Weekly Video News & Podcast

#527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour

Nov 19, 2023

How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour

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#527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour

In this video:
00:30 – A great trade on the NZD/CAD H4 chart.
01:29 – The trade made an incredible 7:1 R:R.
03:05 – 2:3 R:R on the USD/CHF.
03:35 – Clients passing Prop firm challenges.
03:50 – Get onto my trading Masterclass.
04:07 – Chat with us
04:14 – Open a trading account with Blueberry Markets.

We’ve had a client make a massive 7 to 1 reward to risk ratio trade in under one hour while we were on a live webinar. Let me explain more and how you can do exactly the same. Right now.

Hey there, Traders! This is Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 527.

A great trade on the NZD/CAD H4 chart.

Now, just earlier this morning I was on a live for us session webinar with our clients and during that session someone already had opened a four hour chat trade on the New Zealand dollar, Canadian dollar, and it’s a buy trade and it was going really quite well.

But at the time we were talking, the price had retrace down to the entry level because we were taking a buy limit and actually going further down towards the stop loss level. However, the stop loss on that trade on the New Zealand Canadian dollar was below the round number of 82, 0.82. And while we were talking, a number of other clients said, Hey Andrew, look, because we’ve got that stop loss protection, can I jump in at the market right now?

And I said, Yeah, of course you can, because the trade still valid. The stop loss was holding. We’d had previous resistance levels and now we come down and we were using that 82 as a support level. And I said, Yeah, jump into the trade. And so a number of people did.

The trade made an incredible 7:1 R:R.

Now, within under one hour we had clients saying that they closed out of the trade, it hit the profit target before we finished the webinar and it made an incredible 7 to 1 reward to risk on that trade.

So if you use my my suggested level of half of 1% risk of your account per trade, that meant that those clients made a massive 3.5%, three and a half percent gain on their account in under one hour just by being on the webinar. So what does that mean? Well, first of all, we are identifying high quality trades and we’re discussing them.

We’re talking about them. We’re saying the reasons why we’re taking the trade or why we’re not taking the trade. And so for me, the quality of that life in discussion cannot be underestimated. It’s something you just will not get by yourself or if you on some forum site somewhere and no one really knows what it is that you’re trading.

We are all trading the same system, looking at the same charts at the same time, all with the common goal of helping each other. So that to me is absolutely incredible. And you cannot underestimate how valuable that is for anybody, regardless of your trading experience. If you’re a brand new to trading, it’s going to be incredibly valuable. But if you’ve been trading for a while and just to jump on once a week or every couple of weeks and just view what we’re doing in real time and discuss that, that is absolute gold. And, you know, it’s just shows with the returns that we made.

2:3 R:R on the USD/CHF.

I also took a trade on the four hour chart on the US Swiss franc, which made a 2.3 to 1 reward to risk not quite as high as the massive 7 to 1, but that was more random, normal reward to risk levels that we get. I’ve also taken some trades on the 4 hours and 8 hours that are still open behind me right now, but just goes to show what happens when you build yourself a community like minded people all around the world. And so that’s how we can help you to achieve your trading goal.

Clients passing Prop firm challenges.

So we’ve got a number of people that are now passing prop firms as well and doing really well there, and that’s yet another income stream for people who once they know what they’re doing, they can go and explore that avenue if that’s the way you want to go.

Get onto my trading Masterclass.

So a few things to help you here. If you’ve not been on my masterclass, I suggest you jump onto it. It’s a 45 minute OnDemand session, explains the various trades that we’ve taken and explains how we trade and how we can help you. I put a linked to that on this post or video, wherever you’re watching.

Chat with us

If you’d like to have a a chat with myself or one of my team, I will give you the opportunity to do that again. I’ll put a link here.

Open a trading account with Blueberry Markets.

And if you’re looking for a very high quality broker that offers a huge number of different markets on the four and five platform, I can highly recommend Blueberry markets. We have a large number of our clients who choose Blueberry markets. Ultimately, it’s up to you to go and do your own due diligence and trade who who you feel comfortable with through who you feel comfortable with.

But I can highly recommend the team at Blueberry. They’re really good bunch of people and I’ve been with them since the beginning and often them exceptionally good. So have a look at blueberry markets and again I’ll put linked to them here.

So that’s it for today. I hope that helps. And it just shows what happens when you join a community of people or trading one strategy.

Think about that. A 7 to 1 reward to risk trade. In other words, half percent risk three and a half percent banks in your account in under one hour, all while on a webinar with myself. So that’s what we do. That’s how we help people make it work for them.

If you like to know more. Feel free to contact us or email me directly. Andrew@theforextradingcoach.com and I will personally reply back to you. Bye for now!

Episode Title: #527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour

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#526: Slow & Steady Wins the Day

Nov 12, 2023

Slow & Steady Wins the Day

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#526: Slow & Steady Wins the Day

In this video:
00:29 – Why a slow & steady trading style is best.
01:13 – My background really helps.
02:04 – Karate & Flying.
02:48 – Raising a large family.
03:31 – Consistency in our own trading.
04:21 – Get onto my trading Masterclass.
04:45 – Trade through Blueberry Markets.
05:20 – Like & Subscribe to our channel.

I’m going to explain why a slow and steady trading approach is your best chance of success to be a full time forex trader or prop firm trader? Let’s get into that and more right now.

Hey there, traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach. With Video and podcast number 526.

Why a slow & steady trading style is best.

Now I want to talk about a slow and steady approach to trading You see in life right now everybody’s fast pace wants action, wants instant results. Everything’s available on your phone. No one can wait any longer. Everybody wants things now.

Now, now, now. All the time. And the danger with that is that when it comes to the reality of trading, well. Most people, unfortunately, take that same approach. They want to be a multimillionaire next week. They want to pass a firm challenge within two days. They want to you know, how much do I need, Andrew, in order to give up my job and make $10,000 a month? You know, everybody always wants that that instant result and answer without doing the prior work.

My background really helps.

Now, I’m quite fortunate in many ways. One, I’m a little bit older. But two, I come from a farming background, and I think that has been a massive help for my own trading because you realize in farming that consistently doing things properly and planning and a slow and steady approach whilst always having an eye on the future and never being stuck in your ways is a really good way of farming successfully.

You have to turn up, You have to do things consistently as a dairy farmer. You have to milk the cash twice a day. You know, you have to be planting crops at the right time. You have to be doing things. It doesn’t matter whether it’s raining or it’s Christmas Day or your birthday or you’re not feeling well, you have to show up.

And so that consistency is is absolutely vital, I believe, to success. And as a trader, that consistency of constantly showing up is also vital as well.

Karate & Flying.

Now, other things that have helped me personally and I hope can help you. I’ve studied karate for many years and again, that slow, steady, consistent, repeatable approach is what gets you from being a white belt through to a black belt.

You’re not going to get there instantly. You’re not going to go and watch a whole heap of videos and suddenly, wham, next week you’re a black belt. That doesn’t happen. It’s that consistency, that hard work, that dedication. As many of you know, I also own and fly helicopter. The same thing applies. You cannot go out there and do like five lessons and suddenly go and fly one of the most difficult machines on the planet, the race to fly, you know.

So you have to be slow, steady, consistent, show up, do the hard work, and then the rewards follow.

Raising a large family.

And you also may know we’ve got five children. So same thing. You know, a lot of hard work, a lot of dedication, a lot of consistency through bringing up five children. And now more recently, I’m learning to play the guitar exactly the same thing.

I cannot go and stand on stage within 5 minutes. You know, you have to learn the whole basics and get better and better and more practice and you learn to go up and then you have a few down days or weeks and then you go another level again. So that consistency turning up. So whatever we do in life, that ends up being good.

Pretty much all of it comes back to that same rule of consistency, slow and steady and of course being good at trading is exactly the same. So that’s what I really encourage you to do.

Consistency in our own trading.

This is video on podcast number 526. We do this consistently every week. Our daily trades have been posted on our membership site since 2010.

We do that every day. They have been profitable every year since 2010. Again, consistency. We don’t have massive gains and huge losses. We’re consistent in what we do. Our forum site, we’re on it. Every day. Consistency. Yesterday I took four trades on the two hour chart trades that all were profitable and did really well for our clients. Again, consistency.

I have a live to our webinar this week for our clients. Again, we do that each week. Consistency, showing up consistently doing the same thing because it works and that approach will get you a long way in your trading.

Get onto my trading Masterclass.

So if you’d like to find out more about how we do that and how we can help you with that consistency in your life and your trading, then I encourage you, if you’ve not already been on one of my masterclasses, it’s a 45 minute On-Demand session. I’ll put a link here so you can view that any time you like.

I would like to have a chat with either myself, one of my team up on Link here so you can book a call to talk to us.

Trade through Blueberry Markets.

And if you’re out there looking for a fantastic broker, I can highly recommend blueberry markets. They offer the Metatrader 4 and Metatrader 5 platform. Great bunch of people. You know, just again, consistency there.

Email them. Test them out. Email them. See how long it takes to get a really good, solid answer. It’s really, really quick. It’s staggering how good they are at customer relationships. So again, consistency is what they do, what they practice, which is why we align ourselves with them, because we have that same approach to to trading and to looking after people.

I hope that helps. Any questions you have, any future topics of around trading I can help you with? Please let me know. Andrew@theforextradingcoach.com.

Like & Subscribe to our channel.

If you’re watching this on YouTube, please like and subscribe and tell people about this channel and we’re out there to make it work for everybody. This is Andrew Mitchem at The Forex Trading Coach.

I say this time next week. Bye for now!

Episode Title: #526: Slow & Steady Wins the Day

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#525: From Brand New to Trading on a Prop Firm within 3 Months

Nov 6, 2023

From Brand New to Trading on a Prop Firm within 3 Months

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#525: From Brand New to Trading on a Prop Firm within 3 Months

In this video:
00:33 – Jae has taken 3 months from new to trading on a prop firm.
01:29 – Making mistakes like every new trader does.
02:23 – Ready to trade on a prop firm.
03:52 – Our on-demand Masterclass.
04:09 – Book a call with us.
04:22 – Open an account with Blueberry Markets.
04:51 – How to contact me

Today, I’m going to explain how a client of ours who has never traded at all only three months ago, is now preparing to trade through multiple prop firms. Let me talk about that and more and show you how he did it. Right now.

Hey, traders, Andrew Mitchem here at the Forex Trading Couch for a video on podcast number 525.

Jae has taken 3 months from new to trading on a prop firm.

That’s right! I want to talk about a client of ours called Jae. Now Jae joined us on the 2nd of August this year 2023. Today is the 3rd of November as I’m recording this, have a chat with Jae last night. So exactly three months since he joined and three months ago Jae had never traded. He never got into trading.

He knew nothing about it. It does a bit of research, but he never even traded on demo. He joined us three months ago and over those three months he’s put a lot of time, effort, dedication into learning the strategy, asking questions, turning up on webinars. If he can’t turn up live. He’s been watching replays, he’s been going through previous webinars, the forums sides following our daily trades and taking trades by himself and communicating this trade so he’s learning from them.

Making mistakes like every new trader does.

Now being new to trading. Jae’s made mistakes. Of course he has, and one of the interesting things that he said to me last night on our conversation on the Zoom call was he said, You know, Andrew, every time I’ve deviated away from your rules, I’ve had losing trades and I’ve gone back in of analyze that and I realize I’ve made mistakes and I’ve changed things and then I’ve gone back and stuck to rules and taken trades that are in line with what we teach and how we trade.

And guess what? The results have come back right again. And it’s a journey. And as a path that everybody goes through, you know, from trading one minute charts, staying up all day and night through to, you know, finally figuring out that if you stick to a strategy, stick to and you know, the of can do everything that we talk about week after week after week, the strategy does work and the results will therefore follow.

Ready to trade on a prop firm

So fast forward after only three months. It’s hardly a fast forward, is it? But the reality is that we were then talking last night about how Jae can get onto prop firms, which wants to consider using a virtual server trading only on you one like made a candle of yourself and having your trades copied automatically to a prop firm or multiple prop firms, which is Jae’s Jae sort of journey that he’s looking at going on.

And so what I asked him and what I’m going to do for you is I’ve said to him, Look, what I’d love to do is come back in a couple of months and do a live zoom conversation and record that and share that with you so that I can then track Jae’s progress. So now we’ve gone from absolute beginner to now I’m ready to get onto a prop firm, so I want to give him a few months to get into prop them, open an account, maybe two or three by then, and track his progress and have a conversation with him with an update.

So I think by doing that, you’ll be able to see how someone who’s put that effort in has gone along really quite fast and made massive progress. So that shows me that anybody can do this. I know that. But now I’m having conversations with people who are proving that.

Our on-demand Masterclass.

So if you like to find out how Jae started with us and and find out more about how we trade and what we do, what I suggest you do is have a look at our masterclass. It’s a on demand session, so it will start when you’re ready. It’s about 45 minutes. It’s a video that I’ve recorded just a few weeks ago and we’ll take you through everything that we look at as a trader and why our method works.

Book a call with us.

That will then also give you the opportunity to book a call with one of us, to have a chat with myself, one my team, and find out if we’re a good fit and what you’re doing and what we’re doing will match and to see if we can help you.

Open an account with Blueberry Markets.

If you’re out there looking for a high-quality broker, I can strongly recommend our blueberry markets. They are based across in Australia. Most people around the world, apart from a few countries, can open accounts with them and they offer the MT4 and the MT5 platform. I’d suggest the MT5 platform is a lot more markets on there and also a lot more built-in timeframe charts to give you more trading opportunities. So that’s it for this week. I hope that helps.

How to contact me

Any questions that you have, any topics you like me discuss on featured video and podcasts to send me an email Andrew@theforextradingcoach.com and I’ll personally answer those and get back to you. I hope it helps. Bye for now!

Episode Title: #525: From Brand New to Trading on a Prop Firm within 3 Months

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Book a Call with Andrew or one of his team now

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#524: Are You Getting Stopped Out All Of the Time?

Oct 29, 2023

Are You Getting Stopped Out All Of the Time?

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#524: Are You Getting Stopped Out All Of the Time?

In this video:
00:26 – Do you keep getting stopped out?
00:47 – What are the issues here?
01:32 – Not knowing where to place your stop loss?
02:02 – Trading is emotional.
02:35 – How to avoid being stopped out all of the time.
03:40 – Consider Blueberry Markets
03:48 – Book a call with us and watch my Masterclass

Why do I keep getting stopped out? Today, we’re going to delve into that question that has annoyed many a forex trader. So let’s get into that and talk about it and more. Right now.

Hey, everybody! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 524.

Do you keep getting stopped out?

Now, are you getting stopped at all of the time? It’s a frustrating experience. You’ve done your analysis, you place your trades you set your stop loss only to find that the market momentarily dips far enough to hit a stop loss and then it goes back in your intended direction. It’s like the markets go a personal vendetta against you, right? That’s how it feels.

What are the issues here?

Well, let’s have a look to see what you can do about that to stop that happening. Because the most common reason that I find that many people have is their stop loss is too tight. A tight stop loss might seem appealing because it minimizes your risk, or so you think on paper, but often it doesn’t account for the natural volatility in the market.

Now financial markets ebb and flow. They rarely move in straight lines. So if you’re a stop loss is too tight, you’re probably going to get stopped out during these minor counter movements. And it’s something that you need to be aware of and because not every single time are you going to place a trade that moves straight up into your direction all the time.

Not knowing where to place your stop loss?

The second reason and again, probably a very common reason is because most people don’t know where to put their stop loss for each trade they take. Most people use the same stop loss all the time for some reason. Now each market condition requires a different stop loss size. The size of the stop loss should reflect the timeframe of the chart being traded.

The pair been traded, and also the market conditions at the time. Because don’t forget, different pairs move in different speeds and different amounts.

Trading is emotional.

And thirdly is emotion and let’s face it, trading is an emotional endeavor, and especially when money is on the line. Now, some traders, they move their stop loss because of fear or greed that leads to inconsistent outcomes.

And now a well calibrated stop loss is based on a sound trading strategy and knowing where to put your stop loss and why. Each time. So the danger is if you become emotional, you do things that are erratic. So you need to stick to your plan and don’t offer it. Don’t change your plan just on a whim.

How to avoid being stopped out all of the time.

So what can you do to avoid being stopped out? Well, here’s a few quick tips for you. So is understanding what to do and when to do it. Making sure that your trades have equal risk per trade regardless of the stop loss size. Most people think that they’re stop loss needs to be small because that means they’re going to lose more if the stop loss gets taken out.

That is not true. We can certainly help you there to understand that a lot more. So adjust your stop loss, adjust your stop loss size accordingly so you can put your stop loss in the right place for that trade at the time you stop losses there. It’s a tool to protect your capital. Don’t forget that you will get stop that from time to time.

But you need to remember if you’ve got a good, sound strategy and the trade goes against you, you take the stop, that’s absolutely fine. But also you need to ensure that you have high rewards, risk trades, which you hear me talk about all the time. That means when you have a profitable trade, you’re making multiple times your risk. So I hope that helps. There are a few other things there.

Consider Blueberry Markets

If you’re looking for a broker. Don’t forget to have a look at Blueberry Markets the based across in Australia.

Book a call with us and watch my Masterclass

If you’d like to find out about how we can help you. And if you’d like to have a call with us, click on the link that I’ll put here.

You can book up like a 30 minute call to have a chat with myself or one of my team. If you’ve not yet been on my masterclass, then it’s a free masterclass. It’s about 45 minutes long is on demand, so you can choose when to watch. It is not live, but contains a lot of very valuable information. Well, you need to do is click on the link up here and you can jump onto that as well.

So once again, this is Andrew Mitchem, the Forex Trading Coach, we’re here to accept the stop losses are part of trading, but we’re here to make those annoying, constant stop losses disappear for you.

That’s how you become profitable is understanding what to do at the right time. We can help you there.

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

Episode Title: #524: Are You Getting Stopped Out All Of the Time?

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#523: Adapting Your Trading Strategy to the Current Market Conditions

Oct 22, 2023

Adapting Your Trading Strategy to the Current Market Conditions

Podcast:

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#523: Adapting Your Trading Strategy to the Current Market Conditions

In this video:
00:32 – How often should you change your strategy?
01:24 – I’ve been trading for 20 years
02:14 – We look at Price Action
02:56 – The way we deliver the course and more markets available to trade
04:38 – Get to view my Masterclass
04:55 – Book a call with me and my team – https://theforextradingcoach.com/call-application/
05:03 – Blueberry Markets

I received a question this week from someone that says, “Hey, Andrew. Is your content ever updated to adapt to the current market conditions?” So I thought I’d make this video on podcast this week. Outside in the sun and answer that question for you.

Hey, there traders! This is Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 523.

How often should you change your strategy?

I’ve been asked the question about changing your strategy to adapt to the market conditions. Is that something that I do regularly? And if so, when? And it’s a question is actually a really good, smart question because unfortunately, far too many people would do that and they find that the trading is not going to well, something’s happened in the market.

It may be more rangebound or there could be more price action. And so therefore, they change their system in their strategy and their whole approach to adapt to what’s actually happening in the market at that time. The issue I have with that is how do you know how long to give it when things are going bad? In order for you to realize that you’re doing something wrong and therefore you need to make a change. And that becomes the old issue that everybody has. And it’s like in hindsight, it’s fantastic. In reality, things don’t go so well.

I’ve been trading for 20 years

Now, as someone who’s been trading the forest markets for 20 years now and teaching for over 14 years, I can tell you that in the 14 years that I’ve been teaching and around three years prior to that, I’ve never changed the strategy at all.

It’s not changed. If I look back at my daily trade suggestions back in 2009, I look back at my first live webinars I did with clients back in 2010. Nothing’s different. And that’s the beauty of what we do. And you see, you got full confidence in knowing that the way that we trade, the way that we look at the market, the way that we teach, the way that we analyze everything that we do on the webinars, on the forums, on the daily trades, etc., is exactly the same.

Nothing at all has changed. And so how do we manage that? I suppose would be the obvious next question.

We look at Price Action

Well, it’s all to do with the strategy and the way that we trade and we look at price action, we look at the price itself, we look at candle formations where they showed on the chart. What part of the chart are they in?

Do they have stop loss protection? They’ve got room to move. They have strength and weakness with them. All those type of things that we look at on the charts to actually give us the initial chart sets up and the yes or no, do we have a trade here or not? Now, you will probably know that we only trade on the close of a candle.

So that makes our trading very easy to know when to trade and reality is you can trade just sort of once or twice a day. I look at multiple timeframe charts at that exact time.

The way we deliver the course and more markets available to trade

Now, the only thing that has changed over those years is just the way that we deliver the course. It’s, you know, obviously like everything, it’s improved.

It’s got cheaper, it’s got more efficient. You know, we’re not flying like seen people around the world any longer. You know, it’s all online, but there’s still a lot of individual tuition and help. But things that have changed, it would be the markets that we can trade. You see as the Forex Trading Coach. When we started, obviously they were just the forex pairs.

And now there are obviously a lot more forex pairs, but also there are other markets as well. To give you an example, this week, on Monday, Tuesday, sorry, on Tuesday I took a trade on Lead (XPB) if you know your periodic table, you know that that’s lead. We took a daily chart trade on lead which made a fantastic profit for all of our clients.

And on Tuesday night I took a two trades on the four hour charts one was on XAU/EUR and XAG/EUR. Now, if you’d gone back, maybe five years, there is no way that most of us would have access to lead and gold and silver against the euro. We may have had gold and silver against the US, but we certainly wouldn’t have had it against the euro available on most brokers out there.

So things have evolved. Yes. In terms of the markets we can trade, which is fantastic because the strategy works equally well on those other markets than it does on the standard EUR/USD. AUD/USD, you know, GBP/JPY and etc.. You know your standard forex pairs. So that gives us reassurance in what we do works and is fantastic. So it gives us high reward to risk trades. So what does that mean for you? Well, a few things.

Get to view my Masterclass

If you’ve not been on my masterclass, I’d suggest you jump on to that masterclass. It’s about a 45 minute. It’s on demand, so find a time that suits you. Log on there, click on and go and view. That takes you through a lot of information about how we trade, what we do, how we teach.

Book a call with me and my team – https://theforextradingcoach.com/call-application/

If you’ve been on that and you’d like to book a call with either myself or one of my team, you can do that. I’ll put a link to that also.

Blueberry Markets

If you are out there looking for a high quality forex broker that offers Metatrader 4 / Metatrader 5. Good bunch of people really quick to get your funds back to you if you make a deposit or if you then try and withdraw funds.

It’s just so quick, super easy, super efficient. That is blueberry markets, they’re base across over in Australia and they can take clients in pretty much most countries apart from a few and the U.S., the U.S., they cannot take traders from. But other than that, blueberry markets would be a very good choice for most other people out there. So I hope that helps.

I’m off to enjoy this beautiful day that we’ve got here, and we’re in springtime here in New Zealand. I know a lot of you watching this will be going into your autumn, but springtime in the southern hemisphere. And don’t forget, we’re here to help you with your trading and to make it a success for you. This is Andrew Mitchem here at the Forex Trading Coach.

See you this time next week. Bye for now

Episode Title: #523: Adapting Your Trading Strategy to the Current Market Conditions

Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

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#522: Why Sell a Successful Trading Strategy?

Oct 15, 2023

Why Sell a Successful Trading Strategy?

Podcast:

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#522: Why Sell a Successful Trading Strategy?

In this video:
00:30 – Why would you sell your trading strategy?
01:10 – How I started
02:25 – Teaching the strategy
03:40 – The number of clients expands
04:10 – The start of the TFTC community of traders
05:28 – Teaching clients for a broker
06:47 – Helping like-minded people worldwide
08:30 – Blueberry Markets
08:45 – Book a call with me and my team – https://theforextradingcoach.com/call

If a trading system is so good, why would the developer of that trading system wish to sell it and share it with other people? Let me answer that question for you and more right now.

Hey there, Forex Traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 522.

Why would you sell your trading strategy?

Now received an email this morning from a trader for John over in the UK. They said, Andrew, I need to ask you this question. It’s the the obvious question to ask and it’s like if you’re so good at trading and if your system is so good.

Why do you need to sell it to people? And it’s quite a, you know, an obvious question. And so what I’d like to do on today’s video and podcast is to give you a bit of detail and background about the Forex Trading Coach and my trading. To help you to understand where we’ve grown over the years, where we are today, and why we do what we do.

How I started

So I’ve been trading for just around 20 years now and back in around 2007 I ended up being the top trader on an auto trade company. Back in the early, early days of trading where you could buy signals off people. And I won the competition, won the global competition. I had a system that worked really well and it topped everybody.

There were hundreds and hundreds of traders even back then. And so back then, people could follow along. Had no idea who you were, but they could follow along and buy off that company. Now, that was okay, but I thought, okay, I’ve come and won this. So what I ended up doing is creating a very basic signal system. Back in the early days, you know, websites were very basic.

There was PayPal and nothing else. And then what I ended up doing is I ended up developing an email each day that went out and it was like, buy here, stop loss, their profit target there. And people would pay a monthly subscription for that. And it went really well.

Teaching the strategy

And I got to a brand end of 2008, early 2009. And then I received an email from one particular subscriber who lives over in Noosa, in Australia. And he said to me, Andrew, I’m really enjoying your signals. They’re doing well. I’m making really good money from it. But more importantly, I’d love you to come and teach me how you do what you do. So rather than just relying on your email each day, I can find out how to do this for myself because ultimately I could get hit by a bus, you know, no more Andrew and this guy went from making a lot of money to suddenly no emails, and that was it. So he wanted to develop that information, that knowledge education for himself, which is fair enough.

So I put together the course into like a word document, took it down the road to the printers and say how you make this into a real nice, colorful page doc in a booklet for me. And that’s what we did. It was really was as as basic as that went across to Australia, took a back up flash drive in case I lost everything and I spent three or four days with this guy.

He’s still a client to this day. And with him and his family teaching him how to trade it was really enjoyable to discuss trading in person with someone. So that was the very first client.

The number of clients expands

I then came back to New Zealand and I sent an email out to other people who were on that subscriber list and saying, Hey, look, we’ve got a really happy person out.

This taught him how to trade. Anybody else interested? So I got a lot of response back and I ended up flying to Malaysia and Sri Lanka and then across to Spain, Valencia, Spain, France and then England and and then back home. And I had a group of people.

The start of the TFTC community of traders

And what it did is it built the very basics and the start of a community. You see, there’s a number of things that are missing when you’re trading. It basically means for most people, you’re sitting there at home, sitting on your laptop or your computer, just you and no mates. It’s quite a lonely business, you know. It really is. And so I like interaction with people. And I found that by having this sort of group of people I’d met in person that was just starting to develop something really quite cool and really exciting.

We could bounce ideas off people. They come and ask me and ask the teacher and ask the developer of the system and strategy. You’ve really got to know you’re trading because you’re getting questions from all over the place, different ideas and things. It helps me from a personal point of view to become an even better trader, even sharper.

And now with the way that things have developed globally with the Forex Trading Coach, you know, we’ve never missed a day of our daily trades in 14 years. We’ve never missed a live webinar. You know, we’re on the Forum site daily, so we’re always there and it’s helped sharpen mine and the other coaches trading even better. Maze’s consistent.

You know, we can’t become not that we are anyway, but you know, we can’t become lazy and go like all the trading today because you got thousands of people all there waiting to see what you’re writing.

Teaching clients for a broker

So that let’s jump back to when I then came back to New Zealand, a broker who’s up in Auckland got to hear about what I was doing through a friend and, and they contacted me and say, Hey, look, I heard you develop this company.

I heard you do poaching. Come and trade. And so come and train some of our biggest account holders because most people are out there losing money. And the broker needed people to be making money because obviously they make more commissions and more fees. And if people are happy and making money, they’re going to add to their account they gonna tell more people, etc..

The common conception is that most people think the brokers want you to lose. A good broker does not want you to lose. A good broker wants you to to be profitable, because then they make more. And so anyway, I did a whole lot of small group tuition for the broker and some of our high net worth clients and so things just developed from there.

So 2009 the Forex Trading Coach started. Fast forward to now 2023. We have our clients in 104 countries, but we’d love doing what we’re doing. Do we need to do this from our own personal financial point of view? Absolutely, no.

Helping like-minded people worldwide

But it has helped develop such an amazing group of like minded people. I’m self-employed. I love people who are out there looking after their own health, their own finances, their own future, not relying on the traditional way of doing things.

Because let’s face it, the traditional way of doing things does not work for most people. So we’re out there looking for like minded people from all around the world. It helps us to develop ideas because you constantly get in questions from different people and you know, you finding about new things and real cool things and developments. And it keeps us fresh and excited and wanting to keep doing this.

So look, John and whoever else who is asking or thinking of the same question. It’s just an enormously satisfying feeling to help people to have a community of people. And let’s face it, who doesn’t like helping people, you know, interested in helping like people who just want something for nothing or lazy people, you know, that’s not me.

I hands up just not interested in that at all. I’m interested in helping people, right? They’re trying to achieve things in their lives, go getters, achievers, and that’s the sort of people who I believe make the best traders. And that’s the kind of people that we have on board with us. And that’s what drives us. That’s what’s gets us out of bed each day helping people to get better for themselves, to grow a better world, for everybody, to increase their finances, you know, to increase their information and their knowledge and their education, all those type of things give us satisfaction that we’re making a difference.

So that’s what we do and that’s why we do it and everything else. You know, it’s just awesome to be part of a group of people, a community.

Blueberry Markets

Elsewhere out there, brokers going a similar type of system and situation with these guys. Blueberry, awesome group of people. I’ve been there and met them. They help people, their services exceptional and they’re out there wanting people to do well as well.

Blueberry markets I’ll put linked to them here. If you’re interested in finding out more about how we can help you, I’m going to put a link here.

Book a call with me and my team – https://theforextradingcoach.com/call

Feel free to book a time to talk to myself or one of my team, completely free of charge and find out if we can help you. I’ll put a link here, so don’t forget to take advantage of that as well.

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

Episode Title: #522: Why Sell a Successful Trading Strategy?

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#521: Why a 90% Winning System is a Bad Idea

Oct 8, 2023

Why a 90% Winning System is a Bad Idea

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#521: Why a 90% Winning System is a Bad Idea

In this video:
00:26 – Traders get excited over win rates
01:32 – Small gains and big losses
02:47 – My way of trading
03:34 – Closed trades from this week
04:44 – Book a call with myself and my team
05:01 – Blueberry Markets

I’m going to explain why a 90% winning rate trading system is not a good idea. Let’s talk about that and more right now.

Hey there, Forex traders! Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 521.

Traders get excited over win rates

Now I want to talk about win rates. You see so many people get very excited with win rates and they tend to put almost like too much emphasis on a win rate of a system and the strategy and especially a lot of inexperienced people, they see something that’s got, let’s say, like a 90% win rate and they think has to be the answer to their successes and it has to be a fantastic trading system.

I can tell you that is not the case. Now, a little while ago, I was talking to someone who had a 90% winning system and he was losing quite a lot of money. And as a new trader, you might question like, how is that possible? And as a more experienced trader and a profitable trader, I can tell you the win rate really doesn’t matter quite as much as you may think.

Yes, it’s important, but it is certainly not the most important aspect and the most experienced and most profitable Traders have win rates that are drastically lower than and sometimes pretty quite a lot lower than what you might actually think. Yet, they are very profitable. How has that happened?

Small gains and big losses

Well, the issue with most people is, first of all, they trade with pips and the guy that has the 90% win rate. That was a problem also. But what he was doing was having lots of small gains. Now, let’s use the PIP example and let’s say he had ten trades. Now 90% win rate, of course, means nine out of his ten trades were profitable. Now, let’s say he was making, pick a figure. Ten pips per profitable trade let’s say and again you can see why I don’t trade pips but let’s go with it because that’s what he was doing.

Therefore, nine trades, ten pips profit means even if we’re not worrying about spread and we’re saying that’s ten pips net, which by the way it wasn’t, but let’s say it was to make his system even better, he’s made 90 pips. The problem was that when he had one losing trade, let’s say he lost 100 pips on that trade, he was then negative ten pips, yet he had a 90% win rate system.

And you can only imagine how much damage that would do psychologically when you get smashed by a big losing trade like that. And that becomes the problem.

My way of trading

Now, if you’ve been following me for some time, you would know the first of all, the key to trading. Not only do you need a successful system, but you need to have low and controlled risk per trade and forget pips.

So with my personal trading, I never risk more than half of 1% per trade. But also it’s very important that you have high return trade, so high reward to risk profitable trade. So with the guy that had the 90% winning system but was losing money, he had lots of small gains. One big loss and big losses with me is the opposite.

When I have losses, I have small losses, but when I have gains I have big profitable gains. And that that change of mindset and that flipping around of the wins and the losses is one of the keys to success.

Closed trades from this week

Now, just this week, I’m going to read some examples here. Just this week we’ve had a monthly chart trade close.

We’re now into October that trades been open since March on the ChinaH. The Chinese index that made a 4.3 to 1 reward the risk on that same market. ChinaH we’ve had a weekly trade from last week just closed for profit this week on the weekly chart for a 4.1 to 1 reward to risk on the US Canadian weekly chart.

We’ve had a weekly trade this week that made a 2.4 on the Canadian Yen Daily. This week we made 2.9 on the Australian franc. This Week Daily we made 2.5 on the zinc this week Daily we made 2.2. And so with those trade, you can see that we’re making multiple times our risk. So although we have losses and of course we have losses, we have little small controlled losses, big gains.

So you mentioned like, you know, so stepping up big steps, small losses, big steps, and that is one of the keys to successful trading. That is why you do not need to have a 90% win rate. And that becomes the issue that so many people fall into that trap.

Book a call with myself and my team

Now if you’d like to have a chat with us about how we do this and how we can help you to become a successful trader, too, I’m going to put a link here where you can click on and book a time slot to either talk to myself or one of my team, and we’ll give you lots of helpful information about how we can help you.

Blueberry Markets

If you’re out there looking for a good broker, I highly suggest and recommend blueberry markets. They offer the MT4 and MT5 trading platform with lots of those markets. Like I mentioned, the Zinc and ChinaH and some of those non forex markets also available on there as well. And of course being an MT5 lots of other timeframe charts like 2 hours and six and eight and 12 hour charts as well as standard ones that you get on MT4.

So I hope that helps. I hope that piece of information will massively help you understand what it takes to be a good trader and how you can turn the trading around from probably losing or maybe break even or frustrated to a successful profitable trader.

This is Andrew Mitchem here at the Forex Trading Coach. Look forward to seeing you this time next week. Bye for now!

Episode Title: #521: Why a 90% Winning System is a Bad Idea

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Book a Call with Andrew or one of his team now

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#520: Why I Ignore the News

Oct 1, 2023

Why I Ignore the News

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#520: Why I Ignore the News

In this video:
00:25– Why I don’t trade the news
01:20 – Problems with Fundamental trading
02:30 – Different conclusions from the same news
03:30 – Trading what you see as a Technical trader
05:00 – Book a call with me and my team – https://theforextradingcoach.com/call
05:21 – Blueberry Markets

As a full time forex trader, I completely ignore the news. Let me explain why and how we trade. Let’s get into that and more. Right now.

Hey there forex traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 520.

Why I don’t trade the news

And that’s right. I completely ignore the news. I don’t look at the news. I don’t consider the news and it just does not affect my trading. Now, in the Forex world, there are generally two types of traders. We have fundamental traders who do look at news announcements.

Aand we have technical traders. And I’m definitely a technical trader because I look at charts, I do not clutter my charts with lots and lots of indicators because that just becomes a mess and I’m tradable. I look price action, I look at the close of a candle and I look at what is actually happening in the market and make a decision. Do I have protection for my stop loss?

Do I have room to move to my profit target? I know that my patterns work across all timeframes, all markets, and depending on the conditions at the time, if I see the pattern, I take the pattern because it has such a high probability chance of success.

Problems with Fundamental trading

Now fundamental traders look at the news. And while I personally still do look at Forex Factory once a day on the calendar just to see what’s happening purely out of interest, I don’t care about the news.

It doesn’t influence my trading. I don’t take positions out. Just prior to news or anything like that because as a technical trader I don’t need to. I trade what I see. The issue I’ve always had, or there’s quite a few issues. I’ve always had a fundamental trading.

From a practical point of view, depending on where you live in the world, some of the major market news announcements might be like 2:00 or 4:00 in the morning, not very practical for me living in New Zealand, if I’m looking at the European news or especially the US News, that’s like, you know, sort of 11:00, 12:00, 2:00 in the morning type of things.

Likewise, if you’re in Europe or the US and you’re looking at Australian news, let’s say, oh, Japanese news, it’s not at a very convenient time. And the other thing is from a practical point of view, is you’ll find quite often brokers will increase spreads massively, Sometimes if price freezes around news announcements. So it’s not quite all. It’s like sort of talked up to be when you trade news.

Different conclusions from the same news

The other thing is also is if you look at a news announcement and I look at a news announcement, we could see the same news announcement and draw completely different conclusions because you might say, oh, it’s way better than expected figure. Therefore we should be buying that that currency. I might say yes, better than expected. But last month they’ve dropped it all.

There’s been some commentary after that to say this is going to be, let’s say, the last interest rate hike or something like that, which means yes, okay. But long term, it’s not so good. So different people will see news announcements in different ways. So you got to be real careful there. And in all honesty, most big news announcements generally go in the way of the longer timeframe charts as a technical trader anyway, I can pretty much see most of the time which way news announcements are going to go by looking at, say, like the daily charts on the day of that announcement and making a very highly informed high probability decisions from there.

Trading what you see as a Technical trader

So getting back to technical trading when there’s not much happening on the charts, you can’t take anything. The last few weeks, for instance, like into sort of early mid September 2023, there’s not been a lot of great set ups on the forex pairs on the daily charts. So what have we done? Well, we’ve looked at other markets. I’ve taken trades on coffee, three trades on silver this week against the euro, against the US, against the Australian.

I’ve taken trades on zinc, copper, wheat all in the last couple of weeks, a bitcoin trade. So, you know, we’re looking at other markets out there when the forest markets have not been too good and that this week we’ve seen lots of good daily chart trade setups on the forex market. In fact, just today I’ve taken four trades on the daily charts.

Yesterday on my forum site there were seven shorter timeframe trades posted. The day before there were nine. So, you know, you have to trade what you see at the time that showing you the best technical set up. And that’s what I love about technical trading. It doesn’t take any longer. And to scanning through the charts couple of times a day, 30 minutes max, I can trade twice a day, take all the trades I need to have high reward to risk, not worry about news announcements, not worried about straddle trading or, you know, is that news going to be really good for the US or really bad for the US? I don’t need to be getting up at 2:00 in the morning to trade US announcements, things like that. So as a technical trader, I strongly recommend you have a look at that.

Book a call with me and my team – https://theforextradingcoach.com/call

If you’d like to find out more about how we trade, we like to have a chat with us. I’m going to put a link here that you can have a chat book, a chat for a 30 minute free call with either myself or one of my team up a link to that right here, if you’ve not been on my masterclass is about a 45 minute on demand masterclass. You can click on and have a look at that shows you what we do and how we trade.

Blueberry Markets

And lastly, don’t forget, if you’re out there looking for a new broker, I can highly recommend blueberry markets. They offer the MT4 and also, of course, the MT5 trading platform. I’ve been with Blueberry since they started. Fantastic bunch of people.

Their MT5 platform, of course, has more timeframe charts and it also offers a lot of those markets that I mentioned, such as like the different silvers, you know, the wheats, the coppers, the zinc, all those different markets as well, the commodities, the bitcoins. So if you’re out there looking for a good broker, I can highly recommend blueberry markets.

So in summary, consider being a technical trader, not a fundamental trader. If you’ve not had a chat with us and you’d like to do so, book a call with us. If you’ve not been on my free masterclass, allow about 45 minutes. Click on the link here to do so. And if you are looking for a new broker, have a look at blueberry markets. The links also here.

So once again, this is Andrew Mitchem here at the Forex Trading Coach. Any questions, any topics you’d like me to discuss on future videos and podcasts? Just let me know. Andrew@TheForexTradingCoach.com Bye for now. See you next week.

Episode Title: #520: Why I Ignore the News

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#519: Divergence Trading in the Forex Market

Sep 17, 2023

Divergence Trading in the Forex Market

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#519: Divergence Trading in the Forex Market

In this video:
00:29 – Divergence. What is it and how do we use it?
00:55 – Continuations and Reversals
02:02 – Trading with both patterns
02:33 – New trades or Early exits
03:39 – Book a call with myself and my team
03:53 – Blueberry Markets

I’m going to talk today about trading divergence in the Forex market. It’s a very powerful tool that can help you to identify continuation patterns and reversal patterns. So let’s get into that and more. Right now.

Hey there, Forex Traders! This is Andrew Mitchem here at the Forex Trading Coach, For a video and podcast number 519.

Divergence. What is it and how do we use it?

So today I want to talk about divergence is a very powerful tool that can help you to identify both reversal patterns and continuation patterns.

And divergence occurs when you use an indicator such as like the RSI or my case, the stochastic indicator, and it occurs when the price moves away from the direction that the indicators suggest the price should be moving in.

Continuations and Reversals

And there’s two ways that we use divergence and we use it for a continuation pattern, which is what they call hidden divergence, and that is when the price is moved up, it then pulls back and we get a hidden divergence looking for the price to continue again.

So what you get there is in an uptrend, the price makes higher lows and the indicator makes lower lows. And when you see that occur, that gives you the best indication that the price is likely to continue upwards.

And we see regular divergence occur when we’re looking for a trend reversal. Now, this is certainly a higher risk type of trade because you’re looking at taking a sell trade at the top of an uptrend or buy trade at the bottom of a downtrend.

So with regular divergence in an uptrend, what we’re looking for there is the price making higher highs, but the indicator fails to do so. In fact, the indicator makes lower highs, so you get the price doing one thing and the indicator doing the other. This suggests a reversal pattern or regular divergence.

Trading with both patterns

So with both of these two patterns, both regular divergence and hidden divergence, you certainly need everything else that you’re looking for to occur first.

In my case, we’re looking for the candle pattern to be in the right part of the chart. We’re looking for round number, strength and weakness, etc. And for me, divergence is just like the cherry on top. It’s the thing that makes a trade go from a pretty good trade to a really good trade because there’s one extra layer of confirmation there.

New trades or Early exits

So two things you can do here. If you’re not currently in a trade and you see a trade set up and you get either reversal patterns or continuation patterns occur, then what you can do is it gives you a high probability entry position.

If you are already in a trade and let’s say you’re in a buy trade and you’re not quite at your profit target and you see a negative or hidden negative divergence occur, in other words, the price looks like it’s going to fall and you’re still in a buy trade.

It can give you an early warning system to get out of the trade early. So two ways of using divergence there. One, if you are looking to get into trade, number two, if you are already in trade and potentially might need to get at early and two different types of divergence, regular divergence for reversals, hidden divergence for continuation patterns, my personal favorite is always hidden divergence because it gives me the opportunity to ride the trend after a slight retracement or pullback.

Book a call with myself and my team

If you’d like to book a call with one of us to find out more about how we can help you with divergence and to understand the whole trading strategy as a whole, I’m going to put a link here where you can book a call to have a chat with either myself or one my team.

Blueberry Markets

And if you’re out there looking for a really good forex broker, I can highly recommend Blueberry Markets.

They offer the MT4 and the MT5 trading platform. I’ll put a link to them here as well. So I hope that help is. I hope that you use this very powerful tool called Divergence and use it the right way with your trading strategy. Or if you don’t have one, please come and ask us how we can help you to create a trading strategy or to trade the way that we do and put it together with a good strategy. Divergence will massively help you.

This is Andrew Mitchem at the Forex Trading Coach. I see this time next week. Bye for now.

Episode Title: #519: Divergence Trading in the Forex Market

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#518: Are You Emotional or Erratic?

Sep 10, 2023

Are You Emotional or Erratic?

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#518: Are You Emotional or Erratic?

In this video:
00:27– What type of person makes a good trader?
00:50 – Having a strategy and controlling your emotions
01:26 – We all see and know reactive people
02:37 – Have a plan and stick to it
03:21 – Daily trades and Weekly Webinars
04:05 – Consistency is key
04:37 – Book a call to chat with us
04:51 – Blueberry Markets

Emotional and erratic. People will never make good traders. To trade properly, you’ve got to get your emotions under control because it’s all about the head. Let’s get into that a more right now.

Hey there. Traders! This is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 518.

What type of person makes a good trader?

And quite a blunt lesson today in some ways. And it may upset a few people, but, you know, possibly that’s the point. And if you want to give yourself a good chance of being a good trader, you have to control your emotions. You cannot be one of these erratic, emotional, responsive type of people because the chances are you’re not going to do very well at trading.

Having a strategy and controlling your emotions

You see, trading, we know, is all about having a strategy and understanding what you’re doing, but it’s all about understanding. It’s also about understanding your mind, your heart, your emotions, because the reality is that we’re trading with real money and emotions come into play. You cannot hide that. You know, you can get away from the fact that. If you’re on demo, you may not quite understand this yet, but if you’re live trading, you will know that emotions come into trading and become a big part.

So you need to understand the emotional, psychological side of things, plus your strategy and how the market works and put that together.

We all see and know reactive people

Now, look, we’ve all seen, you know, emotional, reactive, erratic people. You know, you see them if you’re driving, you see them on the road and they had blowing a horn for something stupid. You see people at airports, you know, when emotions start getting a little bit much and people get a bit stressed and they go to do dumb things.

You see that around like, you know, you seen it in the last few years with all the stuff that’s going on in the world. And if you’ve got any slight opinion or different to the, you know, the government or mainstream people have been smashed for it, well, they’re just having their opinion. And much of the time they’ve probably done more research than everybody else anyway.

So but people find it very easy to be emotionally reactive rather than actually stopping thinking and in doing things properly or just letting someone house have a different opinion, it’s perfectly fine. It’s nothing wrong with that at all. So what makes the world go round? It’s what makes trading go. You know, why is why do some people see the market moving up and all those people said moving down? So you’ve got to get that under control.

Have a plan and stick to it

Really important because when it comes to emotions in trading, you need to also have some form of plan and stick to it as well. You know, people that just suddenly go. The six hour charts are rubbish or last week they failed so and I lost money on them. So I’m never going to look at them again.

Hey says mate, why would you do that? You know, if your strategy is to look like mine, let’s say twice a day, and I always look at the daily charts and at the same time I look at the 12/8/6 and then that’s at 5 p.m. New York time, 5 a.m.. I’m always there, you know, always on the forum site.

I always there looking through the shorter time frame. So the two, four, six, eight and 12 at that 5 a.m. changeover. And we’re doing that without fail.

Daily trades and Weekly Webinars

You know, every day since 2009 we publish our daily traits we’ve never missed one day. Every week we’ve held our live webinars. We never miss them. We don’t go all. Last week it was a terrible webinar, so I’m not going to do another one.

Last week the daily trades had a losing week, so we’re not going to bother looking this week. You know, that’s a crazy thing to do. And likewise, people get very caught in the emotions when it comes to risk management as well, and they’ll go, Oh, I had a losing week. So this week I’m going to double up on my risk of something like that.

I’m not about a stop loss in or I can’t be bothered looking at the, you know, the daily charts this week. Real dumb things like that that really do not aid you to be consistent.

Consistency is key

Because consistency relies on strategy, it relies on common sense, it relies on turning up, it relies on your plan, it relies on sticking to it.

And all of that really comes back to you and your mind, your mind, your emotions, your heart. And because if you can’t get that bit right, then forget the rest of it. Really, if you can and you are willing to work on that and willing to, you know, work on a plan and stick to it through the good times and the not so good times, then you need to be in touch with us. Give us a send us an email.

Book a call to chat with us

You can also book a call to have us chat to either myself or one of my team. I’ll put a link here on this video on podcast, the where you can go and do that. It’s TheForexTradingCoach.com/Call

Blueberry Markets

And also if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets over in Australia. They offer the Metatrader 4/Metatrader 5 platform. They have lots of different markets available on MT5 of course, different timeframe. Charts are really good people, really, really good people. And again, when it comes to response and helping their clients, they’re absolutely unbeatable.

So I hope that helps get your emotions under control, Relax, enjoy your trading, look at what you’re doing, stick to it, turn up, be consistent.

It will massively help you. I see This time next week. This is Andrew Mitchem at the Forex Trading Coach. Bye for now