Weekly Video News & Podcast

#445: How Using Limit Orders Will Increase Your Trading Performance

Feb 13, 2022

How Using Limit Orders Will Increase Your Trading Performance

Podcast:

Podcast: Play in new window | Download

Click Here to Check Out The5ers.com Interview with Ryo Chong

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

#445: How Using Limit Orders Will Increase Your Trading Performance

In this video:
00:29 – I use Limit Orders on all of my trades
01:12 – Limit orders are the key to high reward:risk trades
02:23 – Other benefits of using limit orders
03:00 – Client trading for Prop firm credits limit order with an improvement in his trading results
05:12 – Consider Blueberry Markets if you are looking for a good Forex broker
06:13 – Enjoy your trading more by using Limit orders

I’m going to talk about limit orders, why I use them all the time in my trading, and how they can help make a massive change in your trading results. Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach, with the video and podcast number 445.

I use Limit Orders on all of my trades

Now, I want to talk about limit orders. I use them on all of my trades. They’re an incredible way of trading that will help you massively. So when you see a trade, you’ve got a few options. You can enter straight away at the market, and you’re literally pressing buy or sell, put your lot size in that you require, and you’re in the market straight away. You can use a breakout of a range that’s called generally a buy stop or a sales stop. A buy stop is to buy somewhere above the current price, and a sales stop is to sell somewhere below the current price.

It’s okay if you’re trading breakouts, etc., like that, but it’s not generally a great way in terms of increasing the reward to risk of your trades.

Limit orders are the key to high reward:risk trades

However, the key to trading successfully with high reward to risk trades is to use limit orders, retracement orders. So, I use buy limits to buy lower than the current price and to sell higher than the current price. Price is always moving around. It obviously moves up down, very rarely does it move sideways, but it’s always moving. And even if you get, let’s say, an uptrend, within that uptrend, you’re always going to get pullbacks. Nothing just goes dead straight line.

And so, very rarely will you see a candle on your charts, especially a good setup candle and especially one on the longer timeframe charts that just opens at the absolute low and just go straight up. Very rarely does that happen. It can happen from time to time, but not very often. Most of the time you will see a, let’s say, there’s a good bullish set up most of the time within the next candles formation. You’ll see the price drop first, and then go back up again. The opposite with a sale trade, you will see that the price will first get higher and then it will drop. That’s how we take advantage of limit orders.

Other benefits of using limit orders

Now the other great thing is apart from not needing to be there at the exact time the price hit your entry level, because you can just place your buy limit or your sell limit and basically leave the trade alone to get filled. The other good thing with it is it takes the stress and the motion out of your trading, because it’s not like the candles closed and you’re ready now, trying to get straight into the market on the mouse or the keyboard, or trying to work at your position size or stressed about missing the next trade, because we’re not jumping in straight away at the market. Makes a massive difference.

Client trading for Prop firm credits limit order with an improvement in his trading results

Now, the other thing is also, a client of ours, Ryo, who lives over in Singapore, he’s one of our many traders who are successfully trading through prop firms. He was interviewed by the group called the Five Percenters, and I’ll put a link to that interview on here so you can see it. He said that apart from the actual strategy and the coaching that we’ve given him, the thing that made the biggest difference to his trading performance was the knowledge that he has after doing the course, the use of limit orders, and how it made a massive difference to his trading.

When you think about it in simple terms, let’s say you had a very simple trade, you’re entering at the market with a 50 pip stop loss and a 50 pip profit target. That basically gives you a one to one trade in round numbers. Of course, there’s a little bit of adjustment for spreads and stuff. So you probably actually less than one to one, but let’s call it one to one. You could enter at a, let’s say you are buying, you could enter at a higher level, and therefore using the same scenario, you might end up with a 40 pip profit target using the same profit and same loss. You may, therefore, have a 60 pip stop loss. Now, you’re certainly below one to one reward to risk, and you’re at about 0.8.

And so, the other way of doing this is, let’s say in your buy trade, you bought at a level that’s below the current price and the price pulls back, gets filled, and then heads up in your anticipated direction. You may now have on the same trade, a 70 pip profit target, but only a 30 pip stop loss. That gives you a 2.3 to one reward to risk trade. A massive difference.

Let’s say you’re risking 1%, again, just for ease of numbers. On the stop trade, you might make 0.8% gain, but you’ve risk one. On the market order, you’ve made 1% gain, and you’ve risk one. The way I trade with limit orders, you’ve still risked that 1%, but you’ve made a 2.3% gain on your account. You see how that massively can increase your account?

Consider Blueberry Markets if you are looking for a good Forex broker

Talking of accounts, if you are looking at a new broker or you’re just getting into trading and you’re looking for somewhere to put your funds with a really good solid high performing brokerage, then I can highly recommend you take a look at Blueberry Markets. They’re based in Australia, but they have bases all over the place, and it doesn’t matter where you live, unless you’re in the US and a couple of other countries. Pretty much, everybody can open. Everybody else can open an account with Blueberry Markets. Really good guys. I know them personally, they’ve look out for our clients extremely well.

We have a lot of people that do trade through Blueberry plus, of course, other brokers as well. But if you’re looking for a good broker, I think that they will be one that you should seriously consider. Do your due diligence, go through and check them out. Contact them. You probably will not find better customer service anywhere, but go and do your due diligence, but check them out. I’ll put a link here to Blueberry Markets over in Australia as well on this post.

Enjoy your trading more by using Limit orders

So I hope that helps. Limit orders, retracement orders, they’re a fantastic way to massively boost your trading performance, to make your trading more enjoyable, more relaxed, and they will certainly change the way that you think about trading once you use them properly. Of course, you still need the setup candle and the right strategy, and we can help you with that. But once you’ve got that, limit orders are definitely the way to go. I’ll see you this time next week. This is Andrew Mitchem here at The Forex Trading Coach. Bye for now.

Episode Title: #445:How Using Limit Orders Will Increase Your Trading Performance

Click Here to Check Out https://the5ers.com Interview with Ryo Chong

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

Podcast: Play in new window | Download

#444: How To Use Other People’s Money To Boost Your Trading Income

Feb 7, 2022

How To Use Other People’s Money To Boost Your Trading Income

Podcast:

Podcast: Play in new window | Download

Click Here to Check Out The5ers.com Interview with Ryo Chong

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

#444: How To Use Other People’s Money To Boost Your Trading Income

In this video:
00:25 – Boost your trading income by using other people’s income
01:09 – Prop firm trading
01:37 – What is a Prop firm?
02:50 – Once you know how to trade, the income potential is massive
03:09 – Ryo’s interview on the5ers
04:50 – The one thing that changed Ryo’s trading
05:44 – Are we a match?
06:25 – Have a look at Blueberry Markets
07:42 – Don’t rush out now signing up with Prop firms

I’m going to explain how you can use other people’s money to boost your trading income through your trading. This is really exciting. Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 444.

Boost your trading income by using other people’s income

And I’m going to talk about how you can use other people’s money to massively boost the income that you make from your trading. This is something that’s just going to affect so many people and benefit so many people once you know what you’re doing.

So the best thing that I see about trading the Forex market is really your income is unlimited. There is no limit to what you can make through trading the forex market, but once you know what you’re doing. Now, traditionally, you could do things like trade for a few family and friends. You could sell trading signals. You could do things like that.

But more recently, there’s a lot better way of making money by using other people’s money.

Prop firm trading

And it’s a fantastic concept. And it’s called prop firm trading. Now I mentioned this on last week’s video on podcast. And I said I was going to put together a how-to guide listing and how you can go step by step and set up accounts or prop firm traders, and how you can make money through profit share. And I’m putting that together and I’ll let you know once that is ready.

What is a Prop firm?

But a prop firm is basically an organization where you can apply generally for a fee upfront to show them how well you can prove. And generally they have different challenges or different levels, different steps that you have to go through. But when you get to achieve those levels and you prove to them that you can trade through the rules that they set, whether it be leverage, drawdowns, number of days, closing over weekends, all those type of things. Different prop firms have different rules, but basically what the end goal is to get to is to use their money.

And you can trade like $50,000, 100,000. Some of them I’ve seen up to like two million dollars of their money when you get to the top levels. And if you are making X percent on that account, according to their rules, you are then on a profit share of those gains. And with almost all the prop firms, the profit shares, once you get to the higher levels are like 60/40, 70/30. I’ve seen some at 80/20. And so you get to keep, let’s say, 80% of the profits and they keep 20% of the profits, but it’s their money that you are trading.

Once you know how to trade, the income potential is massive

So you can soon see that once you know how to trade properly, and once you’ve been those different steps, challenges, to get to those higher level accounts that they can offer you, the income potential for you is incredible and you are trading other people’s money.

Ryo’s interview on the5ers

So just this morning, and this is the reason I’m making this video and podcast on this exact subject today is I’ve received an email from one of our clients called Ryo over in Singapore. And Ryo is a very, very good client of ours. He’s on all the webinars. He’s on our forum sites and a lot of homework, a lot of due diligence in terms of going through training, methodically asking questions. And he is now trading for a company called the 5%ers.

And Ryo sent me a link to an interview that they did with him. I didn’t even know about this until this morning. And I’m going to put a link to that interview on this video and podcast post, so you can go and see that for yourself. And they’ve interviewed Rio and they’ve talked about his style of trading and how he’s achieved, what he’s done, his whole background, his family work situation, et cetera, and his challenges that he’s faced in trading.

And one of the nice things that I’ve seen there from my point of view is that Ryo credits us at the Forex Trading Coach with changing his trading around. And that is so satisfying to see, because he’s gone and joined us and he’s doing really well on his own account. But because he is doing so well, he is now passing the challenges of these prop firms. And he’s credited a lot of his sort of background, his strategy through to us and what we’ve done to help him.

And from our point of view, as the coaches, that is just absolutely phenomenal. We are just so thrilled to see this because that’s what we do. We like to help people trade the strategy that we trade and teach, and for them to do well.

The one thing that changed Ryo’s trading

And Ryo’s mentioned on that interview that he’s done, the one thing apart from the strategy and the support that we’ve given him, the one thing that changed his trading around was using limit orders.

So go and have a read of that interview that is on the 5%ers site. Like I said, I’m going to put a link here that you can go and see that yourself. It’s really good. But what it shows is how anybody, any of you watching or listening, once you have a strategy or you come on board with us and you get to understand and trade our strategy, it just shows what can be done if you’re serious about trading. If you’re thinking that you’re just going to be a gambler and you’re going to… or you’re the sort of person that joins a course or a programme and then gives up a month later, then we are not the right people for you, and you are certainly not the sort of person that we have on board at the Forex Trading Coach.

Are we a match?

But if you are the sort of person that wants to do this properly and seriously with low risk, and read and listen and learn and ask questions and develop, then you are the perfect match for us and the strategy. And you are the sort of person that we want on board, because we know we can help you to achieve exactly the same that Ryo and lots of others just like him who are clients of ours are achieving.

So that’s something for you to consider. I’ll put a link to our course as well, so you can get to see exactly the same course. You can be on the same course, the same membership site, the same forum site as Ryo has done and is still currently doing.

Have a look at Blueberry Markets

The other thing I wanted to mention to you is I always get question into that brokers. Where should I go? Which broker’s a good one? I always come back to the same answer, because they’re just good, and those Blueberry Markets. It doesn’t matter where you live in the world, unless you’re in America or a couple of other countries, pretty much everybody else can have an account with Blueberry Markets. They’ve got servers all around the world. So if you live in Europe or other parts of the world, it’s just not Australia, New Zealand based, it doesn’t matter because they have service in different countries and 24-hour support, etc.

So Blueberry Markets would be one of the brokers that I think that you should seriously consider looking at if you want to get yourself a really good high-quality forex broker. If you get onto their MT5 platform, they’ve got all sort of other markets like the cryptos, the indices, commodities as well.

They’re just good people. I’ve met them in person. I talked to them sort of once, twice a month, just to keep in contact with them. Incredible customer service. You will not find better customer service. Just decent people, quality people to deal with, quality company to deal with. So, that’s Blueberry Markets. And again, I’ll put a link to them, to their website that you can go and check them out if you’re looking for a new broker. So that’s it for this week.

Don’t rush out now signing up with Prop firms

But it’s really important. Don’t just go rushing out and signing up with multiple prop firms. First of all, you have to know how to trade properly. If you just start signing up the prop firms, you’re probably wasting your money right now, unless you know how to trade. So learn how to do the trading first. Practice it on a demo account. Practice on your personal small account. And once you can prove to yourself that you can trade properly, then look at the prop firms. Do it in that order, because it will save you time, it will save you money, and it’ll make it a lot more enjoyable.

So I hope that helps. Check out the links that I put on here. And if you feel that this video and podcast will benefit other people, feel free to share it, like it, and subscribe. And I’ll see you this time next week. Bye for now.

Episode Title: #444:How To Use Other People’s Money To Boost Your Trading Income

Click Here to Check Out https://the5ers.com Interview with Ryo Chong

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

Podcast: Play in new window | Download

#443: Inflation Is Now at Levels Not Seen for 30-40 Years

Jan 30, 2022

Inflation Is Now at Levels Not Seen for 30-40 Years

Podcast:

Podcast: Play in new window | Download

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

#443: Inflation Is Now at Levels Not Seen for 30-40 Years

In this video:
00:27 – Massive Inflation rates around the world
01:21 – Are you going backwards?
01:46 – What can you do about this?
02:42 – Most people only buy Crypto’s
03:15 – Weekly Indices trades hit their profit target
03:36 – Do you wish to know more about Prop firms?
05:44 – Trade with Blueberry Markets

Around the world we’re now experienced inflation levels that we’ve not seen for the past 30 to 40 years. What does that mean for you? Let’s talk about that a more right now.

Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 443.

Massive Inflation rates around the world

Now you may have seen a very hot topic around the world right now, many economies is in inflation and how high it has got. In the US, they’ve just announced that their inflation rates has reached 7%. That’s the highest seen over there since 1982. Here in New Zealand 6.3% is the level economists are talking about. That’s also the highest that we’ve seen since the mid 1980s. Over in Canada, 4.8%, throughout the Euro Zone, 5%. In the UK 5.4%. So very high inflation rates. What does that mean? Well, obviously the cost of living is going up massively.

It’s something that has been predicted for the last year or two. And it’s here right now. You’ve noticed things like food, fuel, housing, all the expensive things in your life are going up faster and faster and faster.

Are you going backwards?

So if you are on wages, what does that mean? Well, wages for a lot of people are pretty static, fairly constant. So it means that if you’re in the US and inflation’s gone up 7%, and your wage has not gone up 7%, you’ve effectively gone backwards from this time last year. It’s costing you more of your wage to buy the same thing effectively, you’re heading backwards.

What can you do about this?

And what can you do about that? Well there’s different investment methods and obviously cryptos, and we’ll use Bitcoin as an example as something that so many people have talked about over the last few years. So imagine how you feel right now if just over two months ago, you purchased Bitcoin for $69,000 and this week it’s worth $33,000. Not great. And so for me, the thing that I love about trading the Forex market of course is we have the ability to sell. And we can still trade cryptos and we do, and I’ll give you a great example with just last week on our membership site, we published a sell trade on Ethereum.

We were selling on the daily chart and within two days we’d made a 3.2 to 1 reward to risk trade. In other words, we risked half of 1% on the trade, and we’ve made at 1.6% account gain by selling Ethereum.

Most people only buy Crypto’s

And the way that most people are getting into cryptos is you can only buy. And the beauty of the Forex market and the ability to sell something is what makes it so different and so good to me because of course not every chart keeps going up and up and up.

Bitcoin, Ethereum right now are perfect examples. So not only are we gaining some great gains on the Forex pairs, we’re now also looking at the indices, the cryptos and the commodities.

Weekly Indices trades hit their profit target

Just this week, I published three weekly chart indice trades, which have all hit our profit target. So the patterns that we trade, the method that we trade is proven to work across so many different markets, and that’s the beauty of it. Now, two more things I want to mention to you.

Do you wish to know more about Prop firms

One, we are getting a lot of our clients who are now getting involved with prop firms and doing incredibly well. You may have seen some emails from me recently about some of our traders that are making some fantastic gains by passing the different challenge levels involved with prop firms. Now, I’m thinking about putting something together to take you through step by step, walk you through the process of which prop firms to look at, how to start with them, how to get through their challenges with our trading strategy.

And if that’s something that you’d be interested in finding out more about, just send me an email, andrew@theforextradingcoach.com and let me know that you’re interested in. It’s something that over the next month or two, that I’m looking at developing because of the huge success that our clients are having. But also there’s so many people out there that come to me on a regular basis and go, “Andrew, I’d love to join you, but my account is $1,000 dollars, I cannot make enough money to live on it. And I can’t afford to pay your course by making money out of my trading account.” And I see that as an issue that so many people have. My reply to that has always been, you need to learn how to trade first. You know, baby steps first, learn to walk before you can run. And it’s so true, but the reality is for a lot of people is they think that they’re going to pay for the course out of their $1,000 dollars trading account, which you will eventually, but of course, you’re not going to live on a $1,000 dollars trading account.

So the ability to first of all know how to trade is the most important thing. But then if you can then trade other people’s money, i.e. the prop firms, knowing that you’ve got a good solid trading strategy, which is what we provide, that’s how you can massively accelerate the income that you make from trading. That’s what so many of our clients are doing, and that’s what I’m looking at putting together. So if that interests you let me know, and I can put something together to help a lot of you out there.

Trade with Blueberry Markets

Lastly, when it comes to your trading funds, there’s no better place in my opinion, to put your funds than Blueberry Markets. Now, of course you, you need to do your due diligence. Don’t just take my word for it, you’ve got to go out there and do your due diligence. Look at brokers, look at options. Look at the safety of funds. Look at their track record, all those type of things. But the thing I love with Blueberry Markets is their customer service is fantastic. Their platform is reliable, it’s stable, and you get great spreads, great service, great people to deal with. I’ll put a link to Blueberry Markets. They offer the MT4 and MT5 platform, I’ll put a link on this video and podcast post and contact them if you are out there looking for a high quality Forex broker to trade with, and of course you can trade cryptos through them as well.

So that’s it for this week. And I hope that was helpful. I’ll see you this time next week. Bye for now.

Episode Title: #443: Inflation Is Now at Levels Not Seen for 30-40 Years

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

Podcast: Play in new window | Download

#442: Why the Daily Chart is the Best Time Frame Chart to Trade

Jan 23, 2022

Why the Daily Chart is the Best Time Frame Chart to Trade

Podcast:

Podcast: Play in new window | Download

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

#442: Why the Daily Chart is the Best Time Frame Chart to Trade

In this video:
00:31 – When to trade and which time frame chart?
01:04 – Not watching your charts all of the time
01:50 – Trade the MN1 and W1 charts too
02:13 – Spend 10 -15 minutes once a day
03:08 – Trades from this week
04:01 – Sell trades on the H8 charts
04:26 – Summary of when to trade
05:07 – Feel free to share my trading information

If you had to pick one timeframe chart and one time of day to trade the forex market, when would that be? Let me explain more about how I trade and why I look at the daily charts at 5:00 PM New York time. Let’s get into that and more, right now.

Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 442.

When to trade and which time frame chart?

Now, questions I get asked all the time is, “Andrew, so many different chart timeframes out there, which one’s the best, and when should I look at my charts?” So the easy answer for me is you should try and look at the daily charts each day. It’s something I’ve done for the last 14, 15 years, and it’s something that’s very repeatable. It’s easy to do. It doesn’t take much time. It’s profitable, and it is consistently reliable because the daily charts contain so much information.

Not watching your charts all of the time

It also means that you’re not sitting there waiting all day and night watching charts. It also means that you’re not leaving trades open for days upon days or weeks upon weeks. So it has a perfect blend for me. Now, if you cannot get to your charts at 5:00 PM New York time, doesn’t matter, because the way that we trade, we use limit orders, anyway. Now we have coaching clients in 99 countries, all around the world, all on different time zones, people with different jobs, different times they can get to their charts, whether it be work, family, sport, all these different restrictions. Not everybody around the world can be there at exactly that time. But that is the time when the daily charts close, and then the new day opens.

Trade the MN1 and W1 charts too

At the beginning of each month, the new month opens at 5:00 PM, New York time, on the first of each new month, and the beginning of each week, the weekly charts open as well. So if you can be near your charts around that time, 5:00, 6:00, 7:00, 8:00, 9:00, 10:00 PM, New York time, depending on what that time is for you, that’s going to be the ideal time to go and look at your charts for the daily charts.

Spend 10 -15 minutes once a day

Now I can scan through the daily charts using all the forex pairs, and now we also look at indices, cryptos and commodities, and I can go through all the daily charts in around 10, 15 minutes. And I do that now on a regular daily basis. But also you don’t have to trade just the daily timeframes at that time. You see, at that same time of day, I then go through and look at the 12 hour charts, the eight hour charts, the six hour and the four hour. So you can scan all those four timeframe charts plus the daily. At the beginning of each week, you can do the weekly as well. And that gives you so many opportunities.

Now, realistically, you can do all of that, completely, easily in under 30 minutes a day. Absolutely. Absolutely, simply to do in under 30 minutes a day. And that gives you so much in terms of timeframes to look at, but also means you can trade just once a day.

Trades from this week

Now, I’ll give you some examples of trades that we’ve taken this week on the daily charts. We’ve had a trade of all these, being published on our membership site, by the way. Ethereum. So we’re getting into the cryptos. We had a loss on Ethereum and I’ve got another trade open at 2.7 to one right now. We had a daily trade on the US Yen. It’s open at 2.6 to one right now. We had a Canadian Yen that had a loss. So these losses are half of 1%, by the way, small losses. We had a Singapore Yen, 2.3 to one. We had two trades on the Euro US dollar. One made 2.9, one made 2.8. So we’re up big, big amounts this week just by trading those daily timeframes.

We also yesterday had a soybeans daily chart trade buying soybeans. Go and have a look and see what Thursday the 20th of January’s set up was like, and see what happened. We had a great profitable result there.

Sell trades on the H8 charts

Just today, I’ve taken two sell trades on the eight hour charts, Aussie US and Aussie Yen, all taken at the 5:00 PM New York time zone. So it means that we can look just once a day, but we can trade multiple timeframe charts. It also means that, especially when you get to the daily charts, our reward to risk is extremely good and our risk per trade is very low.

Summary of when to trade

So in summary, if you wanted to look at your charts just once a day, have a look anytime after 5:00 PM, New York time, when the daily chart changes. And if you wanted to look at one timeframe, stick to the daily timeframe charts. It’s suitable for all people, all levels of experience. If you are slightly more experienced, you can go down to some of those shorter timeframe charts and have a look as well, if that suits you. If you want to go the other way, then get into weekly charts and even monthly charts. But for me, the absolute perfection, the reward to risk is there, the amount of time you’re in the market, all those type of things, the absolute perfect timeframe continues to be and always has been the daily charts.

Feel free to share my trading information

I hope that helps. Any questions, send me an email, andrew@theforextradingcoach.com. If you have any friends, family interested in trading, feel free to share this podcast or this video with them. Subscribe if you’re on YouTube and I’ll see you this time next week. Bye for now.

Episode Title: #442: Why the Daily Chart is the Best Time Frame Chart to Trade

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

Podcast: Play in new window | Download

#441: Planning Your Trading Year to Ensure Success

Jan 16, 2022

Planning Your Trading Year to Ensure Success

Podcast:

Podcast: Play in new window | Download

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

#441: Planning Your Trading Year to Ensure Success

In this video:
00:24 – The first video for 2022 – Making this a good trading year
01:23 – What are you going to do differently this year?
02:37 – Providing a template to help achieve trading goals
03:19 – Trading with Prop firms
04:22 – What size account should you have to start trading?
04:51 – Which FX broker do I recommend?
06:15 – Trading in 2022 is off to a great start

What will you be doing differently this year to ensure that your trading is better than last year? Have you got a plan? Let’s talk about that, and more, right now.

Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 441, the first video and podcast for 2022.

The first video for 2022 – Making this a good trading year

So welcome back, hope you’ve had a good Christmas and New Year break. And now that we’re into trading for the year, I just wanted to discuss a few things to help you into this year. You see, you heard the phrase doing the same thing over and over again and expecting a different result or a different outcome is basically the definition of insanity. It’s a common phrase, I’m sure you heard it. And it’s very true. And it’s exactly the same when it comes to trading. Now,

if 2021, or before, was not good for you, doing the same thing this year moving into 2022, and we’re already getting into mid January now already, doing the same thing and expecting a different result is obviously not going to end well, it’s the definition of insanity.

What are you going to do differently this year?

So what is it that you’re going to do differently? What have you done so far this year to create a plan, a trading plan, a realistic trading plan as well, trading goals as well? And again, make it realistic. Look at what you did last year that was good. What did you do last year that was not good? What do you need to change? Whether it be with the way that you trade, your strategy, your mental approach, your business approach to it, your position sizing, timeframes that you trade, directions that you trade, all those type of things. Timeframe charts, when you trade, what’s realistic for you around other things that you do in your life? So you need to sit down and come up with a plan, and plan to succeed. Because if you don’t, then the year’s just going to disappear. As I mentioned, we’re already midway through January already, and if you don’t do anything, we’re going to be into February, March, April, and you’re going to go, “Oh my goodness, another year’s disappearing on me and I’m still getting bad results.” So a really good opportune time now, in early January, to sit down and have a good think about that.

Providing a template to help achieve trading goals

We did exactly this last night on our live webinar with our clients. And we provide them with a template and I shared my exact trading goals and my trading plan, when I’m going to trade, when I’m not trading, what happens if I get a run of bad trades, what happens if I see setups that are against the daily direction, all those type of things, what am I going to do at those times? And so having all that written down, not so much set in concrete, but at least that you’ve got it written down that you know that if something happens, good or bad, you’ve got an idea of what you’re going to do about it, rather than just reacting at the time. So that’s really important, so just wanted to discuss that.

Trading with Prop firms

Another thing that we also discussed was the amount of our clients now trading with prop firms, and it’s really, really exciting to see. We had four clients last night who talked about prop firm trading and how well that they’re doing. We had one client over in Hong Kong who’s now just passed the first test of a year long test with a prop firm. He’s now trading, well, he’s passed the 25,000 test, he’s now onto the 50,000 account test. Doing really well, with low drawdowns, passing the test really quickly. We’ve got two others who are in the $100,000 mark and are doing nicely. And another client who is up to $700,000 across a combination of different prop firms that he’s trading for, trading $700,000 worth.

What size account should you have to start trading?

And it’s a question, we get asked quite a lot. A lot of people say, “Hey look, what size account do I need to start trading? What size account do I need to take your course,” all those type of things. And to me, it doesn’t matter. The important thing is that we are teaching you how to trade. There are so many other ways to make money, even if you don’t have a particularly large account yourself right now, but only once you know how to trade. And that’s the important thing. And that’s our job is to teach you how to trade, that’s the important thing.

Which FX broker do I recommend?

The other thing that you need to know, is when you’re starting off, or at any stage during your trading, is where do you trade through? Where do you put your funds? Which broker do you look at? What is it that you should be looking at when you’re searching for a new broker? And the broker that I always come back to as one that we just recommend you have a look at is Blueberry Markets.

I’ve been with Blueberry Markets for a long time now. I know them, met them personally, have discussions with them quite often, with their team. Look, they’re a good bunch of people. We’ve had a lot of our coaching clients that have gone to them and done very well through them. And they only have good things to speak about them. Ultimately, for you, it’s where you want to put your funds. I’m just giving you a suggestion of, if you’re looking for a good broker, then Blueberry Markets is certainly one that I think you should consider. If you live in the US then you cannot trade through them, but most other countries you can. And it’s important that you’re comfortable with your decision. Do your due diligence, but Blueberry would be certainly one that I would consider if you’re looking for a good broker to trade through. What I’ll do is, I’ll put a link to them on this post so you can go and check them out for yourself.

So that’s it for this week, first video and podcast back for the year, sitting outside, it’s a nice summertime day here and back into our trading and loving it.

Trading in 2022 is off to a great start

Doing well, had some good trade results so far on the weekly charts for the year. Daily charts are going really nicely, and a few shorter timeframe charts are just starting to come in. We’ve had some good, not very many yet, but a couple of trades on 12 hour charts. We’ve had some six hours, four hours, and a few people have been posting a couple of two hour charts as well. Still early days for the year, but market conditions are pretty good, and we’re looking forward to a fantastic 2022. But as I said right at the beginning, for you to get a fantastic 2022, put a bit of time and effort in upfront right now, make your plan and set your goals and stick to them. If you need our help, you know where to find us here at The Forex Trading Coach, and I’ll see you this time next week. Bye for now.

Episode Title: #441: Planning Your Trading Year to Ensure Success

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course – Click Here

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#440: Reviewing the Year of 2021 and Trading in 2022

Dec 19, 2021

Reviewing the Year of 2021 and Trading in 2022

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#440: Reviewing the Year of 2021 and Trading in 2022

In this video:
00:29 – Overview for 2021
00:57 – The situation in New Zealand and why I love trading
02:32 – Importing, holiday travellers, and rental properties
03:40 – Trading Cryptos
04:22 – Our year at TFTC
06:02 – The changes we’ve made in 2021
08:05 – Our Daily chart trade performance results
09:12 – Looking forward to trading in 2022
10:03 – Thank you for your support this year
11:03 – Have a wonderful Christmas and New Year break

How was 2021 for you? Let’s do a review of the year, and find out how we can make 2022 an even better year. Let’s talk about that and more right now.

Hey, traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 440.

Overview for 2021

This is the last video and podcast for the year. Just wanted to have a bit of a reflection just in general and trading wise of how the year has been. A lot of people around the world obviously still affected by the C-word, the virus is still causing issue. A lot of people obviously still can’t travel, can’t move around the place.

The situation in New Zealand and why I love trading

Here in New Zealand, just really bad things happening. Government mandates, a lot of people lost jobs, a lot of restrictions, a lot of division, a lot of mental health issues. A lot of families being split by opinions for vaccination and not vaccination. Kids can’t do a lot of sports if they’re not vaccinated. All these really, really bad things going on.

When it comes back to thinking about trading, I consider myself so fortunate that luckily… It all affects me, but I don’t have to consider it for my day-to-day work, my job, being self-employed and working online. And I know it’s not just New Zealand that has these issues going on right now, it’s obviously affecting a large part of the world, and forever changing government rules and mandates and you can wear a mask and you can’t, then you should then you shouldn’t. It’s just crazy what’s happening. But it comes back to, for me, one of those massive benefits of why I’m very fortunate and consider myself very lucky to trade from home and to trade the Forex market. Because you can carry on and do what we’ve always done. All these new changes don’t really affect us too much in a day-to-day work environment, anyway.

Importing, holiday travellers, and rental properties

So the other thing that I noticed that’s happening a lot, especially here in a country like New Zealand when we’re very isolated and very dependent on important, very dependent on overseas travellers, is that we still now for two years in a row have virtually zero overseas travellers here. So that’s affecting people like with hotels and rentals and holiday accommodation and helicopter companies and hire car companies, and all these different people that I know that are just badly, badly affected. We can’t travel ourselves anywhere because you just cannot get back into the country, even if you could get out.

So those are issues are around. Interest rates are rising. Inflation’s going up, and that’s happening right around the world as well. And so all of that comes back to, again, the Forex market and how good it is. So I don’t want this to be a doom and gloom review of the year. But I want it to be this is the reality of what’s happening for a lot of people around the world. But also why the Forex market is a good option for so many people to consider.

Trading Cryptos

Now, a lot of people of course wouldn’t been into cryptos in the last year, and sure, cryptos like Bitcoin have gone up and up and up and gone very nicely. However, you look at the last one month, a month ago, Bitcoin was at $69,000.00 US dollars. Right now as I’m recording this, it’s in a month down to $47,000.00 US dollars. Now you imagine if you actually physically went out there and spent $69,000.00 and today that $69,000.00 has dropped to $47,000.00 in just a month. That’s not good. So, again, it comes back to the stability and the reliability of the Forex market.

Our year at TFTC

Within the Forex market, here at The Forex Trading Coach we have had a great year, just a fantastic year. Lots of people coming on board, lots of new traders, lots of people discovering the power of prop firms and gaining large incomes from their trading; some have gone full-time. But a lot of people once they’ve mastered the art of trading and making money with low draw downs but steady, consistent gains, which is all we do and teach, they’re discovering the ability to sell signals, to get people to copy what they’re doing, and especially prop firms.

I had an email from a guy just this week who’s now managing $700,000.00 in a prop firm. He said he cannot believe how good it’s going. When he started with me, he was earning… I forget his figure, but it wasn’t very much. He did tell me a very small amount of money on his wage. Now he’s finished that and he’s trading for prop firms and earning considerably more. When you think about that, that’s what gives me the buzz as a coach, and it’s seeing people who come on board, who take on the system, who stick to the system, that contribute, the rewards and the gains that they get are just outstanding. We’ve now proudly have over 3,200 on board with us at The Forex Trading Coach, and we have active clients in 98 countries right around the world. So for something that started just under 13 years ago, we’re immensely proud of those numbers and for the consistency that we have.

The changes we’ve made in 2021

Now, things that have changed this year… Because we’re always evolving. Things that have changed is when I’ve just mentioned cryptos just now, I’m not rubbishing cryptos. We trade cryptos, but we trade them on the Forex market in and out of the trades within a few days or a few weeks depending on what we’re trading. Just a few weeks ago, we took a sell on the weekly Bitcoin chart about two or three weeks ago. It made an incredible 13:1 reward to risk. Absolutely massive. 0.5% risk on that trade, 6.5% gain on your account. All the while, while selling Bitcoin, all while those people who actually went and bought Bitcoin at $69,000.00 are pulling their hair out, while we’re making money as it’s falling. So we’ve got a lot more into a lot more Forex pairs as well, some of the more exotic pairs like Euro/Norwegian Krone, US/Singapore, those kind of Forex pairs. We’ve gone into a lot more this year, generally on the longer timeframe charts because the spreads can get a bit big on them. But if the pattern’s there we’ve been taking them.

We’ve been into a lot more of the commodities, a lot more of the indices and the cryptos. Because the reversal and the continuation type trades that we take, and we’ve been trading for years and years on the Forex market, now we’ve discovered work equally as well on these other markets as well. So that’s a really exciting change for us, and just shows the progression that we’re always after whilst keeping the amount of chart time to a minimum. Because what we’re doing is we’re just scanning through a lot of these other markets just once a day off the daily chart to once a week off the weekly charts. Once a month even off a monthly chart. We’re not there, say like trading Bitcoin, on an hour chart. We’re not doing that. We’re still trading in our 30 minutes a day, but looking at far more options because the pattern is the pattern is the pattern. That’s the important thing. The market that we’re trading or the currency pair or whether it’s gold or [inaudible 00:07:49] or Bitcoin, it doesn’t really matter. The pattern is what we’re trading.

Our Daily chart trade performance results

Just to summarise with our performance for just our daily charts and our weekly and monthly charts, these have been posted on our membership site each day. The daily charts are right now about 25%, just over 25% for the year, with 0.5% risk per trade. The weekly and the monthly at 17%. But then we’ve got a lot of other timeframe charts… And those are set-and-forget results as well by the way. But a lot of other timeframe charts. We’ve got people that are making three figure returns in the year and doing extremely well, like doubling their accounts in a year. But with low draw downs. That’s the important thing there. So you mix in other timeframe charts, like four hours, six hours, 12 hour charts, many of which we’ve put on our membership site, on our forum site, and have on our live webinars. We put all that together and you look at all those things that have not been good this year around the world, and how trading can give you such a massive edge once you know what you’re doing.

So I hope that helps. It’s a bit of a summary, good and bad, of the year. Because the reality is, that’s what it’s been like.

Looking forward to trading in 2022

Heading into next year, more and more markets will be there for us to trade and we continue to look for those markets to trade. We continue to take our same low-risk trading strategies. If you’d like to come on board with us and make 2022 just a special year, it’s just a great time to get into trading for yourself. When we do finally get to travel a bit more, you can still trade and travel with your laptop, with a phone as a hotspot. It just gives you so many more options than the traditional property investment or certain jobs or people who have lost their jobs, mandates, whatever’s happening in your world. Seriously consider the Forex market, because it is a very, very unique and special market. So that’s it for me for this year.

Thank you for your support this year

Just like to say thank you very much for watching my videos, for listening to my podcasts. I get some awesome stories from people, they’re driving or they’re jogging or whatever it is they’re doing and say, “Hey, I listen to your podcast or I watch your YouTube videos.” Thank you to all those people who do that. Thank you to all those people who have asked questions throughout the year. Thanks to all of you who if you’ve been on some of my free webinars or downloaded my calculator, which is a great tool by the way, or you’ve read my e-book, or you just asked me questions in general. If you’re a current client of ours, either through our pattern trader software or the Facebook group, or a full coaching course client, really awesome to have you on board with us here at The Forex Trading Coach. We love what we’re doing, we love getting people to progress and to achieve things. That’s what we’re really after.

Have a wonderful Christmas and New Year break

So that’s it. Have a fantastic… If you do get a break over Christmas and New Year, have a fantastic time away. We are looking at doing a little bit of travelling and hoping to do as it’s summer here in New Zealand, quite a bit of flying, quite a bit of swimming, quite a lot of cooking on the barbecue. I loved smoked food on the barbecue. Yeah, just looking to have a bit of a break. We start trading again on Monday, 10th of January, and my next weekly video and podcast will be at the end of that week. So have a great time, a relaxing time, enjoyable time, for your Christmas and New Year break, and I’ll see you in 2022. On behalf of all of us at The Forex Trading Coach, that’s myself and Paul over in America, Mikalai over in London, Mel and Kim over in the Philippines, awesome to have you as part of the time. Thank you for everybody once again. We’ll see you next year. Bye for now.

Episode Title: #440: Reviewing the Year of 2021 and Trading in 2022

Find out more about Blueberry Markets – Click Here

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#439: What to look for when choosing a Forex Broker

Dec 12, 2021

What to look for when choosing a Forex Broker

Podcast:

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#439: What to look for when choosing a Forex Broker

In this video:
00:26 – I’m joined by Ben Clay at Blueberry Markets
01:15 – What should you look for when choosing a new Forex broker?
04:46 – How easy is it to add and withdraw funds
06:40 – How safe are the funds?
07:30 – How long have Blueberry Markets been operating?
08:20 – What trading platforms do you use?
09:20 – Can I trade Crypto’s with Blueberry Markets?
10:47 – Will you be adding even more tradable products?
11:58 – Do your charts open the new day at 5pm EST New York time?
13:20 – What makes Blueberry Markets different from the others?

Andrew Mitchem:
What should you look for when you are searching for a new forex broker? Let’s that talk about that and more, right now.

Andrew Mitchem:
Hey traders, Andrew Mitchem here, at The Forex Trading Coach with video and podcast number 439.

I’m joined by Ben Clay at Blueberry Markets

Andrew Mitchem:
In today’s video and podcast, something a little bit different for you. We’re joined here by Ben Clay over Blueberry Markets to talk about brokers, what to look for and what you should look at for when you’re deciding to choose a new broker. Ben, welcome along. Good to have you here.

Ben Clay:
Thank you very much, Andrew. Always a pleasure.

Andrew Mitchem:
Good to see you. I think Ben, it’s been about a year since we had our last catch-up like this. Looking forward to lots of developments and exciting things happening out there with Blueberry.

Ben Clay:
As am I, thank you very much.

Andrew Mitchem:
Now good stuff. Ben, last week, I asked some of our listeners to ask a group of questions really, that they have always wanted to ask a broker. I said, “I’ve asked them on their behalf as we were having this catch-up.” I’ve got some questions here. I’d like to run through them with you.

What should you look for when choosing a new Forex broker?

The first thing someone said, what are some of the things that they should be looking for? What are the things they should be mindful of when they’re out there searching for a new broker? Obviously, there’s so many brokers out there online. They all claim to be good. They all claim to be legit. What is it that maybe just give us a list of some of the things that they should look for?

Ben Clay:
Yeah, absolutely. For me, personally, the first thing that I’m always looking at is reputation.

Andrew Mitchem:
Yes.

Ben Clay:
What the public is saying about that broker, online reviews, do your absolute diligence when it comes to searching and looking through the reviews. Usually, you’re going to find that there’ll obviously be some poor reviews out there for every broker. You get a pretty good idea when you look through the whole catalogue of what people are saying about them.

Andrew Mitchem:
Right.

Ben Clay:
Next, I would say licencing and where the broker is regulated, that’s always going to be a very important one. There are some good brokers out there, who don’t have regulation. That’s not to say that they’re all bad, but when a broker’s regulated that gives the client some protection, at the end of the day. There’s someone they can go speak to if they’re not happy with the resolution from the broker. That’s very important because things do go wrong, at times. It’s not to say that we’re a perfect broker, whatsoever, but I think it comes down to how you handle those client complaints and knowing that you can actually go somewhere and speak to someone if you do have an issue that the broker hasn’t resolved. That’s a big one for me.

Ben Clay:
Lastly, I would say, customer service is really, really important. Test it out and that’s not just with us. That’s for any broker. Jump onto their live chat, give them a call, ask them some questions and see how you’re treated. I think those three things there, the reputation, the licencing, and customer service are definitely the things that I’d be looking for when searching for a broker.

Andrew Mitchem:
Yeah. Cool. Thank you for that. One thing, just to add to that, I find with your customer service, your online live chat people, I don’t know who they are or where they’re based even, but I just find them very knowledgeable and I get the answers straight away. I think there’s nothing worse than whether it be a forex broker or anything you’re out there trying to search for a product and they just give you a generic copy-paste answer, or they, what’s your name, email address and we’ll get someone else to find it for you and your guys always give the correct answer straight away and you get off the chat after just a few minutes go well, I’ll fix the problem.

Ben Clay:
Well that I’ll pass that on to our head of the client’s experience because that’s something that we’ve focused really hard on. We actually have targets and goals to have live chats answered within 30 seconds, questions answered within 30 seconds, email responses within 30 minutes. As you said, not just generic responses we’ve built out our own knowledge base internally in the company so that everyone has access to that and everyone knows how the whole company works, no matter what department you’re in and on top of that as well, we have customer service that’s 24/7. [crosstalk 00:04:06] So even on the weekends when the markets at markets are closed, you can reach out and get in touch with people. So I really appreciate that. That’s something that we’ve worked very, very hard to get to and it hasn’t been easy, but we have a really dedicated customer service team that we’re really proud of.

Andrew Mitchem:
Yeah. Good. Well, it’s look, it’s working well, I can just say that from my own personal experience as well.

Ben Clay:
Always, always good to know. Thank you.

Andrew Mitchem:
Yeah, it is. That’s excellent. Ben, next question here.

How easy is it to add and withdraw funds

Someone said, “how easy is it to add and withdraw funds and what payment methods do you offer?”

Ben Clay:
Another great question. One question that I’m always blown away that I get asked and I was surprised at how often I would get asked this was, “am I allowed to withdraw profits?” That’s what I used to get asked by clients all the time, which would just astonish me.

Andrew Mitchem:
Yes.

Ben Clay:
I mean, yes, they’re your funds. You can withdraw them whenever you like. There’re no issues whatsoever. Withdrawing is very easy with process withdrawals within 24 hours during business days. And it usually takes one to three days to hit the accounts. In terms of adding funds, we’ve added a bunch of different payment methods now so it’s really nice and easy. We’ve actually added USDT, so tether crypto funding, which you can do through Ethereum. We also now have PayPal, which has been really, really a positive far [crosstalk 00:05:22] as well as… Of-… yeah, that’s been a big one for us. Then of course credit card, bank wire, skrill, Neteller, dragon pay, and we also have faster pay. So [crosstalk 00:05:34] we’ve got plenty of different options to withdraw and deposit from and we make sure it’s nice and fast and easy.

Andrew Mitchem:
Yeah. It’s not like the old days when you had to do the whole bank deposit and even head down the bank. I remember in my first days with not with you guys, but long before, it was a it was a slow process.

Ben Clay:
Yes, yes. We’ve tried to make it as fast as possible. I think with global banking changes, everyone needs to be on that same page. There’s no point delaying withdrawals or anything along those lines. As a broker, that’s one of the most important things and it was probably the most frequent question I got asked was, “how fast do you process your withdrawals and how easy is it?” So, it’s important to us to make it nice and easy.

Andrew Mitchem:
Yeah. And again, from personal experience, I find it’s sometimes the same day and that’s different country as well. So really good.

Ben Clay:
Absolutely. I’m glad.

How safe are the funds?

Andrew Mitchem:
And safety of funds, obviously great to be able to get your funds back out, but how safe are someone’s funds when they’re there and they’re actively trading with you?

Ben Clay:
That’s another good question. One, that’s going back to the first question you asked, that’s a question you should always ask the broker that you’re [inaudible 00:06:37] board with as well. How are my funds held? What guidelines do you go by? So being regulated here in Australia, we have very strict guidelines to follow. All our funds are held in segregated accounts here in Australia and what that means is they’re kept separate from the company funds, operating day to day funds. So obviously there’s always risk in where you’re holding your funds in any financial institution but, the fact is that we hold them separately from our day to day operating funds. So if anything is to happen to blueberry markets, those funds are held separate, so to speak.

Andrew Mitchem:
Cool. Well that’s good to note.

How long have Blueberry Markets been operating?

“How long you been operating?”, that’s another question that came through.

Ben Clay:
Okay. We’ve actually gone just past that a five year anniversary, so just over five years around five and a half years now. We’re very, very proud of that. It’s been a long five years. When I started here, we had four employees and now we have close to 50 [crosstalk 00:07:32] around the world. So we’ve had a lot of growth and I think you’ve been with us since the very early days, I think 2017 [crosstalk 00:07:38] when you first joined us.

Andrew Mitchem:
Yes.

Ben Clay:
So you’ve been with us along for the ride.

Andrew Mitchem:
Yeah. Wow. That’s, that’s good to know. I came over and met Dean, must have been close on that beginning time. It seems [crosstalk 00:07:51] like probably close on five years ago now.

Ben Clay:
Yeah. I think we’re due to come over and and meet you this time around trip over.

What trading platforms do you use?

Andrew Mitchem:
Yep. That’d be awesome. Nah, good. Platforms, MT4, MT5, your main platforms?

Ben Clay:
Yes. So we’ve got MT4 and MT5, obviously they’re all available on web and mobile platforms as well. So you can use them on mobile, just download the apps there. We haven’t seen a need to branch out too much more on the platform side of the moment. Everyone seems to still love MT4 and M5 and I’m still an MT4 MT5 proponent myself. I’ve been using them for 12 years now.

Andrew Mitchem:
Yes.

Ben Clay:
So, so those are the platforms that we have but, if anyone has any preferences or platforms they want to add, always come to us we’re always open for suggestions.

Andrew Mitchem:
Yeah. Cool. I find that MT4 and MT5 covers probably 90% of most traders out there.

Ben Clay:
Yeah, exactly. Right. And on that as well, MT5 has the ability to have a lot more products than MT4 previously had, there was server restrictions. So now MT5 can have hundreds of products on there, which has been good for us.

Can I trade Crypto’s with Blueberry Markets?

Andrew Mitchem:
Good. I think that sort of ties in nicely with the next question about cryptos, because I’ve had some people say, “I can’t find cryptos on Blueberry markets” and they can on other brokers. Interested to hear your answer to that one.

Ben Clay:
Again, back to the platforms, we have all those products in our MT5 platforms. If you can’t find them speak to your account manager, you can actually request an MT5 account from your client portal, just request an additional account and we’ll get you set up with an MT5 platform, which has 10 crypto pairs on there. We’ve also added 200 Australian shares and we have 50 of the top U.S. shares, Google, Amazon, Facebook, and so on. That’s been a big addition for us this year as well.

Andrew Mitchem:
Oh wow. So on MT5 only for those new additionals. Can you trade those on just a normal forex MT5 account? Can you…

Ben Clay:
Yep, absolutely. So all those products should be there, if you don’t see them as a little trick. If you do have an MT5 account and you don’t see all those products, go to your market watch where you see all of those products listed and right click on any pair in there and then just hit show all. That will bring up literally every single product that we offer.

Andrew Mitchem:
Wow. Well, that’s good to know. So it’s MT5 if you want to go those extra, non forex market

Ben Clay:
Absolutely.

Will you be adding even more tradable products?

Andrew Mitchem:
So with all those that you’ve mentioned, I doubt this next question’s going to have an answer then because it seems like you’ve got a lot already but, the question was, “will you be adding even more forex pairs, cryptos, commodities and indices?” It sounds like you’ve already got lots there already.

Ben Clay:
Well, we do have a lot of products, but that’s not to say that we’re not open to adding more for sure.

Andrew Mitchem:</strong
Right.

Ben Clay:
We always take suggestions on board. So if there’s certain demand for a certain product, then absolutely we’ll be looking to add more as I said, MT5 has a lot less limitations. I’m hoping in the next year that whenever we do this video again next that I’ll have some updates with a bunch of new products as well. Again, if anyone has any suggestions, don’t hesitate to reach out to us and put those forward.

Andrew Mitchem:
Wow. That’s really good to know because not only do you have a whole lot of extra markets to trade, but you’re also willing to add additionals if the demands there.

Ben Clay:
Absolutely. Absolutely. We try and do what the people want at the end of the day. So come forward to us and, and let us know and we’ll take care of it.

Andrew Mitchem:
Perfect. A question here, and I think this is a very… What would be the word people underestimate the importance of this one.

Do your charts open the new day at 5pm EST New York time?

Someone said, and they may have seen a lot of my videos, but they said, “do you have five days in your week on the charts and do your charts open at 5:00 PM New York time?” I’m guessing they’re talking about the forex markets.

Ben Clay:
Absolutely, that’s something as well that was very important to us and same with the previous brokers. I’ve worked out, to be honest, I don’t understand why you would want to run on any other timeframe. That’s the timeframe that gives you the correct data and we’ll give you five daily candles through the week. The markets don’t trade on Saturday, Sundays. So that’s how it should be shown and that’s how we’ll always show. It does get a little bit tricky around daylight savings changes, but we always make sure that we keep them at 5:00 PM New York open.

Andrew Mitchem:
That’s right. That’s what I’ve always taught people. If you work on, doesn’t matter where you live in the world, if you work on 5:00 PM New York time, it’s the start of the new week and the start of each new day. People say, “how do I find out?” Well, for me, it’s quite simple. If you’ve gone to a daily chart, there should be five candles in the week and if you then scale down to a one hour chart, the new day starts with the zero, zero candle on your one hour chart will be 5:00 PM New York time.

Ben Clay:
Exactly. That’s a good way to look at it. And also it’s either going to be GMT+2 or GMT plus three, depending on whether New York is on daylight savings or not. So you can do a quick Google search as well and what is GMT+2 time at the moment, if it matches your platform then you know that, that broker’s running on that same timeframe.

What makes Blueberry Markets different from the others?

Andrew Mitchem:
Yeah, absolutely. No, that’s good. Last question here, Ben, someone has said, “what makes you guys different?” Like we said, right near the beginning, most brokers think they’re the best broker, but what genuinely makes you guys different?

Ben Clay:
That’s a question that I always get excited to answer. I guess we do have extremely competitive spreads and lightning fast execution, which a lot of brokers do. There are a lot of great brokers out there, but I really think that our customer service is what separates us at the end of the day. It’s something that we’ve worked so hard on and something that we’ve thought we saw a gap in the market while there are a lot of good brokers out there, and a lot of good brokers offering amazing customer service. We’re focusing on offering the best customer service in the world when it comes to brokers, not just being there, but being there for every single person that comes along and making sure that any issue is resolved in a real speedy timeline.

Ben Clay:
I think that’s been what’s separated us and what’s helped us grow to the level that have in such a competitive industry. So I’m really, really proud of where we are and I think if that’s something that’s important to you and I think it should be important to everyone is good customer service and knowing that something does go wrong, you’ve got someone there to talk to. So every single client of ours had their own personal account manager, no matter where you are in the world, you’ll have someone there to speak to. And of course we have that 24/7 live chat. So as well as a good range of products, amazing spreads and fast execution, it’s the customer service that really separates us from the other brokers.

Andrew Mitchem:
Yeah and once again I see that all the time, I hear that all the time, which is why I’ve always had Blueberry markets for the last five years as my preferred broker on the website. For that reason that I know if I send people to you or people I suggest… I never send people, I will say here’s a group of brokers who I think are good. You can find out which ones you think are the best and for them…

Ben Clay:
Yeah.

Andrew Mitchem:
Then it’s people making their call. But everybody that goes to you, the feedback is always exceptional around, this was easy, this was good to set up adding funds for drawing, especially the customer service. So yeah. Look, thank you for doing that. And it’s great to be associated with you guys within the Forex market when there’s so many choices for people, but so much that’s not good. It’s great to be associated with someone who is good.

Ben Clay:
Yeah, and I really appreciate that kind of feedback, that’s something that’s really important to us. The same goes for you at the Forex trading coach, I’ve known you for a very long time and I hear nothing but positive feedback from your clients, with the service and the products that you offer. So I really, really appreciate all the hard work you put in to supporting Blueberry as well.

Andrew Mitchem:
Cool. Thank you, Ben. Awesome to talk with you. Thank you to everybody who has sent in questions and look forward to catching up with again this time next year. We’ll do another one.

Ben Clay:
Sounds good to me. Let’s not leave it as long next time.

Andrew Mitchem:
Sounds good. Thanks Ben. Take care.

Ben Clay:
Thanks Andrew. Bye-bye.

Episode Title: #439: What to look for when choosing a Forex Broker

Find out more about Blueberry Markets – Click Here

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#438: Reading a Book Will Only Get You So Far

Dec 5, 2021

Reading a Book Will Only Get You So Far

Podcast:

Podcast: Play in new window | Download

Click Here To Learn More About Blueberry Markets

Click Here to Learn More About the Course

#437: How to Easily Calculate Your Position

In this video:
00:29 – You need more than just theory from a book
01:06 – What our clients get out of our live weekly webinars
03:19 – Another example from my experience of flying
05:02 – Send me your questions for the brokers
06:23 – Trading and Flying in real time

Reading a book about trading will only get you so far. In order to learn how to trade correctly for yourself in real time, you need much more. Let’s talk about that and more right now.

Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 438.

You need more than just theory from a book

Now, when you read books, you’re only going to get so much information. Sure, they can be good to give you some good background information, some grounding, understanding what to look for and candle patterns, that type of thing. But in order to trade correctly, independently, and in real time, you need something more. And that’s why here at The Forex Trading Coach we offer our clients our live two-hour trading room webinars every week. I hold the European session, and Paul Tillman, who works with me in the U.S., holds the U.S. session the following week.

What our clients get out of our live weekly webinars

When our clients attend those sessions, they get something really special out of all of them. You see, because they’re live, they’re not pre-planned, they’re not scripted in terms of knowing what’s going to happen. We are not covering up trades that maybe don’t work. All those kind of things that you could kind of think elsewhere would probably happen. Because they’re live, they real time, we’re talking about trading, we’re seeing trades, and we’re taking trades. That’s how you can then learn. Because, you have to do this for yourself. You have to put the theory into practise and have chart time and real-time thinking time in order to do this properly. And that’s the beauty of the webinars. Because, we really encourage our clients to interact with us on those sessions. They’re real time so we don’t know what’s going to happen. If we see a trade set up, of course, we go, “Yeah, I’m taking the trade.” We don’t know whether it’s going to be a profitable trade or losing trade because it’s real time.

But, what the client gets out of it is our thought process, our understanding, the mental sort of structure that we go through in terms of analysing a chart and seeing a trade in real time and taking it and why we’re taking it. And that’s the bit that’s invaluable. You see, you can do that and practise that and follow along in real time whilst watching the webinar, and it gets you into that mentality of what to look for, what to do, in order to make yourself a successful and independent trader. Now, sure, we have ways that our clients can follow us and copy what we’re doing in terms of our daily trades, things like that, things that we post on our forum site, but the webinars are just invaluable because they’re all happening right now. You can talk about that, you can discuss it, you can get the whole picture, and that’s the key.

And so, by doing that, you’re going to make yourself a far better trader, by attending those kind of webinars, and seeing or listening to what we are thinking at the time.

Another example from my experience of flying

And I’ll give you an example that I’ve experienced in my life. As you probably know, I fly helicopter. Now, when I learn to fly, I ask my instructor about hovering, because it’s one of the hardest things you can ever do with any machine ever. It’s so difficult to learn how to hover a helicopter. I nearly gave up so many times when I was learning how to hover. It’s incredibly hard. And I wanted to ask my instructor what I needed to do. I was paying a lot of money to him per hour, and it was just not working for me.

He said, “You’ve got to just feel it.” I’m quite numerical. I like numbers and patterns and structure, a little bit why I like trading. And he said, “No, you just got to feel it. You just feel it.” And I was getting more and more frustrated and angry because I wanted to almost like read the book or be told what I’m doing wrong. And I wasn’t getting that answer. I was getting, “Oh, you just got to feel it.” And the reason he said that is a hundred percent correct. The reason you say that is because you do have to feel how to hover. Every situation will be different. The way that the helicopter, the wind, all sorts of different things change. You are actually constantly making adjustments and feeling it. And so, no book can ever teach you that. Yes, you can read books about how to fly helicopter, and you might even watch a video on YouTube or something, but it’s nothing compared with really doing it and feeling it and doing it in real time. And that’s exactly the same as trading and why when you jump onto live webinars like we hold with our clients, that’s the difference. I hope that helps.

Send me your questions for the brokers

One other thing that I want to discuss with you and to get your feedback on is on next week’s video and podcast, I’m going to be interviewing Ben Clay at Blueberry Markets. If you have any questions at all that you’d like to ask to a broker, take this opportunity to send those questions to me, and I will ask on your behalf any questions that you have. I’ll put them to Ben on the interview on the webinar and the podcast for next week. Anything you’ve ever wanted to ask a broker, it doesn’t have to be specific to Blueberry. It can be anything. But if you’ve got specific questions as well for Ben and the Blueberry, anything at all, email me, andrew@theforextradingcoach.com. Just put in the subject line “Blueberry Question,” and I will ask your questions to Ben on your behalf.

It’s a great opportunity for you to find out more about a broker, what they do, how they operate, anything you’re thinking of wanting to know, whether it is account questions, withdrawal, spreads, whatever it is. If you’d like to ask that question to Blueberry, let me do it for you next week on next week’s session. I look forward to receiving your emails about that.

Trading and Flying in real time

And I hope the analogy of the learning to fly and the live webinars resonates with you because it really is so important. Yes, theory is great, but there’s nothing like doing it in real time and that practise of doing that in the market or in the hover, depending on which you’re flying or trading. Both very, very difficult to master, trading and flying, but both incredibly rewarding once you can and you’ve put that effort in and that time and that money and that dedication. You’ll get massive amounts of value from both. I hope that helps. I’ll see you this time next week with that interview with Ben. Bye for now.

Episode Title: #438: Reading a Book Will Only Get You So Far

Click Here To Learn More About Blueberry Markets

Click Here to Learn More About the Course

Podcast: Play in new window | Download

#437: How to Easily Calculate Your Position

Nov 28, 2021

How to Easily Calculate Your Position

Podcast:

Podcast: Play in new window | Download

Click Here To Learn More About Blueberry Markets

Click Here to Download my Free Lot Size Calculator

#437: How to Easily Calculate Your Position

In this video: u9s2tw5e
00:23 – Most traders do not understand lot/position sizing
00:45 – The way most people trade
01:43 – Each pair pays a different amount per pip
02:36 – I’ve made it easy and quick for you
03:00 – How the heart and the mind affect your trading
05:15 – High reward:risk trading strategy
06:40 – Download the calculator today
06:57 – Are you looking for a good Forex broker?

What lot size or position size should you take on all of your trades? Let’s talk about that and more right now.

Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 437.

Most traders do not understand lot/position sizing

Now unfortunately most traders out there do not understand the importance of position sizing or lot sizing. They don’t understand the importance, they don’t understand how to do it, and they don’t really understand why they should do it. But if you don’t understand that, it’s going to make a huge negative effect on your trading. And let me explain what I mean.

The way most people trade

You see, most people focus on making pips and they really don’t understand the importance of low risk controlled trading. And someone would generally place a trade, it doesn’t matter what the currency pair, what the timeframe chart, what the size of the stop-loss is, it doesn’t matter what their own currency account is. They’ll just place a trade at one standard lot per trade, or 0.1 or 0.01 depending on the size of your account. But they’ll just go and place the same lot size on every trade. In fact, most people will just go and place the same stop-loss on every trade regardless of the trade or the market conditions or anything. And when you think about that it’s just utter madness. Why would you do any of those? But that is probably what 90% of all traders out there are likely going to be doing.

Now if you’re listening to this thinking, “Yeah that’s what I do.” Then you really need to listen to this next bit because it’s highly important.

Each pair pays a different amount per pip

You see the issue with the Forex pairs is that each currency pair has a different payout per pip. It depends on what the currency is. It also depends on what your account denomination is. So if you’ve got a US Dollar account, then your payout per pip, let’s say the Euro/US Dollar, will be different to my account that may be in New Zealand Dollars, or someone else’s account that may be in Euros or Pounds or Canadian Dollars. It’s all different. So you really need to understand that.

Now the problem is, for most people that’s just too difficult to work out. It’s like this sort of big calculation that you need to figure out. So most people don’t do that. They’ll just go, oh I’m just going to put 0.1 lots on this trade. And the next trade? I’m just going to put 0.1 lots on the trade. That’s the problem.

I’ve made it easy and quick for you

Now I’ve made it very easy for you. I have a free lot size calculator that works on MT4 and MT5. Just select the right one, by the way, when you download it. It’s freely available on my website. I’ll put a link to it on this video and podcast post so you can find it. If you don’t have it, definitely download it. It is invaluable and you should be using it on all your trades.

How the heart and the mind affect your trading

Now, what you have to think about is this: when you have variable losses, it starts to play with your emotions. The two things in trading that affect you, one’s your head and one’s your heart. You have to control your emotions. Now, the way I trade is I have a maximum risk of half of 1% of my account per trade. So what that means is this: let’s say I had a $10,000.00 account, it could be $10,000.00 or £10,000.00 it doesn’t matter. 10,000.00 something in my account. If I’m risking half of 1%, that means I’m risking $50.00 per trade, or £50.00 per trade. 50 per trade. So half of 1% of $10,000.00 is $50.00.

So that means I know when I take a trade, regardless of the currency pair I’m trading, it could be the Euro/US Dollar, it could be the Australian/New Zealand Dollar, it could be on Bitcoin, it could be on copper, it could be on gold, it could be on the Canadian/Yen, it doesn’t matter. Whatever I’m trading, it doesn’t matter what the stop-loss size is, the currency I’m trading, or the timeframe chart. I know that the most I will lose if my trade were to go wrong is $50.00, or half of 1% of my $10,000.00 account.

Now when you think about that, when you have losses… And let’s face it, everyone will have losses. I have losses, our clients have losses. Everybody will have losses, okay? What you want to do is make sure that your losses are controlled and a known amount and consistent. It’s no good on a $10,000.00 account taking a $500.00 loss and a $100.00 loss and a $5.00 loss and a $300.00 loss. It’s just all over the place. You cannot have trading like that. You have to have controlled, known stop-loss and risk per trade before you even take the position.

Now to get that, what you have to do is adjust your lot size, and that’s where our calculator comes in. Saves you doing all the working out and the numbers and the calculating. It tells you the exact position size or lot size you need to place on that trade. And so that’s the beauty of it.

High reward:risk trading strategy

Now, if you can have like we do a strategy that has high reward to risk trades, in other words you might be making two times your risk, three, four, sometimes we have five times our risk. It means that for your $50.00 loss, if your trade’s profitable you might be making $100.00, $150.00, $200.00, or even $250.00 gain for your risk of $50.00. And that’s how you will make money consistently and long term in trading. Your losses are small, little, controlled losses. Your gains are big.

So you basically step; a few little losses, a few big gains. Make a massive move. A loss, a big gain. Couple of losses, another gain. And that’s how you’re going to make your growth of your account while controlling your emotions in your trading. Because if you can control your emotions, you can control your strategy and the way that you trade. You’re not just interfering and fiddling with a trade because you see it’s a little bit of profit, I’m going to close it. Why do people do that? Why do people always close for a small amount of profit when there’s no need to? But they take the full loss? That becomes the issue. So you’ve got to flip that around. If you can do that, you can do that with low risk and you can do that by adjusting your position size or your lot size to ensure that all your trades are known, controlled, and low.

Download the calculator today

Download the calculator if you have not done so. It is going to be a massive step forward for your trading and to help you, 1) with the ease of it, and 2) with the calculation and the control. This is Andrew Mitchem here at The Forex Trading Coach. Hope that helps.

Are you looking for a good Forex broker?

Lastly, I need to mention about brokers. I get asked about it all the time. If you are after a high quality, really really top service in terms of customer service, reliability, ease of getting your money back out as well, Blueberry Markets over in Australia. Have a look at Blueberry; I’ll put a link to them as well on this video and podcast. There’s also a link on my website. Go and check them out if you’re looking for a really good option to consider a safe place to put your funds, and a really good quality broker to deal with. Blueberry Markets in Australia. Have a look at the link. I can highly recommend them. I’ve been with them myself for years, and we’ve sent thousands of people to them. They are all very pleased with Blueberry. So I’ll see you this time next week for more trading tips and information. This is Andrew Mitchem here at The Forex Trading Coach. Bye for now.

Episode Title: #437: How to Easily Calculate Your Position

Click Here To Learn More About Blueberry Markets

Click Here to Download my Free Lot Size Calculator

Podcast: Play in new window | Download

#436: Can You Trade Non-Forex Markets?

Nov 21, 2021

Can You Trade Non-Forex Markets?

Podcast:

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Click Here to Learn more About my Course

#436: Can You Trade Non-Forex Markets?

In this video:
00:28 – Trading Non-FX pairs
01:02 – Getting into exotics, cryptos, commodities and indices
01:45 – Clients enjoy trading the same strategy but on new markets
02:15 – Trades taken and posted on our sites recently
03:11 – Lots of new opportunities now available
03:38 – The same money management principles still apply

Let’s talk about non-Forex markets. Can you trade them? How do they work? And can you use the same strategy? Let’s talk about that and more right now.

Hey, Forex traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 436.

Trading Non-FX pairs

Now I want to talk about trading non-Forex pairs, because it’s something that we’ve been getting into a lot here at The Forex Trading Coach. And I’m talking about things like indices, commodities, and cryptos. But go back to the beginning: do we trade them? Yes, we do now. But we’ve not done that for a very long time, and the reason is we are The Forex Trading Coach. So therefore naturally we’ve been focusing on Forex pairs because the Forex markets offers us so many great opportunities. We’ve got different currency pairs, different timeframe charts, and it’s worked absolutely fantastically.

Getting into exotics, cryptos, commodities and indices

Now a little while ago we’ve gone into a few more of what we call the exotic pairs, things like the Swedish Krona, South African Rand, Singapore Dollar. Some of those more sort of minor exotic pairs. And they still do work, there’s great opportunities on them. The downside is though that some of those exotic pairs tend to have quite wild and wide spreads at times over the day when the market’s not that active. And that can become sort of negative for trading some of those more exotic pairs.

So what we’ve done is as more and more of the MT4 and MT5 brokers around the world have offered a larger variety of markets, we’ve got into those as well.

Clients enjoy trading the same strategy but on new markets

And a lot of our clients are loving trading these different markets, because the thing is the strategy that we trade and teach works across them as well. And why does it work? Well, because it’s based on sound principles and price action and candle patterns and all the other things that we put together, support resistance. And the beauty is it doesn’t really matter what Forex pair you trade or what market you trade, the strategy works. Because the pattern is the pattern is the pattern. And you know, give you some examples.

Trades taken and posted on our sites recently

This week I’ve taken a trade, and we put all of these trades I’m about to mention have been on our membership site and forum site, I’ve got a trade on the US 200 on the index there as a buy trade on a daily chart. And that’s worked absolutely beautiful. We had last week trades on the ASX 200, the JP 225 that was this Monday. Last week HK Hong Kong 50. We’ve had trades posted just yesterday on six hour charts on our forum site on UK and US oil. Today, I’ve taken a trade on gold, and last week we had trades on copper, Bitcoin, and Ethereum. So it’s just in the last two weeks.

So it just shows the opportunities out there. And that is because the strategy works because it’s good, sound principles of how to trade, how to read charts.

Lots of new opportunities now available

And the beauty that I’m finding from my point of view is it’s suddenly opened up all these extra markets. And if we’re trading just once, twice a day, it doesn’t really take an extra couple of minutes to scan through gold and silver, a few commodities, a few indices, and a few cryptos. You can do it all in maybe two or three minutes extra, once maybe twice a day and that’s it. That’s the beauty of it.

The same money management principles still apply

Now, it still comes back to the same principle. All of our trades are low controlled risk and known risk, and again I go back to what I say all the time, for me personally I never trade more than half of 1% of my account on a trade. When I split my positions like I do most of the time with a limited order and a market order, I’m trading a quarter of 1% at market, quarter of 1% at a retracement order. But a total of both trades get filled and both trades get stopped out half of 1% loss. So on a $10,000.00 account, the most I’m losing is only $50.00. However, because of the way that we trade and the way that we use our stops and our profit targets, including on the cryptos, the indices, and the commodities, our reward to risk is still extremely high. So we’re making between a two and a five, sometimes up to a 5-1 reward to risk. So low controlled risk, high gains per profitable trade, but you can trade any market that suits you.

So I hope that helps. Something a little bit different, but we’re getting more and more into these markets. We’re really excited by it as well, by the way, because we’re seeing great trading opportunities on them as well. So if the Forex markets are just a little bit slow maybe sometimes, and that happens with all markets, we now have the option at looking at some slightly newer markets as well. Still trading well, still making great money. If you’d like to know more, send me an email andrew@theforextradingcoach.com, and you can find us on our website, www.theforextradingcoach.com. I’ll see you there. Bye.

Episode Title: #436: Can You Trade Non-Forex Markets?

Click Here To Learn More About Blueberry Markets

Click Here to Learn More About my Forex Online Course

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