Weekly Video News & Podcast

#513: Social Media Cannot Teach You to Trade

Aug 6, 2023

Social Media Cannot Teach You to Trade

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#513: Social Media Cannot Teach You to Trade

In this video:
00:30 – Can you learn to trade from Social Media sites?
00:56 – Why am I at the hangar today?
01:35 – I’ve been flying for 9+ years and still need training
03:05 – Trader wastes GBP15,000 thanks to Social Media “Experts”
04:02 – What does Trading Success mean to you?
04:56 – Blueberry Markets

Can you learn to trade properly and profitably and know what you’re doing by following forums, social media sites, YouTube, Facebook, all those type of places? I’m going to share with you a really interesting story. Let’s get into it right now.

Hey there. Traders! Andrew Mitchem here, the Forex Trading Coach for video and podcast number 513.

Can you learn to trade from Social Media sites?

So can you learn the trade off social media sites, YouTube videos, all those type of places? Well, I’ve received an email from someone over in the UK just yesterday and he said to me that he has lost £15,000 trading live trying to learn how to trade by following people on YouTube. So I’m going to cover that one shortly.

Why am I at the hangar today?

Now, you might maybe wondering, why am I talking about this at the hanger here? So if you’re watching this, you’ll see I’ve got my helicopter behind me. The reason I want to talk about this and the helicopter is I’ve just come out of the hangar here. Let me just show you.

I fly from the other side over there and the helicopter you fly from the right hand side. You know, I’ve just come here and I’ve just put the dual controls in here on the left hand side. That’s because I’m heading up to the snow right now. My instructors give me a call “So look the conditions up. They’re really good”

I’ve never landed myself in snow. I’ve landed in a little bit, but I’m talking like proper snow.

I’ve been flying for 9+ years and still need training

And I’ve been flying this whopping fly helicopters for nine years, this helicopter for over five. It’s a great machine. Very, very powerful helicopter. It’s even got snow paws on down there so you can land in snow properly. However, I’ve not done it.

The reason is it’s clearly very, very dangerous. You have to know what to do. Like when you land on that snow. Are you going to sink? Are you on rocks? Am I going to get the skids here? Cool on rocks. Am I over a lake? I don’t know. So there’s a lot of skill. Is it icy? How have fresh the snow has off to the actual approach.

Getting the blades up here, you know, whipping up the snow, creating really bad visibility, white outs, all those type of things. And obviously on mountains anyway, it’s a lot more dangerous, you know, windy conditions. So I put duals in here and the two of us are off for a flight. So after nine years, I’m still seeking expert help because I want to go and do something quite, you know, a higher level, more dangerous, more risky.

If I try it myself and look, legally, I can go and do that myself. I have a full license. I own the machine, it’s fully insured. Everything else, I can go and do this, but I’m seeking professional help to show me from someone who knows what they’re doing, who’s done this countless thousands and thousands of times, what to do to do it properly.

Trader wastes GBP15,000 thanks to Social Media “Experts”

Now, you bring this back to the guy who wrote to me yesterday. Not only is he wasted an enormous amount of time and probably lost huge confidence in the market. And clearly, confidence in someone who can teach him because he’s tried so many free places on YouTube, he’s lost £15,000. That’s a huge amount of money.

Now, if I get this wrong, I can assure you I’m going to lose a lot more than £15,000. I could be losing hundreds of thousands of dollars and getting it wrong. I could be injuring myself, could even kill myself if I get it completely wrong. So what is it worth to you, whether it’s doing something like this or whatever skill it is you are doing?

And if trading is your skill of choice that you want to learn to do, what’s it worth to you to do it properly, safely, correctly? Seek help from someone who knows what they’re doing with low risk, high probability chance of getting it right finally and having a massive amount of support at that.

What does Trading Success mean to you?

So have a think about that. What is that worth to you? And that’s where it comes back to our Forex Coaching Course that’s rated. It’s about a 4.8 out of five star rating on Forex Peace Army since 2009. Go and have a look on Forex Peace Army and find out how many other education companies that started back in 2009 are still there today. I don’t think you’ll find any.

And so that shows longevity, proof, reliability, trust, everything that we do. In fact, the most recent review that just got posted this week on Forex Peace Army, a guy over in the UK said he’d learned more in two months being with us than he had in the previous eight years. So that just goes to show why investing in yourself and quality education will help you no end.

No different than we’re just about to go flying right now with an instructor to show me what to do properly.

Blueberry Markets

Finally, if you’re out there looking for a good broker to put your funds with again, good people, professional company, have a look at Blueberry Markets. I’ll put a link to them below this video and podcast here. And we’re off flying right now.

Catch you later. Bye for now!

Episode Title: #513: Social Media Cannot Teach You to Trade

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#512: When All You Want is Results

Jul 31, 2023

When All You Want is Results

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#512: When All You Want is Results

In this video:
00:31 – Another great trading week
01:06 – Trading on a prop firm
01:31 – Here’s how we can help you gain consistency and results
03:04 – It’s a no-brainer
04:14 – Do other things than trade
04:54 – Blueberry Markets
05:14 – On demand Masterclass

As a trader. At the end of the day, all you really want is good results, consistent results, low drawdowns, and we can provide that for you. Let me share with you how we’ve done that for our clients this week. Let’s get into it right now.

Hey, traders. Andrew Mitchem here at the Forex Trading Coach. With video and podcast, number 512.

Another great trading week

We’ve had a yet another fantastic trading week. And as I mentioned at the beginning, as a trader, ultimately the thing that you want more than anything is results. You want consistent results. You want to know how to trade properly. You don’t want to be spending lots and lots of time your charts and you want low drawdown.

You see, that’s absolute key. All in good. Someone saying, I’ve made 50% in a six months, but if they risk, you know, crazy amounts in their drawdown, it’s been 50% then not particularly great. What you want to have is low drawdown with high reward to risk trades.

Trading on a prop firm

If you’ve got any interest at all in prop firms, that’s exactly what they want. And you will see that if you’ve tried on a prop firm and failed is probably because your drawdown has been too excessive and you’ve they’ve stopped their contact because of your over trading or too big a risk which has led to, you know, you breaching the five or 6% threshold that most of them have.

Here’s how we can help you gain consistency and results

So what can we help you with? Well, we can help you gain that consistency and those results. And and we know we can do that because we’re doing that for ourselves when we’re doing that for our clients. And we’ve been doing that for over 14 years here at the Forex Trading Coach. And we’ve got clients in 103 countries. And look, this just works out this week.

It’s been a classic example. We have taken 16 daily chart trades this week, been posted on a membership site with exact currency pairs, the directions, the reasons for the trade, plus the exact entry and exit levels, all of which are taught in the course anyway. But just on the daily chart trades alone 16 trades five Weekly chart trades.

This week. So all of that combined would literally take you less than one hour to place out breakout strategy that we look at once a week, which again literally takes 2 minutes once a week. That’s made another one and a half percent this week. It made one and a half percent last week as well. On top of that, we’ve taken quite a number of trades on our forums site this week that either ourselves and clients are posted predominantly the longer time frames this week, just the nature of the market and we’ve had a few charts posted on 30 minutes and 1 hours, but most of the trades have been posted on 12 hours and 6 hour charts.

This week has some an amazing results on the 12 hour charts in particular. And again, that requires you to look at your computer once, maybe twice, or at your charts once or twice a day. And one of those times is actually the exact same time that the daily charts are posted. So, you know, it’s just an absolute no brainer, really.

It’s a no-brainer

If you want to be able to trade consistently with low drawdowns that know what you’re doing, to know when to look at the charts, to know what timeframes to look at, to know what patterns to trade and when with the exact entry and exit levels to not worry about PIPS, because every trade that we take has low and equal risk.

It doesn’t matter what the pair, the direction, the size of the stop loss, the time frame chart and other that matters. Every trade has equal low risk, but they have high reward to risk outcomes. So if you get a trade making, let’s say a 3 to 1 reward the risk and you make, let’s say a 1% per trade, that’s too much.

But let’s say for for mathematic sake, you make 3% on one trade and you lose on another one, you lose 1%, you still net 2% up, yet you’ve lost 50% of the time. So knowing exactly what to do, when to do it had to end to how to exit, whether you should exit early or not. All those sort of things we can help you with and again, we do that every single week.

On my live webinar yesterday, I took trades live on the three hour, the four hour and the 12 hour charts. So lots and lots of trading opportunities this way. It’s been absolutely fantastic. Just like this weather behind.

Do other things than trade

And that’s what we’re about. We’re about doing other things. If you like getting outside of whatever it is you like to do sport, family, music, enjoy the outside, whatever it is you want to do, make trading part of your life, not the other way round.

And that’s what the results and the small amount of time that we actually sit looking at charts allows us to go and do those other things. So if you’re out there looking for a system, a strategy is well proven, has low risk, high reward to risk trade outcomes. An amazing community of traders as well, by the way, that’s also not to be underestimated and vitally important to your trading journey as well, just to be surrounded by other people or trading the same thing at the same time, all the helping each other, right?

Blueberry Markets

So if you’re out there looking for a broker, have a look at blueberry market. So I can highly recommend them. They’re a great bunch of people. They have the MT4/MT5 platform. Lots of different options on the MT5 lots of more minor and exotic forex pairs as well as indices, metals, commodities, cryptos as well. I’ll put a link to them here.

On demand Masterclass

I’ll also put a link to our one hour masterclass. It’s an on demand masterclass. You can jump on there any time you like to find out more about how we trade and how we can help you. This is Andrew Mitchem at the Forex Trading Coach. Don’t forget to like and subscribe if you’re watching YouTube and have a great week and I’ll talk to you this time next week.

Bye for now.

Episode Title: #512: When All You Want is Results

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#511: Has Your Income Exceeded the Rise in the Cost of Living?

Jul 24, 2023

Has Your Income Exceeded the Rise in the Cost of Living?

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#511: Has Your Income Exceeded the Rise in the Cost of Living?

In this video:
00:28 – Inflation is out of control
01:19 – What has happened to your income in the last 12 months?
01:55 – What are you doing to help yourself?
02:52 – Nothing beats trading the Forex market
04:50 – A link to FX2Funding
05:30 – Client makes +26.33% in 1 month
06:23 – Blueberry Markets
06:50 – Consider trading now

Has your increase in your income in the last 12 months kept up with or exceeded the rate of inflation where you live? Let’s talk about that and more. Right now.

Hey there, traders. Is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 511.

Inflation is out of control

So today I want to talk about inflation. I’ve talked about it in the past and here we are now, many months later, with inflation still continuing to spiral right around the world. All around the world, it doesn’t matter what country you live in.

Inflation is getting higher and higher. The cost of living is going up and up. The cost of your food, the cost of travel, the cost of everything is getting out of control. And it doesn’t look like it’s going to stop any time soon. Add on to that the increase in interest rates, which we’ll continue to see right around the world, despite many months ago, a lot of the experts saying they were going to stop and peak and then potentially fall.

That’s not happened. Interest rates continue to go up. So anybody with any form of loan, mortgage debt, it’s just getting harder and harder and harder to pay that.

What has happened to your income in the last 12 months?

So my question to you today is this. “What has happened to your income in the last 12 months?” “Has it gone up by the rate of inflation?” or “Has it gone up more?” because it should have at least gone up by that rate.

Ideally, more than that rate for your country, because if it hasn’t, you’ve gone backwards in the last 12 months of working hard. And that’s quite a scary thought for people. So how do you think about that and answer that for you and your situation.

What are you doing to help yourself?

Also, what are you doing about that? If your income has not exceeded inflation and interest rate and your general cost of living increase in the last 12 months?

What are you doing about that? Because unfortunately, so many people procrastinate. They look around, they think they’re going to do something. They have all these wonderful ideas. They hear something like this and they go, Yeah, I’m going to do something. Six months later. Guess what? They’ve done absolutely nothing. Why? Because it’s a little bit harder to go and make a decision, a little bit harder to go and do something.

It’s easier to sit on the couch and watch rubbish on Netflix or something like that. And so that becomes the issue. People need to actually get a kick up the bum and be motivated in inflation and interest rates continuing to climb. And probably incomes not really ought to give you that kick that you need. So what are you going to do about that today, right now?

Nothing beats trading the Forex market

Now, from my point of view, I know of nothing better than the forex market and trading to actually help to overcome this situation and to improve things for you because it has very low risk, it has very low cost of entry. You think about, let’s say, going off to university and getting yourself a degree in three, four, five, six, seven, eight years, depending on what you’re doing and, you know, and coming out with massive debt.

And then you still need to go and get yourself a job and claw your way and debt and then still be an almost slave to the system because you still have a job. Now, it potentially could be a higher earning job than many others. Yes, granted. But you still come out of that. Lots of time down, lots of debts, most likely.

Forex allows you to get into the market with a very small entry fee, very small short window of time as well. But you need to get into it when your number one objective is not to make money or have to make money from day one. That is not the way to succeed in trading. You have to give yourself time to learn, to experiment, to have gained some fails and to go through the natural system.

Now we can certainly help shortcut that at the Forex Trading Coach with our proven method of teaching and our proven strategy. But even so, when people come on board and they go, Andrew, I want to be a prop firm trader. Wow, fantastic but stop. Doesn’t matter how much trading experience you have, even if you come on board with us, I suggest that you have at least six months before you even consider prop firms. Now prop firms are fantastic.

They really are. They’re a game changer. But give yourselves a few months to learn a new system and a strategy on demo to be profitable on that demo. Then start with a small personal live account and have a couple of months at least to be profitable on that. And then consider prop firms.

A link to FX2Funding

When you consider prop firms, I’m going to put a link here to FX2Funding who I’ve had something to do with over the last year.

I think they’re really good option for us in prop firm tradings companies because they have listened to what I’ve asked them. They have said there’s no limit on the minimum and certainly no limit on the maximum number of days it’s going to take you to pass each challenge. And that’s massively important. And so have a look at them again.

I’ll put a link to them here, but do not consider wasting your money on a prop firm unless you are first profitable and completely comfortable with your trading strategy. Now, I’ve received an email here from a client of ours who joined back in May we’re now mid-July. This lady who’s based in Auckland here in New Zealand, said I started trading on the 16th of June.

I went through and learned for a month as of today. So this was sent to me on the 17th of July.

Client makes +26.33% in 1 month

It’s exactly one full month and now I’m up 26.33%. So a big thank you to TFTC, The Forex Trading Coach. That’s from a lady called Ming who lives in Auckland in one month, 26.33%. Now, I’m not out there saying everybody’s going to make 26.33% in a month.

Certainly not. I don’t do that. But it just shows what can be achieved now. I don’t know the risk that Ming’s is taken to get to those levels when it comes to prop firms really low risk is crucial, as is high reward to risk.

Blueberry Markets

If you’re out there looking for a forex broker, I can highly recommend blueberry markets. I put a link to them as well.

Next, this video and podcast, Blueberry markets. You can trade them through them despite where you live anyway, that you live in the world. Apart from a few countries, including the US. But they offer the MT4/MT5 trading platform. Great bunch of people, awesome spreads, big range of markets available as well.

Consider trading now

So I have a think about your job, your career, your income. Right now. Consider trading. Consider trading now because you don’t want to be in that position where you get into trading with that terrible mindset of I have to make money right now. That is not how you going to succeed as a trader. Give yourself at least six months, do well, prove yourself. You understand the strategy and you’re confident in yourself.

You’ve made money on demo and small live. Then look at prop firms. Then you everything changes. Hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week by for now.

Episode Title: #511: Has Your Income Exceeded the Rise in the Cost of Living?

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#510: Has the US Dollar Crashed?

Jul 17, 2023

Has the US Dollar Crashed?

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#510: Has the US Dollar Crashed?

In this video:
00:24 – The recent US Dollar crash
01:08 – What’s caused the weakness in the USD?
02:11 – We analyse the Weekly and Daily Strength & Weakness
03:45 – What to do when a trade sets up against the trend?
04:24 – Did you profit from the recent USD move
04:54 – Trading with Blueberry Markets

Has the US dollar crashed? Did you take advantage of it? And will that trend continue? Let’s talk about that and more right now at.

Hey there, traders. It’s Andrew Mitchem here at the Forex Trading Coach video and podcast number 510 today.

The recent US Dollar crash

I want to talk all about the recent crash that we have seen in the US dollar. I hope you’ve taken advantage of it and you’ve seen plenty of good trading opportunities. You have a look at the US Dollar Swiss franc chart, for example.

Right now as I’m recording this on the 14th of July 2023, the US dollar right now is at a level we’ve not seen for eight years back in 2015. Go and have a look at the charts. It’s just crashed. The US Swiss franc has absolutely crashed against other currencies. The US is also looking weak. Some of them are rates, highs or lows depending on which currency for the year. Some are now at levels not seen for several years as well.

What’s caused the weakness in the USD?

So what’s caused that? Well, as traders, to be perfectly honest with you, we don’t really need to worry about what’s caused it because there’s probably a multiple number of factors there that have caused that US dollar weakness. However, the important thing, especially as technical traders, is that we see this happening all out charts and we take advantage of these moves and the big trends because that’s how you can trade with the main trend.

If you see this continued US dollar weakness and you see other currencies looking particularly strong, then you start to bring in and start to bring in the strength and weakness analysis that we look at to help us to trade on the right side of the market. Of course, we’re still looking for the right technical setups in candle patterns and what part of the chart the candle has closed in, etc. like that?

Do we have room to move to our profit target? Have we got some form of stop loss protection or round number for our stop loss to help ourselves out there and to increase our probability of a successful trade.

We analyse the Weekly and Daily Strength & Weakness

But also at the Forex Trading Coach on a weekly basis, we look at and analyze the weekly charts and we post for our clients each week.

Every Monday morning, the likely strength and weakness directions on the bigger picture weekly charts on a daily basis. Each day we do exactly the same based off the daily chart. We look through the daily charts and we look at which currencies are looking particularly strong or particularly weak. And then we also mention which currency pairs are likely to move in which direction for that particular day.

Does that mean that every time if we say the US Swiss francs looking for sell opportunities, is this going to fall? No, it doesn’t. But what it does do is it gives us the bigger picture. If we have, let’s say, weakness on the US Swiss franc on the weekly chart and in on a particular day you see US Swiss franc weakness.

You then look for particularly for sell trades. So if you see bearish candles in the right part of the chart on any time frame, what that means that you are trading with the more immediate candle direction looking like it’s heading down on a daily basis, it looks like it’s weak on a weekly basis. There’s weakness in that pair.

It stands to reason and adds to your probability that with the right pattern in the right part of the chart and with that more daily and longer term direction, you really are putting all these factors in your favor of a successful trade outcome.

What to do when a trade sets up against the trend?

Flipside of that, what it also does is if you were to see, let’s say, a bullish pattern on the US Swiss franc, it means that potentially you’re going to do one or two things.

You might say either one, I’m just not taking the trade altogether or two, I might take it, but at a reduced risk on that particular trade. And the choice is yours really when it comes to that, because it means you might be buying on a short term pullback, but knowing that the main direction is down. So by helping teach our clients how to look for that weekly and daily likely direction, it helps us to remain on the right side of the of the trends more often than not. And that’s a massive help for our trading.

What to do when a trade sets up against the trend?

So my question to you is, have you over the last week or two taken advantage of that US dollar weakness on your charts? If you haven’t you got to ask yourself why not? Because if you go and have a look at your charts, especially that US Swiss franc as a really good example, you really should have taken advantage of that massive weakness in the US dollar.

If you haven’t, you need our help and we can certainly help to to get you educated so you know what you’re looking for and you can take advantage of those movements.

Trading with Blueberry Markets

If you’re out there looking for a good forex broker can highly recommend blueberry markets. I’ve mentioned them on all my weekly videos and my podcast because they are so good.

We have thousands of clients who now use blueberry. They are wonderful broker, they base over in Australia. You can open an account with them in pretty much every country apart from a few. And if you’re in the US then unfortunately you cannot trade through them. But for everybody else, have a look at blueberry markets. They’re a fantastic broker.

They offer the MT4/MT5 platform, a massive range of markets to look at and really good people and very tight spreads. I’ll put a link to them here on this post and podcast.

If you have any questions about today’s topic, please send me an email. Andrew@theforextradingcoach.com or if you’re on YouTube like and subscribe or leave a comment below and I’ll see you this time next week. Bye for now

Episode Title: #510: Has the US Dollar Crashed?

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#509: My Typical Trading Day as a Full Time Forex Trader

Jul 10, 2023

My Typical Trading Day as a Full Time Forex Trader

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#509: My Typical Trading Day as a Full Time Forex Trader

In this video:
00:33 – How I start my trading day
01:06 – H6 trade on the USD/SEK hits the profit target
03:19 – 4 trades on the Daily charts for the day
05:19 – Trades taken live on the clients webinar
06:23 – 4 more Daily chart trades for Friday
07:29 – Trading a maximum of 30 minutes of chart time a day

What is a typical trading day look like for me? Well, today I’m going to take you on a journey and share with you all the trades I’m taking and everything that I’m doing in the day. Typical trading day. Let’s get into that and more right now.

Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 509.

How I start my trading day

I want to share with you today a typical trading day. So first of all, I’ve just got up in the morning, have a look at my charts here and seen some green lights, which is always a bonus. I’m going to try and turn my camera around.

So if you’re listening on the podcast, I apologize. This is going to be a little bit kind of bitty but I’m going to use this. So if you’re watching on YouTube or my website in the video, you’re going to get a lot better experience on today’s video. So it’s now half pass seven. Today’s Thursday the 13th of July 2023.

H6 trade on the USD/SEK hits the profit target

Just woken up and a US/Swedish Krona trade that I took on Monday has just hit the profit on the six hour chart. Turn the camera and chill and show you that trade. And also I took four trades last night, my time on the 12 hour charts at the 5 a.m. Eastern Standard Time and change over. And all four of those trades are in right now and they’re looking really good and in some profit.

So let me turn the camera around and I share those with you right now. Okay. So I hope you can see that I’m not them. So I post the trade here on the US Swedish krona on AM on Monday, and the trades now go on a profit. You can see down the bottom there you can see the trade has hit the profit target nicely in that happened earlier this morning.

Great thing was I wasn’t even watching the charts when that happened. Okay, We’re now on to the 12 hour chart. So this is the US Singapore dollar, which if you have a look, hopefully focuses there we go down then you can see the trades. Where are we in the corner there. I’ve got the pound. Australian, the US, Chinese, US, Singapore and the US say that we can and I can turn my camera around.

You can see in here right now those trades all going very nicely. They were taken on the 12 hour charts for them. They mentioned on our forum site and again it’s the power of the forum site that we have here. There’s the US/Chinese is going really well. So for trades on the US/South African here and you can see those trades in there, great retracements 2 buy trades in there.

And the last one was the Pound/Australian, which I will scroll across to and find for you that is in here and there’s the Pound/Australian. So that’s a quick summary of the trades that I’ve got open and have taken overnight my time. Next thing I’m going to do in about an hour and a bit from there I’m going to start scanning through the daily charts, which will be the 5 p.m. Eastern Standard Time, New York Time, close day charts takes me back 10, maybe 15 minutes to scan through those charts and see what trades I’m taking for today on the daily charts.

I’ll also look through the 12, eight and six hour chart, so I’ll come back to you shortly.

4 trades on the Daily charts for the day

Okay. Got a bit of an update for you. I’ve just taken four trades based off the daily charts and also I need to let you know that today is Thursday, the 6th of July. I think at the beginning of the session I said it was the 13th.

I’m a week ahead of myself. It’s actually Thursday, the 6th of July 2023 today. So just taking four trades based off the daily charts, I’ve just taken them here now live. It literally took me 10 minutes to scan through all the daily charts today and then about another 5 minutes I went through the 12 hours, eight hour and six hour charts as well.

I’ve taken the four trades based off the daily charts. I put them on our membership site and place them here on my live account behind me. I have taken a buy trade on the Pound/Australian sell trade on the Australian/US dollar, a sell trade on Gold/US dollar and a buy trade on the US/Singapore dollar that’s been placed behind me here, all with a half per cent risk.

So in other words, a total of 2% risk on my account if all four trades get filled, and if all four get stopped, that maximum I can lose is is 2%, but the trades have around about between a 2 and a 3 to 1 reward to risks a very good upside potential on their going to do absolutely no looking at my chance whatsoever until later tonight my time I’m holding a live webinar for my clients 7 to 9 p.m..

My time, that’s 3 to 5 a.m. Eastern Standard Time because it’s a European Session webinar and I’ll come back to you at the end of that webinar and I’ll see what trades we’ve taken during that live webinar with my clients and at the changeover at the 5 a.m. Eastern Standard Time, we’ll be looking through the one out of the two, the three the for the six and the 12 hour chart.

So I’m hoping on that session, on that live webinar, it’s not my time with my clients. We’ll get several trades and I’ll update you. Come back here. Once we finished that session. So no more trading for me now for the whole rest of the day frees me up to go and do what I want today. I’ll talk to you later.

Trades taken live on the clients webinar

Okay. So I just finished my live to our webinar with my clients, which we hold each week, one week in the European session, the following week in the US session. This was a European session webinar, had some really successful trades. The US/South African Rand 12 hour chart trade that I showed you earlier has now just hit the profit target.

And on the webinar live of taken a Euro/US one our a Euro/Yen one hour chart trade a sell trade on the US/Thai Baht. Quite an unusual pattern the three hour chart and we’ve just taken a buy trade on Etherium on the 12 hour as well just going to turn the camera around that and show you that the US/South African Rand trade okay so you.

Can see the US South African rand there and you can see that they have hit the profit target and there is the trade. So it went really well. And we’ve got a as mentioned, the Euro/Yen going along nicely on the one hour chart. And I’ve also taken the Etherium trade on a 12 hour chart. Let’s see how those go and I’ll update you tomorrow morning. My time.

4 more Daily chart trades for Friday

Hey there back again, it’s now Friday morning here in New Zealand and we had a fantastic webinar yesterday and nice to see also the US/Singapore dollar trade that I shared with you yesterday on the 12 hour chart, one of those trades with stopped out the other one, the profit for about a 3 to 1 reward risk.

And today being Friday, I’ve just taken four daily chart trades today and I’ve taken a sell trade on the Silver/Euro. I’ve taken a sell trade on the New Zealand/Swiss franc. I’ve taken a buy trade on the Euro/New Zealand and I’ve taken a buy trade on the Euro/Singapore dollar. So a couple more minor pairs there again tonight just the way that the market is So and it is also Friday or later today it’s Friday us time the monthly non-farm payroll non-farm employment changes it’s called these days jobs announcements monthly jobs news.

So I’ve been looking at closing out most of my trades prior to that. I’ll keep the weekly and monthly open, but everything else, I’ll be closing prior to that.

Trading a maximum of 30 minutes of chart time a day

So I hope that gives you a really good understanding of how we trade off. Just traded, what, 10 minutes this morning and 10 minutes yesterday and a little bit longer on the webinar.

But if it wasn’t for the webinar, it would be in about 10 or 15 minutes last night. And that’s my trading day is a full time trade and that’s all you need to do to be able to trade properly the mindset the people have. They think they have to trade all the time. Staring at the charts all day long is completely incorrect.

And I’ve just taken those four trades yesterday on the dailies. A few at the 5 a.m. change over and again today, four on the day these again and that’s my trading done for the week.

So I hope you’ve enjoyed this bit of an insight of how we trade and any questions you have. Please let me know. I’ll see you this time next week.

This is Andrew Mitchem here at the Forex Trading Course. Bye for now

Episode Title: #509: My Typical Trading Day as a Full Time Forex Trader

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#508: 5 Reasons Why Good Education is the Cheapest Investment in Yourself

Jul 3, 2023

5 Reasons Why Good Education is the Cheapest Investment in Yourself

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#508: 5 Reasons Why Good Education is the Cheapest Investment in Yourself

In this video:
00:43 – #1 To gain a good and proven trading strategy
02:13 – #2 Someone to learn from every day
04:04 – #3 The power of community and power
04:58 – #4 Discussing new products and ideas with other traders
05:48 – #5 Don’t reinvent the wheel
06:40 – Blueberry Markets

I’m going to give you five reasons why. Good forex education is the cheapest investment you can ever make in yourself. If you want to be a good forex trader. Let’s get into that more. All right. Not.

Hey there traders Andrew him here at The Forex Trading Coach with video and podcast number 508.

So I want to give you the top five reasons why I see that investing in good education, I mean, good education, not just any education, but good education can be the cheapest investment in yourself that you ever make. So let’s get into it.

#1 To gain a good and proven trading strategy

So first thing is strategy number one has to be the strategy. If you are investing in a good forex education and company and a good course with a proven track record and longevity, and it’s the kind of strategy that works and suits you and your personality and all those type of things. That is ultimately what we’re all out there looking for.

It’s the holy grail of trading, isn’t it? Because what you’re doing is by joining an education course, you’re basically taking on their strategy. You don’t need to spend hours and hours, countless thousands of hours. And some people, you know, going ran around in circles looking for a strategy, adding this indicator, that indicator and looking at the news, not looking at the news, combining the two.

Not sure what you’re doing. Don’t know that different time frames, all those type of things that everybody has been through. It took me four years to come up and create the strategy that I am currently using and have done so for the past 15-16 years. And so four years of going around in circles, wasting an incredible amount of time and money to get there.

Luckily, my strategy has never changed since I’ve created that. Why build? Because it works. So the strategy is definitely number one. With us you get everything included in that. Like you don’t need to find more indicators or more trading software or anything like that because we provide it all. So that’s number one.

#2 Someone to learn from every day

Number two, someone to learn from and to follow. And that I think is also very, very important when you go on board with a good trading company and good education with what we do is we provide daily trading suggestions. So every day, based off the daily charts, we provide specific trades with the currency pair all the market, if it’s like a metal or a crypto indices, etc. the market, the direction, a paragraph of reasons why we’re looking at taking that trade plus the exact entry and exit levels.

So what does that do for you? Well, hopefully if we get this right more often than not, because we’re taking these same trades ourself, you will make money. Number one. The other thing, of course, is, is to train your eye in real time. This is what we are taking and why we’re not hand-picking cherry picking the best trades and showing you just the really good ones and ignoring all the poor ones.

We’re not doing that because of course we’re putting our neck on the line every day and saying These are the trades we’re taking. And what whether they’re profitable, whether they lose, we don’t know at the time. All we can do is use our strategy and identify the setups that look good to us and take them. Now, luckily every and not luckily it’s skill, but luckily for you is that every year since 2010, when I started posting our daily trade suggestions, they have been profitable every single year.

So having that information to follow, learn from on a day by day basis, to train your eye to educate yourself is crucial. Now, from our point of view, we don’t want people following what we do every single day. But when you start having that information to follow and to learn from and learn from is crucial because over time you’ll develop of a knowledge of how to do this.

For yourself. But why you’re learning for the first 6 months, 12 months, I think it’s really important to be able to follow someone on a daily basis.

#3 The power of community and power

Number three Community. You cannot underestimate community and how important people are to us, those traders. Just look at the last few years when all around the world people were in lockdown like this crazy COVID lockdown.

Look how you missed people and look how you miss community and look how you missed travel and when you think about it from a trading point of view, trading can be a little bit like a lockdown. You sat there by yourself. No one knows you really doing it. You sit in that kind of by yourself and it can be quite lonely.

No one to communicate with, no one to talk to. And community is a massive part of what we do at The Forex Trading Coach with our fantastic Forum site. And also we have live weekly webinars where we’re trading on live accounts for people sorry in front of our clients as well. And so that’s really, really important.

#4 Discussing new products and ideas with other traders

Number four new ideas, talking about new ideas, new software, new brokers, just discussing what’s actually happening out there in the Forex world and in the markets in general.

And anything to discuss ideas with like this is crucial. And another part of just being part of a community and, you know, being able to email us, being able to talk to us, being able to ask us on the forum site, being able to ask us questions on the live webinar, all that’s important. If you suddenly like the last two or three years, we started talking about Prop Firms. To talk to other people who are using the strategy really successfully on Prop firms.

I’m talking to prop firms all the time. And so asking me, you know, which prop firms are better than others, you know, that type of thing is massively important as well.

#5 Don’t reinvent the wheel

And lastly, number five, don’t reinvent the wheel. You don’t need to. I’ve already done it for you. And that’s the you know, the important thing when you come on board.

Yes, there’s a fee. Of course there’s a fee. And these people out there that think they’re going to get something for nothing, you know, you’re clearly not in the right place. If you want good quality education and plenty of free stuff out there on, you know, TikTok and places like that, if you want that. But it’s not going to work.

But if you want good quality education, of course you got to pay for it. But don’t reinvent the wheel. We’ve done that. We have the strategy, the software, the structure, the trades, the webinars, the support team, people around the world helping out to make this work. So that’s my five Tips for why good education can be the cheapest investment in yourself you’ll ever make.

Blueberry Markets

If you’re out there looking for a broker, I can highly recommend blueberry markets. They base over in Australia. Really good broker. They use the Metatrader 4 Metatrader 5 platform. I’ll put a link to blueberry markets here. I’ll also put a link to my forex coaching course, my five star rated forex coaching course that’s been running since 2009, so I hope that helps.

Just consider educating yourself and investing in yourself because it’s going to shortcut massively both time wasted money and frustration potentially giving up. It’s going to shortcut all that and give yourself a real good chance of success. I hope that helps this is Andrew Mitcham here at The Forex Trading Coach. I see this time next week. Bye for now!

Episode Title: #508: 5 Reasons Why Good Education is the Cheapest Investment in Yourself

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#507: What’s Size Should Your Stop Loss Be?

Jun 26, 2023

What’s Size Should Your Stop Loss Be?

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#507: What’s Size Should Your Stop Loss Be?

In this video:
00:23 – How many pips should you risk per trade?
01:03 – Why pips are irrelavent
01:47 – What does a 20 pip stop loss mean?
02:14 – Where you should place your stop loss
03:34 – Win a place on our coaching course
04:17 – Where to find a good broker

What size stop loss should you set and how many pips should you risk on every trade? Let’s talk about that and more right now.

Hey there traders Andrew Mitchem here The Forex Trading Coach with video and podcast number 507.

How many pips should you risk per trade?

I want to talk about how big your stop loss should be. How many pips should you be risking on every trade you see? It’s something that I get asked by non clients all of the time. And it’s really interesting because unfortunately most people out there set a certain amount of pips for their stop loss on all of their traits.

And to me it’s the completely wrong way of trading and you know, it’s the wrong way of trading because if most people are doing that and you also know that most people losing money, there’s kind of a correlation there isn’t there. You see it makes no sense at all. I’ll let you know why.

Why pips are irrelavent

Well, how can you have a set amount of pips as a stop loss on a trade? It has no relevance to that trade whatsoever and it has no relevance to the currency pair your trading. It has no relevance to the timeframe chart. It has no relevance to the movement in the market at the time, and none of it makes sense. But most people do it, and most people will say, as an example, I have a 20 pip stop loss and a 40 pip profit target.

Therefore I have a 2 to 1 reward risk, which is exactly what you say you should be doing Andrew, have two, three, four to one. The problem is, is what is 20 pips really mean? Well, it means nothing.

What does a 20 pip stop loss mean?

You see 20 pips on a Euro/Swiss Franc is something that’s, you know, takes quite a while to move 20 pips, 20 pips on the Euro/New Zealand dollar and it can do that within seconds.

And so people who use a set amount of pips as a stop loss are making a massive, massive mistake. So the way around it, it’s quite simple.

Where you should place your stop loss

We never look at how many pips our stop loss is. Our stop loss is placed at a level that’s really easy to know where to place stop loss, but it’s relevant for that particular trade, It’s relevant for the current market conditions, it’s relevant for the pair you’re trading, it’s relevant for the timeframe chart you are trading and the movement in the market at that time.

And so it’s all relative to what’s really happening. And all we do is we adjust our lot size to allow for size of that stop loss. So you put your stop loss at a level that safe for the trade and you then make an adjustment in your lot size. You see every pair or most pairs have different payouts per pip depending on what the currency pair is and also what your own trading account is denominated in.

So you’ve really got to understand your lot size and get your lot size according to your risk and the stop loss size of that particular trade. So we can massively help you with that and that will help completely change your trading around and probably mean you’re going to get stopped out of trades far less often because you’re putting the stop loss where it needs to be on that trade for a reason. A couple more things I want to cover with you.

Win a place on our coaching course

You have two chances This week is the end of this offer with the prop firm that we have joined with. Called FX2Funding. We’re giving away two places on our full coaching course free of charge as part of their offer that they are running right now. To find out more, I’ll put a link on this video podcast for you to go to the FX2Funding site, register there and you can win lots of other goodies that they’re giving away.

And included in that giveaway are two full course to full course memberships to the Forex Trading Coach membership. So that’s a really valuable giveaway there that they’re doing.

Where to find a good broker

And lastly, brokers, if you’re out there looking for a good broker, I can highly recommend blueberry markets, their based over in Australia and the great bunch of people, great platform, incredible customer service.

Absolutely credible, top notch. You will not find better customer service out there. They have the MT4/MT5 platform. Lots of markets, instruments, forex and non-forex markets available to trade. So I’ll put a link to blueberry markets here. I’ll put a link to the FX2Funding website as well and make sure that you don’t risk X number of pips on your trade.

Learn to use your stop loss the right way. It will massively help you trading. This is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week bye for now.

Episode Title: #507: What’s Size Should Your Stop Loss Be?

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#506: What’s the Best Trading Session?

Jun 19, 2023

What’s the Best Trading Session?

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#506: What’s the Best Trading Session?

In this video:
00:38 – Which is the best trading session?
01:37 – We look at the close of a candle
02:18 – We use Limit Orders
03:30 – Trading is about picking quality setups
04:20 – Trade through Blueberry

What’s the best trading session that you should be at your computer? It’s a question that a lot of people ask, and I’ve got a real simple answer for you. So let’s get into that and more. Right now.

Hey, there trader! Andrew Mitchem here at the Forex Trading Coach with video on podcast number 506. Wanted to come outside a glorious afternoon. We are just a handful of days away from the shortest day of the year and we’re getting weather like this.

So you’ve got to take advantage of being outside and enjoying some good vitamin D from the sun.

Which is the best trading session?

So trading sessions, actually the Sun relates to this quite a lot because I’ve just been on a Zoom call with a guy over in Oregon, over in the US, on the West coast of Oregon, West Coast to the US.

And he said to me, Hey Andrew, I’m always concerned about when to trade the sessions because for him the US session, because he’s on the West Coast and like, you know, the morning session opens in New York time on the East Coast.

You know, it’s quite a considerable timezone difference there. And he said to me I can’t trade the US morning session even though he’s in the same country, because, you know, it means getting up at like 3:00-4:00 in the morning and it’s just not practical. Likewise, he cannot trade the European session because that’s like 11, 12, you know, midnight, 1:00 in the morning, depending on time of year for him.

So he said, well, what do I do? Because it’s always something that’s concerned him. And I said, Look, fantastic question, really good answer for you and you got to love it. The fact is, I won’t tell you his name, but I said,

We look at the close of a candle

Look, the fact is you don’t need to worry about sessions when you trade the way that we trade because we look at the close of a candle.

It doesn’t matter to me what the time of the day is. It doesn’t matter what the session we might be in or leading up to. It really does not matter. You look at the close of a candle and you see the trade. Take the trade from there. So, you know, first of all, when to go and look at a charts because it’s at the close of that candle.

But I like I said to him, the thing is, if you look at the 5 p.m. New York Close of Day charts and for him that might be like 2:00 in the afternoon and I’m at work and you know, I can’t trade then could have been an answer. You know, he could have said.

We use Limit Orders

And my reply was, well, it doesn’t matter again because we use limit orders to place our trades.

So if you don’t place, you trade two, five, six, 7:00 in the evening for him, which is, you know, like sort of three, four, five, 6 hours after the close of day 5 p.m. New York time. It doesn’t matter because at that time of the day, very little happens anyway. Would end of the US session time, you know, the start of New Zealand, Australia and into the Asian session.

Nothing happens on most days, so it really doesn’t matter if you’re not there at that exact time. So in other words, it doesn’t matter where you live in the world. Don’t worry about sessions. Trade the close of a candle, use limit orders and you’ll enjoy trading much, much more. You don’t need to be setting your alarm clock that I used to do it years ago.

When I started. I used to think I used to need to be up for the US session and it was like, you know, it’s 1:00 in the morning or something and it’s like crazy. You can do it for a week or two, but you’re not going to do it consistently. And ultimately it matters not one bit once you know what you’re doing.

So I completely changed my trading around, made it far more enjoyable for me. I can go out and do things like this, get outside in the sun, enjoy, you know, enjoy doing other things than sitting, watching charts all day.

Trading is about picking quality setups

And trading is about quality. It’s about getting the quality of your trades, your consistency of your trades, and the consistency of the trade setups.

Another example which I shared with the same guy today, I said, Look, we post our daily trades every single day, which we do and we’ve done since 2010, and today there were none. And it’s like, well, there were no specific daily chart trades for today. Therefore, don’t force trades, don’t take any. I’m sure they’ll be some other shorter timeframe chart setting up, you know, later today.

That probably will be. But simply because there were no trades on the daily charts. Don’t worry about it. It doesn’t none there don’t take any. Tomorrow they’re probably five or six. So you know you you make hay when the sun shines again, back to that sun. It’s good for you, the sun. So I hope that helps you.

Trade through Blueberry

Look, if you’re out there looking for a good broker, I can highly recommend blueberry markets over in Australia.

Great brokerage, MT4/MT5 platform. The MT5 platform has obviously more timeframe charts because MT5 does that. But also you’ve got the ability to trade other markets as well. You know the non-forex markets as well, which were findings from great set up so on. So it’s really important that you have a system and a strategy that allows you to trade all these different markets, not just the forex market.

If you want to trade those other, you know, those metals indices, cryptos, etc., then blueberry markets are a fantastic place to go. And if you want to trade those, make sure you have a strategy that works equally as well on both other markets. So I hope that helps. This is Andrew Mitchem here at the Forex trading coach, enjoying the sunshine, enjoying winter.

Can’t believe we’re just a few days away from the shortest day of the year. Absolutely beautiful. So hope you having a good time where you are and I’ll see you this time next week. Bye for now

Episode Title: #506: What’s the Best Trading Session?

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#505: How to Avoid Spending Hours Watching the Charts?

Jun 12, 2023

How to Avoid Spending Hours Watching the Charts?

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#505: How to Avoid Spending Hours Watching the Charts?

In this video:
00:33 – I’m going to save you a lot of time
01:49 – Don’t know when to look at your charts?
02:05 – The fix
02:35 – The Weekly charts
04:12 – Pick the times to look that suits you
05:45 – Trade through Blueberry Markets

Today, I’m going to show you how you can avoid spending far too much time glued to your chart, sitting at a computer and not making any money. Does that sound good? Well, it should do, because with this one simple trading tip and technique, I’m going to change all that for you. Let’s get into it right now.

Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video on podcast number 505.

I’m going to save you a lot of time

And that’s right. I’m going to today save you a lot of time. I’m going to save you a lot of mixed emotions and probably make you a lot of money as a result. So it should sound pretty good to you. Unfortunately, most people out there, most people watching this, most people listening to this will be spending far too much time sitting at their charts watching every pip movement up and down, scared to leave their charts, forcing trades, getting emotionally involved in their trading.

And as a result of that, you’re not doing yourself any good. You’re not making any money, not doing your health any good, and you’re wasting too much time. Look, I know I used to do it myself long time ago when I started trading, and it’s a very easy trap to fall into. And it doesn’t do you any good.

It doesn’t make your longevity as a trader any good because you’re forced to sit there hour upon hour because you’re scared about moving missing a move. It also means if you’re in a trade, you tend to find that you forced yourself into trade. And if you’re in a trade, you tend to jump out early because you see the trade moving in your direction.

Then it pulls back. And I should just take it now because something’s better than nothing, right? And it’s an issue that so many people face.

I’m going to save you a lot of time

It also means that they don’t know when to look at their charts. And that confusion and from looking at maybe like, can I say, a 15 minute chart saying the market’s moving up and our chart says it’s moving down a daily moving up and you get this complete mix going on and you don’t know what to do.

The fix

So a very, very easy way of avoiding all that is only look for a new potential trade set up upon the close of a candle. And what does that mean? Well, the forex market opens at 5 p.m. Eastern Standard Time. That’s New York time every day. That’s when the new day starts. So the market opens 5 p.m. on the Sunday New York time and it closes 5 p.m. on a Friday New York time.

The Weekly charts

So at the beginning of each week, just once a week, you could look, let’s say at the weekly charts, you know, when they open, they open the beginning of each week. They’re not going to change throughout the week or the previous weeks. Information is going to change once the weeks close. You look at the weekly chart, you can make your analysis exactly the same on a daily chart.

You know, when the daily chart opens, it’s 5 p.m. New York time. At that time, the previous day’s candle is complete. You can make your analysis. So if you traded just once a day on the daily charts, you can do very, very well. Also, you could then say let’s go something slightly shorter. You could look at the 12 hour charts.

Now conveniently, they also open at 5 p.m. New York time and of course, 12 hours later will be 5 a.m. New York time. So if you wanted to look at the 12 hour charts, you could look just twice a day. And that will give you a lot of trading opportunities within a day. Of course, you could go down to an eight hour chance, which of course three, eight, 24, 24 hours and a day.

They open three times a day for sorry, six hour charts, four times a day, four hour chart, six times a day. You know, it’s very, very easy to know when to look at a chart. So base the start of the day off 5 p.m. New York time. If you wanted to look at the next four hour chart, don’t even bother between 5 and 9 p.m. New York time because the candle hasn’t closed.

At 9 p.m New York time, the next four hour candle will close. Everything’s set. Doesn’t matter what levels you use and what indicators you use. Nothing’s moving from that previous four hour candle.

Pick the times to look that suits you

So if nothing else, pick the timeframe charts that you like. The look of all the times of day when you can have a look, know what that is in your local time and look at your charts at that time.

Once the candle has closed. It takes emotions out of your trading because you can see everything’s set. It makes the analysis a lot better. You can take some time. You can look at strength and weakness of other pairs that have closed as well. You can get your stop losses, your profit targets all in place. You can say, well, does this have anything to help protect the stop loss?

Is my profit target a good level? You lot size everything that you need to look for you can do without emotion because you have time. You can also know when to go and look at a chart. So as I mentioned, if you wanted to trade, say like weekly charts, daily charts, 12 hour charts, really you just need to look twice a day on the 12 hour charts, once a day, daily, once a week weekly.

That’s it. Job done. You’re not sitting there watching every paper movement go up and down. You’re not scared to miss something. And so that’s how you can really help yourself with your trading progress there. Absolute certainty you’ll enjoy it better. Absolute certainty you will take higher quality trades because you’re not emotionally involved and you’re not scared of missing something.

So that’s a massive tip there that will help your longevity and your profitability and your enjoyment. So take advantage of that information.

Trade through Blueberry Markets

If you’re out there looking for a suitable broker, I can highly recommend Blueberry Markets that based across the ditch from me. I’m in New Zealand, they’re over in Australia. But it doesn’t matter where you live in the world.

Most countries you can open the account and trade through Blueberry Markets. Great people, the Metatrader 4 Metatrader 5 broker platforms and a large variety of different markets, both Forex and now non forex markets, especially on that MT5 platform. Hope that helps. Do not sit looking at your charts or take Do not get emotionally involved in your trades.

Do not make stupid rash fast decisions. Take your trading back, slow it and know exactly when to look at your charts. Know what to look for you do far better hope the helps us see this time next week. This is Andrew Mitchem at The Forex Trading Couch. Bye for now.

Episode Title: #505: How to Avoid Spending Hours Watching the Charts?

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#504: Do You Lack a Clear Trading Strategy?

Jun 5, 2023

Do You Lack a Clear Trading Strategy?

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#504: Do You Lack a Clear Trading Strategy?

In this video:

00:26 – You know the stats – Most people lose

01:45 – Spreads will affect Sell trades

03:12 – We’re here to help and make this work for you

04:05 – Trades taken on a live webinar

04:56 – Clients from 103 Countries

05:06 – Profitable trades posted on the Forum site

05:59 – Trade through Blueberry Markets

Most people lack a clear trading strategy and it means they’re never going to make money out of the forex market. So let’s see how we can help you. Let’s talk about that and more right now.

Hey there, Traders! This is Andrew Mitchem here, the owner of the Forex Trading Coach with video on podcast number 504.

You know the stats – Most people lose

Now you’ve all heard the stats. 90 to 95% of traders out there lose money. And it’s a well-known fact. And you can see why it’s true. And as you can imagine, I get a huge amount of emails and I have quite a number of calls each week with people out there who are looking for help.

And the same pattern comes through time after time after time. The people are out there trading. They are putting real money into this. They think they can get onto prop firms early. They see it as a way out, maybe financially. But the issue is, is that almost all of the people I speak to have no idea what they’re doing.

They don’t have a clear strategy. They’re swapping and changing systems. They understand the market well enough. They don’t understand risk. They don’t know how to calculate lot size, they don’t know what timeframe charts to look at. They don’t know when to trade. They don’t really know their strategy in terms of like why they’re placing a trade, where to put a stop loss, Why is this a good trade, yes or no?

And then of course, things don’t works. They go and try and create something else or go to the next thing that they find on some forum somewhere. And that whole lack of consistency, that lack of understanding in the market.

Spreads will affect Sell trades

Like I do know that if you take sell trades on especially pairs, that spreads widen like the exotic pairs, let’s say at the close of a day, a sell trade can get you wiped out for your stop loss because of a massive widening and spread.

But that won’t happen on a by trade, you know, do know things like that. Do you know when the close of the day even is do you know how important 5 p.m. New York time is all these types of things. And so do you know how to calculate your risk? You know that Pips are completely irrelevant. Do you know that?

Do you know that in some ways having a very, very high win rate is completely irrelevant, You know, all these type of things. So a lack of understanding is what I’m seeing out there all the time. And it’s quite concerning because all people are doing is basically jumping into trading and placing some trades. They might get lucky on a few trades and then of course the inevitable happens and it goes wrong and they lose their money or they jump on a prop firm way too early without knowing what they’re doing.

They have not proven to themselves that they could trade on a demo, even let alone a small live personal account. But they’re quite happy to go and throw money into a prop firm because they see that is the easy way out. And the danger there is that you become disillusioned. You don’t have confidence in yourself. You think systems rigged, you think the brokers rigging it, you know, whatever it might be.

And it all, you know, it all goes wrong. You give up and, you know, you move on to the next thing.

We’re here to help and make this work for you

And we’re here to make things different for people. Our aim is to have quality, consistent traders, independent traders. I had that question last week. Hey, Andrew, if I join you and all I’m doing is just copying what you’re doing, how am I going to learn?

That’s not the reason. That’s not what we do or why we do what we do. As a coach, our aim is to help you along. We’re taking these trades anyway. Yes, it’s great to copy them every day we post daily trades. I’ve only taken one today because that’s what the market showing me. On Wednesday I took four trades, you know, because that’s what the market showing you.

So, yes, we’re taking these trades for you to earn from, definitely. But more importantly, to learn from. To learn why we’re taking the trades in real time for you to be able to do that, to train your eye, to have confidence in the logic and the strategy that we teach.

Trades taken on a live webinar

Just last night my time, I took a live webinar which we do each week for our clients. On that session, I took trades on the three hour charts, the four hour sorry, the three out, the two out of the three out of the four hour and the 12 hour charts all taken live for our clients to follow again to earn from if we get those trades right, but more importantly, to learn from. It’s understanding how to trade is the most important thing you can do, because once you do that, the returns will follow.

Too many people get into this at the beginning, worrying about how much I’m going to make, how soon it is, can I give up my job, How do I how much do I need in my account so I can make $1,000 a week? All those questions that I get and I get why I get them, but they’re completely irrelevant today.

Unless you know what you’re doing, unless you know how to trade. And that’s where we come in. And that’s why we’ve helped so many clients.

Clients from 103 Countries

We’ve now got clients in 103 countries, and we’re approaching 4000 clients over the last 14 plus years. And we’re really proud of the community that we have.

Profitable trades posted on the Forum site

Another example, just yesterday I saw a client post a trade on the Euro US dollar three hour chart.

I wasn’t even looking at that chart. He posted it on the forum site. I saw the the notification on the forum site. So I saw the trade, wow, this is a great trade. Thank you Karl over in the UK for posting that. I took the trade. Guess what? It hit the full profit target while we’re on the webinar live last night and made me some great return a 3 to 1 reward to risk return there.

So if you don’t have a strategy, you’ve got to get something that works consistently and has been proven and that’s again where we can help. Each week I hold a live webinar for our clients. We post daily trades each day and we have trades on our forum site. If you’d like to find out more, click on the link that I’ll put here to take you through to our masterclass. It’s a one hour session, gives you a bit of background insight, how we trade.

Trade through Blueberry Markets

If you’re looking for a good broker, I can highly recommend blueberry markets that are based over in Australia, but you can try through blueberry markets. Doesn’t matter where you live. In the world’s a few countries, you cannot trade through them, most notably the US and a few other countries.

But everybody else You can trade through blueberry markets. I’ll put a link to them here on this video and podcast post as well. Go and check them out. They’re a fantastic bunch of people, great broker, great service, fantastic spreads, etc. everything you need for a reliable broker. So I hope that this video and podcast helps if you have any topics you’d like me to discuss on future videos and podcasts just like this one, send me an email.

Andrew@TheForexTradingCoach.com or leave a comment If you’re on YouTube and I can help discuss other trading topics to get you further ahead quicker. If you’re watching on YouTube like and subscribe, pass it on to anybody you think might be interested as well.

And I’ll see this time next week. Bye for now

Episode Title: #504: Do You Lack a Clear Trading Strategy?

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