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#532: Making 2024 The Year You Become a Successful Forex Trader

Jan 22, 2024

Making 2024 The Year You Become a Successful Forex Trader

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#532: Making 2024 The Year You Become a Successful Forex Trader

In this video:
00:26 – Why you need to make this year your trading year.
01:28 – Australian employment figures crash.
02:09 – Give yourself plenty of time and seek help.
03:33 – Joining a community and start on a demo account.
04:32 – Start with the basics.
05:18 – Trade through Blueberry Markets.
05:35 – Attend my Masterclass and book a call with us.

How are you going to ensure that 2024 is the year that you become a successful and profitable trader? Let’s talk about that and more. Right now,

Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 532.

Why you need to make this year your trading year.

It is all about 2024. How are you going to make this year, the year that you become a successful trader with no doubts at all?

This is the year for you to do it. How are you going to do that? Well, have a look around the world and I’m going to show you why you need to do it first. You know, you have a look at what’s happening around the world with cost of everything, inflation rates. You know, look at how much it costs to book a flight.

Look at how much good quality food cost these days and how many people are out there. Cannot afford good meat, good vegetables. And so therefore, they’re living on really poor, low nutritious food because that’s all they can afford and sugary drinks and things like that. You know, it’s everywhere. Look around your town. How many shops in your local town do you see either closed or boarded up, you know, going out of business and people can’t afford to pay staff. People aren’t going to restaurants.

Australian employment figures crash.

There’s all these kind of issues going on out there and, you know, look at just yesterday from Australia, across the ditch in Australia, their monthly employment figures, they were expected to have 15,000 jobs created. That result came out as -65,000 jobs. So look at the job losses going on around the world.

So put all that together and everything else that’s happened over the last few years and the craziness that’s going on in the world.

And, you know, you realize you’re kind of on your own. You’re fighting for yourself. So event doesn’t give you motivation to go. You know, this year I’m going to learn how to trade. Then I can’t help you.

Give yourself plenty of time and seek help.

So let’s start sensibly. Let’s give ourselves time. While it’s not absolutely critical, you see, when I get people come to me and they go, Andrew, I want to give up my job, you know, in two months time, and I want to become a full time trader or I’ve got, you know, like $500 and I want to make, you know, like $10,000 a month type of thing.

You know, I get these crazy questions all the time. You know, those people aren’t real. Now, the important thing is, is with anything that you’re learning to do is to seek help from people that are successful in that field and also to start slow. Don’t rush. Do the groundwork properly. If you’ve ever done any form of painting inside your house, let’s say the preparation is the boring but important work putting the paint on at the end, the last coat of paint, which makes it all look nice and shiny.

Yeah, that’s the easy bit, but unless you do the preparation first, the rest of it is going to fail. So trading is exactly the same. So while we’re not under this and, you know, massive pressure of needing to have to make money today, you know, for most people around the world, the world’s still surviving just while we’re at that stage. Use this kind of lower pressure time and say to yourself, I’m going to dedicate this year to learning how to do this properly.

Joining a community and start on a demo account.

You’re going to start with understanding a strategy, getting some help, joining a community, and that’s where we can help. But when you do that, it’s still important that you start slowly. You should start on a demo account.

Now, I know it’s boring and I know that you’re not going to make money for real on a demo, but it’s crucial that you become successful first and spend two or three months ironing out those errors that you’re going to make and then becoming profitable on that demo and then start on a small live account. And it doesn’t need to be big.

It just becomes real money of your own. The emotions start to come into play. It hurts when you lose money. It’s great when you make money, but you need to get into that emotional state that trading is and try and control those emotions. And then it’s up to you where you go from there. You can either go, Yep, look, I’m in a position where I can invest some more funds into my personal account or you go down the proper firm route and you go down that you know that direction. And we can help you with that because we’ve got so many clients doing that very, very successfully.

Start with the basics.

But it all comes back to the basics and learning right now how to do this properly. Making sure that you control your risk, control your emotions, you know, when to trade. You know what you’re looking for. You’re not getting burnt out.

You know, you can still do this with your current job, with your family situation, with travel, whatever it is. And that’s why we’re coming up to 15 years this year as the Forex Trading Coach. That’s why we’re still enthusiastic about it. That’s why we still love doing it because we’re not glued to our charts all day long. You know, we’re enjoying what we’re doing, We’re making money.

We have very low drawdowns. We have high reward to risk trades. It works on your own personal account, it works on firm accounts, and you can make substantial returns once you know what you’re doing. But give it time first. I can’t stress that enough.

Trade through Blueberry Markets.

If you’re out there looking for a broker, I can highly recommend Blueberry Markets. The best across in Australia.

Most people around the world can open the catch them. You cannot if you’re in the US. But we have other options such as? Like our. And if you’re in the US to consider as well.

Attend my Masterclass and book a call with us.

And the other thing is also, if you’ve not been on my masterclass, dedicate an hour, it’s prerecorded so you can jump on whenever it suits you.

Dedicated, give yourself an hour and go, I’m going to turn off all the social media stuff. I’m going to turn off a phone. I’m just going to sit there for an hour and listen to what Andrew has to say because that could be a crucial hour in your first step to becoming a successful trader this year.

And if you’d like to book a call to talk to either myself, one of my team, I’ll put a link to that as well. You can book out a call, a 45 minute call. We can discuss you trading where you’re needing help, how we can help you teach you all about trading and what we do and how it works for so many people. So I’ll put link to all of those on this video and podcast.

if you have any questions or topics that you’d like me to discuss to help you with as we get into 2024, please do send me an email Andrew@TheForexTradingCoach.com or leave a comment below. Bye for now.

Episode Title: #532: Making 2024 The Year You Become a Successful Forex Trader

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#531: 2023 Trading Year Review

Dec 17, 2023

2023 Trading Year Review

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#531: 2023 Trading Year Review

In this video:
00:30 – A summary of 2023.
01:27 – More traders using MT5.
02:24 – Prop firm trading.
03:13 – Clients in 104 Countries.
03:40 – Have a great Christmas.
04:07 – View our on-demand Masterclass webinar.
04:48 – Blueberry Markets and book a call with us.
05:04 – Looking forward to trading in 2024.
05:18 – Consider joining us now so you can learn the strategy while the market is quiet.

As we come towards the end of 2023. Just wanted to make a bit of a summary video of what we’ve experienced this year. I wish you all fantastic Christmas and an awesome 2024 ahead. Let’s get into that and more right now.

Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 531.

A summary of 2023.

Outside in the beautiful New Zealand summertime here and just a couple of weeks to go before Christmas.

I hope you’re looking forward to that. Just wanted to give you a bit of a summary of 2023 of how things have gone here at the Forex Trading Coach. We have just had another awesome year, some excellent results, all right. Across various timeframe charts and our daily trade suggestions have been profitable yet again every year since we started it in 2010, they’ve been profitable with just half a percent risk on your trades.

Copying what we do just once a day, literally 5 minutes of work, we’re probably going to end the year about a 30%, 3-0% gain just off that one time frame chart. And then you add on to that all the other time frame charts, we look at. Trades we take on our forum site, trades we take on our live webinars, trades that our clients take themselves and you can see that yet again, we’ve had another really, really good year.

More traders using MT5.

A more and more people changing across to Metatrader 5 from MT4. More timeframes readily built in which is making life easier, just gives more trading options. And of course MT5 has a lot more markets such as the indices, the cryptos, the metals, commodities, etc. built in, which just gives us more and more trading opportunities because all we’re doing really is looking for the high quality trading pattern. The actual market that we’re trading is less important, it’s more the pattern.

And have we got some stop loss protection? We’ve got room to move our profit target. Is it a reversal or is it a continuation, etc.? So again, more markets, more timeframes equals more opportunities to pick high quality trades and then not be kind of where people have that so feeling they should be forced to take a trade. This may be a big quality. No need to do that now because we have so many more trading options.

Prop firm trading.

And so prop firms. Another thing you’d have heard me talking about prop firms all year more and more and my clients are just doing really well from prop firms. It’s a bit of a game changer in all honesty. And if you get a good prop firm, make sure that you have a prop firm that does not have a time limit on when you can make that 10% gain and those prop firms that do have a time limit I’d personally stay away from.

And it’s why that we look at FX2Funding. It’s why we look at The5%ers those kind of people that have been around for some time. They know what they’re doing, there good quality companies and there’s no time restriction on making the gain. You know, whether you make it in a week, you make it in two or three months, it shouldn’t matter. It’s all about keeping within that low drawdown criteria, so that’s the prop firms.

Clients in 104 Countries.

We now have clients in 104 countries and as time goes on. We are 15 years old next year at the Forex Trading Coach, our communities, it grows and grows and just gets better and better. Forum Site is well populated from clients from right around the world. It just makes such an amazing community of like minded people all out there trading the same strategy. So whether you’re a current client or whether you’re just following along with what we do, the strength and weakness each day, or the free information.

Have a great Christmas.

Then I just want to wish you and your family a fantastic Christmas. Just have a great relaxing time. Over Christmas and New Year. We start trading again on the Monday the 15th of January. We’re just taking about three weeks off like it’s summertime. You know, we trade the entire rest of the year apart from a couple of days either side of Easter. We’re not just going to go and enjoy ourselves and have some time away from the charts and the computer

View our on-demand Masterclass webinar.

And we’re still be contactable. If you want to jump on our free masterclass webinar, that’s on demand. So you can do that any stage. If you want to email us, we’re still available and it’s just we’re just taking a trade, a break from active trading for a few weeks and you know, and why not? Let’s for those of us in the southern hemisphere, it’s summertime, it’s Christmas, it’s New Year, it’s summer, Get out and enjoy yourself.

Life’s more than just sitting, watching charts. And it’s great when we can do that, Which is why with our strategy, we say, You can trade full time in under 30 minutes a day because you can, you know, but enjoy your trading and also enjoy the break from it as well.

Blueberry Markets and book a call with us.

If you’re out there looking for a broker, have a look at blueberry markets up a link to them here. And if you want to have a chat with us over the Christmas New Year time, you can do that. You can book a call with myself or one of my team. I would have a bit more flexibility because we’re not, you know, trading too much and and that’s it.

Looking forward to trading in 2024.

So I’ll see you back in 2024. Looking forward to doing it all again, then looking forward to some great trading conditions and making a lot more people profitable and having more and more people join our community. So any questions you have.

Consider joining us now so you can learn the strategy while the market is quiet.

If you struggled in 2023 and you’d like to make 2024 a really good year, then consider coming on board early in the year or even sort of during the Christmas time and have a a few weeks while there’s a bit of quiet time to learn the strategy. Ready to go for 2024.

So once again, have an awesome Christmas and I’ll see you next year. Bye for now.

Episode Title: #531: 2023 Trading Year Review

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Book a Call with Andrew or one of his team now

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#530: An Interview with The 5%ers Prop Firm

Dec 10, 2023

An Interview with The 5%ers Prop Firm

Podcast:

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Visit The5%ers Website. Click here!

#530: An Interview with The 5%ers Prop Firm

In this video:
00:27 – There’s a lot of interest in prop firms right now.
01:37 – What makes a trader a successful prop firm trader.
03:50 – You must be able to trade first.
04:58 – Different account types with The 5%ers.
05:38 – What’s the payout performance ratio?
07:00 – What makes The 5%ers a better prop firm?
09:48 – Our clients have success with The 5%ers.
12:00 – Prop firms can remove emotions from your trading.
13:37 – Contacting The 5%ers.

Andrew Mitchem
Hi! Everybody. Andrew here at the Forex Trading Coach, welcome along to this week’s weekly video and podcast. Something different for you this week. I am joined by Saul who’s the manager of the firm called the 5%ers. Welcome along.

Saul Lokier
Yeah, thank you, Andrew. Thanks for having me.

There’s a lot of interest in prop firms right now.

Andrew Mitchem
Awesome to have you here! Yeah. Look, we’re getting a lot of people interested in prop firms. Now, I know you guys have been around since 2016, and I can see on your website, which is probably one of the oldest prop firms around. Could you just give everybody a bit of an overview of what you do, what a prop firm is for those who don’t know and how traders can take advantage of using a prop from.

Saul Lokier
Yeah, good start. So basically we are recruiting. We’re looking for traders, retail traders to get evaluated by us, you know, through our challenges, through our evaluation programs. And once they complete those challenges to come and start managing our capital. So you might be familiar with the old prop firms in which, you know, you have a few amount of traders managing very large amount of accounts of money.

Andrew Mitchem
Yes.

Saul Lokier
So we’re doing something similar. But instead of giving, you know, billions of dollars for management to a few traders, we have many, many traders. We have literally thousands of traders managing relatively small accounts. So so that’s the idea.

What makes a trader a successful prop firm trader

Andrew Mitchem
Yeah. Nice. And over those that time, what have you found is the right type of person to be more successful. Like, is it a trading style? Is it a money management thing? Is a mindset thing. What in general would sort of make the more successful person?

Saul Lokier
It’s the view that you answer me because, you know, back in the day before started managing the company, I, I used to spend a lot of time talking to our traders and talking to our higher funded traders. And I started doing a little bit of research what this traders had in common, because, you know, I saw some of them use indicators and some of the used some of them used to live in Australia and some of them live in the US.

Saul Lokier
So I wanted to understand what they were doing, you know, the same way. And amazing is very simple things that arbitrated and start doing. But these traders really do it. Okay, so the first thing is these traders master what they do. These traders know the strategies inside out. So I could ask them. “Andrew, what’s a poor quality set up for you?” and they could tell me I could ask them, when shouldn’t you be trading?

Saul Lokier
And they could answer. So they knew all the rules, all the, you know, all the parameters over the strategy, everything. And so so they really instead of jumping from a strategy to strategy or system to system, they really must, you know, what they did. So that’s number one.

Saul Lokier
The second is they they keep track. They really you know, they backtested, they they they journal what they do the journal these sales, they they journal their trades and they you know, they get all this learning process and insights from this recording and tracking and journaling

Saul Lokier
and lastly they deal with with losses so they wouldn’t you know, they knew how to cut those losses or take those losses and not going into revenge trading mode. Yeah. Or over-leveraging or all of that. So that’s one, two, three of these traders. And even though they were trading different strategies and different, you know, methods, they would have these three points in common. So so I guess that’s the that’s the answer.

You must be able to trade first.

Andrew Mitchem
That’s really interesting. So I suppose to summarize that also for people listening and watching that means prop firms are fantastic, but you still need to know what you’re doing first and you still need to be proven to or proved yourself on demo, on your own personal live account that you can trade consistently first before you then think about a prop firm.

Saul Lokier
Absolutely, Because otherwise you would be trying to pass our our evaluations and you will fail or you will you will succeed. And then once you start managing a real account, you were you will lose it. You will blow it because you’re not you’re not ready for that. You’re not emotionally ready for that. So you might you might you might pass the evaluation, for example, to something very, very common.

Saul Lokier
You pass evaluation, you feel overconfident and use that approach into the real trading and you start overleveraging, start trading, taking, you know, poor quality set ups and you blow their account, which is something we deal with that and we are, you know, we would take care of that on our risk department. But that’s something that’s a pattern we see in a lot of traders.

Different account types with The 5%ers.

Andrew Mitchem
Yeah. And in terms of that, then, so do you have different types of challenges that people can or different types of programs that people could choose to join?

Saul Lokier
Yeah, absolutely. So we have a one step a step, one step, a program, two step program, three step program. And you know, the three step program, I would say is that is that is that the most affordable and I would say is for beginners. You know the risk parameters is there very low leverage. You need to be very, very strict and the reward is high once you once you complete it and then we can go to the two step or one step, depending on your level of, you know, expertise.

What’s the payout performance ratio?

Andrew Mitchem
Right. And in terms of the the other end of the scale, when someone’s done really well in terms of payouts, like what’s your kind of ratio of your share for people who do well, then stop passing, prop them challenges.

Saul Lokier
Yeah. So it starts it starts at 75% for the trader and it can go all the way to 100% once they Yeah. Once they have proven consistently and through a lot of levels that they know what they doing, you know, we can take their trades and take it out of the market in times you know the amount we want we want.

Saul Lokier
So yeah if you’re you’re doing great Andrew you can take and you place one lot in your trade. We can take that out to the market instead of being one lot ten lots So, so we can, we can pay you your profit of one lot and then we can make money, you know, and we can give you 100% of your trade and you can make money with you.

Andrew Mitchem
Excellent. And then in terms of your trader, do have clients from all around the world that have joined you over the years.

Saul Lokier
Yeah, absolutely. So I guess like same as you with your students from all over the world. We have traders from Latin America, the US, Europe, UK, Africa, Asia, you name it.

What makes The 5%ers a better prop firm?

Andrew Mitchem
Yeah, nice and just it like in general for people watching and listening, obviously there’s a lot of prop firms, there’s a lot of choice now. And you know, you guys obviously one of the more well known companies, but what would you say? Maybe a couple of points that make you different than the vast majority of others? Like, why would someone choose to join you?

Saul Lokier
Yeah, I think that’s a great question because you go into you know, if you’re just starting in this industry and and you start, you know, you go to prop firms, you will see there’s hundreds of them and it can be overwhelming, you know, choosing the right one. Yes. So I would say you need to look for a you know, some things first, the you know, the reliability of the of the company.

Saul Lokier
You know, how long have you had have been in the market? Hard, harder liquid enough, solid enough. So we’ve been since 2016. We have you know, we’ve made all the mistakes in the past so we don’t do them again. Yes.

Saul Lokier
The second thing is making sure there’s a risk management in place, a risk department, department in place, because, you know, sadly, a lot of other companies, they’re not having any interaction with the market, which is very, very tough to say.

Saul Lokier
But that’s the reality. So they’re just relying on, you know, fees from traders for the challenges in order to pay the payouts, you know, the profits from the traders. And there’s no trading happening at all. And and that can be very, very, you know, very problematic because if there’s not enough sellings or enough sales, they will have no money to pay the traders.

Saul Lokier
So that’s why you want to make sure the company has trading activity and there’s trading, you know, going to the LPs or the broker or whatever they’re using. They’re not relying in the, you know, on fees in order to pay to the traders. So that and I’m yeah. And another thing we we always do is we try to stay realistic.

Saul Lokier
We don’t sell dreams. You know we we stay realistic with what we expect from the traders and the outcome that they can achieve. And, you know, we all we all will. We always supporting our traders. So we’ve created once our trade is going through their hubs into their dashboards, their users, their space, they will have tons of resources to help them succeed because we are aligned with that interested, you know, with that interest of traders, you know, doing well.

Saul Lokier
So we have a lot of education and coaching and mentoring and tools that we’ve developed for them and always trying to give them the, you know, the best commissions available and the best execution available. So really trying to to support the traders.

Our clients have success with The 5%ers.

Andrew Mitchem
Excellent. And you know, I know that one of our coaching clients called Ryo, who lives over in Singapore like he he did an interview with you back in February of 2022 And you know, he was and he still continues today to have great success through the prop firms and and I just from the coaching point of view, I’ve always seen it as, you know, the obvious question that people have is how long is it going to take me with your system, Andrew, to pay back the course fee.

Andrew Mitchem
And I’ve always had to try and go, Whoa, just hold on that. That’s I realize that’s important. But the most important thing is for you to learn how to trade properly first. And if you get that bit right, then the funds will follow. And Ryo and many other people who are now using prop firms have proven that. But they did their you know, they they did their homework first and they spent a year learning how to trade.

Andrew Mitchem
So it was really pleasing for me, you know, to see Ryo on your website with an interview saying, one, he’s doing incredibly well, two is using you guys. And three, he did it with our help. But yeah, and I suppose what I’m saying is it’s really nice to hear that. But also backing up what you said at the beginning about the the disciplines that those successful traders have and.

Saul Lokier
Absolutely. Yeah, absolutely. I mean, I remember Ryo, I remember his interview and and you know, in trading we always say or I always I believe you need to be focused on the process and not not the outcome of the train.

Andrew Mitchem
Absolutely.

Saul Lokier
And it’s the same you know when when trying when applying for on a prop for him, you need to be focused on that process. And eventually the process won’t bring the money or the outcome. The money will be like a byproduct of that process, right?

Andrew Mitchem
Yeah.

Saul Lokier
You pay the you know, and the mentoring, the course, the education, whatever it is.

Andrew Mitchem
That’s actually so I suppose it’s how prop firms, once you know what you’re doing, can massively help people who the obvious issue that so many people have is they don’t have sufficient funds or even if they do, they don’t want to put sufficient funds of their own into their own account.

Prop firms can remove emotions from your trading.

Andrew Mitchem
But also another thing I find with prop firms is it emotionally helps you as well, because if you’re trading your own money or you’re trading money for friends or family and years ago I did, That is really hard.

Andrew Mitchem
You know, it’s great when it’s going well and if it starts turning the wrong way, it’s horrible, depressing. And so I find that emotionally and psychologically, that prop firm money because it removes that emotion of the individual person, you must find that as as feedback as well.

Saul Lokier
Absolutely. Like two key points. You mentioned the fact that first, you don’t have to commit your own money so you can trade our capital with that. Once you once you grow our our you know, our on our accounts, you can withdraw money and keep your accounts. You can keep your balance or even get more to manage. When you’re managing your own account, you rebuild account and you grow.

Saul Lokier
You make money. You need to decide, do I withdraw or do I keep growing the accounts, right? That’s right. So so with our with our programs, with our aim, with a company, you don’t have to you don’t have that dilemma. You can work, make money we through and keep growing that account, which is amazing. And the second point is as as important, the first one, the fact that you’re not you can get rid of that stress that, you know, managing your own money or family money can cost.

Saul Lokier
So it really helps, you know, not knowing who’s that money you’re managing. It will free you from. That’s the house.

Contacting The 5%ers

Andrew Mitchem
Yeah, absolutely. That’s excellent. So also just to summarize, how can people like I’ll put a link to your website obviously on this video and podcast, but how can people get hold of you if they have questions? What’s the best next step for people?

Saul Lokier
Absolutely. So first, visiting the website, they will see the different programs we offer and depending on their level of expertise and if they need anything, just reach out, help@the5ers.com and they will be super happy to have them.

Andrew Mitchem
Wonderful. Well, look, thank you very much for your time today and thanks for being my first guest ever in 530 videos and podcasts.

Saul Lokier
Another it is.

Andrew Mitchem
And we’ve we constantly hear great things about your company. So we look forward to having lots of our clients head to you as well.

Saul Lokier
Hopefully. Thank you very much. Andrew.

Andrew Mitchem
Thanks. Saul! Bye for now.

Episode Title: #530: An Interview with The 5%ers Prop Firm

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

Visit The5%ers Website. Click here!

Podcast: Play in new window | Download

#529: What’s the Difference Between a Pin Bar and a Hanging Man?

Dec 3, 2023

What’s the Difference Between a Pin Bar and a Hanging Man?

Podcast:

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#529: What’s the Difference Between a Pin Bar and a Hanging Man?

In this video:
00:29 – Pin bars and a Hanging Man candle.
00:52 – I trade neither candle.
01:12 – How to use a Pin bar or Hanging Man candle.
01:52 – How the Pin Bar and Hanging Man are formed.
04:35 – Find out more about how we trade and how we can help you.
04:55 – Book a call and have a chat with us.
05:06 – Trade through Blueberry Markets.

What’s the difference between a pin bar and the hanging man candle formation? And how can they help you to increase your performance as a trader? Let’s get into that and more. Right now.

Hey traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 529.

Pin bars and a Hanging Man candle.

Now I want to talk about two candle patterns that often cause confusion for people. And one is a pin bar and the other is a hanging man. And for a lot of people, they kind of look the same and they don’t quite understand how to use them and what’s actually happening behind the scenes in the market conditions to create those patterns within your charts.

I trade neither candle.

It’s important to note also that I do not trade a pin bar or hanging man purely as a candle pattern. However, they can be really influential in my trading because they give me an early warning system or give me a clue as to a potential change of direction.

How to use a Pin bar or Hanging Man candle

So if I’m not in a trade, they can give me the clue that. “Hey, look, the market may be just stalling here, here, or potentially changing direction.” I still need confirmation after the pin bar or the hanging man.

The other scenario is if I’m already in a trade and I see a pin bar or hanging man pattern show on the charts, but I haven’t quite reached my profit target yet. So what that is telling me is, “Hey, look, this could be a really good opportunity now to potentially really look at closing some of the trade or X thing and total the entire position and early because we could now be getting a change in direction against where we’re looking for the trade to move.”

So what is a pin bar? What is a hanging man pattern? Well, basically to me they both are Indecision Candles. They tell me there’s a lot of movemant in the market, but the market’s not quite decided which way it’s heading.

So let’s use an uptrend as an example. If the market’s currently in a really good, strong uptrend and we see a pin bar show, a pin bar will be a candle with a small body but a long upper wick.

And what that means is that the uptrend has continued and it’s gone really strongly upwards. And at some stage during that candles formation, that would have been a good, strong bullish candle. However, before the candle is closed, the price has come all the way back down to either just above its open or even potentially just below. It’s opened, it’s open price and it’s formed that small body, but with the long upper wick in an uptrend.

So that tells me that the price is exhausted. It may have hit a certain level and now the sellers are starting to push the market down. I still need a confirmation candle to come next. So next outside bar and engulfing bar, probably an engulfing bar in that scenario. To suggest that, yes, the downtrend is about to then be strong enough to justify a trade.

If we use that same bullish uptrend, but instead of the pin bar, we get a hanging band pattern that means that we get a small body near the top of the candle, yet along with lower wick. What that tells me is that the price has moved up and then when the hanging man pattern is formed during that candle formation, the sellers really took over and pushed the price down.

However, by the close of the candle, the price had retraced back up again and the buyers was still pushing it higher. And and that could be a close higher or it could be a closed lower than the open. But in general, it’s like a small body of the candle near the high of the candle and a long lower wick.

So that tells me again, this a bit of indecision sellers have taken over, the buyers pull back, but there are certainly sellers in the market again. I need confirmation with an engulfing candle or an outside candle. So I can next to confirm that the downtrend really is in play. So two different ways you can trade there. Both in an uptrend scenario and both the pin bar and the Hanging man give two different types of ideas of what’s happening in the market.

But they give us that early warning that the trend may be starting to turn downwards. So that’s how you use them.

Find out more about how we trade and how we can help you.

If you’d like to find out more about how we use them in detail and in more context and what part of the charts and the other things we look at as well, the round numbers, the trend line break all those type of things and have a look at the link here below and I’ll put a link to my masterclass where you can jump on to an hour long session.

Book a call and have a chat with us.

If you’d like to talk to us personally about how we trade and how we can help you up and link to so you can call or book a call with one of us as well.

Trade through Blueberry Markets.

And if you’re looking for a fantastic broker, I can highly recommend Blueberry Markets. I’ll put a link to them as well. They offer the MT4 and the MT5 trading platform, and they’re just a great bunch of people, incredible customer support, and I’ve been with them for years and years and hundreds of my clients use them as well. We always get amazing feedback from Blueberry Markets.

So I hope that helps. That’s today’s lesson about hanging man Candles, about the pin bar candles, how you can use them, book a call or jump onto the Masterclass free webinar to find out more about how we use them and how we can help you to use them to be a profitable trader.

This is Andrew Mitchem at the Forex Trading Cooch. I see you this time next week with another video and podcast. Bye for now!

Episode Title: #529: What’s the Difference Between a Pin Bar and a Hanging Man?

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#528: Good Trading Does NOT Need to be Complicated

Nov 26, 2023

Good Trading Does NOT Need to be Complicated

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#528: Good Trading Does NOT Need to be Complicated

In this video:
00:27 – Don’t make trading harder than it needs to be.
01:25 – You need a simple and solid strategy.
02:16 – The 3 things that can happen in the market.
03:02 – The 2 basic patterns we trade.
03:50 – Trading is a probability, not a guarantee.
04:32 – Book a call and attend my Masterclass.
04:45 – Trade through Blueberry Markets.

Good trading does not need to be complicated. Don’t forget, the wheel is simply round and it works. So let’s talk about that and more right now.

Hey, there traders! Andrew Mitchem here at the Forex trading Coach with video and podcast number 528.

Don’t make trading harder than it needs to be.

I want to talk about a topic that a lot of people get stuck in their minds and they think that trading needs to be overcomplicated. They think it needs to be difficult and they get this, I suppose, perception by thinking that like it’s something only the pros do or it’s something you need to be in a 50 story, you know, tower block in London or Dubai or New York or something, and you need to walk around in a big flash suit and shirt and tie in order to be a good trader.

And so I think people get the impression that you need all these complicated systems and algorithms and things going on and insider knowledge of what’s happening in order to do well at trading. And the reality is you don’t need any of that to do well at trading.

You need a simple and solid strategy.

Well, you need a good, simple, solid strategy that works. And like most simple things, they work. Again, like I said, think of the wheel. Don’t reinvent the wheel. It’s round. It’s simple. It cannot be more any more simple. And it works. You know. Other examples. I love cooking. So what’s my favorite medium to cook on? You know, you can have all your electrics and gases and all the rest of it. Fire is with that that the best in terms of enjoyment and certainly taste and flavor.

You know to cook on fire and charcoal. Nothing beats it. And why? Because it works. And why? Because it’s simple. Trading is exactly the same.

The 3 things that can happen in the market.

Now, putting it in absolute basics. What can happen in the market? In any currency pair, any market, It’s going to go up. It’s going to go down. It might go a bit sideways, a bit rangebound.

That’s really all that can happen. So the market’s going sideways. Okay. Rangebound generally for the way I trade means there’s no trades there because I’m looking predominately at candle pattern and that’s my initial set up is the candle. If it’s rangebound, there’s nothing, you know, there’s no prior indecision. It’s just going flat. It’s not over bought. It’s not oversold. it’s got a trend line break.

So therefore no trade. Very easy just to move on to the next market.

The 2 basic patterns we trade.

And so we look at two quite basic and quite simple patterns, and we look for continuation patterns and we look for reversal patterns. And so those two are really when it comes down to it, all we teach and all we trade and it’s all we’ve ever taught and traded because they work, because they’re simple, they’re easy to identify.

Now when I go through and look at trades that have been successful and I go through our forum site, I go through our webinars. I go to our daily trades and I analyze my trades and I go back and look at the trades that have been really good. They pretty much all take all the boxes of what we’re looking for a successful trade.

Trading is a probability, not a guarantee.

So trading is not a guarantee, it’s a probability just because the patterns worked for the last five times and you see it again, it’s not a guarantee it’s going to work this time. It’s just a probability that with everything stacked in its favor, it’s likely to work. And so that’s when you stop bringing money management, reward risk, etc. into it as well.

Strength and weakness, all those other things. But ultimately trading should be if it’s enjoyable and it’s something that you can continue to do. You know, years ago today, years into the future, it has to be simple because it works exactly like that wheel is simple because it works and nothing can beat it.

Book a call and attend my Masterclass.

If you’d like to know more about how we trade, how we teach, you can book a call to have a chat with myself, one of my team. You can jump on to one of my masterclasses. It’s a free on demand masterclass.

Trade through Blueberry Markets.

And they’re looking for a broker. I can highly recommend. Blueberry markets are a link to the masterclass. A link to blueberry and a link to have a chat with us on the description by this video and podcast.

This is Andrew Mitchem at the Forex Trading Coach. Make trading simple because it can be. It should be. When you do it that way, it’s more profitable and certainly more enjoyable. I see this time next week, bye for now!

Episode Title: #528: Good Trading Does NOT Need to be Complicated

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

Oct 22, 2023

Adapting Your Trading Strategy to the Current Market Conditions

Podcast:

Podcast: Play in new window | Download

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

#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