Weekly Video News & Podcast

#491: How to Trade Crypto’s Safely

Feb 20, 2023

How to Trade Crypto’s Safely

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#491: How to Trade Crypto’s Safely

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

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

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

How we made +2% on Bitcoin

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

Most people are losing money buying Cryptos

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

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

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

Here’s my trade on the daily chart and why

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

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

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

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

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

Litecoin also hits the profit target for 1.5% gain

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

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

Making money from crypto safely

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Find out more about Blueberry Markets – Click Here

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Join my webinar for new traders

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#490: 3 Tips to Instantly Improve Your Trading Results

Feb 13, 2023

3 Tips to Instantly Improve Your Trading Results

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#490: 3 Tips to Instantly Improve Your Trading Results

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

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

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

3 Trading Tips for you

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

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

#1 Declutter your charts

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

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

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

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

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

#2 Get onto the higher time frame charts

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

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

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

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

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

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

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

#3 Control your risk and drawdowns

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

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

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

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

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

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

Let’s recap the 3 trading tips

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

Join one of my free webinars

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

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

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

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

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

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Join my webinar for new traders

Join my webinar for the more experienced trader

Download my MT4/MT5 Risk Calculator

Podcast: Play in new window | Download

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

Feb 6, 2023

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

Podcast:

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

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

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

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

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

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

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

Things that experience bring

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

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

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

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

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

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

Candle Patterns and Price

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

Real life examples from this year

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Find out more about Blueberry Markets – Click Here

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

Jan 30, 2023

Our Daily Trades at 7.5% for the year so far

Podcast:

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#488: What Are Your Trading Goals for 2023

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

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

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

Superb market conditions

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

Our Daily chart trade suggestions

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

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

Our Daily chart trade suggestions

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

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

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

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

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

The performance that can be achieved

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

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

Use this valuable knowledge

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

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

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

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

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

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#487: What Are Your Trading Goals for 2023

Jan 23, 2023

What Are Your Trading Goals for 2023

Podcast:

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#487: What Are Your Trading Goals for 2023

In this video:

00:25 – Happy New Year

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

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

02:14 – Read Rich Dad Poor Dad

03:03 – Why we trade the Forex market

03:41 – Learning from 2022

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

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

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

Happy New Year

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

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

So few people have any form of goals or plan

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

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

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

You need to be able to see things differently

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

Read Rich Dad Poor Dad

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

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

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

Why we trade the Forex market

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

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

Learning from 2022

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

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

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

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

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

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

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

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#486: Are You Ready to Trade in 2023?”

Dec 19, 2022

Are You Ready to Trade in 2023?”

Podcast:

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#486: Are You Ready to Trade in 2023?”

In this video:
00:30 – The last video and podcast for 2022
00:43 – Trading into 2023
01:33 – The bigger global picture
02:31 – Things we can control
03:18 – Christmas & New Year break from trading
03:49 – What are you going to do?
04:45 – If you need trading help & my free webinars
05:31 – Have yourself a great Christmas

Are you ready for a fantastic trading year heading into 2023?

Let me help you make 2023 the best year ever. Let’s talk about that a more right now.

Hey there, forest Trader. It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 480.

The last video and podcast for 2022

This is the last video and podcast for 2023. I hope you like the kind of festive shirt, and it’s summertime here in New Zealand, and we’re all looking forward to a really nice Christmas and New Year break.

Trading into 2023

But this video and podcast is about 2023. And what is it that you can do right now to help yourself making 2023 the best trading year that you have had? How’s this year been? What have you learned this year? What have you done that’s like really silly? Maybe? What have you done that’s really good? You educated yourself in trading?

Do you have yourself a plan, a structure, a way of trading? Have you gained consistency this year? Have you gone on to prop firms this year? Maybe? What is it that you can take away from this year that’s been really good, or maybe something not so good that you can go, well, that was a bit silly. I shouldn’t have done that and try and avoid that same mistake going into next. So that’s what I want to help you about now.

The bigger global picture

So, heading into next year, like on a, I suppose, bigger picture, things are not looking particularly great, are they? We’ve got massive inflation all around the world. We’ve got interest rates rising. All around the world and we’ve got costs of, like housing and fuel and, delays in shipping and all these kind of just things are just not looking particularly great on a bigger global scale.

I know here in New Zealand, being an island nation, the time and the delays of getting materials here is getting worse and worse. There’s fuel shortages starting to just, disappear, the price of food has gone through the roof. There’s not the amount of tourists coming here that there once was, years ago.

And so all those things are kind of like sort of accumulating and snowballing to make 2023. Probably on a bigger scale, not look so good.

Things we can control

So let’s come back to things that we can control and that’s our trading, and that’s where you need to learn what it is you are going to do. Heading into 2023, are you going to decide to get yourself educated?

If you are who you’re going to go to, are you going to make some trading rules, some trading plans? Are you going to think about doing this properly? Are you going to think about low risk trades? Are you going to think about what is it that I can see on my charts that’s going to give me a high quality trading pattern? What time of day do I want to trade?

What pairs am I looking at trading? Am I’m going to look at non Forex pairs as well. Am I looking at trading, trading different timeframe charts next year? Am I going to look at changing brokers even next year? What is it that you can do?

Christmas & New Year break from trading

Because, here at the Forex Trading coach, we’re going to be taking a break shortly, and we are not starting our trading again until Monday the 16th of January. We’re going to have a decent break.

I think after the year that it’s been, norm trading wise, it, it’s actually really nice to have an end of year break. And again, being summertime here this time part of the world, it’s going to be a real great time of year just to catch up friends and family and just forget about the actual day-to-day trading for a while. But what is it that you can do?

What are you going to do?

Because our clients have just had incredible results. This. A lot of people are just making great consistent results. A lot of people have gone onto prop firms, so they’ve done the homework, they’ve done the prep work, the time learning the basics, and now they’re reaping the rewards.

So what is it that you can do? Because if you’ve got, say, two or three weeks off over Christmas and New Year, from whatever it is that you do use that time wise, don’t sit wasting your time watching rubbish on Netflix and stuff like that. What is it you can do? Can you do some research? Can you watch some videos, some webinars, some podcast?

Listen to some podcasts. Go back and look at previous trades and charts and your trading account and, and take away all this kind of information, and, and, and basically get yourself ready to run for 2023. So that’s, what this is about.

If you need trading help & my free webinars

If you need any help at all. Over the Christmas and New Year break. Look, we are on reduced hours, but we are around, so feel free to email me.

If you would like to get onto one of my free webinars, I hold them for new traders and experienced traders. Jump onto one of those. I can highly recommend you spend an hour and do that. But apart from that, look, we’ve had an awesome year. We’ve loved doing what we are. Results are amazing. Clients are just happy and doing really well, which is just such a thrill for us.

Our own personal trading’s been good. We’ve got an awesome team of, people helping our clients with a great community of traders, and that’s what it’s all about. And so look, we are looking forward to 2023.

Have yourself a great Christmas

We’re looking forward to a fantastic year, but on behalf of myself, my family, Paul. Mikalai, Mhel and the whole team of us here at the Forex Trading Coach, but we’re wishing you, your family, your friends, an awesome Christmas.

Have a fantastic New Year, and we’ll see you in 2023 to make that year the best yet for you. We’ll see you there.

Episode Title: #486: Are You Ready to Trade in 2023?”

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#485: My Top 5 Trading Takeaways from This Year

Dec 12, 2022

My Top 5 Trading Takeaways from This Year

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#485:My Top 5 Trading Takeaways from This Year

In this video:
00:32 – My top 5 trading takeaways from 2022
00:47 – #1 Trade the Market that is Active
02:33 – #2 Trade What You See and Not What You Think
04:07 – #3 Get Yourself Educated and Part of a Trading Community
05:45 – #4 Be Consistent in All You Do
06:53 – #5 Enjoy Your Trading – Here’s How
08:05 – Next Week’s Video and Podcast

I’m gonna give you my Top Five Takeaways that I’ve learned from trading this year and how you can use those top five tips to aid your trading into 2023.

Let’s get into that more right now.

Hey there traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 485.

My top 5 trading takeaways from 2022

I want to give you today my top five trading tips and takeaways that I’ve taken from trading the FX market and other markets this year as we draw towards the end of 2022.

Let’s start with #1.

#1 Trade the Market that is Active

So #1 is trade.

The markets that are active . And what I mean by that is different markets have different conditions throughout the year, and of course you never know what those conditions are going to be ahead of time. But what you can do is you can see which particular markets are trending well at the time, which are moving, which have volatility, and therefore, which markets are giving you the best opportunities

Now that in the Forex market can be, sometimes some pairs go quite flat. Other times you’ll find that most pairs go quite flat. Other times everything seems to be moving. So as a phrase I used going back to my farming days of 20 plus years ago of “make hay while the sun shines”. I’m sure you’ve heard that phrase.

And it’s no different in trading. If the market conditions are active, things are moving, things are volatile. Great conditions there. That’s the time to be identifying trades. Now you go and look at the crypto market. This year, for example, there have been some massive, massive moves earlier in the year in the crypto markets.

But you go and look at the last month, you look at like, let’s say November, and now into early December. Most of the crypto markets are just completely and utterly flat. I haven’t taken hardly any trades on the crypto markets in the last, say, like almost two months now, because the market conditions have not been there yet.

The forest markets have been fantastic. The metals are starting to move. Oil right now is dropping a lot, so the other markets are showing some great opportunities. So trade the markets that are giving you the best trading conditions at that time.

#2 Trade What You See and Not What You Think

Take away #2.

You should trade what you see and not what you think.

Really important that you do that as a technical trader and not a news fundamental trader. I trade what I see on the charts, so therefore I’m trading what I’m seeing is actually happening, not what Andrew or someone else or someone on a news station thinks might be going to. and you see things have changed slightly when it comes to the news.

No longer do we get those massive great big spikes and big gaps and non-farm payrolls. You know, that’s jumping up maybe three, 400 pips in 30 seconds like it used to, some 10, 15 years ago. And when you think about what’s happening globally right now, like almost everybody’s sort of heading into.

Everybody’s got inflation. Everybody’s lifting interest rates. And so that differential between different countries, like you used to have a number of years ago, for example, when the Japanese interest rate was negative and the New Zealand was huge, it was like 6%, 7% or something, you know, it was always a massive differential.

Whereas today, everybody’s sort of moving in the same direction, so therefore you can’t go, ah, look, the unemployment. Country A is really bad because lightly, it’s the same in other countries. Or you know, my country might be going to lift the you know, let’s say you lived in the us, the US is gonna lift their interest rates, therefore the US is gonna be strong.

Well, no, because Australia’s lifting New Zealand’s lifting, Canada’s lifting, euros, lifting, you know the British are lifting, so it doesn’t really have a great deal of significance any longer. So you’ve gotta trade what you see on.

#3 Get Yourself Educated and Part of a Trading Community

Point #3

yourself educated and get yourself a trading system, a trading plan or mentor, and a trading community.

I cannot underestimate how important that is, and the reason I bring that into my takeaways from this year. Is that consistently throughout the year, I’ve received email, after email, after email, I see posts on our forum site, all these feedback just coming through with the same theme of, look, Andrew,

I joined you as a last resort, or, I joined your course, but didn’t really put a lot, lot of effort in up front and now I’ve gone back and revisited and now it’s going well.

You know, I didn’t know anything about trading. I’ve done exactly what you’ve said and it’s going really well. So, The community aspect, the strategy that works, the mentorship, someone to bounce ideas off, someone to follow someone, to watch a group of people all thinking the same. Right-minded people, all with the same goals and outcomes, all trading the same way.

Were none of this backstabbing and arguing and rubbish going on. That happens on almost every other forum. You’ve gotta have a community of like-minded people, sensible, smart, forward thinking, progressive people, but also people with knowledge and experience. And that’s what we bring to the table. And that’s why so many of our clients are just making incredible success from their trading.

Yes, there’s some effort required on your part, and if you’re not willing to put the effort in, then we are not the right people for you. But if you are and you want to make this work, we’re a good match. So that was point #3

#4 Be Consistent in All You Do

Point #4

be consistent in what you do. Show up, turn up, put in effort.

Look at the patterns that you want to trade. Understand what it is that you’re doing, and do it consistently. If the market conditions as in point #1, the market conditions are there, you trade the pattern, you trade your strategy, your risk is known. It’s low, it’s controlled. It’s the same throughout the.

You know, if you put in that consistency, that is when you will achieve results. If you are the sort of person that just sort of rocks up and go, oh, what’s on the charts right now, I’m gonna force myself to take a trade because I’m ready, or I can’t be bothered to see what it does, or it’s only a demo account.

It doesn’t really matter. Oh, I forgot to put a stop loss in. Oh, I got, you know, I, I put in 10 times the risk that I should have. Oh, look, the trade work, how lucky was that? You know, oh, someone on YouTube told me that cryptos were gonna be, you know, Bitcoin was gonna be a hundred thousand dollars, which by the way, is what they told you are gonna happen by last Christmas, and they look what it’s doing this year.

You know, if you are that sort of person, you’ve gotta change, you’ve gotta get that consistency back into your trading. So that’s a really important point.

#5 Enjoy Your Trading – Here’s How

you’ve gotta enjoy your trading and you’ve gotta wake up each day looking forward to trading. You’ve gotta start the beginning of the week looking forward to getting back into it again.

And to do that, there’s a few things I think really helped. The first point would be only look at taking a trade on the close of a candle that allows you to know exactly when the market’s closing and when you can go and look at your charts. Number two, try to get onto the slightly higher timeframe charts.

It means that less is more approach. , your trading is more consistent. The quality of the information given on a higher timeframe chart. I mean, I go down to sometimes two hours in the odd time on live webinar, one hour charts, but the majority of my trading will be four hours, 6, 8, 12 daily, weekly, monthly.

And, and so that you know, you’ve got that nice blend of real long term, you’ve got slightly shorter. You’ve got your dailies where you can have multiple trades in a week, and then you’re going down when you can or when you want to have a look. You know, some of those sort of 12,8, 6, possibly four hour charts, but only on the close of a candle, maybe look at your charts.

Once, twice, three times max a day, you’ll do well. So I hope that helps. Next week I’m going to talk about your year in general and

what you can learn from your year of 2022 and how you can make 2023. For the best trading year yet. So looking forward to helping you with that next week.

Next Week’s Video and Podcast

But for now, have a great week ahead and I’ll see you next week.

For the last video and podcast for the year, bye for now.

Episode Title: #485: My Top 5 Trading Takeaways from This Year

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#484: Over a 50% Return in the last 8 weeks

Dec 4, 2022

Over a 50% Return in the last 8 weeks

Podcast:

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#484:Over a 50% Return in the last 8 weeks

In this video:
00:41 – Client makes 50% return in the last 8 weeks
01:17 – What has Brandon done that most others don’t do
02:00 – Effort and commitment
02:51 – Daily trades profitable every year since 2010
03:06 – Trades posted on our Forum site for clients to follow
05:03 – Check out Blueberry Markets and contact Ben Clay ben.clay@blueberrymarkets.com
05:55 – Make 2023 the year you make trading work for you

One of our clients has just made over a 50% return on his live account in the last eight weeks. Let me share details with you about how he’s done that and how you also can achieve similar results. Let’s get into it and more right now.

Hey there, Forex traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 484.

Once again, back outside and getting lots of good feedback about the nice New Zealand scenery. We’ll keep the outside videos going for a bit.

Client makes 50% return in the last 8 weeks

Look, I want to cover information regarding some comments left on our forum site just this morning by one of our clients called Brandon, who lives in Alabama, in the US. Brandon’s been with us for just over six months now. He said on our forum site today that he has made a greater than 50% return on his live account in the last eight weeks, which is fantastic news because everybody wants to make money out of trading. That’s what we’re doing it for.

Of course, as you know from the stats, that 90%-95% of people do not make money. Why is that?

What has Brandon done that most others don’t do

Well, what is it that Brandon has done that’s different? Well, I suppose, first of all, he’s finally got some education in trading. I’m going to read to you the exact comments that he posted earlier today. Brandon has said, “I’m feeling really grateful. I’ve been trading Forex for 10 years and have tried hundreds of strategies. This is truly the best way to trade. Consistency with this plus patience will produce results. My account is up over 50% in eight weeks since I committed to consistently showing up here every day to take every setup we talk about, the daily trades and my own scanning. Thank you so much to Paul and Andrew.”
Effort and commitment

What does that mean? Well, he’s putting in some effort, which is great. He’s turning up to our forum site. He’s viewing our daily trades each day. He’s logging onto our forum site and seeing trades that we’re discussing throughout the day as well. That just shows that with that consistency and that bit of effort, and, first of all, taking the plunge to take an educational course, a well-rated one, it sounds like he’s done hundreds of different strategies elsewhere, but it’s finally working for him. That is awesome to see. There’s nothing more pleasing from our point of view than to see our clients succeed. When you think about it, if they do nothing else and just follow our daily trade suggestions, plus some of the trades put on our forum site, plus then learn how to do that for themselves and take a few trades for themselves, there’s really no way that you cannot do well.

Daily trades profitable every year since 2010

because every year, for the last 13 years, since I started posting my daily trading suggestions based on the daily charts, they have been profitable.

We also now post trades on weekly and monthly charts. Plus, on our forum site, we discuss other timeframe charts.

Trades posted on our Forum site for clients to follow

Now, no better example than that, than just yesterday, when I posted on our forum site, I posted five trades on the eight-hour charts and five on the six-hour charts. On my live webinar with our clients, those trades were open. They were doing really well, and we were looking at those trades. Several of them actually hit the profit target during the webinar. On the webinar, I also took two-hour chart trades. Out of those total of 12 trades, sorry, in total, 10 of them hit their profit target. Two were stopped out. So you can see how Brandon can do really well with taking the trades that we post, plus learning about those setups.

Remember last week I talked about trade the pattern. That’s all we did. That’s all I did on those trades. I traded the pattern. Is the pattern going to work every single time? No. Of course, it’s not. Is the pattern going to give you an edge? Yes, it is. Is the pattern going to give you high reward to risk per trade? Yes, it is. Do we promote low-risk trades on all your trades? Yes, we do. You put that together with the strategy, the consistency, the pattern, all the information we publish and give for our clients every single day, plus you get to learn to how to do this for yourself, and you can see how Brandon has done so well.

That’s how, here at the Forex Trading coach, we have turned people’s trading around. We do have that 5% to 10% of people out there who are doing really, really well. For us, luckily, it’s a very, very large proportion of our clients. But 5% to 10% of those people out there in the whole Forex world who make money, we have a very large percentage of our clients who are within that 5% to 10%. It’s really pleasing to see. That’s the information there regarding Brandon’s trading.

Check out Blueberry Markets and contact Ben Clay ben.clay@blueberrymarkets.com

The other thing I wanted to quickly cover with you is who to choose for a broker. Look, there’s lots of options out there, of course. One of the brokers that I’ve always consistently talked about, recommended, suggested you go and check out is Blueberry Markets. They’re a fantastic broker. I’ll put a link to Blueberry Markets on this post. If you’re listening to the podcast, you’ll find somewhere on here. Blueberry Markets. Go and have a chat with them. Contact Ben Clay. I’ll put Ben’s email address on the post as well. Contact Ben directly. That bypasses any of their other team. Just go straight to Ben. Say you’ve seen my videos or heard my podcasts, and Andrew suggested that you contact him. He will look after you. Look, you cannot get better than their service. If you want a good broker, have a look at Blueberry Markets.

Make 2023 the year you make trading work for you

Look, that’s all about what we’ve been doing this week. Trades have been going extremely well. Clients are doing incredibly well. If you want to make 2023 the year that you finally get on board and make some good trades and become profitable, then you know what to do. Have a look at our website, theforextradingcoach.com. Get onto one of our free webinars if you’re not already done so, and make 2023 the year that this works for you. Become part of us, part of the community, and join that 5% of people out there in the Forex world who do make money consistently and do well. Lots of other options in terms of prop firms and things like that. We can talk about that more and help you out there as well. I’ll see you this time next week. Bye for now.

Episode Title: #484: Over a 50% Return in the last 8 weeks

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Click Here To Contact Ben Clay

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#483: My Favourite Candle Patterns to Trade

Nov 28, 2022

My Favourite Candle Patterns to Trade

Podcast:

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#483: My Favourite Candle Patterns to Trade

In this video:
00:37 – Trading the patterns
01:10 – Make your trading enjoyable
01:48 – The candle patterns we look for
02:18 – My favourite candle pattern
03:04 – Different time frame chart trades this week
05:05 – Trade the pattern

As a trader, it’s important that you learn to trade the pattern and do not make your trading too complicated. If you can do that, your results will be good. Let’s talk about that and more right now.

Hey, traders. Andrew Mitchem here at The Forest Trading Coach with video and podcast number 483.

Outside again today. Get some nice comments and feedback from people, just enjoying the outdoor environment here in Nelson, in New Zealand, and of course summertime here so nice to get outside.

Trading the patterns

Trading the pattern, it’s a really important part of trading and it can declutter your mind. It can make your trading far more enjoyable, far easier and definitely more profitable. Now what I mean by that is in so many things like compliance, red tape, overcomplicating things just in life in general, government policies, whatever it is that things are just in many ways just overcomplicated and trading is no different.

Make your trading enjoyable

And in order to make your trading enjoyable, I strongly believe that you’ve got to declutter your mind and make things a lot more simple.

And for me, it’s about trading the pattern. I do that regardless of the timeframe chart that I’m trading. So a lot of people come to me and go, “Hey, Andrew. What’s the best timeframe chart to trade? Should I only be trading daily charts? Should I only be trading hourly charts?” And to me, you trade the setup that’s on the chart at the time. And if it’s a good setup, you take the trade. If it’s not, you don’t take the trade.

The candle patterns we look for

So when I’m looking at a trade, I’m looking for a candle shape, candle pattern to form first to give me the confirmation that we could be seeing either a reversal pattern or a continuation pattern. So I trade those two patterns to start with. I trade reversals because if we’ve been in a big up trend, let’s say, we’re then seeing a bearish candle and we’re then turning around, looking for a down trend opposite with a buy trade then, looking for a down trend and it to turn around to go up.

My favourite candle pattern

My favourite pattern though is a continuation pattern, and that’s when we’ve had, let’s say, a big up trend. We’ve had a pullback and then we see a bullish pattern to go long again. So candle pattern is always number one to me. I like to see previous indecision or bounce at a certain level, a round number if it’s a buy trade bounce off a support level. I like to see room to move for the profit target. I love to see a round number to help protect my stop loss, things like that. If I’m taking a buy trade, I don’t really want to see my profit target above the last, say, swing high. I don’t need to have to make new ground, new high price to get to my profit target. That again just detracts from the likelihood of my profit target being hit. So all those things come into it.

Different time frame chart trades this week

But then it comes to the timeframe chart that you’re trading, and I want to give you three examples of trades this week. This is eight trades in total that I’ve taken this week. Seven have been profitable. Now, on our forum site on Tuesday at the 5 AM Eastern Standard Time changeover, on the 12-hour charts, I posted four trades; the New Zealand-US and Aussie-US, a US-yen and a franc-yen on the 12-hour chart trade. It took 10 minutes to scan through the charts at that time, and the 12-hour charts happened to be showing the right pattern. So again, I didn’t know at the time, was it going to be the four-hour charts, the six-hour charts, the 12-hour charts that were showing the pattern?

And when we went through the charts, there were those four charts on the 12 hours that were all showing high-quality setups. So guess what we did? We took them, and guess what happened? They worked and they were all profitable. And I can share those trades with you.

Also, on Tuesday actually, I was out in town, came back home and I saw someone posted a four-hour chart trade on our forum site, and it was a euro-New Zealand trade. On the four-hour charts, again, they traded the pattern. I saw the trade, took the trade, and it was a great profitable trade. And on Wednesday, we took four trades on the daily charts, and we had an aluminium trade or aluminium if you’re in the US, and that stopped that. And then we had the US-franc, US-Norwegian krone and the franc-Singapore dollar. A little bit of an unusual couple of pairs there, but they were again, showing the pattern. Guess what we did? We took the trades.

Guess what we did also? We posted those trades on our membership site with exact entry and exits for our traders to follow with the reasons why we’re taking the trade and it was to do with the pattern. And guess what happened? Those three forex pairs all hit their profit target. So again, it’s the pattern.

Trade the pattern

Trade the pattern regardless of the timeframe chart, almost regardless of the pair. If the pair that you see on your chart on the close of a candle is showing the pattern that you’re looking for, then take the trade. It will work.

So I hope that helps. Keep your life simple. Keep your trading simple. It’s far more enjoyable. You’ll do well from it. Any other trading topics that you’d like me to cover on future videos and podcasts just like this, just send me an email, andrew@theforextradingcoach.com. Happy trading, everybody. See you soon.

Episode Title: #483: My Favourite Candle Patterns to Trade

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#482: Don’t Race to Get Rich through Trading

Nov 21, 2022

Don’t Race to Get Rich through Trading

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#482:Don’t Race to Get Rich through Trading

In this video:
00:28 – Take your time when learning to trade
01:33 – How I can help you
02:06 – Trading with low risk per trade
03:00 – Controlling your heart and your head
03:17 – Client makes +60% in 6 weeks
04:47 – Check out Blueberry Markets
05:16 – Today’s lessons
05:37 – Like & Subscribe

Hey traders. Don’t race to get rich through trading. It’s likely to end in tears. Let me explain exactly what I mean through my 18 years of knowledge and experience to help you right now.

Hey there, traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 482.

Take your time when learning to trade

Came outside this afternoon, beautiful afternoon. And I wanted to talk about why you should not race to get rich through trading. You see, people get into trading and they think it’s going to be easy. They think they’re going to become super rich really, really quickly without too much thought or too much effort. And look, you can’t blame people for thinking that. I did exactly the same.

Give you a bit of a kind of funny story. 17, 18 years ago, I was pushing kids around in prams, push chairs, or walking the dog and not really being in the moment, and instead my head was in the how much money am I going to make through my trading kind of space. And I would be forever calculating while I was walking. Go, okay, so I start with 10,000 and then I double that, that’d be 20, and I’d double that. That’d be 40, and I’d double, that’d be 80. And I was trying to sort of figure out if I’m doubling my money every sort of month, how long it would take me to get to these magic high numbers.

And it’s a mistake that so many people go through. And like I said, I really don’t blame you if you are going through that or have done that because it’s exactly what I did myself.

How I can help you

But what I’m here to help you with is now after some 17, 18 years of trading full time, in fact coming up near 19 now of trading full time, I can offer you knowledge, experience, bit of wisdom to help shortcut things for you. And that’s what we do at the Forex Trading Coach. It’s not only about the course, and the strategy, which of course work, it’s about the realities of trading.

And yes, you can do really, really, really well from your trading, and I’m going to share with you a testimonial that I received just yesterday shortly, but it’s about the realities.

Trading with low risk per trade

And I quite often get asked by people saying, “Andrew, look, how can I make money when you only say trade half of 1% risk per trade?” And you got to remember, that’s not me saying you should trade half of 1%. That’s what I’m saying that suits me. And from my years of experience and knowledge, I find it a really good number. Now, if you want to go and trade 2, 3, 5, 10% per trade, go for it. It’s your money after all. I’m not here to say you have to do this. I’m here to say, if you want my help and knowledge, these are my suggestions. And I’ve always sort of used that figure because I find personally that figure is a really good low risk figure.

And when you look at prop firms around the world now, which by the way is a really good way for people to make money, once they know what they’re doing, a prop firm, all it really wants is, yes, it wants you to make some money, but it wants you to have low control drawdowns. So that’s exactly why the half percent risk per trade strategy, philosophy, call it what you want, is such a great thing because it keeps your drawdowns low.

Trading with low risk per trade

Now, I’ve always said in trading, there’s two things that you have to control. One’s your heart and one’s your head. If you can control those two in your trading, you’re on the way to doing really, really well because it’s all well and good, even with a fantastic strategy, you’ve got to be able to control your emotions to do this properly, and that’s why low risk trading helps.

Client makes +60% in 6 weeks

Now also wanted to share with you this testimonial that’s come through from a guy called Andrew who happens to live here in New Zealand also. And he said, “I’ve been with you six months, and initially, trading was quite slow. I was slow getting my head around it, and after a few months, I gave up, and it wasn’t working.” He then said, “I wanted to get back into it. So I’m glad that I have. I’ve now made a 60, that’s six zero, 60% gain on my account over the last six weeks following the process and just managing my trades a little bit more.” And he goes on to say about how he’s really enjoyed the support through us from Blueberry Markets, loves the live webinars, can’t get on them all, but they’re always great, love watching them and always learning something. We have a wonderful community here, and I’m proud to be part of it. Everybody is so supportive and knowledgeable.

So it’s really nice to receive messages like that. And I suppose the takeaway from that is a little bit like the theme with this, don’t go try getting rich straight away. Don’t rush to get rich. So like Andrew’s done there. Unfortunately, he sort of stopped and gave up initially, but he may have been in that same mindset where he’s trying to jump into it and become a multimillionaire in the first month or so, and it’s not going to work. So now he’s realised that, he’s back into his trading, he’s trading properly, he’s done the course, been through it a few more times now, been on webinars, and now it’s working. And that’s reflective in his 60% gain in the last six weeks there. And that’s on a live account as well. So that’s really good to see.

Check out Blueberry Markets

He also mentioned about the support of Blueberry Markets and our support, and Blueberry Markets, as you would know, is a broker who I strongly recommend people go and have a look at, check them out. Now, if you’re in a few countries around the world, most noticeably the US, you cannot trade through Blueberry Markets. If you are in the US, have a look at maybe the likes of OANDA. But for everybody else, I can strongly recommend Blueberry Markets will be a really good broker for you to consider trading through, great bunch of people, incredible support, great platform, lots of markets, especially on their MT5 platform as well.

Today’s lessons So I hope that helps. The takeaway from this is trading does work. Trading will work for you if you give it time, if you give yourself time, knowledge and stick at it. Of course, you need the strategy and everything else in place and you need support. And that’s where we come in here at the Forex Trading Coach. So I hope that helps. This is Andrew Mitchem here at the Forex Training Coach, and any questions, please just ask.

Like & Subscribe

If you’re watching YouTube, please like and subscribe. If you’re listen on the podcast, hope you’ve enjoyed it, and I’ll talk to you this time next week. Bye for now.

Episode Title: #482: Don’t Race to Get Rich through Trading

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Podcast: Play in new window | Download

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