Weekly Video News & Podcast

#453: Seeing Through the Chaos of The Forex Market

Apr 10, 2022

Seeing Through the Chaos of The Forex Market

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#453: Seeing Through the Chaos of The Forex Market

In this video:
00:25 – The markets are just chaos
01:17 – Doing nothing could be the best thing to do
01:57 – Traded the H8 and H12 charts instead
03:11 – We help our clients to demystify the charts
04:24 – You have to be able to act on what the market is telling you in real time
05:45 – Time to join us?
05:51 – Are you looking for a good Forex broker?
06:42 – How you can contact me

How can you easily see through the chaos that is the forex market? Let’s talk about that and more right now.

Hey, traders. It’s Andrew Mitchem here at The Forex Trading Coach. This is video and podcast number 453.

The markets are just chaos

Now, the markets are just chaos. That’s really what they are. Lots of lines, lots of different indicators, lots of confusion going on, different timeframes, different currency pairs, different system strategies, just utter chaos. But as a trader, you need to be able to see through that chaos to actually read on the charts what is actually happening, and think, “Well, behind the scenes, what are these charts telling me is happening right now?” Are there more buyers in the market? Are there more sellers in the market? Is this a trade to take or not? How do I know which currency pair to look at? How do I know which timeframe chart to look at? What happens if the MACDs telling me to buy and the RSIs is telling me to sell? All those type of things. Utter, utter chaos going on in the market.

Doing nothing could be the best thing to do

And sometimes, the answer is to do nothing. Give you an example, just today, right now. The 8th of April on the daily charts, we have taken no trades today on the daily charts. Why? Because there are no good setups. We’ve been through all the forex pairs, all the metals, the indices, commodities, cryptos, everything. I do not see a single trade today on the daily charts. So, therefore, we’ve not taken any. We’ve had a great week so far. We’ve had four really good days of trading and had some good trades. And therefore, the answer today or the solution today, the strategy is do not take any trades because there are none.

Traded the H8 and H12 charts instead

However, we’re still taking two trades, one on the eight-hour Euro-Aussie and one on the Euro-Hungarian forint on 8-hour and 12-hour that we posted on our membership site for our clients to trade and to learn from. Why? Well, because out of all the different currency pairs, all the markets, all the timeframes, at the change of day leading into Friday the 8th, those are the only two setups that I see on the charts that are suitable to trade the strategy that I trade. And therefore, those are the only two that we’ve passed onto people. Why are they good? Well, they have the candle pattern that we look for. They’re bouncing at the right area that we’re looking for. They have some stop-loss protection that we’re looking for. They have room to move. They’re both sell trades. They have room to move before any next support gets in the way, any previous lows, pivot points, middle Bollinger Bands, all those type of things. So, we see on those two trades, are high-probability setups, and therefore they are the two we’ve taken. So, we’ve looked through of all the chaos, we’ve seen through all the chaos, the different lines, graphs, prices, everything that’s going on, strength and weakness on the markets. And we’ve come to the conclusion that they are the two best trades. So, that’s how we help our clients.

We help our clients to demystify the charts

We help demystify. We help you to see through the chaos that’s out there. And we say, “These are the trades that we are taking,” and why. And when you think about that, having that ability to follow along with someone and look, we’re not always right. No one’s always right, but those are the trades in real time that we see as the best two trades. So, we’ve given our clients our insight, our thoughts through the setups and our solutions, and our solutions are those two trades at the changeover of the day between the 7th and the 8th at 5:00 PM, New York time.

And so that helps to demystify, it helps to give clarity. They can see exactly what we’re seeing and why. They can see the candle pattern, the part of the chart that the trades occurred in, the reasons for the trade, all those type of things just helps you focus on what it is you need to look for, as mentioned, through what is otherwise utter chaos. And so we make things simple. That’s what we do. That’s our job as traders, as teachers, that is our job to make things simple.

You have to be able to act on what the market is telling you in real time

And as traders, you have to have things simple. You have to be able to see these things in real time and to be able to act on them. Otherwise, if you’re the sort of person that has a strategy that only looks great in hindsight, then good luck to you. It’s not going to work.

Years and years ago, I did a lot of looking into Elliot Wave theory and different things like that. And for me personally, when I read books or looked online of different waves and patterns and retracements, ABCs and all these things, all looked wonderful in hindsight, but you try looking at it in real time. Again, utter chaos. And so for me, it didn’t work, but the way that we now trade, the way that we use candle patterns and all those type of things that we teach, it works in real time. So, that’s where you need to get to. That’s why we hold live webinars each week. That’s why we post our trades each day. That’s why we have a forum site that discusses all these different setups. That’s why we have trading software, so we all look at the charts at the same time. We’re all looking at the same charts that you see behind me here with the pivot points on there with the candle identifier, with divergence. All the things we look for, we all see the same thing. And that’s where we have a fantastic community of traders, all helping each other out, all trading the exact same strategy and all doing well.

Time to join us?

So, if you’d like to be part of that, you know where to find us. Just email me, andrew@theforextradingcoach.com.

Are you looking for a good Forex broker?

Now, the other thing, if you are also looking for a good broker. As I mention, each week, because they’re so good, it’s Blueberry Markets. Highly recommend you have look at them, check out their website, ask questions. You can ask me questions about them. We have a lot of clients go through Blueberry Markets. They’re really good. Apart from if you live in maybe the US and a couple of other countries around the world, pretty much anybody else can trade through them. And I highly recommend them. I’ve been with them for years. Met them in person, speak to them every few weeks. Just good people, good platform, good spreads, good variety of markets in their MT4 and of course MT5 as well. So, have a look at the link that I’ve put here below this video and podcast, if you’re interested in looking at trading through Blueberry Markets. So, I hope that helps.

How you can contact me

Any questions that you have, any topics you’d like me to discuss on future videos and podcasts just like this one, I’m here to help. So, let me know what you’d like me to talk about. And if you have any trading issues, let me know, and I’ll do my best to help you out with those and cover them for you. So, I’ll see you this time next week. Happy trading, unravel the chaos, make things clear and demystify your trading. It helps so much. We can help you with that. You know where to find us. Bye for now.

Episode Title: #453: Seeing Through the Chaos of The Forex Market

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

#452: How to Make Great Returns if You Have a Small Trading Account?

Apr 3, 2022

How to Make Great Returns if You Have a Small Trading Account?

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

#452: How to Make Great Returns if You Have a Small Trading Account?

In this video:
00:31 – How to make excellent gains with a small account
00:49 – The incorrect perceptions
02:07 – Questions from traders
04:00 – Losing traders blame the market
04:26 – What can you do differently?
05:06 – Trading on a prop firm account
06:08 – How much money do you need in your account right now?
07:11 – Choosing a Forex broker

I’m going to explain how you can make fantastic returns from your trading, even if you only have a small trading account today. Let’s talk about that and more right now.

Hey, Forex traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 452.

How to make excellent gains with a small account

And I want to explain all about how you can make some exceptional gains and returns through trading the Forex market even if your account is very small. And ultimately your account size today does not matter, but let me explain more.

The incorrect perceptions

You see the problem is most people think you need a large account in order to trade and to make money from trading and eventually to make a living from trading. But there’s more to it than just that. And let me explain what I mean. You see the issue that I see everywhere is that so many people get into trading with unrealistic expectations, and they might come to the market with a thousand dollars account or $5,000 account. And they think they’re going to be able to live on that. And of course you can’t.

And so therefore to try and make some meaningful money out of that, they start doing silly things. They’ll start scalping the market, trading, making a pip or two on one minute or five minute charts. Some people will try news trading. Some people will try what called Martingale, which is when you basically double your position size all the time. And eventually one of those trades will win and make up for all the losses. Some people trade without stop losses. All these kind of crazy things that people do, which is incorrect trading, but they do it because they have a small account size to start with. So you can see the issue that people have.

Questions from traders

And I get questions all the time from people and they say, “How much do I need to pay for your course? Things like that. And people then come to me and go, “Well, how much am I going to make?” And I’ll give you a great example. Right behind me here. I’ve got a US Singapore 12 hour chart trade open. Okay. So I’ve got three trades open on my account behind me. They’re all on the 12 hour charts, all took yesterday, all on our membership site, all posted. And I’ve had three trades close, three still open. If I close them all right now on those six trades, I’ll be up 1.8%, but I’ve only risked a quarter of 1% on each of those six trades. So I’d be up 1.8% if I close them right now. I’m not going to because the three still open have got a little way to go to profit. I’ll probably be up around 2-1/2% total if they all hit their profit target for the six trades, quarter percent risk per trade.

Now some people looking at that and go, “2-1/2%, that’s not very exciting.” I look at that and go 2-1/2%, but with only exceptionally small risk per trade is incredibly good trading. But I could quite easily say to you here now that I’ve risked 2-1/2% per trade instead of a 0.25%. So I’ve risk 10 times the amount. And I could then go and say, “Well, if these trades hit profit, I’ve made 25% in a day.” And that would be true. But the issue is is that my risk is 10 times greater. So therefore my gain, because I’m a profitable trader, is also 10 times greater. But you see the issue where most people who don’t know how to trade is they’ll start risking 2-1/2% of their account per trade and have losses and probably have all six trades lose. And all of a sudden they, 12, 15% down on their account in one day. And that becomes the problem.

Losing traders blame the market

And the issue then becomes is they then start blaming the market. They blame everybody else. Forex is a scam. It doesn’t work. Someone else tells you, you pass that on to someone else. They think that Forex doesn’t work. And so you see the snowball effect once that happens. But the whole thing happens because of lack of education and they don’t know what they’re doing and they’re not thinking properly. And that all happens due to a small account size.

What can you do differently?

So what can you actually realistically do about that? The thing that we are finding, just so many of our clients are doing, once they know how to trade and once they’ve been with us for a bit is they’re trading through prop firms. And I’ve mentioned this on quite a few recent video and podcast, and I’m just in the process now putting together a worksheet of different prop firms and the advantages and disadvantages of different prop firms and different programmes that they each have. And we’re also working towards maybe having our own Forex trading coach prop firm as well. That’s a few weeks away, but when I get that information, of course, I’ll be letting you know.

Trading on a prop firm account

But to give you a prime example, one of our clients over in the UK is now trading on a $750,000 prop firm account because he’s gone through all the stages and been profitable all the way. He’s now on 750,000. When he makes a 10% gain on that, which is $75,000, he’s on a 70/30 profit share, which means he’s up for 52,500 US dollars when he makes 10% on that account. And once he gets to that next level, his prop firm is then going to double his account. He’s up to one and a half million. So assuming he then makes another 10% on that account, and there’s no time limit on there. He’s in up for $105,000 on the 70/30 profit share. In fact, I think he goes to 75/25% at that stage I think. I don’t think he’s quite 80/20. I think that’s another level again.But you see what can be achieved.

How much money do you need in your account right now?

So going back to the very beginning, how much money do you need in your account size right now? Doesn’t matter. The important thing is you need to learn how to trade correctly with low risk, low draw down, high reward to risk trades and realistic expectations. If you do that, and that’s where we come in. If you can do that with our help, you imagine being like this guy in maybe another few months, on $105,000, because he’s made 10% on the prop firm’s fund, on someone else’s money. He doesn’t need a the 1.5 million himself. He just needed to come on board with us, learn how to trade properly, put some time and effort in and go through the stages of the prop firm. And that’s just one prop firm, of course. So that is one of the very simplistic, easiest ways that you can turn your trading into very, very high quality returns. All comes back to learning how to trade first.

Choosing a Forex broker

And if you’re looking at somewhere right now for you to put your funds, whether you’re starting out on a demo account or going to a live account, I can highly recommend you take a good look at Blueberry Markets. You’d have heard me talking about Blueberry Markets for years now. The reason is they’re so good. The reason is their customer support is the best you will find. They now offer the MT5 platform, as I’ve mentioned in recent podcasts, and I’m finding it exceptional. Good spreads, lots of markets to trade, of course, on MT5 it’s easier to look at different timeframe charts, like 12 hours and eight hours, six hours, cetera like that. And just really decent people. Have a look at Blueberry Markets. I’ve put a link to them on this video and podcast so have a look there. And I mentioned to them if you join them that you heard about them through a podcast or video just like this, and they’ll look after you really well.

So I hope that helps. Just remember, your account size today does not matter. Learning how to trade properly does matter. Do that. The funds will follow. I’ll see you next week.

Episode Title: #452: How to Make Great Returns if You Have a Small Trading Account?

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

#451: What is the Best Time Frame Chart to Trade?

Mar 27, 2022

What 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

#451: What is the Best Time Frame Chart to Trade?

In this video:

00:26 – The best time frame chart to trade?

01:31 – Even more time frame charts now available on MT5

02:08 – How I analyse the market each week

03:14 – Trade only at the close of a candle

03:42 – Trade at 5pm EST New York Time

04:21 – Where is the best candle pattern showing?

05:25 – Have a look at Blueberry Markets when looking for a broker

06:35 – Subscribe and share this video

What’s the best timeframe chart to trade? You’ve got so many options now, and it can be very confusing, so let me help you with that and more right now.

Hey, traders, it’s Andrew Mitchem, here at The Forex Trading Coach with video and podcast number 451.

The best time frame chart to trade?

And I get asked the question every week, “Andrew, what’s the best timeframe chart to trade?” And that’s it. People get very confused. They want to know the best. The answer is really there is no one best timeframe. But as a trader, I believe that you need to look at multiple timeframe charts.

Now, the issue that a lot of people have is they might be seeing a potential buy trade on one timeframe. And you might have seen a down trend and the trend looks like it’s reversing. The market looks very oversold, and you’re thinking, “I’m looking for opportunities here to buy it back up again.” And that may be on, let’s say, a one hour chart. And then you go to a four hour or six hour daily chart, and it’s clearly in a down trend. And you’re going, “Oh, but I’m now looking at this being overboard and it looking like it’s going to fall. But when I click through to a different timeframe, it looks like it’s going to start rising.” And that complete confusion and you’re not really sure what’s happening in the market.

Even more time frame charts now available on MT5

And I suppose now with MT5, if you’re on MT5, you now have the option of far more built in timeframe charts that MT4 never offered. As an example, you can trade two hour, three hour, 6, 8, 12 hour charts that on MT4, they were never there a standard timeframe charts.

And so potentially this leads to even more confusion for people because they got even more timeframes to scan through and you can even go down to the number of minutes on MT5 as well. By the way, I suggest that you don’t trade anything shorter than a one hour chart ever. It’s just not worth it.

So you can see the confusion that people have there.

How I analyse the market each week

So for me, when I analyse the market each week, at the beginning of each week, I go through the weekly charts and I look at the anticipated strengthen and weaknesses on different currencies and the currency pairs. In other words, where I’m seeing on the bigger timeframe, likely movement up or down for that week. I do the same each day based off the daily charts as well. So I say that within the day, the next 24 hours, the euros looking really strong and the U.S. is looking really weak. Therefore, the Euro, U.S. dollar, I’m anticipating it’s going to go up. Doesn’t mean to say, I’m just simply taking a buy trade, but it means to say that I’m preferring buy trades if I see them.

If my weekly analysis suggests that the Euro, U.S. is heading up and my daily does, then I’m really ideally focusing on looking for buy trades on the Euro, U.S. on maybe a 12-hour chart or four hour, whatever it might be that you are trading, still according to your candle pattern. But you can see the issue that people have with the confusion of different timeframes and what they’re saying.

Trade only at the close of a candle

So I think it’s also really important that you only trade at the close of a candle as well. That stops a lot of the confusion. And at that time everything’s set. Any indicators that you are using, whatever it might be, stastics, MACD, RSI, whatever it is you are using, that is set. And those levels do not move once the candle has closed. And what you can also do at that time is save yourself a lot of time.

Trade at 5pm EST New York Time

Now at 5:00 PM, New York time, at the close of the day and the open of the new day on the Forex market, you can trade the daily charts, the 12-hour, the eight hour, the six hour, and the four hour. I probably wouldn’t go any lower than that at that time of the day. And at that time of the day, you can scan through your charts. Look at those five timeframe charts and do that really quickly. And then for me, I also try to look at 5:00 AM, New York time, whereas I can look at the 12, the six, the four, the three, the two and even down to the one hour charts because it’s in the European timeframe at that time. But it’s really important when it comes to actually picking which timeframe you’re going to trade.

Where is the best candle pattern showing?

For me, it comes down to which of those timeframe charts is showing the best candle pattern and the best overall setup at that time. And with that, I want the cleanest passing. I want the most protection for my trade. So it has my trade banks at a certain level. It does have say the pivot point to protect it. It does have a round number to protect it, all these things. I want as much protection around my stop loss as possible. So with the aim of if the trade starts to go against me, it doesn’t go through these barriers, these different levels and hit my stop loss. So I want protection around my stop loss.

Likewise, I want the least path of resistance to my profit target. I don’t want it to start having to go through, on a buy trade, previous swing highs, or round numbers, et cetera. I want to make sure it as little barriers as possible to get to my profit target. So it’s all about which timeframe chart shows me the best set up, the cleanest pattern at that time.

Have a look at Blueberry Markets when looking for a broker And when it comes to your actual trading itself, have a look at Blueberry Markets. I strongly recommend Blueberry Markets. I’m finding them really good. I’m loving their MT5 platform as well, by the way, with all the extra commodities and indices, the other additional more exotic Forex payers as well. And just the ability to scan through those extra timeframe charts very easily. I’ve just personally created two profiles, one for Forex and one for everything else on my MT5 account. And I’ve got a little script that basically says, “Make all of these 12-hour charts.” And it just goes and puts them all at 12-hour charts. Or, “Make all of these six hour charts.” If you don’t have that, of course you can just create different profiles for each timeframe chart.

But the ability to trade a lot more markets, the ease of going through lots of different timeframe charts and just a bunch of great people, really good people, fantastic customer service. Again this week, I’ve received emails from people saying, thanks for recommending Blueberry, finding that they’re really good and people are happy with them. So that’s very important when it comes to selecting a broker. So I hope that helps.

Subscribe and share this video

Feel free to share this video or pass it around to anybody who you know might be struggling with different timeframe charts and understanding that within the Forex market or any other market. And I’ll see you this time next week. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now.

Episode Title: #451: What 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

#450: All the Trading Tips You Need to Be a Successful Trader

Mar 20, 2022

All the Trading Tips You Need to Be a Successful Trader

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

#450: All the Trading Tips You Need to Be a Successful Trader

In this video:
00:36 – Great feedback from my weekly videos and podcasts
01:13 – What’s kept me trading?
02:40 – You make it look easy
03:49 – I love trading the Forex market
05:11 – 3 trades and all 3 hit the profit target
05:55 – Valuable content for you on my videos and podcasts
06:49 – Prop firm trading success stories
07:49 – Choose Blueberry Markets and MT5
08:36 – Contact me for future trading topics

If you’re the sort of person that wants to learn how to trade a very low risk and consistent way of trading the Forex market and other markets, I really encourage you to go and review many of my previous weekly videos and podcasts, just like this one. 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 450.

Great feedback from my weekly videos and podcasts

We’ve reached another milestone. I really love bringing these weekly videos and podcasts to you and I love the feedback that we get because it helps so many people. Now, I first started trading back in 2003, a long time ago now. Back then there wasn’t really a great deal of information out there, especially related specifically to the Forex market. If I was learning about different indicators and chart patterns, it was mostly stock-related and I put it into the Forex market and I found that most of it didn’t really work particularly well.

What’s kept me trading?

But over the time you kind of develop your own things. I get asked all the time, “Andrew, why are you still trading right now and what’s kept you going through all that time?” Because when I look back at other people who were trading back when I started, almost none of them are still trading today. So I’m really proud of our longevity and our consistency. To me it’s the consistency that is the key; as a person, as a trader, as a company. So as a trader, I find so many people come to me and they say, look I want to become your best student. I want to become the best trader. I want to become a money manager. I want to become all these things. They give me all these emails for about a week or two and then they don’t take action or nothing happens. They go quiet. It’s like, well I suspect you’ve been on Google and you’ve learned Amazon drop shipping, or you’re going to create e-book marketing or you’re going to create something else. That becomes the biggest issue I find with so many want-to-be traders.

Without sounding rude people traditionally, most people, are quite lazy. People want things handed to them. You have to be able to do the work and you have to be prepared to do that hard work upfront.

You make it look easy

It’s all well and good to say, you make it look easy. But that’s because I’ve had years and years of going through that hard work process and that consistency to get to this stage. I bring it back to flying the helicopter that I fly again. When I was learning it was an utter nightmare. It’s so hard to learn how to fly a helicopter. But you watch someone who’s been doing it all the time and they make it look so easy. It’s so natural to them. It’s only because of their dedication and hard work and perseverance and investment in time and in themselves and their learning to get to become a good, safe operator of a helicopter. And trading the Forex market is no different.

So if you want to learn how to trade properly, invest in yourself, invest in your time, be prepared to do some hard work upfront. Be prepared for the ups and downs, the rollercoaster, that will inevitably happen. But stick with it. You’ve got to have enjoyment in it.

I love trading the Forex market

I love trading the Forex market. I love the fact we can now trade other new markets that I’ve talked about, such as the cryptos, the commodities, the indices that are now available to us. I love the ability to help people learn how to trade. I love the ability of what trading allows me to do in terms of time freedom, financial freedom, learning about the world, trading on my own terms.

When I developed my trading strategy some 15 years ago, because of course it took several years of going around in circles. I still trade that same strategy today. Why? Well, because it works. It allows me to trade two or three times a day with low risk, high reward to risk strategies. Doesn’t matter what timeframe chart I’m trading, doesn’t really now matter what market I’m trading. The pattern is what I’m trading and the pattern works. That’s the beauty of it. It becomes enjoyable, you’re learning about what’s happening in the world, why things are moving, what’s going on, and the ability to see that, take action, and see… In most cases because probability is a big part of trading of course, in most cases, not all, but most cases the pattern works and the result comes.

3 trades and all 3 hit the profit target

I took three trades yesterday: Aussie/US, Aussie/Singapore, and Euro/Aussie. They were highly Aussie-related, of course, for strength. I woke up this morning, all three trades green lights, hit the profit. That’s really rewarding to be able to see that on your charts, take action, see the returns. You can do that once you know what you’re doing. So consistency, you always have to be there. Don’t be one of those people that go, “I’m going to be really dedicated to this,” and then two or three weeks later you go, “I’m going to take a break from trading for a week or two. I’m going to go and do something else,” or, “I can’t be bothered to do this.” It’s not going to work. You have to have that right mindset.

Valuable content for you on my videos and podcasts

I’ve really enjoyed bringing you these 450 videos and podcasts. There’s a lot of very valuable content in these 450 free videos and podcasts that I’ve brought to you over the years. I encourage you to go and watch some of the previous videos or listen to some of the previous podcasts; whether you’re listening on Spotify, on iTunes, whatever it is you’re listening on, or you’re watching on my website, YouTube or any other platform, I really encourage you to go back and watch some of those previous ones. Because there’s so much great information in there that’s still very, very relevant. Just because they may have been filmed five years ago, or seven, or eight years ago, does not mean to say that they’re not relevant. You can still learn about low risk, money management, daily trading strategies, continuation patterns, ran numbers, all those things that we talk about. Go and watch some of that previous information because it will massively help you.

Prop firm trading success stories

Now, a couple of things to add here. One of the most recent updates that we are getting just incredible feedback from is prop firms and I’ve talked about that on quite a few of these recent videos and podcasts. I held a live webinar with our clients last night. I had two clients tell me about their prop firm success. One started on $6,000.00 demo, he’s now on to his first live account of $24,000.00 through a prop firm. The other person’s now on to $100,000.00 live account and he’s been through two evaluations and now every time he passes the next evaluation he’s doubling up. So I think he was on a 75% 25 profit share. So on his $100,000.00 making 10% he’s just made $7,500.00 for himself. He now moves on to a $200,000.00 account, do the same thing, there’s $15,000.00. Double up again there’s $30,000.00. So he can see the incredible gains to be made.

Choose Blueberry Markets and MT5

As always, a mention for Blueberry Markets. I’ve been using their MT5 platform as you probably know now for the last two or three weeks, really enjoying it. Really enjoying the MT5 as well, to be honest. It took a little bit of persuasion to get me there, but I’m really enjoying it. Blueberry Markets offer so many extra markets, more Forex pairs but more markets to trade. Of course, you have the ability to easily trade charts in terms of timeframes like two, three, six, eight, 12 hour charts that are not standard on MT4. So have a look at Blueberry Markets if you’re considering a new broker or changing brokers. I’ll put a link to them on this post. So that’s it. Enjoy the videos. Take advantage of them.

Contact me for future trading topics

If you want me to make videos on other topics and questions that you have about trading, just send me an email: andrew@theforextradingcoach.com and I’ll help you out with future information just like this. I’ll see you this time next week. Looking forward to making the next 50 to get ourselves to 500. See you next week, bye.

Episode Title: #450: All the Trading Tips You Need to Be a Successful Trader

Find out more about Blueberry Markets – Click Here

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

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#449: How Are the Fuel Prices Where You Live?

Mar 13, 2022

How Are the Fuel Prices Where You Live?

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

#449: How Are the Fuel Prices Where You Live?

In this video:
00:29 – Russian invasion of Ukraine
01:06 – Massive global inflation
01:48 – The price of fuel
02:56 – What can you do about it?
03:33 – Trading is one of the best ways ahead
04:14 – Fast tracking your trading income
05:09 – Clients making great returns via Prop firms
06:20 – Crypto trades make us +7.1% gain in 1 day
07:22 – Blueberry Markets are my broker of choice

The Russian war is affecting everybody, but let’s see how you can protect yourself from its downside effects. Let’s talk about that a more right now.

Hey traders, this is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 349.

Russian invasion of Ukraine

Well, obviously the Russian invasion of Ukraine is getting massive international news right now. And it doesn’t really matter whether you live in Europe and it’s relatively close by. You may even be in Ukraine itself. And obviously it’s a massive issue, or you could be in the US or South America, South Africa, Australia, New Zealand, you could be thousands and thousands of kilometres away from physically being there, but it still has an effect on all of us.

Massive global inflation

Now, over the last couple of years, obviously with the incredible amount of spending that governments have done around the world through handouts and cost of COVID, there’s all these massive, massive costs that have built up and there’s not been so much production.

What we’ve obviously seen over the last sort of, well, part of this year so far, is inflation going to massive record level. And now you add on top of that, the issues that have been created with supply chains and oil and gas prices from the Russian invasion of Ukraine, and you’re getting like a double whammy.

The price of fuel

Now, I know here in New Zealand, the price of fuel is just going through the roof. I know I put a lot of fuel in the helicopter to fly. The price has gone crazy. Obviously, for shipping here, everything has to be brought in because unfortunately no longer do we make anything here. So everything has to be brought in. The cost of international shipping, not only the time delays, but the cost of doing it, is through the roof.

I talk to people in America all the time, their fuel price is getting crazy. I’ve talked to people in Europe and they reckon that it’s now uneconomical for some people to put fuel in their car to go to work because the price has gone up so much. So all of this, the inflation cost, the cost of living, the fuel, all gets harder and harder to run your daily lives. Your cost of living. You pay your mortgages. Add on top of that places like New Zealand here, where we still have these ridiculous job mandates still due to COVID and people have lost their jobs because they’ve chosen not to get jabbed. So you’ve got so much spiralling out of control here.

What can you do about it?

What can you do about it? Well, you can go and ask your boss for a pay rise. Good luck with that. See how that goes. Probably not going to happen in many cases, probably not going to get the favourable answer that you’re looking for. You could go and win the lottery, go and win a horse race, but it’s not likely to happen. Is it? So the third way is what are you going to do about it yourself? What are you going to do to create a new source of income, a passive income, a side hustle?

Trading is one of the best ways ahead

And that’s where it always comes back to me that trading wins hands down every time. Sure, you can go and invest in some property, but you got to take on more debt. You have to find tenants, especially if it’s commercial these days. Not very exciting buying a shop in town in most places around the world with everybody online and not going to towns. So, property has some advantages especially if it’s like residential, but you still have lots of disadvantages. If you’re looking for income and you’re looking to gain a skill, then learning how to trade to me is without doubt the best way that you can do this.

Fast tracking your trading income

Now, also, when it comes to that is how can you then fast track the income that you make from trading? And over the years we’ve discussed selling signals and things like that, which can help. But more recently, you’d have heard me talk a lot about prop firms. Now, prop firm is where you trade for a prop for another firm. And after an evaluation process, they give you a fund and you have criteria to meet, but you then make profit on that. You then have a profit share. Now I’m in discussion with quite a few well known prop firms right now to see how we can work together to get some good deals for you guys for joining them. And I’m also working with some investors to see about creating our own, the Forex Trading Coach prop firm. And we are getting quite close on that as well. When I have more information, of course, I’ll be sharing that with you.

Clients making great returns via Prop firms

But with our clients, we have a lot of clients that are making incredible returns from prop firm trading.

Now, if you work your way up through the prop firms, then let’s say you get to yourself into the stage of trading a million dollar prop firm account, and you’re on a 70-30 profit share, when you make 10%, a million dollars round numbers means you made $100,000. Whether that takes you a week to do that or six months or a year, doesn’t matter, you’ve made $100,000. It’s not even your money. So on a profit share of 70-30 means that $70,000, 7-0, $70,000 of that $100,000 that you’ve just made is yours. Now, you can then continue with million dollar accounts. You might even, depending on your prop firm, go to a $2 million account. And next time you make a 10% return, 70-30, you’ve suddenly made $140,000 for you, not even your money to start with. So you can see how it’s important to learn how to trade first. But once you can do that, how you can soon fast track the returns that you make.

Crypto trades make us +7.1% gain in 1 day

Now talking of returns, on Friday of last week, I mentioned three crypto trades that we put on our membership site on the last video that I made. Go and have a look at it if you don’t see it. Those three trades by risking half of 1% on each. So if all three trades went wrong, you’d have lost one and a half percent. They made, because all three were profitable, a massive 7.1% gain on your account. 7.1% in a day on three trades. Today I’m taking three trades in one hour from now. It’s currently 4:00 PM, New York, Thursday evening. My Friday morning here. And I’m looking at taking three trades on the close of the daily chart. Let’s see how they go by the time you watch this. So this will be a good test. I’m taking a short position on the Euro Aussie, the Euro Canadian and the Euro New Zealand. So by the time you get to watch this, it will be your Sunday or Monday, and you can get to see how those three trades went. So those are the three that I’m taking on the daily charts for today.

Blueberry Markets are my broker of choice

And when it comes to looking for a broker to use, I can highly recommend Blueberry Markets. As mentioned last week, I’m now back onto their MT5 platform. I’m loving MT5, loving the ability to look through a lot more different markets and easy scan through different timeframe charts. But look, Blueberry Markets are great guys, great platforms, fantastic spreads. The best customer service you will find. I’ll put link to Blueberry Markets on here, have a chat with them. The guy I deal with is called Ben Clay, awesome guy. And they will help you out with anything that you need with your trading. So have a great weekend, look out for the three trades that I’ve just mentioned. By the time you watch this video, they would’ve happened. And I’ll see you this time next week. Bye for now.

Episode Title: #449: How Are the Fuel Prices Where You Live?

Find out more about Blueberry Markets – Click Here

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

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#448: Trading Crypto’s, Commodities and Indices

Mar 6, 2022

Trading Crypto’s, Commodities and Indices

Podcast:

Podcast: Play in new window | Download

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#445: Trading Crypto’s, Commodities and Indices

In this video:
00:30 – Trading More Forex Pairs and Non-Forex Markets
01:40 – Choice of many Metals, Cryptos and Indices to trade
02:14 – A Sell trade on Coffee on the Monthly chart
03:05 – How things have changed in 1 year
04:28 – Don’t be concerned with only your local currency
04:47 – Changed to the MT5 platform
05:39 – Trading with Blueberry Markets
06:00 – Client passes $100k Prop firm challenge

We now have the opportunity to trade markets other than the forex market and we’re having outstanding success at that. Let me explain more and how you can do the same right now.

Hey there trader, this is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 448.

Trading More Forex Pairs and Non-Forex Markets

Now being the Forex Trading Coach, we trade the forex market, no surprises there, but over the last year or so, most brokers are offering so much more. They’re offering a lot more forex pairs than we used to traditionally have. We’ve got Swedish Krona, Norwegian Kroner, Hungarian Forint. We’ve got South the African Rand, Russian Ruble. Not that you probably want to be trading that right now, but you know, there’s so many other markets out there. Currencies in Thai, all these others that… a few years ago, Singapore Dollar that you couldn’t trade. And so what it’s doing is offering us a lot more opportunities out there to scan through your charts and see, and take some trades.

But the other fantastic thing that we now have the opportunity to do, is to trade other markets other than the forex market. And over the last sort of six months or so, we’ve been getting into that a lot more because brokers are offering more. So therefore in the forex pairs, not only they’re offering just the standard pairs, there are a lot more.

Choice of many Metals, Cryptos and Indices to trade

When it comes to the metals, it’s not just gold and silver anymore. There’s a lot more there’s lead and platinum, titanium and all these other metals that you can trade. When it comes to cryptos, it’s not just Bitcoin and Ethereum, there’s lots more. When it comes to the indices, you’ve got the ability to trade so many different indices from around the world.

When it comes to the commodities, it’s not just maybe something like wheat like it used to be or soybeans, there’s so much more.

A Sell trade on Coffee on the Monthly chart

Give you a great opportunity and example of that is that, over my shoulder here, probably a bit hard to see behind me. I’ve just hit profit, just like a few hours ago on a monthly chart trade selling robusta coffee. Now you’re going to have a look at your charts. Robusta coffee on the January monthly chart close. I took a sell trade. We look for a retracement, we got a beautiful retracement. And right now today being the 4th of March, we have just hit profit right today. That’s made a 3.7 to 1 trade. I took it at the beginning of February when the January monthly chart closed for nothing with it since, and it just gone on hit profit. So it is literally a two minute see the trade, take the trade, forget about the trade. It just worked beautifully and it fell.

How things have changed in 1 year

Now, if I had been talking to you a year ago and said, “I’m making a sell trade or taking a sell trade on the monthly chart on coffee”, I wouldn’t have done it. I wouldn’t have been talking about that because we didn’t have the opportunity to trade markets like that. Over my other shoulder here, there’s a great example of the German 30 index, which we took and we talked about this on our client’s forum site. Last night my time at the 5:00 AM, New York changeover, the three hour and the six hour German 30 Index was setting up as a fantastic short position. And again, six months ago, I would never have been talking about things like that. And so it is really exciting that it’s giving us more and more opportunities because the important thing is that we are trading the pattern.

It’s the pattern that I’ve developed, the pattern that I teach and we trade with our clients. We’re looking for reversal patterns, continuation patterns, one or the other. And if we see the pattern, it now to us does not matter what the market is or what the timeframe is, because the pattern is what we are trading. The reward to risk the money management everything else that we’re constantly talking about here with low risk for trade, high reward to risk, all of that comes into it random numbers exactly the same, but it ultimately is the pattern that we are trading.

Don’t be concerned with only your local currency

I don’t really care about the New Zealand dollar just because I live here. If you live in Europe, don’t really… you shouldn’t really be worried about just trading the Euro just because you live there. It doesn’t matter. It’s trading what is setting up on the chart as the candle pattern at the time.

Changed to the MT5 platform

Now, something else new for me is that I have finally gone to MT5 been quite hesitant to change because I love MT4 and it works beautifully, but I was talking to Ben Clay over Blueberry Markets and he said like, “You’ve got to get over to MT5.” So finally I’ve resisted and I’ve gone and changed and I’ve got to say it was probably something I should have done a long time ago. We’ve been coding our software for MT5 for a number of years now for our clients to use, but stick-in-the-mud Andrew here likes MT4 but look, MT5 is fantastic. The ability to trade even more markets, the ability to swap timeframe charts very easily is really good. So yeah. Big, thanks to Ben over at Blueberry Markets for pushing me across to MT5. He’s been telling me to do it for a long time. I’ve finally done it. It’s really good.

Trading with Blueberry Markets

Look, if you want to trade through a really good quality broker, Blueberry Markets are fantastic. The MT5 platform has mentioned. It’s really easy to understand, really easy to just change different timeframe and charts and give yourself more opportunities on those other markets as well. So I’ll put a link to Blueberry Markets here.

Client passes $100k Prop firm challenge

One other thing I’ve just had an email just about half an hour before I made there’s a video from another one of our clients who’s just passed another $100,000 prop firm challenge. Now onto the next level. We’re just getting some fantastic results from people on the prop firm side of things. We’re looking at some really exciting developments there and within our next month or so, I’m going to have a lot of great opportunities for you with the prop firms as well. So hope that helps, feel free to like this video, share it around anybody you think who might be interested in looking at trading the forex market correctly. If you have any topics, any trades, anything like that you’d like me to talk about on future of videos and podcast, just like this one. Just email me andrew@theforextradingcoach.com. I see this time next week. Bye for now.

Episode Title: #448: Trading Crypto’s, Commodities and Indices

Find out more about Blueberry Markets – Click Here

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

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#447: This Is Why So Many People Are Trading Gold Right Now?

Feb 27, 2022

This Is Why So Many People Are Trading Gold Right Now?

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#447: This Is Why So Many People Are Trading Gold Right Now?

In this video:
00:32 – Talking Gold, Great Results and 12/13 Profitable Trades
01:11 – Russian invasion of Ukraine and how it affects the market
02:12 – Fear and Uncertainty
02:48 – A lot of trades are on Gold
03:30 – Uncertainty over the morals of the banks
04:25 – Very few D1 trades but lots of H12 and H8 trades
05:00 – Trading Long and Short
06:26 – Future proofing yourself
07:12 – Client makes 8% gain on a $100k account in the last 2 days

Why are so many people trading gold right now, and how does the Russian invasion of Ukraine affect us as forex traders? Let’s get into that and more right now.

Hey there, forex traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 447.

Talking Gold, Great Results and 12/13 Profitable Trades

Lots to get through on this session. I want to talk about gold. Why are so many people trading gold right now? Also, want to cover the amazing story I was told yesterday by one of our coaching clients who has just made 8% gain in the last two days, trading on a $100,000 prop firm account, and also want to discuss with you how we put, on our membership site, 10 trades yesterday. All 10 hit profit. I also took three trades on our live webinar yesterday, and two out of three also hit profit, so having some really good success there with our trades.

Russian invasion of Ukraine and how it affects the market

Elsewhere in the world, what’s happening? Well, over the last 24 hours, Russia has now invaded into Ukraine. Obviously going to cause a lot of turmoil, a lot of issues politically. It’s going to put up oil prices. It’s not going to help us with inflation. The US-Russian ruble has moved more today, in 24 hours, than it’s moved in the entire last 12 months. Great volatility out there, which, as traders, actually provides us with some good trading opportunities. You got to be careful that you don’t want to be seen that a war’s starting, and you’re taking advantage of it, but the wars do move things and the market is now moving. As traders, and as technical traders, we’re not so much interested in what the fundamentals are behind the scenes. It’s more what’s happening on the charts and trading those opportunities. We’re certainly seeing that come into the market right now.

Fear and Uncertainty

Obviously with war, there comes fear and anxiety and uncertainty. We’ve been through two years of this with COVID. Most of the world, thankfully, is now getting on with life. Here in New Zealand, unfortunately, we’re still stuck in the fear of the COVID situation and government control and everything else that’s going on. It doesn’t matter where you are in the world, there’s this uncertainty and that fear.

Oil prices, like I said, have gone up. Shipping costs have gone up. Inflation’s going up. Everything’s going up, becoming more and more expensive. Mortgage rates are going up, et cetera.

A lot of trades are on Gold

I was talking to Ben Clay over at Blueberry Markets earlier in the week, and he said to me, a very high proportion of their trading right now, that they’re seeing at Blueberry Markets, is on gold. It got me thinking of … This is prior to the Russian invasion, and it is like, why is that? Clearly, people are wanting to future-proof themselves, to stockpile the precious metals and golds and silvers, et cetera like that. You can see why, because of fear and anxiety and uncertainty, et cetera around the world.

Something like gold or silver is something that has value and will always have value. You see what people are doing.

Uncertainty over the morals of the banks

There’s uncertainty in the banks. I’ve just been on a webinar with some traders over in Canada, and they’ve said that the Canadian government are now starting to freeze accounts of people who have supported the trucking protests. The uncertainty there of, is your money really secure with traditional banks, so people are now getting back into buying gold. One of the great things with Blueberry is that you can trade gold, silver, lots of other sort of metals, commodities, et cetera. On their MT5 platform, they’ve got a massive array of different markets that you can trade, including lots of cryptos, et cetera, as well.

The other advantage that you have when you trade MT5 with Blueberry, as opposed to MT4, is that you have the ability to easily swap between lots more timeframe charts.

Very few D1 trades but lots of H12 and H8 trades

Yesterday on our membership site, we didn’t have any daily chart trades. The daily charts have been quite flat this week, not lots there, but we took six crypto sale trades yesterday, based on the eight-hour charts. We also posted two forex pairs on the eight-hour charts and two forex pairs on the 12-hour charts. All 10 of them hit their profit target. The beauty, if you go through someone like Blueberry, you are on MT5, is that you can have those different markets, those different timeframe charts, and see them very easily to be able to take advantage of them.

Trading Long and Short

The other thing, if you trade through the forex platforms, like with Blueberry Markets, is that when it comes to the commodities and the cryptos and the golds, the silvers, et cetera, is that you don’t have to just buy them. You’re not actually out there needing to spend 1900 US dollars on an ounce of gold, hoping that it’s going up, because you can buy metals or anything with leverage. Likewise, you can sell them. It’s not like, say, Bitcoin that you sell Bitcoin until you own Bitcoin, and then you need to spend 30, 40,000 US dollars for Bitcoin. The great thing of trading it on the forex markets is if it looks like it’s dropping down, like we had Bitcoin, Bitcoin Cash, we had Ethereum, Stellar, Litecoin yesterday, selling them. You don’t have to own them first to sell them through the Forex market, and that’s another beauty of it.

What I’ll do on this video and podcast, I’ll put a link to Blueberry Markets. You can go and check them out and have a look at their platforms, MT4 and MT5. I’ll also put a link to our video course page where you can find out exactly how we trade and exactly how we help other people around the world. We’ve got clients in 99 countries right now. We’re looking for that hundredth country to come onboard with us and give us the hundred countries, with clients around the world.

Future proofing yourself

Looking after yourself, future-proofing yourself is basically what a lot of us are looking at doing right now. With all the uncertainty, whether it be governments, whether it be COVID, whether it be war, whether it be inflation, whatever it might be, learning how to trade properly is one of the things that you can continue to do to future-proof yourself.

As mentioned a few weeks ago with inflation, unless your salary has gone up by four, five, six, seven percent, depending on where you are at in the world in the last year, you’re effectively going backwards. Something like trading can certainly help future-proof that, exactly like I mentioned at the beginning.

Client makes 8% gain on a $100k account in the last 2 days

Our client over in Hong Kong, who’s just made an 8% gain on a hundred thousand dollars prop firm account in the last two days. He’s on a 70/30 profit share, so he’s just gone and made $5,600 for himself in the last two days, and the prop firm money’s not even his money. It shows the amazing opportunities out there once you know what you’re doing.

I hope that helps, and I’ll see you this time next week. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now.

Episode Title: #447: This Is Why So Many People Are Trading Gold Right Now?

Find out more about Blueberry Markets – Click Here

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

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#446: The Importance of a Traders Community

Feb 20, 2022

The Importance of a Traders Community

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#446: The Importance of a Traders Community

In this video:
00:30 – Trading can be a lonely business
01:31 – We are big on creating a trading community
02:02 – Feedback from traders
02:21 – The webinars and the Forum site make the difference
03:50 – There are 5-10 trades posted per day
05:50 – Blueberry Markets are the best
06:45 – Any topics that you’d like me to discuss

Talking with other traders and being part of a like-minded community is a massive way to ensure that your trading is successful. Let’s talk about that and more right now.

Hey, traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 446.

Trading can be a lonely business

Now, trading, as you probably know, can be quite a lonely business. You’re probably trading from home, let’s say, and no one really understands what you’re doing, your wife, husband, partner, kids, parents. No one really knows. A lot of people don’t really care.

No one understands what it is that you’re really doing. They say to me, “Are you trading stocks or something like that, or share trading?” And that’s as about as much as they know. Family and friends, in most instances, are not that helpful when it comes to trading. As a result of that, you, as the trader, you sit there at home like me here with the computer and it’s just you and the computer and it’s quite lonely. It can be quite boring. It’s not a very good way of…

Especially when you’re new or you’ve been trading for a while and you’re getting real frustrated, it’s not a good way of ensuring success.

Trading can be a lonely business

Now, one of the things that we do at Forex Trading Coach is we are really big on our trading community and helping people in real time. When people have been with us for six months and then a year, we go back to them and say, “Look, what is it that you are doing now that’s different? What are your liking most about the course? Anything we can do to add to things, change things, improve things,” just to get constant feedback from people.

Feedback from traders

And without a doubt, the feedback’s very consistent, and the people love the strategy. They love the email support. They love the software. They love the daily trades. They can follow along. All that people love.

The webinars and the Forum site make the difference

But the two things that stand out in most cases are the fact that people absolutely love being on the live weekly webinars and they love the forum site. When you think about that, two of those are things that happen in real time.

They’re places where you can interact and be part of a community. Now, most online forums, and I know this from years ago with experience, are just dreadful. Absolutely awful places to be. It’s just taken over by a small minority of people. Systems come and go. They swap and change all the time. It just never ends well. It just doesn’t. Never does. What I love about our forum site is it’s for clients only.

We’re only talking and trading one strategy and everybody there is there with the same common goal, to be a good trader, to help other people to be profitable, and just to basically make this work for them. And that’s what we get. We have a live chat facility where clients can all chat and interact with each other. They can talk about trades that they’re setting up or anything at all to do with trading. We have specific threads on different aspects of trading. People in different geographical areas can all interact with each other. Each timeframe chart that we take trades on has its own specific thread.

There are 5-10 trades posted per day

To give you an example, most days there are between five and 10 trades posted on the forum site on various other timeframe charts throughout the day that you can go and see them. You can be notified of them. You can learn from them. You can profit from them. You can talk about them. And that’s the beauty of the forum site that we have, one strategy, one community. It just works. And then with our live weekly webinars, the two hour long webinar.

I hold a European session webinar one week, and then Paul over in America holds the US session webinar the following week. They all get recorded. So if you can’t attend live, then you can go and watch the recordings. We’ve got all the recordings back to 2010 available on our membership site as well. But again, a great way to ask questions in real time, to see us talking about trades, thinking about what we’re setting up, and our whole mindset about trading. You can ask questions live. You can ask questions and send them in prior.

We can talk about those questions and answers on those sessions for you, but it’s real time as well that makes the difference. It’s their ability to have one system, one strategy, one community, and different ways of learning and earning as well ,and helping other people by giving back and interacting. The more that people interact, the more that people post trades on the forum site, the more they help themselves, because teaching actually helps yourself, as well as giving back to other people.

Because you’re saying, “Look, this is what I’m seeing. These are the reasons. Here’s the setup.” You’re doing it in real time. You’re putting your neck on the line in some ways, but that’s the way that you have to be if you’re going to be a trader. It’s no good being one of those traders that just looks at hindsight trades and that doesn’t make you anything. You have to have the ability to be able to do this in real time. And that’s the difference.

All of that support, that help is what makes the forum site and our webinars just such an important part of the overall package of how we help so many people become successful.

Blueberry Markets are the best

Now, another thing that we always do in terms of wanting success is, of course, we want a good broker. Blueberry Markets would be the best broker that I’ve ever seen in terms of support and help. It’s a bit like the philosophy that we have. Yes, we’re global, but also we like to keep things personal as well. And that’s what I find with Blueberry Markets.

You can have that great interaction with them. Any help that you need, it’s just there. It’s straight away. It’s really good. A fantastic broker. A fantastic team of people to help you as well, whether it be their online chat or phone calls, emails, whatever, even their whole website, their client’s portal, everything there is set up to make it good and easy for you. If you’re out there looking for a new broker or a good broker to go to, I can highly recommend Blueberry Markets. I’ll put a link to them on this video and podcast post.

Any topics that you’d like me to discuss

Any questions that you have or any topics that you’d like me to talk about trading, anything to do with trading at all on future videos and podcasts, just drop me an email, andrew@theforextradingcoach.com. Be glad to help out. If you have anybody that’s interested in trading, feel free to share and like this post, send it around to other people who you think would benefit from this as well, or listen to the podcast. I’ll see this time next week with more trading tips and information. This is Andrew Mitchem at The Forex Trading Coach. Bye.

Episode Title: #446: The Importance of a Traders Community

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

#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

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