be achieved. Don’t forget this is just one timeframe chart. Plus of course we post trades on other timeframe charts. Our forum sites had some fantastic trades ranging from one hour charts through to 12 hour charts, and we have our live weekly webinars as well, where we generally take between about one and five trades depending on the market conditions when we’re on there live.

The performance that can be achieved

So it just shows what can be achieved when the market conditions are good. There’s lots of trades showing and we find that results are fantastic. Reward to risk is excellent. And if you’d like to know how to trade like this and don’t forget the trades that I’ve explained to you here are just trading just once a day. And you know, it takes no time at all to place those trades.

And already you’d be up 7.5% in just a week and a half trading of this year. Now try finding me seven and a half percent in in sort of eight days of trading day somewhere else that you’d find this year. The only thing I can see is seven and a half per cent is the inflation figure that’s going up and up and up. So investment wise, very, very difficult to achieve results like that.

Use this valuable knowledge

So not only are you achieving the results like that, you can then take those same skills and trade that for yourself on other timeframe charts as well, which of course we help our clients with as well. So it’s not just the return, it’s the knowledge base that you are learning that is so vital here.

So if you’d like to find out more details, have a look on this page somewhere. I’ll put a link to our five star coaching course. If you’re watching or listening on YouTube or podcast, don’t forget to like and subscribe so you don’t miss out on videos and podcasts just like this one. So this is Andrew Mitchem here at the Forex Trading Coach.

Let’s hope these are good conditions continue. We know that the strategy works. I’ve been teaching this for coming up 14 years this year. It’s well proven across all markets, across all time frames, across all different market conditions. Come and take advantage of it. If you’d like to make yourself a successful trader, I see this time next week bye for now.

Episode Title: #488: Our Daily Trades at 7.5% for the year so far

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#487: What Are Your Trading Goals for 2023

Jan 23, 2023

What Are Your Trading Goals for 2023

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#487: What Are Your Trading Goals for 2023

In this video:

00:25 – Happy New Year

00:50 – So few people have any form of goals or plan

01:40 – You need to be able to see things differently

02:14 – Read Rich Dad Poor Dad

03:03 – Why we trade the Forex market

03:41 – Learning from 2022

04:23 – If you need help with goals and plans, just ask me

What are your trading plans and your trading goals and just your goals in general for 2023 and going forward from here? Let’s talk about that and more. Right now.

Hey there, traders. It’s Andrew here at the Forex Trading Coach with video and podcast number 487.

Happy New Year

First video and podcast for the year. Happy New Year to you. Hope you have had a fantastic Christmas and New Year break. I just got out the poll and I thought I’d make this video all about goals because, you know, one of my goals is to try and swim every day this year.

That pool right now is at 32 degrees. So if you’re in the States and in Fahrenheit, I think that’s right. In the upper 80s early 90s, incredible temperature for the water. So really enjoying that.

So few people have any form of goals or plan

Let’s get back to the trading, though. This morning. I was at a business group that I go to here in Nelson and a lady there who’s a business advisor was talking about how she’s amazed that so few people out there have any form of financial goals, any form of plan.

Basically, so many people are just living like day to day, paycheck to paycheck. And of course, that’s pretty dangerous in a good year. What potentially we might see ahead of us this year, globally, things are not looking great. That’s going to be really, really dangerous. Now, I’m definitely an optimist. I always like to look on the glass as half full, the bright side of life.

But you’ve got to be real as well. And this year, you know, not looking great for a lot of people, a lot of businesses as well. That’s the reality of it. But like all these things, there are so many opportunities out there, so many great opportunities for people to do well,

You need to be able to see things differently

Whatever it is that you’re looking at doing. But the trouble is you’ve got to be in that position to see them and have that mindset to be able to willing to open your mind up to to look at things differently, to like the standard type of thing. And you’re going to then be in a position to take advantage of something if you see it. There’s so many people that with the benefit of hindsight do really well. But of course in reality they don’t because they’re into things too late or they just don’t see things. We’ve seen that so many times. You know, just look at what’s happened in the world over the last couple of years and the vast majority of people just have followers.

Read Rich Dad Poor Dad

I was a big fan of Robert Kiyosaki. Years and years ago when I started investing in Robert Kiyosaki, he was always saying there’s opportunities everywhere the guy from rich that poor, that if you’re not read his books, just go read them.

That is fantastic. They’re still very, very relevant today. But, you know, just about the whole mindset of thinking differently, the whole concept that he brought in to his books about his rich dad being the business owner, I don’t work for X amount of dollars per hour. Out there looking at different opportunities, learning different skills, whereas his poor dad was the highly educated go to school, get more grades, go to university, earn a wage, work up the corporate ladder, all that type of stuff, which is we know and it’s not saying that’s wrong.

And I’m not saying that’s wrong because, you know, it’s not. But the reality is, if you want to sort of think differently, you kind of or you want to get somewhere, you’ve got to probably think differently to the norm. And so that’s basically what we’re saying.

Why we trade the Forex market

So let’s bring all this back to Forex. Why do we trade forex? Well, it opens up so many opportunities. It’s not dependent on so many other market conditions. The forex market, you know, you can buy, you can sell, you can now trade other markets as well as the forex market as well. It doesn’t require you to sit in their charts all day long if you know how to trade properly. Like the way that we trade 30 minutes a day, max is all you need.

So you can go and do things like go swimming and go and do things with your family and friends and travel and all those other things, you know, so you can go and do those. But, you know, it’s still like, Hey, we think you’ve got to do the hard work and the the groundwork first and you’ve got to do the basic right first.

Learning from 2022

But it all comes back to plan. And what happened if you’re trading already, how was 2022 for you? What did you do maybe wrong? What can you learn from what were you like to do differently this year? Have you changed that already? Have you created written a plan? You know what you’re looking for purely as a strategy? Money management, risk management.

Are you going to look at prop firms this year? What is it that you’re going to do? You’re going to get yourself educated in strategy that works and is proven, whatever it is, you know, you’re going to rely on an expert advisor. What is it that you’re going to do this year differently to make this year have a really good opportunity to be your best trading year yet if you got into trading at all? Well, it’s a prime opportunity to think about doing.

If you need help with goals and plans, just ask me

Goals and plans. If you need any help whatsoever, send me an email or add something to the comments box. If you’re watching on YouTube or email me. Andrew@forextradingcoach.com, anything you need help with. If you have any questions, if you have any topics or trading questions, anything that interests you that you’d like me to cover on videos and podcasts like this, which I’ll make weekly this year.

Again, just drop me a line, put something in the comments box below. If you’re on YouTube, don’t forget to like and subscribe or if you’re listening on a podcast, do the same thing. Let’s make this a great year for all of us. You know, we’re all doing this together all in the same boat role in the same industry, doing the same thing.

So anything that I can help you with this year, just let me know. That’s it for now. This is Andrew Mitcham here at the Forex Trading Coach. I see you this time next week bye for now.

Episode Title: #487: What Are Your Trading Goals for 2023

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Podcast: Play in new window | Download

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