Weekly Video News & Podcast
#651: Your Health Could Be Ruining Your Trading
Your Health Could Be Ruining Your Trading
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Click Here to Download Dr Joe Jacko’s Health Cheat Sheet
#651: Your Health Could Be Ruining Your Trading
In this video:
00:03 – The relationship between health and trading.
01:15 – Dr Joe Jacko introduction.
03:23 – Are doctors and the medical industry to blame?
05:15 – We’re not taught to think for ourselves.
07:55 – Self-educate yourself and do your own research.
13:37 – Food – the good, bad and the ugly.
17:35 – Physical work and exercise.
20:12 – People still follow and trust the mainstream media.
26:05 – Health cheat sheet – link is in the description.
30:38 – Priorities and how you spend your money and time.
Andrew Mitchem
Hey there traders Andrew here at The Forex Trading Coach.
The relationship between health and trading.
Do you know in 21 years have been a full time trader? I’ve never seen herd watched a video or a podcast or seen an e-book ever about health and how it relates to your trading. Now, a few weeks ago, I received an email from Doctor Joe Jacko, who’s been a doctor in the US for over 36 years.
[Intro Jingle]
His methods and his beliefs in health and well-being a massive. And they align with the way that I think as well. It’s something I think is underestimated. And as mentioned, I’ve never seen anybody talk about health and how it relates to your trading, ever. So I jumped on the opportunity to have a chat with Doctor Joe. And I think you’re going to be fascinated by it and our beliefs and how it can help you as a person with your overall health, mental fitness, well-being and how it can relate to your trading success. So let’s jump into it right now. This is weekly video and podcast number 651.
It’s Andrew here at The Forex Trading Coach. And something different for you today.
Dr Joe Jacko introduction.
Really excited by the chat we’re going to have today with Joe Jacko from Columbus, Ohio over in the US. Joe’s a physician and medical doctor. And we’re going to be talking medicine and banking and finance and talking about the press, things that have happened over the last number of years and how we can help you to potentially think a little bit differently to help you with your, your medical and your financial situation.
So welcome along, Joe. Great to have you here.
Dr. Joe Jacko
Yeah. Thank you Andrew, I appreciate the opportunity.
Andrew Mitchem
Yeah. Really looking forward to this because I think we think a line on on many things in life. Joe where.
Dr. Joe Jacko
Would you like to start? Like, hey, before we start, can I just acknowledge your work that you do and bring in timely financial matters to your listeners?
Andrew Mitchem
Yeah. Cool. Thank you.
Dr. Joe Jacko
I appreciate that appreciate it. I hope they continue to give you a good rating so you can continue to do that.
Andrew Mitchem
Yeah. Look, I mean we work hard to make it work for people. You know, we’re real people. We don’t pretend that we’re in some high rise in London or New York where I’m stood here, you know, shorts on, no shoes on, talking to you here, dressed up at the top to make it look a little bit more professional.
But, you know, we’re real people doing real things. So that’s why, you know, I think it works. We’re not we’re not pretending to be something we’re not. Yeah. Joe, maybe if you could give everybody a bit of a background, over what you do, what you found, and what you’d like to discuss in this video and podcast.
Dr. Joe Jacko
Sure. Well, I’m starting my 37th year in clinical practice. And in addition to practicing, what I primarily do now is try to help patients navigate the medical information landscape. I think we all know that there’s some misinformation out there, and I also help patients try to regain control of their health by helping them ask questions of their doctors so they get the most complete information.
Okay. And interesting enough, you know, some of this misinformation out there, it really comes from the profession itself. And people may find it surprised to hear that from a physician or a doctor. But it’s taken me about two thirds of my career to come to that conclusion that sometimes we in the profession are the problem, right?
Are doctors and the medical industry to blame?
Andrew Mitchem
Was there any one particular time or point something happened that made you kind of change?
Dr. Joe Jacko
Yes, there are three. So I wrote a book that kind of goes over all this and it’s called bamboozled, duped and hoodwinked. The keys to escaping the tricks, deceptions and the half truths of the medical industry. And I point to three incidents in the in the book. So one was fairly about halfway through my career. I was given a talk on anabolic steroids.
And as I researched, did I realize that a lot of what we were taught as physicians was not complete and that these steroids, although, you know, I don’t encourage their use, they weren’t nearly as dangerous as we were being taught as physicians. And we were in turn trying to scare our athletes from using it. And then the third incident was really had to do with Covid.
And I just really thought we went off the rails in terms of our ethics. And I had a hard time following the crowd on that one. Yeah, yeah.
Andrew Mitchem
Me too.
Dr. Joe Jacko
And that’s that’s what prompted me to write the book.
Andrew Mitchem
Yeah. Interesting. That’s really interesting. You talk about book, completely different type of topic. But years ago I thought and I said to my wife, I want to write a book called The Ants and the bees. And the reason I wanted to record it, the ants and the bees, is because you get the bees ordering the hard work. The ants order in the hard work, and they’re all following that pattern, that routine.
And I think within society today, more especially now than ever. And like I said, a lot of people kind of woke up during the Covid era, both on that financial and that medical side of things. Everybody just blindly follows what the press say, what the news says. And I don’t know whether it’s they don’t have time or they don’t want to know in terms of looking elsewhere.
We’re not taught to think for ourselves.
Dr. Joe Jacko
Right. Yeah. We’re kind of taught to I think we’re all taught to just kind of blindly follow our leaders and our authorities, and we need to take some time and take a step back and really think for ourselves. And in fact, in the book, I dedicate the book to the independent thinker. And I think that’s the audience that you’re appealing to, the person who will question things and come to their own conclusions.
Andrew Mitchem
Yeah, that’s right. And in finances as well. Like I remember as a kid growing up on the farm, a parent’s used to get like the bank manager coming back in the day when the bank manager turned up at your place and they said, this is what you need to do to get to retirement. And, and I was thinking, even like at ten years old, I was sitting there thinking, that sounds boring.
You know, you’re working and working and working in the hope that you get to 60 or now it’s probably closer to 70. And these days most people are not in a good physical condition. Time to get to 70 to actually go and enjoy that life. And I thought.
Dr. Joe Jacko
Yeah, we’re kind of caught between our age, our, our health and our wealth, and rarely to all three of them lined up to take advantage of the situation.
Andrew Mitchem
Correct. And I think there’s a mindset thing as well. You know, there’s a whole, you know, that whole rat race going on and people are just getting more and more sort of blindly following what they have to do. You know, they get up because of their llamas. They’re so to go to work for someone else, to sit in traffic, to dress really nicely, to please someone else, to come home.
And it’s dark. The kids have been looked after by someone else. They’re tired, they eat rubbish, they go to sleep and repeat and it’s like, surely there’s a better way than this.
Dr. Joe Jacko
Yeah, we’re definitely in a rat race, and I’m sure you probably want your listeners to get their money to work for them instead of them working for their money.
Andrew Mitchem
Yeah, you’re right. And there is that about it. And there’s also the fact that they need to, you know, people want to become independently, you know, sort of able to do this. I think that’s one of the things it’s like, well, if you hand your money over to someone else or these days a robot or AI or something like that, and even if it makes you some money, there’s no mental stimulation.
There’s no like, you know, I will say to my, my traders, you got to control your head, in your heart in trading because obviously it’s finances and emotion. But also I think the positive is if you know what you’re doing and you can invest for yourself and you get a good outcome, how good that makes you feel, because you know, you can continue to do this.
Whereas if you hand your money over, you don’t know what they’re doing with it. Is it? You know what happens when results start going against you? You start getting a bit nervous.
Self-educate yourself and do your own research.
Dr. Joe Jacko
Yeah, you want to work with expert, but at the same time, I think you really want to self educate yourself on regardless of the topic, so that you know what questions to ask your experts, whether it be your financial planner or your your physician. Absolutely. And yeah, you need to be well educated. That’s one of the things I really encourage with my patients.
And in the book is everybody’s got to do their own research. Yes. So that, you know, what questions to ask your physician and make sure you’re getting all the information you need.
Andrew Mitchem
Yeah. I mean, I see the, you know, the supposed healthcare system as not health care system. It’s like, you know, its appeal system and it’s a money system, right? Whereas there’s so many other things that people with a little bit of simple research could go and do to go more natural or look after themselves physically and mentally. I find that with the trading point of view is that, you know, mentally you need to be alert.
Obviously, to do this properly and physically you need to be in good shape because, you know, a lot of people are sitting at a desk all the time, and I think it’s really important that you don’t sit looking at like from a trading point of view at charts all the time. You make your decision. Place your trades, shut the computer off, walk away, do something else.
And I think that whole work life balance can be a, you know, achieved once you know what you’re doing, right?
Dr. Joe Jacko
Yeah. Need some balance. Definitely got to quit sitting as much as we sit.
Andrew Mitchem
I’m standing right now. Yeah.
Dr. Joe Jacko
Well I’m sitting.
Andrew Mitchem
Yeah, no, I stand. I like I said to you, you know, before we started, I wear my blue light blocker glasses at the screen normally, you know, we try to do all these things to look after our health. And what would you suggest in terms of maybe some, you know, tips and tricks for information of people, what they can do to look after the health, maybe differently to what they’re doing now.
Dr. Joe Jacko
Well, you know, we we tend to make everything more complicated than it really is. And a lot of the best advice are things you, grandmother or great grandmother probably told you in terms of getting some exercise, eating moderate eating, a well-balanced diet, handling stress, getting adequate sleep. And so that’s those are the things I would really focus on are more lifestyle.
Now there’s a role for medications and there’s a role for supplements and other types of modalities. And what you really need is a physician or a provider that has a little bit of background in, in all these things, so they can steer you in the right direction for your particular problem. Yeah. One of the problems in the healthcare industry is we’re all of us, regardless of our specialty or discipline.
We’re all kind of siloed in a certain area. So if you go to a surgeon, they’re going to talk to you about surgery. If you go to an internal medicine doctor like myself, we’re going to talk to you about medications. If you go to an acupuncturist, they’re going to talk to you about putting needles in you. And so, you know, you kind of we kind of select out what what we think we want and that determines who we who we see.
Andrew Mitchem
Yeah. That’s interesting, isn’t it? You don’t ever really get that full all round health comment. And like you said, how many times do people go to the doctor and the doctor says, oh, here’s a pill for that. But they never say, oh, what’s your home environment like? Or what food are you eating? Or how much sleep are you getting?
You know that? How much sunshine are you getting? You know, people very rarely get that. In fact, we’ve been frightened to think the sun is bad for us in most cases, right?
Dr. Joe Jacko
Right. So, yeah, we have to you got to get a lot of much information as you can from a wide range of people. And so what I do is try to help them ask the right questions. We have a little cheat sheet that we give our patients on like seven questions that you should ask your doctor. And these questions are designed to number one, you want a doctor that’s going to partner with you, which is at least here in the US, is pretty rare.
We’ve kind of adopted this model here in the US that I’m the doctor, you’re the patient, you’re going to do what I tell you. And if you don’t, you know you’re out the door. Yeah. And I never really saw the value in that. I think the best care is when you were partnering with you, the the patient and doctor are partnering together, working towards a common goal.
Yes. And you know, that requires time. You got to get to know your patient and find out what their interests are and what their needs are and what they’re hoping to get out of their health and their life.
Andrew Mitchem
It’s interesting. I saw a very well known, I won’t mention his name, British doctor and cardiologist who came to New Zealand a few years ago during the whole Covid times, and he did a complete flip in terms of he was very pro, you know, the medical system. And then he saw what was happening and he changed his whole opinion, and he gave a speech not too far away from me here.
And we went to see him. And he said, it’s incredible the amount of there’s a lot of reasons why he thought that doctors are kind of stuck in the system. One is obviously the monetary and the incentive side of things to push certain products. But also, he said, they’re so busy that they just don’t have time to do automated research and, you know, the next person’s waiting and then the next one’s waiting.
You’ve got to get numbers through the door. But also, he said that during their training, the amount of time they spend on nutrition and things like that is like a week out of 5 or 7 years. It’s such a small amount of time.
Dr. Joe Jacko
Yeah, you make a couple of good points. We are so busy doing clerical work, I think we don’t answer up and say, just tell me what to do and I’ll do it. Yeah. So we become these little compliant worker bees. Yes. And so some of that’s our fault though too. So that’s a big problem. So those are two good points that you made there.
Food – the good, bad and the ugly.
Andrew Mitchem
Yeah I thought it was fascinating that he came out with those points. What can people do in terms of like food. You know I was in the States last year for a month on holiday or vacation with my wife. We had some amazing food. I’m a big, you know, barbecue meat eater. I had some great food. And then you look around at some of the packaging food and the volume of food that people have and the man of sugar.
And you look at it and you think, my goodness, that’s a that’s a problem.
Dr. Joe Jacko
Yeah. The American diet is probably not the diet you want to follow.
Andrew Mitchem
Not really. No.
Dr. Joe Jacko
And the serving got the restaurants are huge. They’re usually enough for two people. And then you know, we had the World Cup here in the US and we had a lot of people from other countries coming here. And a lot of things they were talking about was the food. Yes. And the servings and just the wise variety of selection.
Yet you can get here in the US. Yeah, but our food is pretty doctored up. It’s very tainted and highly processed and manufactured and not the healthiest.
Andrew Mitchem
What can like. I’m very lucky. We live on 11 acres. We grow our own food as best we can. We live kind of, you know, self-sufficient, mostly. And that includes, like, water as well with rain water and treat it and things like that, you know, grow our own food, meats, etc. but obviously not everybody can do that either time wise or available land.
And what kind of things could people do who don’t have that space available to grow some food? Is there a few things.
Dr. Joe Jacko
In terms of the food you want to eat, things that are most natural state as as possible? Yes. So that means really avoiding the processed foods. There’s maybe 3 or 4 simple tips that I tell with most patients. Number one, chip shop the perimeter of the grocery store and don’t and try to avoid anything the box bad bad can or jar.
Yes. Which is pretty difficult. And the other thing really important nowadays we’re learning more about these microplastics. Yeah. Invading like all our live our heart but even our brain, you know, many of us are walking around with a teaspoon of plastic in our brain.
Andrew Mitchem
Yeah, yeah.
Dr. Joe Jacko
And so you really want to avoid the plastic? You know, I think we need to go back to paper and glass as much as possible.
Andrew Mitchem
Absolutely. Glass for storage.
Dr. Joe Jacko
Right.
Andrew Mitchem
Absolutely. What about things like farmers markets and organic markets. Oh yeah. Yeah. You know those type of things as well. If you have.
Dr. Joe Jacko
You know, I don’t know how it is in New Zealand, but in the US, the food labels are really kind of misleading because they have a lot of leeway. So it says, you know, 20g of protein, it may only be 16. And if it says, you know, only 100 calories, it may be 120. And if you know the trans fat thing too, it could be 1%.
They can get away with saying zero, those types of things.
Andrew Mitchem
And so you would be seeing a definite relationship, I’m guessing, between people who are healthy and they’ve got physically, and then they have the mental stimulation to be able to go and, you know, think and work at certain things. Whereas other people who are getting more and more potential beasts and, you know, they’re not thinking with clarity, would there be some kind of relationship there.
Dr. Joe Jacko
Right, that if if you were to take most patients complaints and distilled into one word, what they want is energy? Yes. And so people who are eating properly and exercising, they tend to have more energy and they’re just more optimistic. And they kind of get into an upward spiral. And people who aren’t exercising and eating poor food, they’re defeated and tired.
Their mental outlook is down. So like for people with mental health disorders, one of the things they should do is really the first thing they probably should do is change their diet.
Andrew Mitchem
Yes. Yeah, absolutely.
Dr. Joe Jacko
So you get a little bit exercise before, you know, before we start promoting medications. And although there’s a role for those but we’re too quick in here, at least in the US, to prescribe medications for a lot of things that can be addressed through lifestyle.
Physical work and exercise.
Andrew Mitchem
Yeah, absolutely. And what about getting outside as opposed to you see, like a lot of people like personally, I’m not a gym person. I couldn’t think of anything worse, only because I had the ability to get out inside in a beautiful environment and do physical work, and I get more mental stimulation from, you know, chainsaw and cutting logs, for example, or gardening.
Then I would pumping iron all day in a gym. So to me, fresh air and sunshine is just as important.
Dr. Joe Jacko
Well, for sure. I mean, as soon as I get home from the office, I go out on my deck at my home and I actually do some work out there with this, you know, sun beating in my eyes. Although we don’t get a lot sun here in Ohio, but not like you do there in New Zealand. But you make a good point.
You don’t have to do the structured exercise, you just have to be active. So if it’s walking or chopping, chopping wood, that’s great. Yeah. You only have to be pumping iron.
Andrew Mitchem
No.
Dr. Joe Jacko
No, I’m sure you’re aware of the blue zones and a lot of those, you know, those are places throughout the world where people tend to live. A higher percentage of people live to be 100. They’re just generally active. They have their own gardener kind of doing what you’re doing. They’re growing some of their own food. Yes. And they’re just physically active throughout the day without necessarily weightlifting and you know.
Right, right.
Andrew Mitchem
Yeah. You don’t need to go and drip sweat just to be fit. You just need to be outside doing things. And.
Dr. Joe Jacko
Right. Most of us are center we. That’s kind of a quick way to correct that problem is to go to the gym.
Andrew Mitchem
Oh yeah. Yeah. No, I, you know, fully accept that for some people that’s their option, which is absolutely fine. But I think if you.
Dr. Joe Jacko
Have you talk about being outdoors, you know, one of the things we didn’t do in Covid compared to the Spanish flu back in 1918 and 1920, when they go back, the people who fared well during that Spanish flu outbreak, they were treated outdoors. That’s right. And in sunlight. And during Covid, we did a complete opposite. We locked people up and shut them out indoors and had them surrounded by other sick people.
Andrew Mitchem
Well, we were told here by our very famous, but not my best friend at the time, Prime Minister, don’t go out. Don’t talk to your neighbors. Don’t do this. Don’t do that. Phone up someone who you see talking. You know, it was it was awful. The the fear that they put into people at that time was just horrendous.
And it had no mental health benefits at all, right.
Dr. Joe Jacko
And unfortunately, I think all our institutions do that, whether it be the education system, the banking and financing, we we are they motivate us by fear.
People still follow and trust the mainstream media.
Andrew Mitchem
Correct. So that leads on nicely then to things like press, TV, media and whether it be finance or health or anything else. Why is it do you think that so many people are trusting in those institutions, even though with a bit of thought you can see that most of them are not good, but people blindly continue to watch, listen, read.
But also the thing that annoys me is that whether it be again be finance or through financial crashes or whatever it might be, governments, councils, most of those people with authority don’t end up having any consequence. So then we believe the next one thinking they’re going to be better. We vote in a new government thinking they’re going to be better, right?
Dr. Joe Jacko
Yeah, we we’re just conditioned, I think, for the registration system to trust authority. And you can respect them, but you don’t necessarily have to trust them all the time. And I think the hard part is trying to figure out when can you trust them and when when you cannot. Yes. And I think there’s you know, I think we all have like, this built in radar that tells us, you know, something’s not adding up here.
And whether it be, you know, with financial information or medical information, whenever that happens, you really need, you know, you really need to trust your instincts on that. And then take a step back and start asking some, some questions. And probably the most important question is why? And if he has that long enough, generally you get to the core of a problem.
Andrew Mitchem
That’s right. You keep asking why? Why someone saying this? What’s happening here? Why? Yeah.
Dr. Joe Jacko
And the other thing too is I think we, you know, we kind of email this, that we tend to trust people who really pay no consequence for the poor decisions they make on our behalf.
Andrew Mitchem
That’s right. Yeah. There’s no consequence for most things, are they?
Dr. Joe Jacko
Yeah. They don’t pay any consequence for their bad decisions and we have to live with them.
Andrew Mitchem
That’s right. And as traders or people in business, people who are self-employed, business owners, if you make bad decisions, there are consequences. Clearly, you know, bad trade, bad results, lose your business. People become unemployed. But it just staggers me how these people move on or get taken on by another institution somewhere else, even though they’ve obviously failed at what they did.
You know, last.
Dr. Joe Jacko
Time, I think in government you kind of fail up, you know?
Andrew Mitchem
Yeah, yeah, it seems to be. And it’s amazing that they get more and more money or they retire. They still get these huge retainers or security, whatever it might be. Perks of travel. Yet they completely failed at what they did. And people are just hoping that the next person in charge is going to be the one to trust this time, right?
Dr. Joe Jacko
I think that it gets to the point of you. You have to rely more on yourself. And I don’t think I think we’re too quick to want other people to solve our problems, particularly if it’s the government. Yes. And generally they make generally they create the problem and then they try to fix it and they make it worse in the in the process.
Least. You know, that would be my opinion.
Andrew Mitchem
That’s right. Yeah. Yeah. And one of the things I find with a lot of people who I teach is they generally, you know, the good people who do well are the ones who are independent thinking, who do want to do something a little bit different, who don’t want to rely on. Here’s some money handed over to the bank or whoever it might be.
And you don’t have to do that with all your funds. And you know you can trade for other people, but it’s just there are other ways of of creating a passive income. And also.
Dr. Joe Jacko
I think a lot of people are afraid to make mistakes. So they correct. They’re very so they’re not willing to try new things, whether it be investing in forex or bitcoin or something else. They don’t want to take the time to learn how to do it properly.
Andrew Mitchem
Yes. Is there also that fear of being looked at slightly differently? I know when I started into trading, I just sort of recently got divorced, but I was looking after a young child and I remember people saying to me, oh, look, you need to go and get yourself a proper job. And, you know, and, and I thought, well, I can’t actually go and do that.
I’m looking after a kid. And, you know, it’s quite hard to do that. But, you know, there was always that in the back of my mind, everybody says, go get yourself a real job. You know, you’re wasting your time doing this. And I see that whether it’s finances or, you know, people when it comes to medicine, they just want to follow what other people, what you perceive other people think you should do.
Dr. Joe Jacko
Right? Yeah, we’re pretty motivated. Or we tend to leave lead lives that we expect. We that others think they want us to leave. So we’re trying to keep them happy rather than trying to really do what we really what we really want to pursue.
Andrew Mitchem
That’s right. Yeah, exactly. And and as we all know, life.
Dr. Joe Jacko
Be a little quick.
Andrew Mitchem
I’m sorry.
Dr. Joe Jacko
You have to be a little stubborn and stick to your guns. This is what I want to do. This is what I’m going to do it. And, you know, heck, with everybody else out there.
Andrew Mitchem
Yeah, I think the whole black sheep mentality is not a bad one. You know, it’s, it’s good to be different. You know, you’re not going to get it right every time, especially as like an entrepreneur type of person or, you know, thinking differently about your health. It’s not everything’s going to be perfect. But I think.
Dr. Joe Jacko
Well, you know, security is part of that. We think. Yeah. And so I think we feel comfortable if we’re part of the majority. And I historically have found that I do better if I go the opposite direction. You know.
Andrew Mitchem
It’s like that phrase you hear, you know, you always hear the when you jump in the back of a taxi or, and Uber. And if a cab driver says by then you sell and then do the opposite. Hearing is the majority and you’ll probably do quite well.
Dr. Joe Jacko
Right?
Health cheat sheet – link is in the description.
Andrew Mitchem
So, Joe, what can like what can you offer people? How can obviously we have a, you know, the forest training coach. We have clients right around the world. You know, people are always interested in health and finances because I think the two correlate massively together. And what can people do to find you? What can you help them with?
Dr. Joe Jacko
Sure. Well, I have a website called JackoMD180.com and we do have an offer for your for your listeners. And it’s called the Energy Reclaim Playbook. So what they’ll do is they’ll go to forecast forex excuse me Forex.JackoMD180.com and they’ll put in some information and then we’ll send them some a couple components.
One will be a trial of the website which has about 1200 articles that will teach you how to regain your energy. Both exercise, nutrition and I do a lot of hormone replacement to particularly with males. And then we also have that doctor cheat sheet I was referring to where we have seven questions that are designed to help them find a physician that will partner with them, that will work with them and help them, you know, reach their health goals, as well as teaching you questions to ask so that you get the best information and all the information you need to make the best healthcare decision for yourself.
A lot of times we’re kind of making the decisions for our patients, by the way we present the information and we’re kind of leading you down a direction we want you to go, and not necessarily one that’s best for you. So if they go to the Forex.JackoMD180.com, they can put in their information and we’ll be sending some information to their inbox.
Andrew Mitchem
Awesome. Thank you for that. And of course I’ll put a link to that website as well that URL here. Do you think that it’s probably the health side of things is probably a combination of a lot of things? You know, to me, there’s not just one answer and, you know, it’s from I’ll give you an example of the things that I try and I don’t know which ones are better or worse.
You know, I do grounding, so I try to wear no shoes as much as possible. Have a grounding met on the bed. I drink lemons and two and ginger and garlic. Each day. I do the sauna and the cold plunge and you know the physical work. There’s all these things like the blue light blocker, glasses for the screens and all those type of things, and I can’t tell you which one’s better or worse, but I know that a combination of all of them, the different types of waters that I drink, hydrogen, water, they all add up to make you feel better.
Would you agree.
Dr. Joe Jacko
That the whole key is to tip the odds in your favor, that you’ll live healthy and not only healthy and longer and more productive lives, that you can have ongoing impact on those around you? So much of what you’re doing is what our practice does here in Ohio. You know, we have a medical practice, but we also have a fitness center.
We have hot, hot saunas and coal plunges. So yeah. So I think you just want to stay stay current on the on the literature and try to incorporate those things into your daily routine as much as possible. We talked a little bit about a little bit about avoiding plastics. You want to do that for sure? Yes. Eat organic.
Eat natural foods as much as possible. Get the proper sleep. Stress management is a big one, and I’m not sure how it is in New Zealand, but we have a of depression anxiety here in the United States, and I think a lot of it has to do with the financial situation. A lot of this 20 year olds just see no, no hope in the future of owning a house or.
Andrew Mitchem
Yeah.
Dr. Joe Jacko
I think moving up the ladder pretty.
Andrew Mitchem
You know, we’ve got five kids and I think that’s pretty tough. You know. And I suppose every generation thinks that housing’s a hard thing to get into. But it does seem particularly hard. Earn their or your money just doesn’t buy you much. You know, people were living. I’ve just come back from two weeks in Australia and beautiful, you know, environment.
But most people on the east coast, Australia are living in big high rises and little boxes and I’d be so depressed saving in that. But, you know, it just seems that what people can afford now is just giving them a little box so that like we said earlier, they go to work, they earn the money, they dress up smartly, and they spend all their money on that.
And then they have to go to lunch because everybody else goes to lunch and you come back and you’ve got nothing for it. And that whole we’ll just keeps rotating.
Dr. Joe Jacko
I think part of you got to have your, your priorities. So what’s important to you and then allocate your funding, you know, to help get reach those goals.
Priorities and how you spend your money and time.
Andrew Mitchem
And there’s an interesting point that I was mentioned. And it’s so obvious when you think about it. And when people go, I don’t have time. And that’s always excuse. And people go, oh, I start your course sometime, but I’m too busy right now. And it’s like, well, all of us. Doesn’t matter where we live in the world, how old we are, what race we are, how rich or poor we are, how else are we are?
We all have 24 hours in a day. It’s how you use it, right?
Dr. Joe Jacko
Yeah. Warren Buffett has 24 hours, just like you and I.
Andrew Mitchem
That’s exactly right. We’ve all got the same time and we’ve all got less of it left. So it’s really important that people, you know, hope.
Dr. Joe Jacko
I think we’re making excuses for our shortcomings. Yeah, they have a hard time looking in the mirror and taking responsibility for our shortcomings.
Andrew Mitchem
Yes, it’s all about getting those priorities right and and and setting those goals and and starting today.
Dr. Joe Jacko
Yeah. So just start you know, we just wanted start with one discipline and then, you know, just add 5 or 6 disciplines that you do every day, whether it be in your health or your financial situation or your relationships, just do half dozen things every day consistently. And I think you’ll see improvement in your life in, in many different areas.
Andrew Mitchem
Yeah, absolutely. Thank you very much for your chat today. I really enjoyed it, and I hope that it’s made a lot of, you know, maybe triggered a few ideas for people with health and finances both important of course.
Dr. Joe Jacko
I appreciate it. Thank you Andrew.
Andrew Mitchem
It’s been awesome chatting to you. Thank you Joe.
Dr. Joe Jacko
All right. You have a good one.
Episode Title: #651: Your Health Could Be Ruining Your Trading
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Click Here to Download Dr Joe Jacko’s Health Cheat Sheet
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
#650: The Forex Trading Routine That Gives Me My Life Back
The Forex Trading Routine That Gives Me My Life Back
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#650: The Forex Trading Routine That Gives Me My Life Back
In this video:
00:30 – Trading while on holiday.
00:45 – I know what I’m trading when the market opens.
01:27 – You don’t have to trade more than once a day.
02:08 – Trading while working or travelling.
02:22 – You don’t have to trade sessions – it’s a myth.
03:04 – Check out my new Masterclass.
03:15 – Blueberry Markets as a Forex Broker.
Can you trade successfully just 1 time a day as a full-time trader? Well, absolutely you can. And that’s what I’ve been doing for the last 2 weeks since I’ve been here in Australia on holiday with my wife. I’ll explain exactly what I’ve done and how you can do the same. Let’s get into it right now.
Hey Traders! Andrew here at The Forex Trading Coach with video and podcast number 650.
Trading while on holiday.
Currently on our last day in Australia, and we’re currently in Brisbane, as you can see behind me with the bridge and the cityscape behind that. So it’s currently Sunday and I’ve already been through the daily and the weekly charts for the beginning of next week.
know what I’m trading when the market opens.
This time tomorrow I’ll be on a plane flying back to New Zealand, and so it’s really important for me to already know what I’m looking at taking. I’ve been through the charts, I’ve scanned through them, I’ve got 2 daily charts setting up really nicely, and I’ve got 4 weekly chart trades. So as soon as the market opens, I can go straight to those 6 charts.
I can look at them and I can make a very informed decision if I want to take those trades or not. Now, barring any major opening gaps, I will certainly be taking those trades. So it means already my Monday is just going to be literally a few minutes looking at the charts, confirming and placing the trades. And that’s the beauty of knowing what to do and trading just 1 time a day.
You don’t have to trade more than once a day.
Now normally at home I’ll look at the charts 2, sometimes 3 times a day. But while I’ve been here in Australia for the last 2 weeks, I’ve just traded just 1 time a day, traded the daily charts and the weekly charts only and, you know, done very well from those trades, and you can do exactly the same.
And don’t forget, as I’ve mentioned many times, at the beginning of the day you can also look at, say, like 12-hour charts, 8-hour charts and 6-hour charts.
But tomorrow, being the beginning of the week, I’m just going to be focusing on those daily charts and the weekly charts that I mentioned, and it means that literally tomorrow I’ll be spending just a few minutes and placing those trades, and that’s my trading done for the day. Shut the laptop, jump on the plane and head home.
Trading while working or travelling.
Now I’m on holiday doing that. You can do exactly the same whether you’re traveling like me or whether you’re just, you know, normal day-to-day life going on. And it just shows that you can trade very, very well by trading just 1 time a day.
You don’t have to trade sessions – it’s a myth.
There’s a whole perception out there that you have to be sitting glued at the charts and at certain times of the day, like, let’s say, European session or US session.
And people think that they have to trade these sessions. You don’t. It’s not important that you do that. It’s almost a bit of a myth that people think they need to do that.
And honestly, after trading for, what, 21 years full-time, you do not need to do that. And there are far better ways of trading. And I love the set-and-forget approach.
I love using strength and weakness, but I also love the fact that right now, on a Sunday, I’ve already been through the charts and I know exactly what I’m going to be placing tomorrow. It just makes life easy and it makes your trading enjoyable.
Check out my new Masterclass.
So if you’d like to find out more about how we do that, I can strongly recommend you jump onto my masterclass, and you can also find out about how we can help you to do the same on that masterclass.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a really good broker, they’re based here in Australia, and they’re Blueberry Markets. And there’s lots and lots of brokers that you can choose from, you know. And there’s some quite good ones and there’s lots of good ones.
I’ve found over the years that Blueberry Markets are consistently very, very good. Fast withdrawal speeds, great conditions to trade, good spreads, good platform, good people to deal with. So I’ll put a link to them as well.
So that’s it for this week. I’ll be back in New Zealand next week with more trading information just like this. I’ll see you then.
Bye for now.
Episode Title: #650: The Forex Trading Routine That Gives Me My Life Back
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
#649: If You Only Have $1,000 to Trade Forex, Watch This First
If You Only Have $1,000 to Trade Forex, Watch This First
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#649: If You Only Have $1,000 to Trade Forex, Watch This First
In this video:
00:24 – Trading on holiday in Brisbane.
00:48 – Are you firstly profitable on your demo account?
01:30 – Position sizing on $1k account.
02:10 – Downsides to trading a $1k account.
03:20 – Trade the account properly.
03:48 – Forget how much money you are making.
04:22 – Focus on the percentage gain you make.
I’m going to give you some tips about the best way to trade your account if it’s, say, like a $500 or a $1,000 live account. Let’s talk about that and more right now.
Hey there, Traders! Andrew, The Forex Trading Coach for video and podcast number 649.
Trading on holiday in Brisbane.
I’m on holiday here in Brisbane with my wife. Been here for the last 10 days, having a great time around the area, and just received an email just a few minutes ago from someone that made a perfect video and podcast topic.
They asked me, they said, “Look, I’ve got a $1,000 live account. How can I trade it? What are the best things to do and what should I be looking out for, you know, as a new trader with that size account?”
Are you firstly profitable on your demo account?
So to me, the important things are that you make sure that, 1st of all, before you go live, that you are profitable on your demo account.
When you open a demo account, make sure you open that demo account with a similar size account than you would with your live account.
So in other words, if this person is starting with $1,000 live, then start with a $1,000 demo. Don’t start with, say, like a $100,000 demo and then go to $1,000 live because it’s just not going to be the same.
And the issue that I see with a number of brokers, you know, they sort of default to like a $100,000 or $500,000 demo account. And it’s just not real when you go live. So that’s the 1st point. Make sure that you’re profitable.
Position sizing on $1k account.
When you go live, if you do start with something like $1,000, you’re going to be really struggling when it comes to accurate position sizing.
So you’re probably, on most trades, going to end up just taking 0.01 lots. There’s not a lot of choice that you have on that.
Like, if you’re still trying to keep that low risk and high reward-to-risk out of your trading, but you are probably going to struggle a little bit more when it comes to the real accurate position sizing.
So I’d suggest that you go 0.01 on pretty much everything, and if your money management allows you to go up higher than that, then do so. But, you know, you’re probably not going to get it very often.
Downsides to trading a $1k account.
And the issue that I see when someone has $1,000 now, for some people, $1,000 is a lot of money. For other people, $1,000 is basically play money.
The downside for those where it’s play money is that they go, “Oh look, it’s just $1,000. I don’t really care if I lose it. I’m just going to, you know, just play around with it basically.”
And the issue there is that they don’t treat their trading properly.
The other scenario, when the $1,000 is a lot, is that I look at it sometimes and think, well, if it’s a huge amount of money for you, should you really be trading that $1,000?
Would you potentially be better off understanding your strategy still, and then maybe putting some money into maybe a prop firm where you can prove to them that you can trade properly?
Because, of course, you could do that with maybe, you know, $50, $100, a couple hundred dollars, depending on the size of the prop firm account that you’re going into.
But you might be better off rather than trading that $1,000 of your own money and trading that prop firm’s funds. But of course, once you know what you’re doing.
Trade the account properly.
So whichever way that you go, the important thing is that you trade it properly and you treat it like it was a lot more money.
And so the key there is, like I said, low risk, low lot sizing, trading it properly.
If your strategy says you close before the weekend, make sure you do it. Don’t just go, “I don’t really care if it stays open over the weekend,” you know. And if that’s not your strategy, make sure that you treat it properly.
Forget how much money you are making.
The other important thing to make sure that you do well on that $1,000 account is don’t worry about how much money you’re making.
A lot of people say to me, like, “How can I make a living off trading with a $1,000 account?”
And the answer simply is you can’t.
But it doesn’t really matter. The point of a small account is to get you into the mindset and the mentality of trading live because it affects your head and your heart when you start trading live money as opposed to demo.
And that’s the downside, of course, with demo. You never have those true emotions in your trading, whereas you do when it starts to become real money.
Focus on the percentage gain you make.
So the key is not whether you can make, say, like, you know, turn your $1,000 into $2,000 or $5,000. That’s just silly. This is gambling.
The key for me is, let’s say that you turned your $1,000 into, say, $1,200 or $1,400, $1,500.
You know, it’s a 20%, 30%, 40%, 50% return on your account with low risk.
And then you can start compounding on that and getting more accurate position sizing once you start getting into, you know, up to $1,500-$2,000 and beyond.
So really important that you understand the trading 1st, that you’re profitable, you’re comfortable 1st, and then trade your small $1,000 account, if that’s the way you want to go, properly.
And make the mistakes on the demo.
And also you’re going to potentially make a couple of mistakes when you 1st go live as well. That’s fine. That’s just part of the journey.
But it’s not going to cost you an absolute fortune.
So I hope that helps.
This is Andrew here at The Forex Trading Coach, enjoying Brisbane here, and I’ll see you this time next week.
Bye for now.
Episode Title: #649: If You Only Have $1,000 to Trade Forex, Watch This First
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
#648: This 10-Minute Trading Routine Saves Me Hours Every Day
This 10-Minute Trading Routine Saves Me Hours Every Day
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#648: This 10-Minute Trading Routine Saves Me Hours Every Day
In this video:
00:26 – Important to trade a routine.
01:02 – Helps identify Strength and Weakness.
01:34 – Also trade H12, H8 and H6 charts.
02:20 – Eliminate pairs you don’t want to trade for the day.
02:55 – Only look at a candle on the close.
03:40 – Weekly chart scan.
04:32 – Check out my new Masterclass.
05:12 – Blueberry Markets as a Forex Broker.
05:26 – Use my 10 minute scan each new trading day.
Today, I’m going to give you my 10 minute morning trading routine that saves me hours each day as a full time trader. Let’s get into that more right now.
Hey there, Traders! It’s Andrew here, The Forex Trading Coach with video and podcast number 648.
Important to trade a routine.
I think it’s really important that you have a routine in your trading. I think it’s also really important that you don’t spend too long doing your trading. But to do that, you need to know exactly what to look for. Now I have a very easy to follow and implement 10 minute trading routine that I do each day, and I do this at the completion of the trading day, which is 5 p.m. New York time.
Now that happens to be my morning time here in New Zealand. And each day I go through the daily charts at the completion of the daily charts, when they’ve closed at 5 p.m. New York time. And that allows me to quite easily in 10 minutes, go and scan through the charts and see what’s happening in the markets.
Helps identify Strength and Weakness.
I can easily identify strength and weakness. I can see which pairs looking like they’re all moving up. So let’s say all the Euro pairs for strong that day. And therefore that gives me the bias that maybe the euro strong. And maybe I should be looking at the pairs that have weakness and strength in the euro. So example let’s say the US dollar was particularly weak all day.
And I can see that the euro strong. Well, that’s going to give me the bias that maybe the EUR/USD might be worth looking at, depending on its candle pattern and it’s room to move, etc. when trading for that day.
Also trade H12, H8 and H6 charts.
So once I’ve scanned through those charts on the daily charts, I can also at the same time have a look through the charts on the 12 hour, the 8 hour, and the 6 hour, because, you see, they all close at the same time.
And at that 5 p.m. New York time is a really important time for me as a trader. But if that doesn’t work for you, don’t worry about it. You don’t have to be trading at exactly that time. You see, the beauty of trading those longer time frame charts and the beauty of trading using limit orders is you’ve got hours and hours and hours to actually place the trades, because with limit orders, let’s say a buy limit, I’m looking for the price to move down first anyway and get me filled.
So if you can’t place those trades, let’s say you’re in Europe until your morning time. Most of the time those trades are not going to get filled anyway, so you don’t have to be there. Bang on 5 p.m. New York time.
Eliminate pairs you don’t want to trade for the day.
Now, the other thing is when it comes to trading, is that because I’ve scanned through those charts, I’ve eliminated a lot of pairs.
I don’t want to look at that day, and that’s going to massively help me throughout the rest of the day. My other important time that I like to look at charts is 5 a.m. New York time, because at that time, other timeframes such as the 12 hour. The 6 hour. The 4 hour, 2 hour charts also change over.
And of course, it’s European daytime by then as well. So by doing the morning scan, I can then help shortcut any other trading opportunities that I look at later in the day.
Only look at a candle on the close.
Now the other important thing is to only look at a candle on the close. So if you are looking at, say, 4 hour charts, just look at a 4 hour chart.
Once the candle is completed, if you’re 2 hours into a 4 hour chart, it’s pointless looking at it because it’s just going to move so much and you’re just not doing yourself any favors. You’re wasting time. So by identifying on the bigger time frame chart, the levels that I’m looking at, the pairs that I want to focus on, or the pairs that I don’t want to focus on.
That 10 minute morning scan for me saves me hours every day. It also means that I’ve fine tuned what I’m looking for, and I know exactly what charts to go and look at throughout the rest of the day. Now, if you do this, it’s going to save yourself a lot of time and a lot of effort.
Weekly chart scan.
And think about this also because at the beginning of each week, I do the exact same scan on the weekly charts.
Now, if I happen to have the weekly charts and the daily charts all showing me the same bias, let’s say EUR/USD on the weekly chart was bullish and on the daily chart it’s bullish. Well, guess what’s likely to happen that day. Now if I see a good bullish setup on let’s say a 4 hour chart, I now have strength on the daily, I have strength on the weekly and I have the quality set up, let’s say, on that 4 hour chart.
So you can either use the scan to take specific trades based off candle patterns on the weekly charts or the daily charts, or use that information if you wanted to trade shorter time frame charts because you’re putting strength and weakness and that strength bias in your favor, it has to add more weight and likelihood to you having a successful trade.
Check out my new Masterclass.
So if you’d like to know more about how we do that and how we can help you to do the same, jump onto my masterclass if you’ve not already been on there. Look, we’ve been teaching people for over 17 years from right around the world. We’ve got clients in 111 countries. We know what works, we know what doesn’t work, and we know how to impart that information and that knowledge that we have onto traders.
So whether you’re brand new and you’re just starting out in trading and you’re a bit lost and confused because let’s face it, as a it’s a minefield out there, or whether you’re that frustrated trader that’s been out there and, you know, tried everything under the sun and about to give up, well, we can help you as well. So jump onto that masterclass.
Blueberry Markets as a Forex Broker.
And if you’re looking for a high quality, MT5 broker that offers so many markets, tight spreads, great people, great communication, fast withdrawals, I highly suggest you can set up Blueberry Markets are put linked to them as well.
Use my 10 minute scan each new trading day.
So this is Andrew here, The Forex Trading Coach. Don’t forget the 10 minute routine at the start of the new day will save you hours.
It makes your trading high probability outcome and makes your trading more enjoyable. And it also means you can do things like getting outside and enjoy the great outdoors, or do whatever it is that you want to do. But please don’t sit on charts watching every pip of movement. It’s just not enjoyable and it’s not sustainable. Do the opposite.
Trade less high quality trades, controlled risk, high reward to risk outcomes and you’ll do well from your trading. Any questions? Send me an email, Andrew@TheForexTradingCoach.com I see this time next week. Bye for now.
Episode Title: #648: This 10-Minute Trading Routine Saves Me Hours Every Day
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
#647: I Never Move My Stop to Break Even… Here’s Why
I Never Move My Stop to Break Even… Here’s Why
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#647: I Never Move My Stop to Break Even… Here’s Why
In this video:
00:30 – Should you move your stop loss to breakeven.
01:05 – No relevance to the price you entered.
01:40 – Alternative ways to manage a trade.
02:38 – Take the full profit not a partial profit.
04:00 – Check out my new Masterclass.
04:12 – Blueberry Markets as a Forex Broker.
04:27 – Forget moving your stop to breakeven.
Do you realize that the market doesn’t care why you entered the trade or where you entered the trade? So why do people have this massive obsession with moving their stops to break even all the time? Let’s talk about that and more right now.
Hi there, traders! It’s Andrew here at The Forex Trading Coach with video and podcast number 647.
Should you move your stop loss to breakeven.
Outside on another stunning winter’s day here in Nelson, New Zealand. So today I want to talk about moving your stops to break even. Why do so many people do it? I’ve had so many discussions with people. It’s got me into a bit of trouble in the past at certain trading conferences that I’ve been to because of my opinion.
Now, I’m not saying don’t move your stop to break even. If you have a strategy and it works, go for it. I’m not saying you shouldn’t do it.
But my question to you is, why do you do it? And what’s the point in doing it?
You see, so many people just think moving their stop to break even is a safe way of trading, and it protects losses, which in some ways it can do. But there are so many better things you could do.
No relevance to the price you entered.
You see, for me, moving a stop to break even has no relevance. The market doesn’t care when you entered the trade, why you entered it, or what the price was.
So you’ve just entered the trade at some random price. You’re in the trade now. Simply putting your stop loss at that entry price, what does it mean? It means nothing.
Technically, it means nothing. If you’re a news trader, it means nothing. What is the point in doing it?
And for me, it’s just a bit of a fluffy, feel-good thing. You know, pretty brutally honest, but I think it’s true that people just feel okay about not losing on the trade.
Alternative ways to manage a trade.
Now, the issue I have with that—well, there are many. Moving your stop loss to that price point has no relevance.
So what you could do instead is maybe close part of your trade. You could move your stop loss, if you really want to, but to a technical level. Don’t just put it simply at the price that you got filled at in the market.
You could, on a buy trade, let’s say, put it below the last swing high, or you could put it below a round number and stagger the trade up as it gets into profit. That’s 1 thing you could do.
Of course, if you wanted to do those types of things or partially close a trade, I would do it for a reason.
I don’t just do it because, you know, you feel like it. Do it for an absolute reason. And I think that’s the important thing here.
We’ve got to try and get our emotions out of trading and manage our trades for a reason, not simply because it feels good.
Take the full profit not a partial profit.
The other problem I have with moving stops and messing around with your trades is when you close a trade early, what you’re doing is limiting your potential gains.
Now think of it this way. For most people, if they take a loss, they take a full loss. If they move their stop loss to break even, they basically get nothing from the trade on the entire position, let’s say.
But what happens if you’ve already partially closed some of your trade and it gets to the full profit? Well, you’re not gaining the full lot size of your original trade when you hit profit.
So when you say you made a 2-to-1 trade or a 3-to-1, whatever it might be, you might only be making that on part of your original lot size. So your actual overall gain is nowhere near the amount it should be.
So for me, it’s quite important that you enter a trade for a reason. You put your stop loss at a safe level for a reason.
You know your risk, your complete risk, if the trade goes completely against you, and you put your profit target at a level for a reason.
So therefore, if you’re risking, let’s say, 0.5% and you make a 3-to-1 trade, you make the full 1.5% gain.
I think it’s really important that you do that because, like I said, if you take losses, then generally you’re taking the whole loss anyway.
So you want to make sure that when you hit a profitable trade, you get the full gain on that.
Check out my new Masterclass.
A few additional things for you. Have a look at our masterclass. You’ll find it really useful if you’re new to trading. It’s about 20 minutes long. I’ll put some details under this video and podcast.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets. They’re a really good bunch of people, with very quick withdrawals as well, very tight spreads on their trades, and lots and lots of markets on their MT5 platform.
Forget moving your stop to breakeven.
So that’s it for this week. Just consider breaking even. Consider not doing it. Consider better ways of doing it, and try not just to feel fluffy, nice feelings about your trade simply because you’ve made $0.
Episode Title: #647: I Never Move My Stop to Break Even… Here’s Why
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
#646: Watch Me Take 2 Live Oil Trades… Both Won in 31 Minutes
Watch Me Take 2 Live Oil Trades… Both Won in 31 Minutes
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#646: Watch Me Take 2 Live Oil Trades… Both Won in 31 Minutes
In this video:
00:35 – Live trades taken on my European session webinar from 13th August 2026.
01:33 – 2x H1 Oil trades hit their profit targets in 31 minutes on a live webinar.
02:57 – 5 trades taken live on the webinar.
03:43 – Learn while you earn.
04:17 – European and US session webinars.
04:43 – Blueberry Markets as a Forex Broker.
05:03 – Gold Daily trades taken.
05:17 – Like, share and subscribe.
Hey there, Traders! This is Andrew here at The Forex Trading Coach. If you’re out there looking to become a good trader, there’s nothing better than following someone in real time, asking questions, and seeing them trading.
On our webinar just last night, I took 2 sell trades on UK Oil and US Oil. They both happened in real time. They were both profitable, and I’m going to share those video clips with you right now.
Live trades taken on my European session webinar from 13th August 2026.
Bradley and also Isaac just mentioned the UK and US Oils. Bradley on US Oil. Oh, sorry, Isaac on US Oil, Bradley on both.
On 1-hour charts. Guessing they’re going to be bearish. Oh yes. Very nice. Good spotting. Good spotting.
Yeah, nothing wrong with those 2. Very nice. And the fact that they are both pulling back right now gives us just that little bit extra. There’s 89.50, and it’s bounced, I’m guessing, at 90 or pretty damn close to 90. Only a few pips away. So that’s excellent.
Got a round number in there of 83. Do you know what? I think they’re both good. I’m going to take them both. Appreciate you finding those 2.
2x H1 Oil trades hit their profit targets in 31 minutes on a live webinar.
Well, that one’s very close. So is that one. There we go. Happy days. Now, only on very, very, very, very, very tiny amounts for me on here. Okay, so they’re only at 1/8 because I combined to put them on the normal level.
But regardless of that, how much I make or you make is irrelevant. It’s the percentage that we look at, risk and reward-to-risk.
I think we said on these, so it’s about 44 pips and it’s just about hit the profit target. So that’s well over 2, wasn’t that? Pretty much bang on 2. There we go. Just hit profit right then.
And if we go to UK Oil, ooh, we’re about a fraction of a pip away. Just got the spread. There’s bid, ask, and there we go. Profit on that one as well.
So really nice to see 2 live trades both hitting profit. Notice that they’re both continuation trades as well. So UK Oil, US Oil, both hitting profit there.
So thank you. I think that was Ryan and Bradley who found those 2, and I think Isaac as well. You mentioned 1 of them as well. So great spotting, and hopefully you all just made a profit on those 2 trades. Thank you, Dean, for letting me know.
5 trades taken live on the webinar.
So there you go. Hope you enjoyed looking at those 2 trades and learning from them.
So that’s exactly what our clients do on all of our live webinars. I ended up taking 5 trades on the webinar live in the end, but those 2 I wanted to share with you because they’re really quick trades.
They were both in and out of the market in 31 minutes.
Now, the 1st trade, the UK Oil, also had a 1.3-to-1 reward-to-risk, slightly lower than we normally take. However, you just saw the reason why I lifted my stop loss to above the round number of 90, just for that added protection.
And of course, why would you not do that when you’ve got such a powerful level just there in the way? Use it to your advantage.
The US Oil made a 1.7-to-1 reward-to-risk trade, so really good profitable trades in just 31 minutes.
Both trades were taken live, and you can see the profitable results.
Learn while you earn.
So our clients not only could see me take those trades in real time, they could learn from them. And of course, if they took them themselves, which most people did, they made profit from those trades while being on the webinar.
So again, it comes back to learning why we’re taking those trades and seeing us do this in real time.
You know, we’re not hindsight traders. We’re not just out there closing just good trades and ignoring the others.
We’re putting all of our trades there on the webinar in real time for people to see and follow, like we do every day with our daily chart trades.
European and US session webinars.
But our webinars are held in the European session 1 week, US session the next week. They’re all live, they all get recorded, and so our clients have the opportunity to attend them live or watch the recording if they can’t get on there live. And it’s just such an invaluable resource.
If you’d like to know more, I’ve put together a new video on our homepage at The Forex Trading Coach, and there’s the opportunity to download a PDF there that gives you lots of information about how we trade and how we can help you.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a really good broker, I can highly recommend Blueberry Markets. You would have seen I took those 2 trades on that live webinar on my Blueberry Markets account.
I’ll put a link to them as well. I’ve been with them for years. Really good people, really good broker, very fast withdrawal times as well. You know, they’re really quick to deal with and efficient as well.
Gold Daily trades taken.
And Blueberry Markets have lots of other markets available. Just today, for instance, I’ve taken 3 gold trades on the XAU/EUR, XAU/USD, and XAU/SGD.
So lots of options there with Blueberry Markets to trade the market that’s showing the best setup at the right time.
Like, share and subscribe.
Don’t forget to like, share, and subscribe, and email me directly at Andrew@TheForexTradingCoach.com if you’ve got any trading questions.
But I hope you enjoyed this video and podcast today, just sharing a glimpse of what we offer here for our clients to help make them successful traders.
Episode Title: #646: Watch Me Take 2 Live Oil Trades… Both Won in 31 Minutes
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
#645: The Trading Mistake That Cost Him 5 Prop Firm Accounts
The Trading Mistake That Cost Him 5 Prop Firm Accounts
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#645: The Trading Mistake That Cost Him 5 Prop Firm Accounts
In this video:
00:26 – Remember hearing about Aesop’s fables?
01:33 – Trading luck on a demo account.
02:40 – Prop firm account failures.
03:42 – When I started trading, I had no idea what I was doing.
04:38 – Trading is harder than you think.
05:13 – Avoid the mistakes and view my Masterclass.
06:04 – Blueberry Markets as a Forex Broker.
06:22 – Questions, Like, share and subscribe.
Have you ever confused trading skill with trading luck? I know I used to do it. I’m sure you’ve done it. And I’ve got a great story to share with you. Let’s get into that more right now.
Hey there, Trader! Andrew here at The Forex Trading Coach with video and podcast number 645.
Remember hearing about Aesop’s fables?
Do you remember as a kid you may have heard about Aesop’s Fables? Well, I’ve got a story to tell you today that’s a true story, and it’s about confusing trading skill and trading luck.
A number of months ago, I received an email from somebody who was saying, “I don’t need to learn how to trade. I know how to trade, and I don’t need your course because I know how to trade.”
And I was thinking, why is this person telling me this? Why are they wasting their time, or my time, telling me this?
So I had a little look online at our database, and I saw this person had been on our masterclass. They’d downloaded my book and calculator, they’d been opening emails all the time, and I thought, that’s strange.
Why is this person so interested in what we do if they’re so good? And it’s fine if they’re really good. Good on you, go for it.
So I wrote back to him and said, “Look, that’s absolutely fine. But keep in touch. If you want to send me some details, I will have a look.” So he sent me his account details.
Trading luck on a demo account.
Of course, it was a demo account. All I could see was trading luck. I couldn’t see any skill there. Now, of course, I couldn’t tell his strategy and how he was taking the trades, but I could see the results. And yes, there were some very good trades on there in terms of monetary value.
But when I looked at the risk and the stop losses and that type of thing, it was a complete fluke.
I didn’t quite tell him that in those exact words, but I said, “Look, it looks like your money management and your risk management are not great. They could be improved. We could certainly help you there. Have a look at some of my free videos.” And I left it at that.
He wrote back and told me, “Well, I certainly don’t need your help.”
So this went around in circles. I was getting a little bit confused. I’m trying to help someone, they didn’t seem to want the help, but they kept writing anyway.
I said, “Well, good luck.”
And he wrote back and said, “I’m going to be a successful trader trading prop firms.”
So I said, “Oh well, again, keep in touch if you really want to, but good luck. Off you go.”
Prop firm account failures.
Now, just this week I received an email from him saying that he has failed 5 $100,000 prop firm trials. They’ve cost him about $550 USD each, so you can see how much he’s spent. And he’s not made a single penny out of it.
It’s no surprise to me because, obviously, to pass a prop firm you’ve got to have low risk and low drawdown. You could see clearly this guy was never going to do that if he continued to trade the same way.
So I kind of felt like going back and saying, “Well, I told you so.”
I also kind of felt like thinking, “Well, if you’ve just spent 5 lots of $550 USD, for way less than that you could have jumped on our course and be trading the way that we trade, with low risk and following what we do.”
I didn’t tell him that, but I kind of felt it, and he’s probably got that feeling himself. So when I think about Aesop’s Fables, it’s like you learn the hard way. A lot of those stories are the same. When I started trading, I had no idea what I was doing.
When I started trading, I had no idea what I was doing.
Look, I’m not saying I’m immune to this. When I started trading, I did exactly the same. I was trading on a demo account, and I was just randomly putting positions on here, there, and all over the place. Most of the time, no stop losses, just random lot sizes of 1.00 lots because I thought that’s what I should do.
I’ve looked at a lot of good trades as well. I distinctly remember showing friends at the time and saying, “I’m going to be a full-time currency trader because look at all these trades I’ve made. I’ve just turned a $100,000 demo account into like half a million dollars in about a month. Look at me.” And I did well.
Now, of course, that never happens in real time, in real life, in live accounts, because you soon figure out through the school of hard knocks, whether it’s through blowing accounts or not being able to afford any more money, or like this guy, 5 failed prop firm challenges in a row, that trading is a lot harder than you think.
Trading is harder than you think.
You do need to treat it properly. You do need low risk. You do need some support and some help. And you do need a proven strategy.
So it’s quite interesting when you think about that. This guy could have saved himself a whole heap of headaches, a whole heap of time, and a whole heap of money, and he’s still no better off today.
That’s the other thing. He spent 5 lots of $550 on prop firm accounts, and he’s got nothing to show for it now.
Sure, he might have learned a few things along the way, but he’s not actually any better off in terms of his logic, his strategy, or any hope of making a return.
Avoid the mistakes and view my Masterclass.
So look, if you’d like to avoid being like him, and like I was at the very early stages, probably 23 or 24 years ago now, do yourself a favour. Jump onto my masterclass. Have a look. It’s completely free of charge, with no obligation. Have a look. It’s 15 minutes long, and please ask questions of us. That’s what we’re here for.
We’ve been doing this for a long time. We’ve got clients right around the world, so we know what works. We know what doesn’t work as well, and we’re doing this ourselves every single day.
I’ve just taken a 6-hour chart trade right now, just a few minutes ago, selling the AUD/USD. I’ve taken 2 daily trades so far today already as well.
We’ve got several weekly charts on, and at the beginning of this week, the beginning of August, we took monthly chart trades as well, all for our clients to follow, learn from, and hopefully profit from as well.
Blueberry Markets as a Forex Broker.
If you’re looking for a really good broker, I can highly recommend Blueberry Markets. I’ll put a link to them. They’re a great bunch of people, with really good spreads, lots and lots of markets on their MT5 accounts, and very fast withdrawals as well.
So if you have any other questions, don’t forget to email me directly at Andrew@TheForexTradingCoach.com and I’ll see you this time next week.
Bye for now.
Episode Title: #645: The Trading Mistake That Cost Him 5 Prop Firm Accounts
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
#644: Most Traders Chase Win Rates… That’s the Problem
Most Traders Chase Win Rates… That’s the Problem
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#644: Most Traders Chase Win Rates… That’s the Problem
In this video:
00:22 – Paul Tillman – Director of Coaching at TFTC
00:53 – On holiday/vacation in Europe and trading.
01:44 – As a trader, be prepared for the unexpected.
02:40 – Casino win rate and your trading win rate.
03:30 – High reward:risk trading in trading is key.
04:35 – Monte Carlo Casino visit.
How would you like to achieve a win rate in the forex market that’s much less than you can even get here at the casino? Let’s talk about that and more right now.
Paul Tillman – Director of Coaching at TFTC
Hello traders, this is Paul Tillman. I’m the Director of Coaching Services here at The Forex Trading Coach, and this is video and podcast number 644.
I want to talk about 2 things today that we encounter in the forex market. The 1st one is expect the unexpected for trading, and the 2nd one is achieving a lower win rate, much lower than you can get here at the casino in Monte Carlo.
But you can get that rate achieved in the forex market and still do very well in your trading journey. So 1st is expect the unexpected.
On holiday/vacation in Europe and trading.
My family and I, we’ve been in Europe for the last 11 days. We started out in Paris and got to Disney, and then came down to Barcelona, Spain. And lo and behold, we found out that my wife was missing her passport.
So we’re in another country. Talk about things going unexpectedly. So just like in the forex market, we had to pivot. I had to take a flight back up to Paris, come back down to Spain, and then find the passport, get it, come back down, and meet the family just so we can be on this cruise right now.
So what does that mean for the forex market? Well, many people think it’s a get-rich-quick scheme. People show you spreadsheets. “Oh, it’s so easy all the time. You can just sprint to the finish line and it’s not a big deal, and you can just get rich fast.” And that’s just not true.
As a trader, be prepared for the unexpected.
You’re going to have unexpected things happen in the forex market, just like our trip, all the time. You’re going to have spreads that you have to deal with. You’re going to have price spikes you have to deal with. You may not have a certain pair on your broker platform. You may miss a time frame change. You miss a trade. A trade may not fill you in. All these unexpected things that can happen on a trip can certainly happen in the forex market.
You’ve got to be adaptable. Yeah, I was adaptable and took an early morning flight to save my family so we could go on a cruise and get home back to the US, back to North Carolina, where we live.
And in the trading markets, you’ve got to adapt to all of that. You know, it’s also news trading. What if you have round numbers and full Winter Band support? All of these things you have to account for, and the unexpected can certainly happen. But to succeed, you’ve got to deal with that. Well, the 2nd thing I want to talk to you about is the win rate.
Casino win rate and your trading win rate.
So here at the casino, many of the games you might have a 47%-48% chance to win.
And that’s because the house always has the advantage. So you’ve got a little bit less than a 50-50 chance of winning consistently in the long run in the casino.
The great thing about the forex market is, and the way we trade with consistent risk management and a great reward-to-risk, great trading is all about reward-to-risk in the markets.
I’m talking about 2-to-1 trades, 2.5-to-1, 3-to-1, 4-to-1. We’re in some great British pound weekly chart trades just this week that, on the market orders, can have upwards of 5-to-1, 6-to-1, or 7-to-1 in the market. And so you can do very well with, say, a rate of even 35%-40%.
High reward:risk trading in trading is key.
So it’s the 1 thing in the world, really, that you can get a less than 50% win rate and still achieve great results. Different things like sports. Our Carolina Hurricanes had a much bigger than 50% win rate, and they got in the playoffs and just won their 1st Stanley Cup in the last 20 years. Even in all sports like tennis, you’ve got to win more than 50% of the points.
In basketball, football, you’ve got to make more than 50% of your kicks and all that. But in trading, you can have that lower win rate and you can still do extremely well.
So what are we talking about today? Expect the unexpected when it comes to trading. Be adaptable, willing to make changes on the fly. Have a routine, even though things are there, subjectivity there.
Then you’ve just got to go with the unexpected, trade your plan, and get it going. With the casino and the win rate, then you’ve got to make sure you have a decent win rate, but it doesn’t have to be 50-50.
Monte Carlo Casino visit.
So I’m heading here. Going to go have a look at the casino, see if I can get that win rate for a little bit, and then head back on our cruise and our trip.
Andrew will be back next week, but great to talk to you here from our Tillman trip in Europe, and we’ll see you next week.
Episode Title: #644: Most Traders Chase Win Rates… That’s the Problem
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
#643: The Best Forex Pair? Everyone Gets This Wrong
The Best Forex Pair? Everyone Gets This Wrong
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#643: The Best Forex Pair? Everyone Gets This Wrong
In this video:
00:22 – What is the best Forex pair to trade?
00:59 – Don’t limit your trading opportunities.
01:55 – Give yourself a higher probability of success.
02:25 – An example of Strength and Weakness.
03:50 – What are the current market conditions?
04:25 – Look at multiple FX pairs.
05:06 – Check out my new Masterclass.
05:15 – Book a call to talk with us.
05:28 – Blueberry Markets as a Forex Broker.
Hey, traders! Do you know what the best forex pair is to trade? If you don’t, listen up. I’ve got some interesting news to cover for you.
Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 643.
What is the best Forex pair to trade?
Now, I’ve been asked 4 times this week already by 4 different people. And it’s the same question. It is, Andrew, can you tell me please, what’s the best forex pair to trade? What should I be looking at?
Now, what it does show me is that unfortunately, there’s a lack of knowledge out there by so many people when it comes to trading, and they just always want to know what is the answer?
What’s the best thing, what time frame, what pair? What’s my stop loss? Where should my profit target be? All those type of things. And it unfortunately shows that most people don’t do enough research into trading.
Don’t limit your trading opportunities.
And the problem is, is that people see the major currencies like the EUR/USD or the USD/JPY, and they think that’s the only pair I should trade.
And I suppose, in all honesty, when I started, you know, it was the GBP/USD, the USD/CHF, the USD/JPY, and then later on the EUR/USD. And everybody thought those were the 4 pairs you should focus on trading. And the issue is, why just those 4 pairs? Now, when you think about it, all 4 of those that I’ve just mentioned are all US dollar dominated.
And therefore, if you focus on pairs that are just US dollar dominated, you’re not giving yourself a very good chance of success because they’re all likely to move, much of the time, in the same direction. And because it depends if the US is strong or the US is weak.
Give yourself a higher probability of success.
And as a trader, I like to give myself the best probability chance of success. So when it comes to which pair is the right 1 to trade, I don’t get aligned to any pair. I look at all the different pairs and you can very quickly scan through the charts, looking to see if there’s a suitable trade there, yes or no.
And the other reason I do that on a daily basis is because I also prefer to trade with strength and weakness.
An example of Strength and Weakness.
Now, give you an example. Let’s focus again on the EUR/USD. What happens if for today the Euro is really strong and the US is really strong, and that’s the only pair that you look at? Then you’re trading 2 strong pairs together, and you see how the problem might come. 1, you’re unlikely to get many setups or good setups.
And what happens if you buy the EUR/USD because the Euro’s got some strength, but you also know now that, and you would know this only if you look at more pairs. If you don’t look at more pairs, you’re not going to know this. The US dollar has got strength. So why would you be buying the EUR/USD if you know that the US dollar has got strength?
And so, what about other pairs in the market? What about pairs like the CAD/JPY or the NZD/CHF? And so by analyzing multiple markets at the same time, you can soon understand which pairs are strong, which pairs are weak because, doesn’t it make more sense to trade a strong currency against a weak currency? And so that, to me, adds more basis to my trading.
And again, it’s just adding more and more probability to my trading. So when someone says to me, what’s the best pair? I can’t answer it. And of course, there’s more things on top of this, you know, to consider.
What are the current market conditions?
It depends on the day, what’s happening in the market right now, what news has been, what news there might be coming up, what time frame chart you’re looking at, what’s the conditions?
What’s the time of year? Right now we’re in the Northern Hemisphere summer. Does that mean that there’s less price action in maybe, say, the Franc and the Euro? Maybe. You know, so all these things have got to come into it. What’s the characteristic of the market right now? And so by picking 1 or 2 pairs and giving you that as the answer, that’s not me doing my job. That’s not what I suggest you do.
Look at multiple FX pairs.
I suggest that you scan through multiple pairs and give yourself a high-quality chance of a successful trade.
Use strength and weakness. Use candle patterns. Don’t limit yourself to just something against the US dollar. It’s not a wise idea. And so there’s a lot more you can be doing to help yourself there.
And if you do want to look at pairs that include the US dollar, why not look at things like the AUD/USD or the NZD/USD? Because maybe if that US is still strong, maybe the Aussie and Kiwi are weak that day. So therefore you might be selling the AUD/USD or the NZD/USD. So all these things can certainly massively help you.
Check out my new Masterclass.
If you’d like to find out how we do this, and you’d like to learn from the way that we trade, have a look at my On-Demand Masterclass. I’ll put a link to that here.
Book a call to talk with us.
If you’d like to book a call to speak to myself or 1 of my team, we’re more than happy to do that. And we can cater for people right around the world. So it doesn’t matter what time zone you’re on, you can book a time with us and I’ll put a link to that also here.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a really good broker where you can trade multiple time frames, multiple markets, multiple currency pairs, and non-forex markets as well, have a look at Blueberry Markets. I’ll put a link to them here as well.
So that’s it for this week. This is Andrew Mitchem at The Forex Trading Coach, keeping you on the right side of your trades and putting probability in your favor.
Episode Title: #643: The Best Forex Pair? Everyone Gets This Wrong
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
#642: The Truth About Forex vs Stock Trading
The Truth About Forex vs Stock Trading
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#642: The Truth About Forex vs Stock Trading
In this video:
00:22 – Should you trade Shares or Forex?
01:04 – Are shares erratic?
01:38 – You need to factor in the exchange rate.
02:31 – You are in charge when you trade Forex.
02:50 – People buy what they know and like.
04:40 – We trade the pattern, not the emotions.
05:12 – Different time frame charts and markets.
05:33 – Check out my new Masterclass.
05:49 – Blueberry Markets as a Forex Broker.
06:05 – Like, share and subscribe.
So which is best to invest in, either forex trading or share trading? Let’s talk about that really important topic and more right now.
Hey Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 642.
Should you trade Shares or Forex?
Today I want to talk about share trading or forex trading, which is best, which is best for you, and what are the key differences.
The reason I want to talk about this today is because I’ve just seen on the news, right now, that the SpaceX shares have dropped quite a lot.
Now, about 1 month ago when SpaceX got launched, I had quite a few people who are friends say to me, “Hey look, Andrew, are you going to get in on this? Are you going to buy SpaceX shares?”
Very roughly, they started at about $130 USD, quickly climbed to about $150, and I think they got to about $225 very quickly within a handful of days.
Here we are 1 month later, and they’ve just dropped back below $130 again.
Are shares erratic?
The issue that I see there is it’s kind of a little bit erratic. Now, I’m not saying that all shares do that, of course, but this is just an example of a very well-known share that’s topical right now.
So if you imagine that you jumped in there at $150, $175, $200, or even right at the top at $225, and here we are just a few weeks later and it’s worth $130.
You’re going to start panicking, aren’t you? That’s quite erratic kind of behaviour, especially if you’ve gone and put some considerable sum of money into that.
You need to factor in the exchange rate.
The other thing I think that a lot of people outside of the US don’t factor in is the exchange rate. Here in New Zealand right now, the New Zealand/US exchange rate is actually really quite poor. It’s sitting around $0.56. It’s very low.
Therefore, that means that if you’re buying something in US dollars, that’s very, very expensive. So you’ve got to factor that in.
Now let’s say that you go and take your money out of the shares, and the Kiwi dollar rises up to about $0.70 against the US dollar. This same example, by the way, is typical whether you’re in Canada, the UK, Europe, or anywhere else.
You might have made some money on your shares, possibly, but by the time you bring it back at a better exchange rate, you’re actually not making anything. So that’s one thing to really consider as well for everybody outside of the US.
You are in charge when you trade Forex.
The other thing I think with forex is it’s more consistent. You’re in charge. Of course, you can buy, you can sell, you’ve got leverage, and you’ve got the ability to trade through prop firms as well.
So all these advantages mean you don’t need to put that amount of money straight into something and then sit and watch it, hoping it’s moving up.
People buy what they know and like.
Another classic issue that I see, and SpaceX actually is a very topical one, is people were saying to me, “Hey Andrew, I like what Elon is doing,” and all the other things that are out there.
Of course, the news media kind of hypes it all up. People know SpaceX, they know Elon Musk, so they go and buy it.
Now, I’m not saying you shouldn’t do that, but what I am saying is people tend to follow things that they know.
Another New Zealand classic is back years and years ago, I had a lot of friends that bought Air New Zealand.
Here in New Zealand we don’t have a huge amount of iconic companies, but Air New Zealand, being the national airline, is one of those. It’s a globally recognised brand.
Years ago I had a lot of friends buying Air New Zealand shares.
Why did they buy them?
Well, they bought them simply because they knew of Air New Zealand. It’s topical, everybody flies on them here, and so they bought based on the name.
Now I’ve just had a look back, and in 2000 Air New Zealand shares were $7.50. They peaked at around $7.50 per share.
Right now, here we are some 26 years later, they’re $0.43.
Now imagine if you had invested $10,000, or bought 10,000 shares at $7.50 each. Today, 26 years later, they’re down to $0.43.
Now imagine what would have happened if you had invested in learning how to trade the forex market back in the year 2000, and the money that you could have made by understanding the markets, different time frame charts, choosing what to trade, whether to buy or sell, what time frames to use, how long you’re in the market for.
We trade the pattern, not the emotions.
What I love about the forex market and the way that we trade is that we’re trading the pattern. I don’t just trade New Zealand pairs simply because I live here. It’s completely irrelevant.
If you’re in the UK, you don’t just trade the pound pairs. If you’re in Australia, you don’t just trade the Aussie pairs simply because you live there.
We trade what we see setting up right now on the charts, and that takes the emotion out of it. You’re trading the pattern, and that’s key.
Different time frame charts and markets.
Just this week, for example, I’ve taken 2 weekly chart trades. One was a GBP/NZD sell and that hit profit. The other was an AUD/CHF buy and that hit profit.
You’ve got longer time frame charts like that.
Just last night I took a Nasdaq 100 3-hour chart trade.
So you’ve got shorter time frame charts like that as well. You’re trading the pattern, and that takes the emotion out of things a lot more.
Check out my new Masterclass.
If you’d like to find out how we do this and how we can help you do the same, I’ll put a link here to my new masterclass. It’s only about 15 minutes long. It’s on demand.
You can just click on it and watch it through. It teaches you about how we trade, what we’re looking for, and how we can help you do the same.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a really good forex broker that you can trade not only forex but also other markets like metals, cryptos, indices, and commodities, and they’re a great bunch of people as well, that’s Blueberry Markets. I’ll put a link to them here as well.
Like, share and subscribe.
Don’t forget to like and share this around, especially if you’ve got friends that might be interested in starting trading, or maybe they’re thinking about share trading.
Like anything in life, there are pros and cons and traps with everything.
I’m not saying don’t trade shares. I’m not saying do trade forex.
I’m just giving you some real-life examples that I’ve found through friends of mine, either like the New Zealand example from 26 years ago or like the SpaceX example from just 1 month ago when they launched and the price dropped.
By the time you watch this, if you’re watching this years later, the price might be way higher.
Who knows?
But the point is, do you want to be in control of what you’re doing and decide for yourself?
If you do, then maybe consider the forex market.
This is Andrew here at The Forex Trading Coach.
I’ll see you this time next week.
Bye for now.
Episode Title: #642: The Truth About Forex vs Stock Trading
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS