Trade Bitcoin Like a Pro

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#607: Trade Bitcoin Like a Pro

In this video:
00:26 – Do you want to know how to trade Cryptos? 
00:45 – I want to buy Bitcoin.
01:50 – What’s your local exchange rate against the USD?
02:28 – Trade Crypto using my proven FX strategy.
02:55 – Wait for a pullback first.
03:22 – Trade only the bullish patterns.
03:49 – Trade a different crypto that is a better buy.
04:54 – Check out my new 30 minutes Masterclass. 
05:18 – Book a call to talk with us.
05:22 – Blueberry Markets as a Forex Broker.
05:48 – Like, Share and Subscribe

Today, I wanted to share with you how you can invest in the crypto market wisely, using a proven trading strategy. So let’s talk about that and more. Right now.

Hey there, Forex Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video on podcast number 607.

Do you want to know how to trade Cryptos? 

So today we’re actually not talking about forex. We’re going to be talking about cryptos. You see this so many people out there jumping on the bandwagon of buying cryptos. And unfortunately most people don’t really know what they’re doing. The trouble is that just buying cryptos or coins because of that whole FOMO, the fear of missing out.

I want to buy Bitcoin.

And a classic example of that is just a few weeks ago, I was talking to a friend of mine and she said, look, Andrew, I’ve gone and bought some Bitcoin. I said, fantastic, but why did you buy a Bitcoin when it was an almost like it’s an all time high. So far it was up close to $124,000 USD.

And you know that so far has been the highest it’s ever got to. And she said oh well, I’ve just got some money through the sale of a property and I thought I’d buy some bitcoin. You know, I don’t want to miss out and I think it’s going to go higher and higher. I said, well, okay, look if you’re willing to hold it for, you know, months, years, it could still well be an okay decision.

But the here’s the issue that I find with so many people is they are not buying a crypto for a particular reason. They buy Bitcoin because they know Bitcoin. And everybody says it’s going to go to 200,000. And so you’re buying it thinking it’s going to go up. Probably not a great way of doing it. And there’s probably other things you can do to make that decision better.

What’s your local exchange rate against the USD?

Now added on top of this, if you don’t live in the US and you’re buying it in equivalent of another currency, like for me and my friend who is New Zealand dollars right now, the New Zealand US dollar rate is really, really terrible for us because the US is strong and then New Zealand is weak. And therefore if you’re buying an equivalent in US dollars, you’ve got a double whammy.

You’ve got the let’s say Bitcoin that almost an all time high. And you’ve got the NZD/USD rate at very low rate. So you’re getting smashed on both sides. It’s costing you a lot of money in your local currency to go and buy already a high value product such as Bitcoin.

Trade Crypto using my proven FX strategy.

Now take this back to how we trade and how we can help you. There’s a few things you can do because we trade cryptos using my proven forex strategy in exactly the same way as we would trade, let’s say the EUR/USD. And what we’re using is technical analysis. And you can apply some very simple basic. Once you know what you’re doing technical analysis to make your crypto decisions better. So let’s stick with our example of buying Bitcoin.

Wait for a pullback first.

Instead of just randomly buying Bitcoin at today’s price. You could instead use some good technical knowledge and wait for a pullback and then a bullish opportunity to go long again and buy it at a lower and better price. Wouldn’t that be a simple and good idea? Why would you not want to buy something at a lower and better price than it is like today, when it potentially could be quite high?

Trade only the bullish patterns.

So you could do that if your long term perspective is Bitcoin is going to be heading up and you see that on longer term charts such as like let’s say monthly charts. You just simply wait for pullbacks and then you could potentially buy again or the other thing you can do is it heads up towards these all time highs or breaks them and starts pulling back.

What’s to say you couldn’t just sell some and wait for it to pull back some profit on those moves, wait for it to pull back and then look for bullish action and then buy again. So that’s bitcoin covered.

Trade a different crypto that is a better buy.

And of course the other thing you could do is avoid Bitcoin altogether. Why don’t you use your skills and your technical knowledge and your chart skills to look at other cryptos, other coins that may be at historical lows and they’ve pulled back from some highs and they’re a great oversold, chart.

And there’s a great opportunity to see them reverse again. And you could be like buying them in the sense, let’s say instead of the hundreds of thousands of dollars like you would with Bitcoin. So don’t just stick to Bitcoin or Ethereum because they’re the ones that everybody knows. Why don’t you look at something that’s pull back. And it might be as an example $0.10 and its historical price is a dollar.

Well if it’s at $0.10 and it rises to $0.20, well, haven’t you done quite well out of that. You know, and you could do these, look at these other charts. You don’t just have to stick to the main ones. And so I would use a combination of those skills. And the beauty is of what we do, it can be traded on any market.

Of course cryptos as we just mentioned and of course forex. But other markets as well. So if you’d like to find out how we do this and how we can help you to invest in cryptos if that’s what you want to do, but with a little bit more skill and probability behind you, rather than just randomly buying something.

Check out my new 30 minutes Masterclass. 

So have a look at my new 30 minute on demand masterclass to set 30 minutes aside. Jump onto it. Watch it, and you’re going to learn a lot about how we trade, including on the cryptos, and how you can do exactly the same.

Book a call to talk with us.

If you’d like to book a call with the team or myself, there’s a link here as well.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a really good broker to trade the cryptos on, and forex and metals and commodities and indices, I’ll put a link here to Blueberry Markets. Select the MT5 trading platform, and you’ll have a huge array of cryptos available for you to trade as well. And you can use their charts, of course, to make your trading decisions. And to look for those pullbacks or those oversold, cryptos that we’ve just talked about. So I’ll put a link to Blueberry Markets here.

Like, Share and Subscribe

And any questions you have please send me an email Andrew@TheForexTradingCoach.com or leave a comment if you’re watching. And I’ll see you this time next week. Bye for now.

Episode Title: #607: Trade Bitcoin Like a Pro

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

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Independent Wealth: Trading for True Freedom

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Click Here to Attend my Free Masterclass

Click Here To Learn How to Gain 1% Daily

#606: Independent Wealth: Trading for True Freedom

In this video:
00:27 – Independence is awesome. 
01:02 – Monetary independence.
02:17 – The good old banking days have gone.
03:00 – Do you fit the narrative?
04:01 – Self-reliance through trading.
05:32 – Brand New Forex Masterclass.
06:15 – New course pricing structure available.
06:57 – Blueberry Markets as a Forex Broker.
07:22 – Like, Share and Subscribe

I’m going to talk today about becoming your own bank and how, through becoming a good trader, you can achieve this for yourself. Let’s get into that more right now.

Hey there, Traders! This is Andrew Mitchem here at The Forex Trading Coach with video and podcast number 606.

Independence is awesome. 

Today I want to talk about being independent. I choose to become independent with the way that I live. We grow the vast majority of our own food. We have access to our own meat. We catch our own fish. I’ve got beehives for our own honey, and we like to grow and produce as much food at home as we can because it allows us to be independent.

And alongside that, you’ve got all the obvious health benefits. So that’s a personal choice.

Monetary independence.

Now, when it comes to money, I also personally choose to become as independent as I can. Just last week I was interested in purchasing a rural property with my wife, and I thought, well, let’s go and ask the bank to see if they would help finance it because, you know, money’s relatively cheap.

And if you can get finance at, sort of, 5%, let’s say, and you’re making, let’s say, 5% in a month through your trading, well, you’re better off borrowing from the bank. So we approached the bank to see if they would help us for this property.

I was amazed that one of the first questions I got asked was about my age and my retirement plans. Now, I had zero retirement plans or anything. I’m 52 years old. And it just struck a chord with me. It’s like, wow, these banks, you know, they go through these processes of ticking boxes. Whether it’s AI-induced, I’m not sure.

The good old banking days have gone.

But rather than the good old days when you used to go to a bank manager, they’d go, “Hey, Andrew, what do you need the money for? Oh, I think you can do that. We’ll back you. That’ll work.”

In simplified terms, that’s how it used to be. Today it’s no longer like that. And I just found it really off-putting that the bank’s more interested in my age and my retirement plans—of which I had zero—because I love doing what I’m doing.

I’m only 52. Yet whether the property was a good property or not, how much cash we were going to inject in it, or what the property was going to make as a rental or anything like that didn’t seem to matter.

Do you fit the narrative?

It just basically gave me that reminder of: hey, do you really want to be in the way that things should be done these days? Because it seemed to me that if you don’t fit the narrative and you don’t fit the model, then they’re not so much interested in you. And it again came back to my trading. It’s like: become your own bank.

So if you’re slightly more mature and older, in the 50s and beyond like I am, then you may also find that if you need borrowing for any investment property—or whatever you need it for—things today are a little bit tougher than what they used to be.

If you’re watching this and you’re young, then obviously you’ve got time and experience to come, but you’ve got time on your side. So whichever you are—whether you’re older and heading toward retirement, or not even thinking of retirement, or you’re in your 20s—this applies to everybody.

Self-reliance through trading.

Why don’t you, instead of relying on the way that we’re told we should do things, think differently? Like we do with our food and with our finances—creating your own bank yourself through your trading.

If you know what you’re doing, you can do that through the quality of your trading. But not only that—if you can make consistent gains through your trading on your own account, then of course you’ve got options these days.

You’ve got prop firms. You don’t just need one prop firm account—you can have multiple. You could sell trading signals. You could potentially, depending on legalities, trade for other people. There are multiple ways in which you can put your trading skills to good use. And over time, with compounding, you can become your own self-funding bank. I think that should appeal to many people.

Like I said, if you’re older, you’re going to find the traditional banks maybe a little bit harder to get funds from. If you’re younger, use your youth, your time, and your likely computer skills to give yourself time to learn how to do this properly so that you can, over time, compound and build wealth for yourself—so you don’t have to fit into the norm and the narrative that there seems to be these days.

Brand New Forex Masterclass.

The other thing I’d like you to have a look at is just this week we’ve launched two things. One is our new 30-minute masterclass. Have a look at it. There’s lots of information about how you can trade properly, how you can use small amounts of funds and compound over time to become your own bank. Or, if you want to go down the prop firm track, then there are various options there.

So have a look at our new masterclass. It’s on demand. It’s about 30 minutes long. Set aside 30 minutes. Turn off your phone and everything else, and just sit and watch it. You’re going to get a massive amount of benefit from it. I’ll put a link here for that.

New course pricing structure available.

Also, if you watch that webinar, you will see that we’ve just launched a new pricing structure. The course fee at The Forex Trading Coach has always been a one-off fee, and it’s been like that for over 16 years. But we’ve just changed that to try and help more people come on board with a lower entry fee and then an optional monthly subscription going forward.

I hope that helps a lot of you out there, because I know that funds—whether it’s borrowing like we’ve tried to do, or just cost of living in general—can be tight. So have a look at that masterclass, go through it, and you’ll see the new pricing structure. You’ll gain lots of information from that masterclass itself.

Blueberry Markets as a Forex Broker.

If you’re out there looking for a really good broker, I’ll put a link here to Blueberry Markets. I can highly recommend them. I use them every day. The MT5 platform that they have has a vast number of forex markets plus other non-forex markets like metals, indices, cryptos, commodities, etc. And not only that, they’re a great bunch of people to deal with. So I’ll put a link to Blueberry Markets here as well.

Like, Share and Subscribe

If you’re watching this video on something like YouTube, please don’t forget to like, subscribe, and share so you get notification of future videos. And if you’d like me to discuss any trading topics—or in general, life topics like today—just shoot me an email at Andrew@TheForexTradingCoach.com

 or leave a comment down below.

Thanks again. I’ll see you this time next week. Bye for now.

Episode Title: #606: Independent Wealth: Trading for True Freedom

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Learn How to Gain 1% Daily

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The Secret to Better Forex Entries Revealed

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Click Here To Learn How to Gain 1% Daily

#605: The Secret to Better Forex Entries Revealed

In this video:
00:28 – Avoid using a market order.
01:24 – Learn what a pending order is.
01:58 – You can enter the position and let the market work.
02:48 – Buying at a better price.
03:24 – Helps reduce emotions.
03:39 – NEW Masterclass.
03:52 – New course pricing structure available.
04:15 – Book a call with us.
04:23 – Blueberry Markets as a Forex Broker.
04:43 – Like, share and subscribe.

Today, I want to talk about why I believe that in most cases, entering a market order as a trader is not a great idea. So let’s discuss that topic and more right now.

Hey there, Traders! it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 605.

Avoid using a market order.

And you heard that right. I believe that using a market order for most of your trades is not a great idea. And there’s many reasons for that. One of the reasons, I think, that you should never really enter a market order is because what does the price right now mean?

What does it signify? Most people find that they enter a trade because they happen to be at their computer, and they happen to see a set up, and therefore they just enter straight away using a market order. And the issue I have with that is very rarely do people find that that price has any significance. It probably doesn’t have any price level.

It may not broken through any barriers. And so by entering the market for most people, most of the time it means they’re entering right now because I’m at the computer, I think there’s a trade. I’m going to enter a trade, buy or sell.

Learn what a pending order is.

What I find, though, is that a lot of people do not understand pending orders particularly well. Most people, don’t use them, and a lot of people don’t even know they exist. So you can have what’s called a buy or sell stop or a buy or sell limit.

Now, I am a massive fan of using limit orders, so a buy limit means that you are buying below the current price and the sell limit means you’re taking a sell position if the price goes higher than where it currently is right now.

You can enter the position and let the market work.

The beauty of those trades is it means you do not have to be there when the price gets hit. And when you think about it, if you’re taking a buy trade and the price is at a certain level, and you’re saying, I want to enter this buy trade, but if the price drops first, you getting in at a far better price.

It means that for the when the price takes off and you anticipate it direction back up again, it means that that movement between where the market may be at the when you saw the trade and you’ll buy limit order or the market needs to do is get back to the same market order original price and you’re already into some profit and beyond.

So therefore, what it means is your reward to risk becomes massively greater as well. You could simplify it and think of it this way.

Buying at a better price.

You’re going into a shop and buying something at $100. I could go into that shop and say that when you drop that price later today to $80, I want to buy it. And it’s a very similar thing to that.

So if the shop doesn’t drop its $80, you miss out on the trade. But if they bring that price back to $80 or $75, or you’ve bought the item, you know you get in at a better price and you bought the item at a lower price, then entering straight away in that example at $100.

Helps reduce emotions.

And so that is where you can use limit orders. It takes away the emotion of your trading because you’re not like in the market scrambling now, trying to get your position size and your stop loss and your profit targeting. You can into your buy limit or sell limit and just walk away and let the market do its thing.

NEW Masterclass.

Now, if you’d like to find out about how we do that and why we, heavily promote using limit orders, what I suggest you do is jump on to my short on demand masterclass. You’ll find a link to that here. If you’re interested in coming on board with us and joining us at the Forex Trading Coach, you may have seen recently that we changed the pricing structure. It’s on a bit of a trial basis right now, but if you want to jump in at a massively reduced price, I’ll put a link to the Google Drive document where you’ll see a new lower, entry price and then a small ongoing monthly fee. So how they’ll look out for that?

Book a call with us.

If you’d like to discuss your trading or how we can help you, I’ll put a link that you can call, make it time to book and call myself one of the team.

Blueberry Markets as a Forex Broker.

And if you are looking for a really good forex broker where you can also trade cryptos, metals, commodities, indices, etc.. Have a look at Blueberry Markets and they offer the MT4 and the MT5 trading platform. I’ve been with them personally for many years and I find them excellent. So I’ll put a link to Blueberry Markets as well.

Like, share and subscribe.

If you’re watching on YouTube, don’t forget that. Don’t forget to like and share and subscribe. And if you have any topics you’d like me to discuss on future videos and podcasts, just like this one, send me an email Andrew@TheForexTradingCoach.com or comment below.

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

Episode Title: #605: The Secret to Better Forex Entries Revealed

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Learn How to Gain 1% Daily

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Why Your Last Trade Doesn’t Matter—Long Term Results Do

Podcast:

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Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Learn How to Gain 1% Daily

#604: Why Your Last Trade Doesn’t Matter—Long Term Results Do

In this video:
00:33 – Trading is just like any other investment.
01:25 – Control your emotions.
02:00 – Become successful in the long run.
03:00 – Chasing the shiny object problem.
03:28 – Our strategy has long term proof.
05:20 – Keep your risk per trade low.
06:14 – High reward:risk trades.
06:44 – Get on my Forex Masterclass.
06:56 – Book a call to speak with us.
07:01 – Blueberry Markets as a Forex Broker.

Today, I’m going to talk about why you should focus on your long term results, rather than worrying about short term individual trades. It’s going to massively help you to become a successful trader in the long run. Let’s talk about that a more right now.

Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video on podcast number 604.

Trading is just like any other investment.

Today I want to talk about why I believe you should focus on your long term results. You see, trading is like any other investment. You’ve got to look at it as a bigger picture. And I find that far too many people get really caught up on, say, the last trade or the last few trades or even the last week’s trades.

And it creates a danger because, you know, in trading you could have a few lucky trades. You know, you could put some on that. Maybe not particularly. Exactly as your strategy suggests. But you get lucky and they end up winning. And you might have things like seasonal, time adjustments, time of the year when, you know, markets are a little bit flat or really, really good. And you’ve got to allow for all these things.

Control your emotions.

Because to me, there’s two things you have to control in your trading. Once your heart and the other in your head, those emotions are vital that you can control them properly. And the danger is, if you’re focusing on your last few trades, you can get massive buzzes and massive highs.

If you’ve like, done really well and had a few successful trades. Likewise, if you had a couple of losses in a row and things just don’t seem to be working out, you can get some real so lows and you’re thinking, oh, is this just all doom and gloom and not working? And that is where I see the issue.

Become successful in the long run.

You see any good trader with good trading skills and a good sound strategy and knowledge will be successful in the long run. And that’s where your focus needs to be. Because, you know, no investment is a straight line. Not every day are you going to make money as a trader? Not every week, sometimes. Not every month. And that’s part of the overall, you know, part of trading that you have to understand.

And that’s where the danger of focusing real short term, can create so many issues. And that’s why I find that so. And look, I used to do this myself years and years ago. I don’t know, luckily, because I worked out what works for me. But years ago, I used to chop and change systems. I used to, add this indicator used to over optimize this, buy this bit of software, automate this, you know strategy, buy the next book, whatever it was, you know, you going on, you know, forum sites and finding the latest, greatest idea. And of course, none of them work.

Chasing the shiny object problem.

And so that becomes the, the chasing, the shiny object, problem that so many people have. And that’s because they’re focusing on, well, one, they probably don’t have a good strategy and really know what they’re doing themselves, but also they’re focusing like what’s happening right now. Is this a couple of losing trades in a row?

Oh, get rid of that system. It’s terrible. It doesn’t work. On to the next thing. And I suppose that’s where we’re fortunate because.

Our strategy has long term proof.

Ever since I started coaching over 16 years ago, the strategy remains exactly the same. It’s because it’s based on good sound, technical analysis. And, you know, it works on all markets, all currency pairs, all timeframe charts.

And now other markets like the cryptos and indices, commodities, etc. on top. And so that is why we focus on that long term consistency. Because, you know, you wouldn’t go and buy an investment property and then you pay whatever you pay for it. Let’s say $500,000 and you’re going, oh my goodness, I’ve just had it valued.

And like the week after, it’s like 490 and 470, then 520, you know, you can’t, be an investor if that’s your kind of longer term goal. And be worried about the price of that property every week or every month. If you’re a longer term, you know, aim is to hold it and then gain from it and, and trading’s kind of the same.

You know, you’ve got to remove the emotions as best you can from your trading and look at your consistency over time when you iron out things like seasonal changes and political events and different things like that that happen that can make some currencies go completely flat and other currencies go wild, and you’ve got to like take the rough and the smooth and, and on your trading and be consistent over a longer, time period.

And that’s the focus, I think, here that most people unfortunately don’t get and, and I suppose in all fairness, that comes from time and knowledge and experience and confidence in your strategy and saying it work consistently as well. And, you know, we’re fortunate that we have that in our trading.

Keep your risk per trade low.

And, you know, I think another thing that I talk about all the time that’s going to massively help you, when it comes to emotions, is making sure that every trade that you take has the same risk percentage of your account.

It doesn’t matter what the time frame, what the direction, how big the stop loss is, how big the profit target is, how long it’s in the market for. If you have low and controlled and known risk on every single trade that you take, but also at the same time, your profits are two, three, four times your risk, which between that to enforce where I’m like 90% of my trade should fall into personally and the way that we trade and teach with profit targets, etc. and if you have that, then that is part of the key to success having low controlled risk, which controls emotions. So you’re not worried if you have a few losing trades. You know that overall your strategies you sound.

High reward:risk trades.

Your profitability trades are several times your risk. So if you do have, let’s say, an average of, a 3 to 1 reward to risk ratio, if you’ve lost two trades and then one out of 3 to 1 on the other trade, then you’re back up to where you started. But you’ve got a 66% winning. So losing, right. Just on those three trades. So reward to risk is massively important. Low controlled risk is also important.

Get on my Forex Masterclass.

If you’d like to find out more about how we do this and how we can help you, I’ll put a link here to my short, 17 minute demand masterclass, where you can find out more about how we trade and teaching can help you.

Book a call to speak with us.

If you’d like to book a call to talk to myself or one of the team. I put a link here as well for that.

And if you’re out there looking for a very good, high quality broker, I can highly recommend Blueberry Markets. They offer the MT4 and especially the MT5 platform, which has so many more markets on it, forex and non forex.

Blueberry Markets as a Forex Broker.

And I can highly recommend you consider having a look at blueberry markets. If you’re out there looking for a good broker and a good trusted broker to put your funds with.

And anything else that you need, please send me an email Andrew@TheForexTradingCoach.com and I’ll be glad to make a weekly video on podcasts like this on any topic that you need help with.

So once again, this is Andrew here at The Forex Trading Coach. I see you this time next week. Happy trading. Bye for now.

Episode Title: #604: Why Your Last Trade Doesn’t Matter—Long Term Results Do

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Learn How to Gain 1% Daily

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The Hard Truth About Trading Success

Podcast:

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Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Follow my 30 Trader US Update

Click Here To Learn How to Gain 1% Daily

#603: The Hard Truth About Trading Success

In this video:
00:37 – Is trading Forex a real job?
01:42 – How to being a trader lucky?
02:05 – The realities of becoming a good trader.
03:00 – Good things are hard to achieve.
03:38 – Moving to the other side of the world to live.
04:13 – The commitment of becoming a karate sensei.
04:49 – I learned how to fly a helicopter.
05:33 – Playing the guitar and singing.
05:52 – Time to get off your bum and make a difference.
06:44 – What are you going to do to help yourself?
07:35 – Get on my Forex Masterclass.
07:46 – New course pricing structure available.
07:56 – Blueberry Markets as a Forex Broker.

Do you find that when you tell people that you are a trader or want to become a trader? They don’t think that you have a real job, and they think that you might be a bit lucky because you can work from home or just work on a computer. I want to talk about that because I’ve experienced that a lot myself in the last week. Let’s get into it a more right now.

Hey traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach. A video on podcast number 603.

Is trading Forex a real job?

I want to talk about the human psyche. I find it really interesting. Fascinating. You see, when I started trading some 20 years ago, I had a very young son at the time, and I’d finished being a dairy farmer because of divorce, and people looked at me a little bit strange.

They thought that I was starting this sort of what what was I doing? I meant to be looking after my young son. I didn’t have a real job. I was doing this weird, strange thing called trading on the computer. And I think a lot of people, you know, just looked at me a little bit sideways and thought, this guy’s just lost the plot here.

Why doesn’t he go and get a real job? And then fast forward some, what, 20 plus years later and after just spending the last four weeks in the US on holiday with my wife for her 50th birthday, the amount of comments that I’ve had either in person or online, or email from people to say, you’re so lucky you can do that.

How to being a trader lucky?

And I just find it fascinating, like lucky. How how is like trading lucky? I don’t quite get it, but people just think that because, you know, you’re either sitting at home on a computer or like, we’ve just spent four weeks traveling round on a road trip around the US. They think you’re lucky. And I find it absolutely incredible. And I’m sure if you’ve been trading for any length of time, you probably understand what I mean.

The realities of becoming a good trader.

So I’d like just to sort of set the record straight about what good trading is. If you trade, you know, and if you’re starting to trade or looking to trade, you need to know this. Good trading is not easy. Good trading takes a lot of time investment in yourself, both monetary and time wise.

A lot of frustration, a lot of going round in circles. And it’s not easy because if it was easy, everybody would do it, wouldn’t they? And if it is easy to make lots of money, everybody would be doing it. But the trouble is, most people are just lazy and that’s just the honest truth. You know, hard work, dedication, commitment, effort, those type of things.

Sadly, a lot of people lack, these days. Now, I had a think about this when I was just thinking about putting the video together, and I thought about things that I’ve personally done and, you know, the enjoyable things and how hard they are.

Good things are hard to achieve.

So back when I was a teenager, I was a reasonably good cricket player. Couldn’t bat, but I could bowl pretty reasonably well.

And I played at a, you know, quite a decent level, for my age. Never good enough to become remotely close to become a professional cricket, I thought I was, you know, the next level down and for a little while and pretty good. So when I look back at that, my whole life back then revolved around just playing cricket, talking cricket, eating, sleeping cricket.

That’s all I did. I love cricket, I still love cricket. And the time, the effort, the commitment that went into it was huge.

Moving to the other side of the world to live.

And then fast forward a number of years later, I decided to up and leave England and in my early 20s moved to the other side of the world, the strange place that most people had never heard of called New Zealand.

And you know, again, time commitment, money, effort, to do that and, you know, quite a bit of the unknown. And, you know, people go, oh, you had a crystal ball because New Zealand’s amazing. And you’re up in England of, you know, going to pieces. And it’s like, well, I kind of just had to think about these things and make my own decision and, you know, and do what you feel is right. And so that was interesting.

The commitment of becoming a karate sensei.

And then fast forward a number of years after that, you know, I, got into karate in quite a big way. And again, time, effort, commitment, pain when you’re into that karate at that level. I was teaching people as well. And, all my kids went through karate and, just purely as a voluntary basis, the teaching and, you know, it was just a lot of time and commitment, a lot of travel, a lot of monetary commitment. When you’ve got five kids and, you know, that’s another thing that I got a huge reward out of and loved it.

I learned how to fly a helicopter.

Fast forward a few more years later learning to fly a helicopter. One of the most hardest, potentially dangerous things you can do. But the reward is incredible. You know, we’ve seen parts of New Zealand and flying over places that most people will never, ever get to see in their lives.

And so extraordinary, achievement and places that you get to see and experiences you get out of it. But if someone says, oh, you’re lucky to fly a helicopter, it’s just blows my mind that people can think that stupidly, it’s not lucky. It’s time. It’s commitment, it’s money, it’s investment. It’s, you know, giving up other things to, pursue that excellence of flying a helicopter.

Playing the guitar and singing

And right now, I’m learning to play a guitar. I’m learning to sing something that I’ve never, ever done in my life in 50 years. Those two things. And, you know, I’ve been playing guitar for nearly three years, learning to sing this year, both hard. Take time, commitment, effort. If you know anything musical, you know, what I mean.

Time to get off your bum and make a difference.

And so you bring all this back together and you look at it and people go, oh, you’re so lucky that you can trade and travel. Aren’t you lucky? No, it’s not like a tour. It’s. It’s a decision. To do something is a decision to get off your bum. It’s a decision to invest in yourself and your family and your financial and time and freedom, going forward.

So that’s my little, I suppose, rant for this week, a little bit different, but it’s just, I wanted to bring this up because I think it’s important to talk about these things. You know, we’re not talking about candles and Bollinger bands and things like that today, but it’s another part of trading that’s really important to, to understand and be aware of.

So I think that’s just something that’s, you know, topical and wanted to bring that to your attention.

What are you going to do to help yourself?

So. Well, I suppose my question after all of that is what are you going to do about it yourself? Are you just going to keep surfing through YouTube but you just going to keep, you know, looking online for stuff and just go round and round and circle?

What are you going to make a commitment to invest, in your time yourself, your future and, and jump on board? You know, you know where we are. We’ve been doing this for over 16 years. Clients in 109 countries. I don’t think there’s many forex educators out there that can honestly say that, I don’t know of any.

So, there may maybe 1 or 2, but I actually don’t know of anybody who’s still around now teaching and helping people. Who is in, you know, helping and teaching people back when I started. So that shows our, commitment and effort and daily dedication that we put into making this work for our clients.

Get on my Forex Masterclass.

If you’d like to find out more, I do have a, short 17 minute masterclass that you can jump on to. I’ll put a link to that here. If you’d like to talk to myself or one of the team, I’ll put a link to that as well.

New course pricing structure available.

If you’d like to find out about the new pricing structure that we launched last week. Send me an email, Andrew@TheForexTradingCoach.com. And I think it’d be pleasantly surprised.

Blueberry Markets as a Forex Broker.

And if you’re there looking for a really good forex broker that you can trade forex, metals, commodities, indices, cryptos, have a look at Blueberry Markets and I’ll put a link to them here as well.

So once again this is Andrew Mitcham at The Forex Trading Coach. Enjoying the great outside. And you take care I see you this time next week.

Bye for now.

Episode Title: #603: The Hard Truth About Trading Success

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Follow my 30 Trader US Update

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The Freedom of Trading Anywhere, Anytime

Podcast:

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Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Follow my 30 Trader US Update

Click Here To Learn How to Gain 1% Daily

#602: The Freedom of Trading Anywhere, Anytime

In this video:
00:34 – I’m back home in New Zealand after 4 weeks in the US.
01:07 – TFTC Coaching remained the same.
01:22 – Lessons from trading while on the road – see here https://theforextradingcoach.com/the-30-minute-forex-trader-us-travel-updates/
02:09 – Less is more approach to trading.
03:03 – Trading in 5 minutes a day and set and forget.
04:13 – The power of an amazing trading community.
05:55 – New course pricing structure available.
06:50 – Blueberry Markets as a Forex Broker.
07:30 – Summary of our US road trip.

So I’ve just got home to New Zealand, and I’ve spent the last four weeks trading and traveling around the US on a big road trip with my wife. I’m going to talk to you about what you can learn from my experience, and how it can help you when trading and traveling for yourself. Let’s get into that more right now.

Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 602.

I’m back home in New Zealand after 4 weeks in the US.

Back in beautiful New Zealand. Back in the winter here. Lovely dark blue sky day. Sunny days. Really great to be home. But we had a great four weeks traveling around the US. I drove on the wrong side of the road for me, and I covered over 4000 miles or 6500km, and we visited ten states.

Now, on that trip, I carried on trading exactly the same as I would have from home. Obviously the time of day slightly different.

TFTC Coaching remained the same.

But everything that I did was exactly the same as I would do from here as far as our coaching is concerned. We still had our live weekly webinars, our live webinars for clients to join in, European session and US session. We still posted our daily trades each day. We still had our form site updated and so everything carried on.

Lessons from trading while on the road – see here https://theforextradingcoach.com/the-30-minute-forex-trader-us-travel-updates/

But from a trading perspective, what I gathered from that trip is you don’t have to trade all the time to do really well. And so for me, I took some monthly chart trades. In fact, I’ve still got a New Zealand US dollar sale trade on.

And this week the New Zealand dollar. In fact just yesterday just crashed. And it’s really help that trade. But longer term on the monthly chart we have a sell trade from the beginning of August. Now if you’ve been following me you would have seen that I documented my trades that are taking on the monthly charts, the weekly charts, the daily charts and other time frame charts while I was in the US.

So I’ll put a link here. You can have a look at those 14 videos that I took while I was there. And you can see the trades are taken and the results of them.

Less is more approach to trading.

But it just showed to me that it doesn’t matter whether you want to travel and trade or whether it’s just normal life going on and you’ve got job, family, you know, sports, hobbies, whatever it might be, and you think that you don’t have time to trade, well, it’s just not true.

You do have time to trade. Everybody has 24 hours in the day, but you don’t need to spend so much time as you think, actually doing the trading once you know what you’re doing. And so I looked at the charts at the beginning of each week looking at the monthly charts, and at the beginning of the month, beginning of August, we looked at the monthly charts and took that trade I mentioned on the NZD/USD

And then each day we looked at the daily charts. Now, because that’s 5 p.m. New York time. At the same time, the 12 hour charts, the 8 and the 6 hours closed. And so we scanned those, three other time frame charts as well. And we post those trades on our membership site, for clients to follow and have a look at.

Trading in 5 minutes a day and set and forget.

So if you did nothing else, then just maybe looked once a day at the daily charts and those other three timeframe charts at the same time. You can do that and literally 5-10 minutes a day and take your trades and leave them. The other thing that I find that with, traveling is you do you spend less time looking at charts, which is a good thing.

You don’t need to be glued to your charts all day. And people get stuck into that routine. They kind of feel that they need to be there looking at trades, looking at charts, interfering. You don’t. You can place your trades, leave them and walk away. And that really is the best approach that set and forget approach. It’s far more enjoyable.

It’s less stressful. You just, you know, you’ve got your low controlled risk if you trade the way that we trade and you know, you have high reward to risk trades if you trade the way that we tried. And so you can just leave the trades and walk away. Now the only thing I did is, before the weekends, I just closed out anything that was from daily charts or lower, but weekly charts, monthly charts or any crypto trades, just leave those open, until the following week. And of course, cryptos over the weekend. So that just means that you could just trade, travel, do whatever else you want to do.

The power of an amazing trading community.

Now, another really important factor which you cannot put a value on this. It’s the price of the power of community. Now, we are incredibly proud of what we’ve built over the last 16 plus years. Here at The Forex Trading Coach.

We have an amazing, group of clients from right around the world, all trading the same strategy and all helping each other. And I think that’s very unique in the trading world. And it’s just incredible. Incredibly powerful to see. While I was away, other people stepping up, helping out, taking trades, posting trades, answering questions as well. You know, we were still there to do that, but obviously with traveling, it’s just, you know, a little bit slower to get responses and the ability to talk to other people who are all trading the same strategy, the same method, or they’re taking the same trades, looking at the same charts at the same time, and to discuss things with them, their experiences or trading, whether they, you know, found it easy or hard or they’ve left trading come back or they’re on prop firms or, you know, all these different type of, real life situations that people face when they’re trading and the ability to interact with other people and to view their trades and to discuss things is massively important.

Because otherwise trading is just a real lonely business. You’re kind of sitting there on your computer when your laptop and your by yourself. And so I really, really appreciate our clients and our students that we have on board and our mentors and everybody. They’re all on the same page or helping each other.

New course pricing structure available

So look, the other, news, since I’ve been back is we have completely changed our pricing structure. In the past, we’ve always had one upfront fee, and it’s been like that for the last 16 years. Now I’ve just decided to change things up and, you know, just traveling around, you realize that financially, things are quite tough for people out there. You know, even in America, I was amazed with the price of food and how I used to think food in America was very cheap.

No longer the case, very expensive. Like supermarkets, etc. like that. Eating out. So what I’ve done is I’ve created a document, and on that document you will find a completely different pricing structure, so you can jump on board with us at a vastly reduced fee, and then have an ongoing monthly fee to continue with our daily trades, our webinars, our forum site if you wish to, and you can stop that at any time if you wish to as well. So I’ll put a link to that document, or you can just email me and I’ll send you that document.

Blueberry Markets as a Forex Broker.

And if you are out there looking for a highly recommended broker, I can, I can recommend Blueberry Markets. They’re based in Australia across the water here behind me. And about 3.5 hours that way by plane. And they are a great bunch of people. Very good. Broker. Most people around the world can offer, can open their accounts with them.

Unfortunately, if you’re in the US, you cannot. But Blueberry Markets. I’ve been with them for years. I know them, personally, having met them in person. Speak to them, you know, weekly. Great people. And a good option for you to just to consider if you’re out there looking for a broker. And I’ll put a link to them as well.

Summary of our US road trip.

So that’s it for me. Really glad to be back into New Zealand. Like I said, had a fantastic time when the state seeing some iconic, places, some amazing, barbecue food. Highlights for me would be some of the music we saw in Memphis and Nashville and New Orleans, some of the iconic things like the New Orleans Paddle steamer up the Mississippi, the alligator tours, and of course, spending, some really valuable time with Paul Tillman and his family in the Smoky Mountains.

So, great time to be away. Great. Great. Place to visit, for a road trip and lovely people. And easy to get around and to trade at the same time. And make money while on holiday is the absolute ultimate, isn’t it? So that’s what you can do.

So once again, have a look at the link that I’ve got on here if you’d like to come on board with us at The Forex Trading Coach

And I’ll see this time next week. This is Andrew Mitchem, enjoying the sunshine back in New Zealand. And, we’ll talk soon. Bye for now.

Episode Title: #602: The Freedom of Trading Anywhere, Anytime

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Follow my 30 Trader US Update

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Why Quality Trades Beat Quantity in Forex Trading

Podcast:

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Book a Call with Andrew or one of his team now

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Click Here To Follow my 30 Trader US Update

#601: Why Quality Trades Beat Quantity in Forex Trading

In this video:
00:36 – Trading from the US while on vacation.
01:00 – July and August can give us tougher trading conditions.
01:58 – Less trades but focus on higher quality trades.   
03:00 – Look at a variety of time frame charts.
04:01 – Get onto my 17 minute masterclass.
04:08 – Blueberry Markets as a Forex Broker.
04:11 – Have a chat with us, ask us a question.

Andrew Mitchem
As you probably know, if you’ve been trading for any length of time, what time of year you trade can also make a big difference in your trading. Currently, summer here on holiday in the US with Paul Tillman and sometimes the summer conditions are not always the best, but we are heading towards the end of the northern hemisphere summer and, good conditions ahead. So let’s get into more right now.

Andrew Mitchem
Hey, traders! Andrew here at The Forex Trading Coach with video on podcast number 601.

Trading from the US while on vacation.

Currently on holiday in the US for vacation. Been here for a few weeks. And currently with Paul Tillman and his family here in North Carolina. Currently at Grandfather Mountain a little bit hard to see behind us. We’re up in the mist at just over 5000ft.

Andrew Mitchem
Point of this video though, is that we’re here trading as normal whilst on vacation or on holiday, and we’ve had a couple of really good weeks since I’ve been here.

July and August can give us tougher trading conditions.

And despite that, we are in the kind of the quiet time of year and Paul living here will know more about that. But northern hemisphere summertime, July, August can sometimes be tricky conditions.

Andrew Mitchem
But as Paul is going to explain to you, we’re heading out of those conditions and into some good ones between now and Christmas.

Paul Tillman
Right? So right now a lot of people are on vacations, holidays, school is out. A lot of good weather. People are out traveling. So the volumes just naturally going to be lower. Not as many people trading. So the conditions are what are it tougher or more sideways price action? Not as much. In terms of defined trends up and down trading conditions are are okay, but they’re not great.

Paul Tillman
Definitely see better. Earlier in the year, before the northern hemisphere summer, and we’re coming into, a nice time here in the US fall all the way up to Christmas. We’re trading conditions will be very, very nice. We’ll have much better trends and, much more quality and high probability setups to pick..

Less trades but focus on higher quality trades.   

Andrew Mitchem
So the important thing is there is that although we’ve had some great trades, we haven’t had a lot of trades. And so it’s more about the quality of the trades that you take. And so each day we go through the daily charts and just yesterday we had two trades on the daily charts at the beginning of this week.

Andrew Mitchem
And we also had seven trades on the weekly chart.

Paul Tillman
Lots of those.

Andrew Mitchem
Yet the week before we had very few on the weeklies. But we did have a few trades for the month of August. So we’re looking on the completion of a candle on the close of a candle, but we’ve been very selective on the trades that we do take because of these conditions.

Andrew Mitchem
So it’s really important to remember it’s the quality of the trades that you take. Not so much the quantity. We’ve been really selective on the trades we’ve taken over the last couple of weeks. Just two trades yesterday on the dailies, but seven weekly chart trades and not so many on the shorter time frame charts just because of the nature of the market conditions right now.

Andrew Mitchem
But as Paul mentioned, you know, we are turning into that sort of August into September time. Where are you going to get better trading conditions? So more important to, to look at the charts on the close of the candle. But also you’re probably going to find more shorter time frame opportunities as well.

Look at a variety of time frame charts.

Paul Tillman
That’s right. The great thing is our strategy works on all the time frames everything. Now we trade as low as 30 minutes or 1 hour all the way up to monthly. So lots of opportunities. You don’t have to try to, you know, do 50 or 60 trades in a week. As Andrew mentioned, it’s all about, quality of the trade more than quantity.

Paul Tillman
I was telling, coaching client, the other day that, you know, would you rather make 50 trades and make a couple percent a week or make ten trades in a couple of week? And obviously, the less trading, the better. Go out, do stuff with your family, go live the rest of your life outside of trading. So it’s all about that quality trades and those trading conditions are going to turn right for us here shortly.

Andrew Mitchem
Yes. Right. Exactly like right now. We, about 2:15 local time. So we’ve got like, almost another 2.5 hours before we even need to look at our charts today and that, today being a, a Monday here, we’ll be looking at the daily charts. And also we scan through 12 hours, 8 hours and 6 hours at that 5PM New York change of day. So be really selective. Look at the markets and the time frames that are showing the best setup.

Get onto my 17 minute masterclass.

Andrew Mitchem
Now, if you haven’t been on our masterclass, you can click on the link here to a short 17 minute on demand masterclass.

Blueberry Markets as a Forex Broker.

Andrew Mitchem
If you are looking for a good, high quality broker, I’ll put a link here to Blueberry Markets.

Have a chat with us, ask us a question.

Andrew Mitchem
And of course, if you have any comments for myself or Paul or questions or trading topics conversations that you’d like us to talk about on future videos and podcasts just like this one, leave a link below and we’ll be glad to help answer that for you and to enhance your trading.

Andrew Mitchem
So once again, this is Andrew Mitchem and Paul Tillman here in North Carolina having a great time on vacation with see in this time next week. Bye for now. Bye for now.

Episode Title: #601: Why Quality Trades Beat Quantity in Forex Trading

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Follow my 30 Trader US Update

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How to Stay Profitable in Any Market

Podcast:

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Book a Call with Andrew or one of his team now

Click Here to Attend my Free Masterclass

Click Here To Follow my 30 Trader US Update

#600: How to Stay Profitable in Any Market

In this video:
00:35 – Joined by Paul Tillman in the US.
00:55 – How Paul joined TFTC as a client and then coach.
01:42 – Paul’s role at TFTC.  
02:18 – The TFTC strategy has never changed.
03:34 – Why would a strategy work on just one pair or time frame?
04:13 – Paul’s advice to people who are looking to become a good trader.
05:03 – Join my Masterclass.
05:14 – Blueberry Markets.
05:45 – Paul’s best financial decision.

 Andrew Mitchem

The Forex Trading Coaches over 16 years old, and we’ve been providing information for traders right around the world for a long time. And this is video podcast number 600 where I’m in the US with Paul Tillman. So let’s talk about the longevity of what we do and the quality of what we offer and how we can help you to trade successfully.

Andrew Mitchem

Let’s get into that a more right now.

Andrew Mitchem

Hey traders. Andrew here The Forex Trading Coach with video and podcast number 600.

Joined by Paul Tillman in the US.

Andrew Mitchem

I’m joined here in the US in Asheville at Biltmore House with Paul Tillman.

Paul Tillman

Hey everyone. Glad to see here. 600 episode big milestone.

Andrew Mitchem

It is indeed. And one of the things that we like to talk about at The Forex Trading Coach is the consistency of what we offer and the longevity of what we offer.

How Paul joined TFTC as a client and then coach.

Now, Paul, maybe you could just give a bit of an introduction of yourself and how we got to meet each other and work together.

Paul Tillman

Absolutely. So, Paul Tillman, I live here, in North Carolina, and I joined Andrew as a client just over ten years ago. I tried to find red flags from a previous experience, and Andrew didn’t have any, so, I joined in, and after two years, I said, hey, Andrew, I’d love to, help work with you. And, I have that kind of representative of, trading here for the Forex Trading Coach, in the US and, this side of the world.

Paul Tillman

So, it’s been eight and a half years. We’ve been working together. Andrew came along, and visited here in North Carolina about eight years ago to check things out, make sure everything was legit and good. And, it’s been a wonderful, eight years, together.

Paul’s role at TFTC.  

Andrew Mitchem

And, Paul, your role in the coaching business and helping people.

Paul Tillman

Sure. So I’m the Director of Coaching here. I help out with, one on one coaching sessions as well as, the webinars. We do a US webinar. Our forum site, our chat room area, daily trade suggestions. Just general coaching help. Trading help. Yes, sort to do a little bit of everything.

Andrew Mitchem

Nice. And one of the things with the 16 years that we’ve been running is that we offer consistency not into only what we do as well, but also the strategy. I think that so.

The TFTC strategy has never changed.

 Paul Tillman

That’s right. Yes. So ever since I came one and sort of history that the strategy hasn’t changed. We’ve added things like a U.S webinar, we added our forum site and chat room area, that real community of traders. But nothing’s ever changed. It’s not the next shiny object. Or we do something for six months and then we change it.

Paul Tillman

None of that. It’s the same strategy since the very beginning, and that helps with consistency. And you’re doing the same thing every time, which look at you consistently profitable or retired. Yeah.

Andrew Mitchem

And the only other thing, I suppose we have added, because the nature of the market is there are more time frames available now, especially for traders using MT5 where you get other charts like 2 hours, 3 hours, 6, 8, 12 built in. And of course there’s more markets for a lot of people as well. You know, we now offer or look at metals and, and cryptos and indices and commodities because they are now available to so many more people, which is, pleasing from our point of view, because the strategy, which was of course, a forex strategy works exactly the same.

Paul Tillman

Yeah, it works on every time frame and every market. I mean, all the exotics, cryptos, commodities, ones that Andrew mentioned it all works on all of it. Which is which is great. You don’t have to have one strategy for a certain set and another one for another set, which is just confusing and not worth it. So, it works with everything.

Why would a strategy work on just one pair or time frame?

Andrew Mitchem

It’s. That’s right. And one of the things that I found personally when I started trading, like, well over 20 years ago where people were having strategies that they’d say, this only works on the EUR/USD, on the one hour chart and nothing else. And I couldn’t work out why that was. And so the beauty of this is that it works on all time frames as well as all markets.

Paul Tillman

Yes, you don’t have to worry about it. Just use that strategy, apply it and look at your time frame. Put the trade in and let it go and do its thing.

Andrew Mitchem

That’s right. And so look whether it’s longevity of the strategy, looking for the longevity or the free information that we post each day on the, free daily trade suggestions, these webinars, as we say, or these, podcasts, number 600, we can help people from right around the world.

Paul’s advice to people who are looking to become a good trader.

So as someone who did join as a client in the early days, what of what would be advice that you would suggest to maybe someone watching or listening to this about what to look for.

Paul Tillman

So be a new trader. You avoid a lot of the pitfalls. They say 95% of traders fail. And you know what? I believe it, because of the lack of coaching, the lack of education, the changing strategy that we just mentioned, every so often. So, we are happy and proud to be in that, 5% of traders who do succeed.

Paul Tillman

Yes. It requires a little bit of effort. There’s no get rich quick schemes out there. But, you know, what about efforts, the education and coaching, everything we provide, we give you all the tools to be successful. And we always tell people when they first coming to us, you’ll be we hope to be your last stop in the journey to be consistently profitable.

Join my Masterclass.

Andrew Mitchem

That’s right. So, look, if you’re out there looking, to potentially join us, I’ll put a link here that you can jump on to a masterclass that we hold as a free, short masterclass that teaches you all about how we trade and how we can help you.

Blueberry Markets.

Andrew Mitchem

If you’re out there looking for a broker, you know that we work closely with blueberry markets. For so many people around the world, can use blueberry markets. Unfortunately, not here in the US, but most other countries can. And, Yeah, it’s just awesome working with Paul. Really enjoy our relationship that we have. We talk daily about trades and helping clients and looking forward to another 16 plus years as well. So because it just works, it’s an enjoyable community that we built and it’s just people helping people, which is so good.

Paul’s best financial decision.

Paul Tillman

That’s right. Yes. This financial education coaching decision I’ve made, and it’s been great getting to know Andrew and his wife, our families hanging out together. This is the third time around and, yeah, we’re going to go, enjoy more North Carolina and, did two, trading this week right now solidly.

Andrew Mitchem

In a couple of hours from there.

Paul Tillman

That’s right.

 Andrew Mitchem

So, thanks, everybody for watching or listening. Once again, this is Andrew Mitchem, Paul Tillman at The Forex Trading Coach. We’ll see you this time next week. Bye for now!

Episode Title: #600: How to Stay Profitable in Any Market

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How to Trade in 5 Minutes a Day While Traveling the U.S

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#599: How to Trade in 5 Minutes a Day While Traveling the U.S

In this video:
00:23 – Trading while on holiday travelling the US.
00:59 – Results from the first 2 weeks.
01:41 – Trading and travelling in Europe too.  
02:59 – 30 minutes of trading in the week.
03:10 – Follow long here https://theforextradingcoach.com/the-30-minute-forex-trader-us-travel/
03:42 – Catching up with Paul Tillman next week.

What’s it like to trade and travel the U.S. at the same time? I’m in Nashville. I’m going to update you with some great results that we’ve had in the last two weeks since we’ve been here. Let’s get into that a more right now.

Trading while on holiday travelling the US.

Hey traders! Andrew Mitchem here at The Forex Trading Coach video in podcast number 599.

I hope you can hear me. All right. With the background noise here. I’m just off Broadway in Nashville in the U.S. we’ve been over here for almost two weeks, and I’ve been documenting my trades that I’ve been taking just once a day for literally five minutes.

And the market’s been fairly quiet both week so far since I’ve been here on Monday, Tuesday, Wednesday. But, sort of Wednesday and Thursday and Friday especially, it’s just really taking off and we’ve had some excellent trades.

Results from the first 2 weeks.

So if you did nothing else and just followed the trades that I took last week, and you had a risk of just half of 1% for trade, you’d have made a 4.4% account gain.

This week so far, and I’m recording this on Wednesday evening here in the U.S. and of course, we’ve still got probably the best trading, conditions to come for the week so far. We’re up 2.5% so far, and that’s just trading daily charts. I’ve taken a two hour trade and, an eight hour trade and a 12 hour trade this week, and that’s it. So very little action happening on the charts. But when we’ve had the trades setting up that we’ve taken off been incredibly good.

Trading and travelling in Europe too.  

And so if you’ve been following me for some time, you didn’t know that a number of years ago. I did exactly the same as this on a trip around the UK, in Europe with my family.

This time we’re here in the US, for my wife’s 50th birthday. Just the two of us having an awesome time. I’ve done over 2000 miles so far in two weeks, so it’s a lot of driving as well. You kind of forget how big this place is, but my point being is that it doesn’t matter whether you’re traveling around the US or around Europe or traveling anywhere, it doesn’t really matter.

You could just say, well, I’m going to be at home doing normal things. I could be, you know, doing normal work or family riding things. Whatever it is, it doesn’t matter. The point being is that you can trade and do incredibly well with very low risk per trade, low drawdowns on either your own account or if you prop firms is your thing, whatever it whatever works for you, your normal life can carry on and you can just trade once a day.

Follow what we do. Get to learn how to do that for yourself, and whether you want to do cool things like this, you know whether the place is buzzing. You know it’s early hours of the evening. It’s only 7:00 here local time.

30 minutes of trading in the week

It’s fantastic to be able to travel around the world, literally spend 30 minutes in a week, tops.

Follow long here https://theforextradingcoach.com/the-30-minute-forex-trader-us-travel/

Absolutely tops. And have results like that 4.4% last week, 2.5% so far. This week on close trades. But you know, who knows what this end, week might end up with. But what I’m going to do is keep documenting those trades, keep taking them, and you can follow along.

So, there’s a link that you’ll find here where you can look at the videos I’m making sort of four or 5 or 6 videos a week, depending on what’s happening in the market.

And you can follow along with those trades. And see how they progress and do exactly the same for yourself. So have a look at the link bits on here.

Catching up with Paul Tillman next week.

And, I’ll see you this time next week. Where I’m going to catch up with Paul Tillman, for our video on podcast number 600.

So once again, this is Andrew Mitchem. Off to enjoy the night life. I hope you like the shirt by the way. This is the Beatle Shirt. Off to enjoy the nightlife in Nashville with some music and some great barbecue. I’ll see you this time next week. Bye for now.

Episode Title: #599: How to Trade in 5 Minutes a Day While Traveling the U.S

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Forex Tips for Passive Investors by Andrew Mitchem, Patrick Grimes & Steven Primo

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Click Here to Watch Prop Firm Masterclass

#598: Forex Tips for Passive Investors by Andrew Mitchem, Patrick Grimes & Steven Primo

In this video:
00:25 – Top trading strategies for passive investors. 
05:50 – Why I choose to trade the FX market. 
11:47 – The ability to Buy and Sell.    
15:03 – How much time do you need to trade daily?
25:00 – Why so many retail traders lose money.
41:40 – Do you want to invest in your trading education?

Patrick Grimes:

Right. This is Patrick Grimes and I’m really excited to be here today with some awesome people to talk about a completely new alternative investing strategy we have not dug into to this level before.

Top trading strategies for passive investors. 

Two heavy hitters to talk about it. And that is top currency trading strategies for passive investors, also known as Forex. What is that? How does it work? What are the risks? We’re going to dig into all that today. How to be successful at it. Is it passive, is it not? These are all really cool things, and I’m excited to learn about it along with you. I haven’t done this, and this is one of the passion projects. This is my passion project here. This is our Alternative Investing Mastery series and put on by Passive Investing Mastery and myself.

And why are we doing this? We’re doing this because we want to educate investors to achieve mastery in the art of passive alternative investing strategies. So you keep your life back. You can be passive, but you get into alternatives. You’re just all about the stock market, this is not the right event for you or the right series for you because we’re about non-correlated investments outside of the stock market. Ones that don’t rise and fall together.

Now, we educate here. It’s important for us. I’m on over a hundred podcasts and books. I’ve written articles and forums and others. It’s all on my website. I actually give away a couple of bestselling books for free on our website, if you’re interested. I actually sign them and send them out, help inspire people along their journey. And we have this bi-weekly webinar series, which seems to have turned into a weekly webinar series, always featuring a Blue Ocean approach of different alternative strategies.

Now, we’re doing this because we believe financial security happens through a lot of different allocations into different markets, which can only be achieved into these very unique kind of novel alt strategies. And we want you to get to that point where you have true, not just independence, but security, and the abundance, the financial abundance you need for the causes you care about most. That’s our mission here. We do that through education and through sponsoring best-in-class alternative investments, which you can check it on our website.

The next event, before we go any further, make sure you jump in there, one week from today, Venture Capital for Passive Investors: Syndication Strategies That Works. I don’t do a lot of venture capital. It’s not really my bag, but a lot of people do. And a couple friends of mine that I’m in large, very large real estate deals with that have invested huge and were some partners in some of these deals. Isaac Bennett works for a venture capital firm. I’m in some Masterminds with him. And he is doing real estate and venture capital. Trey Taylor is a family office. He manages his own and all of his relatives, his extended family’s funds, and he also does angel and venture. So we’re going to talk about it. He’s going to be there as well. It’s going to be a fascinating conversation. Known both these guys for some time. And what are the different funding options and venture capital risk rewards? How to leverage syndications? What are angel investments and family office and high growth startups? What are these things that allow you to really build that true resilient portfolio?

So we’ll go through all of that today. But today, currency trading strategies. Really excited about this. So let’s go to our panelists right now. We have Andrew Mitchem. It’s tomorrow for him. He’s in New Zealand right now, so I appreciate you jumping across the pond virtually for us, Andrew.

Andrew Mitchem:

Lovely to be here, Patrick.

Patrick Grimes:

And by the way, Forex is not like real estate. It is global. You’re trading global currencies. So these educators is over 108 countries he’s trading in right now. It doesn’t matter where this expert is, if he’s somewhere on the planet Earth and he’s got something relevant to say for you and America about Forex trading. So he’s a full-time currency trader and investor since 2003, founder of the Forex Trading Coach, providing training to traders in over 108 countries. Pretty awesome. Developed a profitable trading system after initial challenges. I would love to hear more about that. Advocates for the flexibility and freedom offered by currency trading. Really excited to have you here, Andrew.

And on the other side of the Pacific Ocean, where I’m kind of sitting in the middle, is Steven Primo. Primo is the Oracle here I think on the call. Is it okay if I call you that, Primo?

Steven Primo:

That’s fine. Everyone calls me that as well. That’s fine.

Patrick Grimes:

Well, I’m glad, because it made sense. 48 years as of this year, he’s been trading. He has been trading for 48 years, starting in 1977 as a floor reporter on the Pacific Stock Exchange. Former stock exchange specialist for Donaldson, Lufkin & Jenrette, managing markets in over 50 stocks. Co-developer of the PTS Primo Charting Platform focused on trading education. Once again, perfect. Glad to have you here. Featured in Stocks & Commodities magazine, he’s contributor for contributor for TradingMarkets and the FX Street and Trader Expo. His proprietary methods for trading are used in over a hundred countries.

This is a global strategy. Couldn’t ask for a better group of guys. Let’s start with Andrew and then go to Steven, and I’d like to hear why are you excited to be here today educating us on currency trading strategies? Go ahead, Andrew.

Why I choose to trade the FX market. 

Andrew Mitchem:

Hey there, Patrick. Hi everybody. I’m here today because I absolutely love trading in Forex market, and it’s just completely changed my life over the last 20 years, and the more that I can help do that to other people, the better. It’s an awesome market to trade.

Patrick Grimes:

And Steven.

Steven Primo:

Hello everyone. Thanks for inviting me today. And similar to what Andrew said, I’ve been trading for 48 years, but roughly about 20 years ago I really wanted to start sharing what I had learned, because you can only go so far if you’re just sitting in a room trading by yourself, but to a point you have to share with other people and that extends your next level of trading. So I started teaching and I’m excited to teach people. It really is a lot. It gives you a lot more satisfaction than just sitting alone in a room trading by yourself.

Patrick Grimes:

All right. So here we go. We’re going to dive into the discussion, but first I want to make sure that we see have a lot of people here participating in the chat. David, Amital, Bill, Kenneth, Anise, thank you so much for already jumping in there and starting to participate. Keep your questions coming. We’re going to have lots of questions during this event, probably 40, 60. We’re going to answer questions as they’re relevant to the current topics that we’re talking about. I may punt on some questions and then towards the end when we reach those topics, weave those into the conversation. If we miss one, that’s our bad, but we’re going to go back through it after the 45-minute mark and go through a very laser-focused Q&A. Do our best to get through all of those questions. But keep them coming. We usually have 40 plus, 60 plus questions, so it’s a very lively discussion. Looking forward to this today.

So without any further ado, let’s jump into the discussion. So, what is currency trading? It’s what we’re going to start out with, and we’re going to break it down in very simple terms. I like to say that so that my grandmother’s knitting circle can understand. So let’s break that jargon down very simply. Andrew, what is currency trading? How does it work?

Andrew Mitchem:

Yeah, Patrick, so to break it down real simply, currency trading, when you trade currencies, you’re actually trading what’s called a pair. So you don’t just trade one stock or one thing, you trade something against something else. So as an example, the Euro/US Dollar. It’s traded as the Euro/US Dollar, as a currency pair. And when we look at it, we can either buy or sell that currency pair. So if the Euro/US Dollar looks like it’s moving up, effectively we’re looking at strength in the euro, weakness in the US dollar. If it looks like the Euro/US is falling, that means we’re effectively looking for selling euro and buying US dollar. So they’re all traded together as currency pairs.

There are eight main currencies that we look at, and that would be the Euro/US Dollar, Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar, Japanese yen, and the British pound. So it makes it really easy because it’s mainly just eight currencies to look at.

Patrick Grimes:

So Yuan, the Chinese Yuan is not on that list.

Andrew Mitchem:

We do have those as well. But for people that are wanting to start this as something new, I would probably focus on those main eight currencies. They’re the most traded. The cost of doing the trading is very small in terms of the spread, the liquidity’s fantastic, and what we do when we start looking at technical trading, it has the highest reliability. Yes, you can trade the Mexican, the Swedish krona and lead on to other currencies and other markets, but I would focus for someone new especially on those main eight currencies.

Patrick Grimes:

Amital is saying, “What is Forex?”

Andrew Mitchem:

Yeah, so Forex is foreign exchange currencies. It’s just short for foreign exchange. It’s basically currency trading, Forex, it’s the same thing.

Patrick Grimes:

We wanted to call it currency trading instead of Forex, so it didn’t sound so foreign. And so it is, yeah, one and the same. Here, Steven, let’s hear your thoughts.

Steven Primo:

Yeah, I ditto exactly everything, the same thing Andrew said. The main thing is that the trading is actually simple, because I’ve noticed from my experience in trading currency pairs is that when they run, when they go in a certain direction, they really go. I mean, these are some of the best trending markets available. And since we feel that the best way to become a consistent trader is to be in sync with the trend, I think there’s a real advantage to trading currency pairs. If you’re able to find out through price behavior what the trend is and get on board, you can really have some nice gains and really have some nice profits.

Patrick Grimes:

So this is interesting to me. So I did some research in advance. About 24%, you talk about the pairs, 24% of the trades are between the euro and the US dollar. That’s fascinating. And I think it said 66% are in those nine most common currencies overall. So the majority of it is in those top currencies. So you’re really talking about trading between, call it nine or 10 different currencies for the majority of it, and then a quarter of that or the majority of that is actually the US dollar and the euro. Is that right?

Andrew Mitchem:

That would be exactly right. And that is exactly what I would focus on for those reasons, given the quality of the trade setups, the cost of doing it. It’s so much better just focusing on that. And the beauty of Forex trading is you don’t need to know about a hundred different companies or anything like that. It’s just eight currencies and what moves them. And as Steven said, the moves that you can get are huge.

The ability to Buy and Sell.    

The other beauty is you can of course buy and sell. So you’re not just buying something and kind of hoping it’s moving up. You can make exactly the same return by selling, let’s say the Euro/US Dollar and getting a profitable trade when that market falls as you can when you buy it. You just need to be on the right side of the market.

Steven Primo:

Right. And what we had talked about before in terms of keeping it simple, I think a lot of, especially beginners, can really get overwhelmed deciding what market to trade. The great thing about currency pairs, as we’ve stated, if you stick with those select numbers, those basic ones, it keeps it a lot simpler, especially when you’re learning how to do it. So you’re not going through 5,000 stocks or tons of crypto that you don’t understand where they are, you’re just focusing on this small number. It makes it lot easier to get involved.

Patrick Grimes:

So Anise here, who follows you, said that Primo makes it simple. A great educator. So David’s saying, “Share, baby, share.” So, very excited about that. And we’re hearing a little bit about Mitchem’s humble beginnings in the chat. So you guys have got a great following here, much more exposed to my audience than I originally understood. This is great.

So let’s talk about how active and passive is this, because this is actually a Passive and Alternative Investing Mastery strategy session. A lot of the investors are like myself. I was a hardworking professional, successful at what I did, I was good enough to be able do what I did to be able to make some money to be able to invest. But I’m busy on my day-today. So how do you talk to investors about evaluating the active and passive methods by which you go about investing in this? Why don’t we start with Steven?

Steven Primo:

My opinion is I don’t think everyone or traders should be one or the other. In other words, you shouldn’t be totally active in something involved and just staring at every PIP or tick. You shouldn’t be totally passive either. I teach my students that they should be actually involved and part of the process, because that’s how you’re going to really become consistent. I think no two traders should ever trade alike. Some traders have a larger account. Some are new. Some have been trading 30 years. Everyone has different risk parameters. So that will determine how active you are, how passive you are. Another determination is thinking of what timeframe. If you’re going to be intraday trading, you have to be a lot more actively involved as opposed to someone who’s looking at weekly or monthly bars and you can pretty much set your parameters and then sit back and watch. So it all depends.

The first step I believe that traders and students of mine have to make is you have to determine what type of trader you are. Are you the type that wants 20 trades a day or you want one trade every couple of months? And then you can decide how active or how passive you should be. But I don’t think it should be a hundred percent one side or the other. That’s just my philosophy.

Patrick Grimes:

Andrew, you have a take on that?

How much time do you need to trade daily?

Andrew Mitchem:

Yeah, sure. Look, I completely agree with Steven. The beauty of currency trading is we have the option to look at various timeframe charts. And the way that I believe that we both trade, myself and Steven, is it kind of doesn’t matter what currency pair we’re trading and what time frame chart.

So to talk about how much time you need. I always say to people, once you know what you’re doing, you could quite easily trade in 30 minutes a day, probably less. But also, you could trade on weekly charts or monthly charts like Steven said, and just look at your charts once or twice a week or a month. It depends what you want to do. But I still think you need to have some involvement in what’s happening. You can’t just sort of put something on and then forget about it. I still think while you’re learning, especially, you need to understand how the market works, what you’re looking for in terms of price action and candle patterns. But it certainly isn’t something that you get that perception online that you have to be there at certain times of the day, where you have to sit watching every PIP of movement, like Steven said. A lot of people start like that and they fall into the trap of doing that because people think that you have to trade more to do well. The reality is trading less is better and just having higher quality trade setups.

Patrick Grimes:

So when it comes to passive investing, it’s either you’re just, like you pointed out, you need to be active. So you don’t want to just buy something and forget about it, right? You’re not necessarily going to be a long-term holder when it comes to just a Forex investment is kind of what I’m hearing.

The other way investors can be passive, and I’d love to dig into this a little bit because I know somebody who I rub shoulders with occasionally and they put together a Forex trading strategy. And when I think the Japanese, it was the Japanese bond inverted and that it caused a big challenge for their strategy. Their strategy was a bot, it was the way to make it passive, and they lost some money. They lost some money for two reasons, one was because it was leveraged and two was because it actually traded negatively into kind of a down cycle on the end.

And I guess these algorithmic tradings, the strategies, they kind of account for 70% of the daily trading volume. And daily trading volume is massive. And then there’s a bunch of them that are using these bots and some are using AI bots now. And I’m actually… These people are out there AI trading Bitcoin right now as well. But let’s hear your guys’ thoughts on these algorithmic trading methods, these bots, these ways that people are trying to make these things passive, hear what your thoughts on that.

Steven Primo:

Well, right off the bat, I can tell you I’m totally against it, and it’s only because… I mean, a lot of people think I’m old school because I’ve been trading so long, but as I stated earlier, you have to be a part of the process. I think one of the main reasons why traders fail in any market, currency pair, if you’re an investor or whatever, is when you take yourself out of the game. Now that can be either having a fund where someone does it for you or relying too much on an indicator telling you whether to buy or sell, but you have to be a part of the process. And so I’ve had a number of students I’ve educated before that said, “Well, why don’t you just have algorithmic trading or just something just spits out buys and sells.” It goes against my philosophy where you would not be a part of the process. It’s just something that I’ve learned through the years.

And to tell you the truth, when I left the floor, I was hired to manage money and also to teach systematic trading at a number of firms. And I taught these systems, which were very similar to what’s going on now with AI, but they were all systematic. You just had to put in the numbers and they spit out the buy and sells. And they had fantastic research going back 10, 20 years, 80% wins. It was just unbelievable the different markets. And then when 2008 hit, they all crashed. Everything went down. And what happened to all the research? What happened to all the great 10, 20 years of fantastic numbers? It all goes out the window. So it was because you have to make adjustments. You have to be able to go with the ebb and flow of the market. And that involves what we were talking about. It can’t be just passive. You have to be a part of the process.

Andrew Mitchem:

Yeah, absolutely.

Patrick Grimes:

So you taught algorithmic trading, sorry, but you are no longer a believer in it after the 2008 because you feel like you actually need to be there having that human judgment, seeing something like in 2008 and interfering with the algorithms. Right? Is that what I’m hearing?

Steven Primo:

Exactly. The simplest way I could say is that I’m not even a big football fan, but I know in football, the quarterback can come up in a line of scrimmage and have a play already and everyone knows what the play is, but then he sees that the defense has shifted. It’s different. So he’ll yell out what’s called an audible, telling the rest of the team that we’re kind of changing and editing things a bit because the defense has shifted, so the play won’t be able to run the original way. It’s no different when trading. You see that, wow, you have to be a part of the process because maybe there’s more volatility today. Maybe there’s no volatility today. Maybe your risk is larger. Maybe it’s less. So you’d be able to change ebb and flow with what the market’s showing you.

Patrick Grimes:

We’re addressing some of Bill’s questions here about how do you know what moves around in the currencies. And also Michael, “Is it manual or algorithmic?” It sounds like it’s a little bit of a combination between the two, but you’ve got to be ready to do the audible. The engineer in me really struggles with this, because I was an automation and robotics engineer and I think of things as systems and processes, but having that human audible is necessary and why we don’t have robots everywhere on every manufacturing floor right now. Andrew, let’s hear your thoughts.

Andrew Mitchem:

I couldn’t agree more with what Steven said. Maybe we’re both old school, but I think he’s absolutely right, and I can tell you from a of personal experience that I’ve tried every bit of AI, every trading robot, every algorithm there ever was, bought them, tried to create them, and they just don’t work. I think a lot of people run into that pitfall of they see something that has been back-tested that looks really good in hindsight and it goes live and it just doesn’t work.

I really cannot stress enough from personal experience how much human common sense and seeing something and reacting to it will massively help you not only in your results but also in that actual knowledge that you have of being able to do this for yourself. Whereas even if you had a system that you got from somebody, how do you know when that stops working if you don’t have that knowledge of how the markets work? How do you know when the market’s changed and you need to adjust the parameters? Just buying something, leaving it to run with your money, your hard-earned money sat there, it’s a huge gamble. And I personally, I love the fact that I have the knowledge of what to do, when to do it or when not to do it.

Steven Primo:

That system usually stops working the minute we start trading it. That’s when it usually stops working.

Andrew Mitchem:

Really. And we’ve all done it. So the issue is that people see online and YouTube and other play TikTok and things that all these [inaudible 00:22:07]. Because someone’s generally trying to sell something, and I promise you it doesn’t work.

Steven Primo:

Right.

Patrick Grimes:

Let’s talk about this… Give me a [inaudible 00:22:20]. So it sounds like it’s a lot of book smart, or there’s a book smart component to it, then there’s a street smart component to it, and then there’s the science and technique, and then there’s the art. Are we talking it is the arts the audible, is it 50% art or is it 10% art and 90% algorithm and science and technique here? What do you guys think?

Steven Primo:

Well, for me personally, I put about 25 to 30% rule-based pattern recognition or just looking at price behavior. And it’s rule-based. It’s not systematic. And then I would put basically… Or I should say, I’m sorry, sorry everyone. I mean 70% rule-based. And then 30% I leave for intuition, for experience, for audibles calling, being part of the process. So 70% rule-based and 30% I leave for making my own process and decisions.

Patrick Grimes:

I love how you could answer that question. Andrew, what are your thoughts?

Andrew Mitchem:

If I had to go first, I would’ve said exactly the same. This is quite spooky. Because it’s the way that I suppose that over years, you have trial and error and you figure out what works. And yes, when I see a trade setup, I have rules for my entry and exit levels based on the way that I trade, but there is certainly a little bit of discretion in what I look at on the charts as well. But it’s like anything, it’s like any skill that once you can do it, you can kind of do it. It’s like watching a kid ride a bicycle. It’s very complicated to start with and then when you know how to do it, you just jump on the bicycle and go. And I believe that kind of art form of trading is very, very similar. You have things you have to do and then you have other things that you kind of just get over time.

Patrick Grimes:

The art form of trading, right? And we like to say the mastery in the art of passive alternative investing here. And so there’s an art to it. So let’s dig in a little bit more. What are the actual ways that people would engage? I’d say you’ve got to go learn something, you’ve got to go educate yourself, and then you’ve got to go practice. And again, the education, you’ve got 70% rule-based, you got to practice to get the 30% intuition. You got to be out in the field actually doing this.

Why so many retail traders lose money.

How have you investors learn, how long does it take to actually gain the confidence necessary that you see for them to be successful at this? I mean, I’ve seen some numbers out there. We were Googling around trying to figure out, it says between 72 and 84% of online Forex traders lose money.

Andrew Mitchem:

It’s higher.

Steven Primo:

I was going to say same thing. I think it’s higher.

Patrick Grimes:

And 29% of retail Forex traders achieve capital gains, meaning they actually get a gain. So those are not numbers that I’m typically seeing in real estate investments. So help us understand how do you educate to beat those numbers, to beat those statistics, to get over that book knowledge, rule intake, and then to learn the art for your students to be successful. What’s that process?

Steven Primo:

I’ll let you go, Andrew.

Andrew Mitchem:

Okay, so for me it’s finding a strategy that suits you as an individual person. That’s what it comes down to. And look, it took me four years of going round in circles and buying things and beating my head against a brick wall. I’m not a sort of person that gives up, but I kind of got very close. For me personally, I then realized that the system that I had to trade meant I wasn’t looking at charts all day, and I had to actually have some logic behind it. Because when you start as a new trader, you can get demo accounts, like free virtual money accounts. And the downside is that people get inundated with indicators and all these lines crossing over everywhere and arrows and dots and things. It looks really cool, but the trouble is they fail to look at what’s actually happening in the price and they fail to understand the things that the big players look at, like support and resistance and news events and things like that.

And so for me it’s about someone needs to use the demo account, treat it like it’s real money. The danger is they’re going to start off with a 100,000 demo account and they go, “Fantastic. I’m making all this money,” by just guessing what they’re doing. And of course, when you go live, you’re probably unlikely to go to a hundred grand live account. So I tell people to start with maybe a 10,000 demo. Treat it like it’s real. Make the mistakes that you’re going to have with your risk management going wrong and your lot sizes incorrect and things like that, that everybody will do. But treat it like it’s real and develop a strategy and a system that you understand that you have confidence in, that you trade professionally on a demo account before you even think about going live.

Patrick Grimes:

Is that a year? How long-

Andrew Mitchem:

It could be. It could be. If you’re doing it for yourself with no help, absolutely. Like I said, I took four years. And it’s very tempting to get to those stages where you go, “Oh, this is not working,” so you try to reinvent the wheel again or you buy another indicator or robot, like I just talked about, and you’re kind of very easy to get distracted in today’s world online. So it’s about stripping all that down from… If you’re doing it yourself, if you’re doing it yourself from scratch, it’s about picking the best of different things and working out what’s going to suit you as an individual person.

Patrick Grimes:

Steven, let’s hear your approach. It’s a great answer, Andrew. How do people get in there in this world where the majority of people are losing money? They want to get into this asset class, they know they need to educate themselves not only just on the books and the rules, but they got to build that intuition, they got to get that art of it down to make those audibles. How does somebody just starting out get in there and how long does it take them before they could go live and actually start winning?

Steven Primo:

Well, I believe that that statistic is actually higher. I believe upwards of 85 to 90% of all first-time traders lose money, and when they say lose, it means that they actually lose everything, not just to have a bad month. They give all their little nest egg away. So I remember myself when I first started trading on the floor, I had a terrible time. For the first year and a half, I couldn’t make a dime. And I was lucky to have some mentors who saw what I was doing, and I remember what they said. They said, “Steve, your trading just is far too complicated. You have too many indicators, you’re watching far too many things, you’re in too many systems, everything.” And then they said it’s the easiest thing in the world to over-complicate your trading, but it’s the most difficult thing in the world to simplify it.

But once I started to simplify things, that’s when I started to become consistent little by little. So I think regardless if you’ve been trading 20 years, 30 years, 50 years or a couple of weeks, you have to keep it simple.

Now, having said that, I think you have to find a good mentor or a good teacher, Andrew I think would be perfect. Just listening to him, he’s the type of person I would want to go to if I was trying to learn how to trade Forex. And you want to take everything from them but also get your hands on everything, books, periodicals. And then you have to practice. There isn’t any other profession in the world where you don’t have some form of practice or paper training. Think of an athlete. They have a practice before the game or even they have the sessions before the actual season starts. An actor has rehearsals. It’s the same way with trading.

I liked, in fact, I loved Andrew’s idea of instead of using the $100,000 demo account, which I know everyone does, I’ve done before in the past, you start with a 5 or 10,000. That’s a great idea. Start with that, because that’s closer to reality, what you’ll be doing. And the thing is I tell my students, “Ask me questions. Whatever you want and whenever you want. And when you finally get to the point where you stop asking questions, that’s when you can start actually trading with real capital but keep it as small as possible.” So with some people it’s maybe takes a couple of weeks to get to that point. Other it may take six months or a year. It’s different for everyone.

Patrick Grimes:

This is great. And what’s the payoff? The payoff of actually getting good at this is huge, right? Because people are making money in it. The industry has grown 432% between 2019. That’s huge. Right now in the US alone it’s 1.9 trillion daily average turnover. So there’s a lot of trading going on daily. And I think somebody threw in the chat here that there’s 6 trillion per day overall in Forex. I don’t know that one, but we’re talking like… And then I saw some other numbers that professional Forex traders typically achieve monthly returns ranging in five to 15%. Now is that what you hear? Because those numbers seem mind-blowing. And monthly returns, and that annualized. To be really good at what you… Once you can get at this, you’re a couple of years in, you’ve done this, we’ve gone through, had a mentor, you’ve got good at it. Answering the questions. We got a couple questions from Anise, Robert, Michael. What are these returns? What’s the payoff? What’s the expectations that people should think about for a Forex trading?

Andrew Mitchem:

Well, Patrick, I knew you were probably going to ask that question or somebody was, and you probably can’t see it in front of here on my camera, but I’ve said on here, I’ve written it down just to make sure that I quoted this right, and I said, of course it depends on your risk. How much risk you take depends on your return. But we are massive advocates of incredibly low risk for trade.

But considering that, we would like to suggest that you’re probably, once you know what you’re doing, going to make between 5 and 10% return per month on your account. Just last week we had a 3.6% gain. We’re going to do 3.6 gain in the week, but I’m trading only a quarter of 1% of my account risk for trades. A really, really tiny risk. So a very low drawdowns. Are we going to do 3.6% every single week? No, we’re not. Some weeks will be more, some will be less of course. But I’d very confidently say that once you know what you’re doing, with very low risk for trade, there’s no reason why you can’t make 5 to 10% on average per month.

Patrick Grimes:

So let me just understand. So you said hypothetically you have a hundred grand in your account, you said you’re only trading maybe three grand of it, and then of that three grand, you got a 3% on one year, or what was that? What was the numbers? You’re not trading it all all the time.

Andrew Mitchem:

No, no, no. So if you’re on a $100,000 account and you’re on a 0.25% risk per trade, the most I’m risking is $250 on a trade on a 100,000 account. Very, very tiny. That’s just me personally because I trade on things called prop firms as well. I said to my clients I would never risk more than half of 1%, so a $500 risk on a $100,000 account. Per trade.

Patrick Grimes:

Per trade, and that trade is once a week?

Andrew Mitchem:

So if a trade goes against me, I lose half of 1% of my account size.

Patrick Grimes:

Okay, got it.

Steven Primo:

I have to commend you, Andrew, because I usually am 1%. But wow, a quarter. That’s amazing. That’s great.

Patrick Grimes:

And you’re getting 5 to 10%.

Andrew Mitchem:

Well, I think keeping your drawdowns low is key.

Steven Primo:

I’m sorry?

Andrew Mitchem:

I think keeping your drawdowns low is key in trading in currencies, because there’s two things that, like probably with all the people you deal with, Patrick, is your head and your heart and you have to control, because it’s emotions and it’s money. So I like to say to people, get those two under control. How are you going to do that? Have a strategy that you have confidence in, but also make sure that your losses are very small, but when you have gains they are several times your risk.

Patrick Grimes:

So we’re answering Kenneth’s question here about the returns and the risks and how that is. So you did say, and the audio is a little bit hard for me to hear sometimes, Andrew, so 5 to 10%, is that right? You said? And that was-

Andrew Mitchem:

Between 5 and 10% on that per month.

Patrick Grimes:

Per month. Oh my gosh. So the statistic I saw was monthly 5 to 15 and my mind was blown. You’re actually saying you’re seeing, a seasoned investor, you’re getting 5 to 10, and of course there’s a huge bit of volatility, but you’re also able to mitigate your downside risk to a quarter of a percent. And I just heard Steven say he’s doing 1%. Steven, let’s hear your take on what would people, they’re out there, they’ve been doing this a while, what do you think is reasonable under your tutelage, your guidance after they’ve gotten good at this to be able to achieve in terms of returns?

Steven Primo:

Well see, my take is a little bit different. I don’t feel that you can quantify it by saying this is what you can averagely make, what a student can make after trading for so long or learning. I think everyone’s different. I have some students that have been trading and students of mine for a couple of years and they make phenomenal, and other students in the same courses are basically breaking even, and then there’s others that are making 20 or 30%. Everyone comes in with different parameters. And there’s nothing wrong with that.

I really think what we try to do as traders, we try to make trading into a nine to five job. Like, okay, well if I get this, I’ll make 60 grand a month, or if I take this job and learn this skill, I’ll make a 100,000. Trading is not like that. Trading results are directly proportioned to how much work you put in, what you’re controlling with your risk, what your account is, and how much you use that 30% of intuitive reaction. So I don’t think you can… I always tell my students it’s not the type of thing where you say, “I’m going to make $500 a week.” You can’t do that. Because what happens if one week you don’t make 500? Well then the next week you have to make 1,000 to get back on track. And then if you lose 300 that week, then you’re really in the hole. Then you really dug yourself lower, and mentally, psychologically, you really dug yourself a hole.

So I think the best thing to do, the best thing a trader could do is, once again, practice and learn. And being able to trade another day is the best result you can get. That’s what you want. Because so many traders, that 80, 95% level, wherever, they’re gone. They can’t come back anymore. So you just want to be able to come back again, because that will ensure longevity. And in my opinion, longevity is really success.

Patrick Grimes:

Correct, and we talk about that a lot, capital preservation and keeping your risk low. And what we talk about is if you invest $100 and you lose half, you’ve only got 50 left. It takes a hundred percent return on that to get to break even. But if you lose all of it. It’s an infinite return required to get back to your 100. It’s impossible. It’s asymptotic the more you lose. And so you may be out of the game. That’s what Steven’s talking about. Live to go another day. Don’t risk it all.

That actually brings me back to what I haven’t heard you say, and that’s leverage. One of the things that freaks me out about Forex and Bitcoin trading and everything, the reason why I don’t get involved, because I’m actually a lot about low leverage. 2009 I was highly leveraged on a pre-development and I lost my ass when that market took a swing and it dragged me through the coals for years. I learned a lot about leverage. In Forex, they’ll do sometimes a hundred to one. That means you put $1 in and now you’re trading $100. And that could collapse you much more than your principal. Tell me a little bit about how you guys think about leverage, and these are just these frightening numbers to me, and why I should be a little more comfortable with it, with Forex trading.

Andrew Mitchem:

Because I’m outside the US, you have a lot more restrictions over there with your brokers, but outside the US, you can trade up to 400 to one. I’ve always traded at 100 to one, personally. It makes no difference to me. Leverage is a double-edged sword, of course. It can be your friend or it can kill you, depending on if you don’t know what you’re doing and if your risk is not sensible. But if you keep your risk very low, the leverage isn’t really an issue for me. I’ve never had a… Because I’m only risking a certain percentage per trade, it doesn’t matter what the trade is, what the direction, what the currency is, what the timeframe, what the size of the stop-loss is. To me that becomes irrelevant. I look at patterns and candle patterns, which we could potentially talk about later. So every trade has the same low and known and equal risk.

Patrick Grimes:

Yep. Wow.

Andrew Mitchem:

Because I don’t have lots and lots of trades open, the leverage is never an issue.

Steven Primo:

Once again, we’re on the same length. Because we’ve been trading this long, you start to see what works and what doesn’t and what you should put your attention on and what you shouldn’t. He’s been trading… I think when you get past the twenty-year mark, you start to see what’s of importance and what’s not. And leverage makes absolutely no difference to me because I know I’m only risking 1% of my capital. That’s all I care about. So it doesn’t matter if I have a thousand to one or two to one, if I’m risking 1%, $100 or something, that’s it. That’s all I’m concerned about.

Andrew Mitchem:

One other thing to add to the last question, if I can. You talked about, it kind of brings on from the leverage, you’ve got to trade when the market conditions are right, like anything. Sometimes there’ll be fantastic conditions and you’ll see quite a number of trades. You’ve also got to know when to not use that leverage and don’t kill yourself by doing silly things. If the market’s not showing you the trades, don’t trade. There’s nothing wrong with not trading. Sometimes that’s the best thing to do.

Steven Primo:

It’s true.

Patrick Grimes:

Okay, so we’re getting to that point where we’re actually at the 45-minute mark. Maybe we weaved in about half the questions here. We’ve got about 30 questions to do during the Q&A. Perhaps you can start out, let’s just do a final question of what’s the best advice that you can give an investor that has no idea what Forex trading is, but they’re interested, they’re attracted to it, they want to learn, they want to get involved. What’s the best way to get started in the game? And how do you make sure that you would guide them of saying not losing money and making sure that they’re going to be successful in the long run? Why don’t we go Andrew and then Steven. Then after that, we’re going to have you guys tell everybody how they get ahold of you, reach you, and then we’ll go to the Q&A.

Do you want to invest in your trading education?

Andrew Mitchem:

Okay, so if you’re brand new, you’ve got to make that decision on whether you want to do this alone or whether you want to do this as part of a group. That’s really what it comes down to. Do you want to spend a lot of time developing something? Do you want to potentially pay someone to get something that’s kind of proven? I think having a community is massive. Doing it by yourself, like Steven said at the very beginning, it gets incredibly lonely. No one to bounce ideas off. Try not to get caught up in the whole social media hype. Try to avoid all the flashy indicators that the brokers will have on their platforms. Get on a demo. Make it real. Treat it like it’s real money. Treat it like a business. Your 10 grand account, pretend it’s a million dollar account, just treat it like it’s real.

Yes, you’ll make mistakes, but don’t gamble. If you’ve got a gambling mentality and if you’re focused on how much money you’re going to make or give up your job tomorrow or next week, don’t do it. Learn the system. Learn how to trade properly, learn the theory, the strategy, the method of doing it, and if you do that properly, the money will follow later. It’s just going to take you a bit of time, but it will follow if you take the time to do your homework first.

Steven Primo:

Great answer. I would say in the beginning there’s a lot of soul searching you have to do, especially if you’re a beginner. Because I can’t tell you how many students I’ve had that said, “I want to learn how to day trade. I think it’s amazing. I’ve heard this guy at a party that said he makes a 100,000 a month, he has 10 trades a day and it’s sexy and exciting.”

And then you go there, and I’ve taught them, okay, well, I’ll teach them some day trading strategies, and they can’t pull the trigger or else they just lose money. Because they’re not trading according to their persona.

Or else someone would say, “well, I’m an investor. I’m very tight with my money. I just want to invest.” And then they find it incredibly boring and they can’t just wait every month for one signal.

And the first thing you have to do is find out what type of a trader you are. Would you want to be in front of the market watching it all day long or do you want to just passively look at it once a week or something?

And then once you do that, like Andrew said, get your hands on everything. Look online, but don’t overcomplicate things. Just keep it simple. Paper trade. And the easiest thing I can tell students right now when you’re looking at Forex markets, or any market, doesn’t matter, is to look at a chart of anything. For example, I’m looking at the Euro/Dollar right now, a daily chart of the Euro/Dollar, and apply a 50 period moving average to it. That’s all you have to do. A 50 period moving average. And what we teach our students is when price is above, then that’s when you should have a buyer’s bias. When price is below, you’ll have a seller’s bias. It’s that simple. But that one little step will help you to become a consistent trader.

Now obviously you have to add some structure in the form of a strategy or some pattern or some signal, but just look at any chart you want, any timeframe, and that little technique will help you. It doesn’t cost anything and you can do that right now. For instance, right now the Euro/Dollar is pushing up against its 50 period moving average, which is suggesting it may want to go higher. So this is just something to help you see if you would like to learn how to trade this way. And it’s very simple, doesn’t cost anything, and you can do it right now.

Patrick Grimes:

Okay, so here’s the chance. You have two gurus here, one that’s nicknamed the Oracle. Let’s have you guys both, Andrew and then Steven, tell the audience how they can reach you. What do you have to offer? I think you both train and coach in this strategy. Do you have any free giveaways? Make sure you drop your information in the chat. We now have put up a slide with your contact information, the call to action web address that you gave us to give out. Make sure you screen capture that, take a picture of it, and drop it in the chat. Andrew and then Steven, go ahead.

Andrew Mitchem:

Yep. So I’ve been coaching for 16 years, Patrick. As we mentioned, we’ve got clients right around the world. And I just really encourage people if they have any interest to jump on the Masterclass that I have on there. It’s on demand, so it doesn’t matter where you live in the world. It’s only about 20 minutes long. I’ve got eBooks on my site. I’ve got calculators for risk calculators. But the first thing will be to jump on that Masterclass, have a look at it, see what we do. I share some trades on there, some very basics about trading, how we trade, how we teach. And then it’s up to the individual to decide if this is something that they want to pursue further or not.

Patrick Grimes:

Steven.

Steven Primo:

Okay, people can contact me at ProTraderStrategies.com. You see there underneath my name. That’s my sister site. Every week I give free webinars. I also talk about all the different courses and the different strategies I have. In fact, if you go there, I’m giving a free webinar tomorrow at 10:00 A.M. Pacific Time, and I’ll talk about a strategy, one of the first strategies I learned from my mentors that I continue to use to this day. And I’ll give you a couple of the entry rules to that tomorrow. And you can see, it doesn’t cost anything. You just go to our website and sign up there. And you can find out more about us.

And once again, I’ve been trading for 48 years, if you can believe it, and I’ve seen and traded just about everything imaginable under the sun, and so I know what works in terms of consistency and I know what doesn’t. That’s really all we teach, ways in which to become a consistent trader. We’re not promising the world. We’re not saying you’re going to retire in six months. But we’ll try to make you consistent or help you at least get started in the right direction. My teaching is extremely simple. It’s not complicated. In fact, we make it that way on purpose, so whether you’ve been trading 50 years or a couple of weeks, it makes absolutely no difference. So lots of great information. And as I said, we have a free webinar tomorrow. I’d love to see you there in the class.

Patrick Grimes:

Andrew, Steven, thank you so much. So we’re going to… Before we jump into the Q&A, if you don’t know who I am, it’s Patrick Grimes with Passive Investing Mastery. We not only put out education, but we also have investments. We have an income fund, which provides steady Eddie cash flow, predictable cash flow through notes, fixed income notes. We have 90 day, six month, and one year notes, 7, 8.5, and 10% in a diversified loan pool. It’s a pool of loans to commercial real estate. We also have class A and class B shares. Those give much higher cash flows and varying right along with the profitability of the fund and at 13, 14% since inception. So really strong cash flow. Opportunistic with high interest rates. At a time when the banks are pulling back, we’re able to get great loans on performing assets and profit from that.

Now, if the operator needs or wants out, we also have an acquisitions fund that’s taking advantage of the best commercial real estate buying opportunity of our lives in commercial real estate acquisitions. It’s a great opportunity to just pounce right now. And literally I lost everything in 2009 and 10 and I wasn’t able to win from that, but right now we are winning extraordinarily so from this downturn in commercial real estate. So jump on that.

We also do non-correlated investments outside of real estate. We’ve done energy before, and now we’re doing litigation finance, litigation funding, which is the process of profiting from lending to attorneys who are working under contingency and we get returns derived from the settlements, providing access to justice just like our debt fund provides access to housing for tenants. And so we do completely non-correlated legal industry, unrelated to Forex, real estate, the stock market. Completely uncorrelated to all those. Really strong, steady-state growth of the legal industry. We get to profit from those investments in litigation funding portfolio. So really excited about those.

I also have a book, if you guys want it and give away books. It’s an Amazon number one bestseller, Lessons From Thought Leaders. We’ve got some amazing people, Navy SEALs, Phil Collen, lead guitarist of Def Leppard, actual rock star, NFL, NBA players, investors, entrepreneurs in there. I tell my whole story. I lost it all. The rise and ebbs and flows through my high-tech career. How I built my single-family, struggled, traded it up to a larger multi, diversified, and then founded Passive Investing Mastery. It’s a really cool story. Hopefully it inspires you along your journey. I give it away. You can download the ebook and or you can get a hard copy. I sign it and we send it out. So I hope that that is a give back that we do to try and inspire people along into their alternative investing journey.

Just scan that barcode or go to our website, PassiveInvestingMastery.com/book and make sure you put the name of this series in the note, because we get a lot of random form fills. And unless I know where you came from, I’m not going to sign and send it out. So you should put something in there and we’ll get that to you.

Before we get to the Q&A, the very next event is on Venture Capital for Passive Investors: Syndication Strategies That Work. Two really great colleague friends, experienced guys that I’ve known and liked for some time, Trey Taylor, family office, as well as Isaac Bennett, works for a venture capital firm. And we’ve invested heavy in real estate together. But these guys are also out diversifying into venture capital. We’re going to learn a lot about that. It’s going to be educational for me and you.

But let’s dive into the Q&A. We need to be laser about this because as typically happens, we get way too many questions. I think we have some 50 questions. I think I was able to layer in about half of them, but what I’m going to do is I’m going to go to the top, and I ask that Steven and Andrew, if we could try and just be pretty laser with these and try and get through them so we don’t miss the chance to get all these questions answered as we go. A lot of great shout-outs to people that have been following these two individuals. A lot of really encouraging comments made about what was said. A lot of the traders on here just giving the thumbs up, Amital, Anise. A comment from Anise says, “Currency trading is often referred in futures markets. If I’m not wrong, Forex is referred to spot markets, but it’s essentially Forex Exchange. One currency pitted up against another.” Let’s hear your thoughts on that.

Steven Primo:

I personally… Once again, kind of going back to that leverage. So what? All I’m looking at is price movement. I really am not concerned about a title or what it’s based on. I’m really just looking at price and patterns and specific things in a strategy.

Andrew Mitchem:

Yep, absolutely.

Patrick Grimes:

Go ahead Andrew.

Andrew Mitchem:

Oh, sorry. Absolutely. You’re looking at the spot market, what the price is right now. Is there an opportunity to buy that pair, sell that pair? You could use something, like Steven said, with that 50 EMA. You could use things like strength and weakness. You could look at a monthly chart and that’s moving up. You can look at a daily chart and only look for buy trades. There’s all sorts of things you can do, but essentially we’re looking at the price. Is there an opportunity here or not? Move to the next chart.

Patrick Grimes:

And so with all the rise and fall of these, and it feels a lot like stock market trading to me. And so Kenneth asked the question a while back, “How does currency trading compare to investing in the stock market and in bonds?” Maybe you guys can address that a little bit.

Steven Primo:

I would think the only difference would be how much you’re risking. And remember, you’re in charge of your risk. So that would be the only difference. If there’s a lot of volatility, let’s say, in the stock market but there’s no volatility in the pair that you’re looking at, well then, that would be a difference because you’re probably less risked with the pair. But to me, the only difference is since I’m looking at patterns and different ways in which to view the trend, it’s really all about risk.

Andrew Mitchem:

I’ve never traded the stock market, so a little bit hard for me to answer that one. What I would say is, regardless of where you live in the world, the Forex market’s a twenty-four-hour-a-day market, so it makes it a lot easier. You don’t get big gaps and spikes like you potentially could in stocks. You can buy, you can sell. You don’t need to know a lot about different markets. You can just look at the eight currencies that we mentioned. You potentially, depending on your strategy, can now look at cryptos and indices, metals, commodities. It offers so many options. Once you know how to trade, you can trade.

Patrick Grimes:

Well. The fact that you can limit your risk is certainly appealing over the stock market because in this particular case you’re literally dialing your downside protection. Very interesting. “It sounds like a lot of work,” Donald said. And we talked about in the beginning you got to learn, you got to put in some time to learn the craft. But after while, you’ll be able to do this like a wizard. And the upside’s big. Once you get good on it, once you get over the statistics and over the hump, get properly trained, people do tend to make pretty strong returns.

We already addressed how do you mitigate risk and how we talked about indicators for currencies, Michael and Bill. We talked about algorithms versus manually, Michael. I think I wove all that in there. And there’s questions in here about, “Man, probably I am nearing retirement,” Gaines says, and I’m not really sure he wants to manage these investments, possibly due the learning curve. “Are there other fund managers I can invest with that will do this for me?”

Steven Primo:

I’m sure there are. I don’t know of any because I’m more of an educator. I’m not involved in the fund side, but perhaps Andrew knows more about that than I do.

Andrew Mitchem:

I would say exactly the same. They’re out there. You could look at copier services, you could do all sorts of things like follow what other people do. It depends I think if you want to do this for yourself or not. Yes, you could invest with other people, but I think the issue then comes down to if you want a hundred percent passive, great. If you want to learn a little bit, then you probably want to learn how to do it yourself.

Patrick Grimes:

Right. And there’s another one here about, “Is there a list somewhere where I can go,” from Robert, “and find good or safe brokers to start trading with?”

Steven Primo:

I would pick rather than say… I would pick with someone where they allow you to do it yourself, where you don’t want to pay for someone’s advice. Since educators like Andrew and myself are teaching you what to do, there’s no need to pay for a broker to tell you what to do. So in the beginning, especially, try and keep your commissions or a brokerage commission if there are any, sometimes they’re very minimal, as small as possible, because that also comes and plays into the risk. A of times I include my commission costs, that’s part of my 1%. So even though it’s very minimal, that’s all included. So it’s just another expense that you want to keep down as much as possible.

Andrew Mitchem:

Yeah, there’s heaps of good brokers out there. If the question’s specifically about what brokers are there, then I’ve got a list of brokers I personally used for years myself who I’d recommend. I would say that having a lot of clients in the US and staff member in the US that you are a little bit more limited in the US with which Forex brokers you can select. I can certainly give you a list of two or three that I hear are very good.

Patrick Grimes:

Reach out if you want to hear that. Andrew and Steven perhaps can get you going on that. There’s a comment here from David about Steven being on a cruise ship with that water level rising and falling as he’s talking.

Steven Primo:

Well, the way it’s raining over here in Los Angeles right now, I may be on a cruise ship pretty soon.

Patrick Grimes:

I hope your neighbor’s not chipping away at an ark right now.

Steven Primo:

Yeah.

Patrick Grimes:

So let’s see. We’ve covered a lot of these. “The market can be a beast at times.” That’s true, right? Comment related to investing in the right times. Bill, we talked about algorithms, black swan events a little bit, and we talked about the 2008 and how the algorithms didn’t work out so well. And audibles, I think we covered that. If we didn’t, please place additional questions below. Kenneth asked about how inflation and interest rates impact foreign currencies. What are you going to… And I’ll add to that, how do you see shifts in this new administration affecting foreign currencies?

Steven Primo:

Go ahead, Andrew.

Andrew Mitchem:

For me, it doesn’t really matter any political event, anything like that, and any news event doesn’t matter because I’m only trading what I’m seeing on the charts. So I can have personal thoughts of what’s happening in different currencies, different countries, interest rates, employment figures, all that, but I still look at what’s happening on the chart. And why do I do that? It’s because what’s really happening in the market. The danger is you could see your monthly non-farm employment change figure, and you could go, okay, we’re expecting, pick a figure, 200,000 jobs and it comes out as 250. We could go, wow, it’s fantastic. It’s better than we thought. But last month may have been dropped down. So news trading to me is always tricky. Fundamental trading is tricky. Look at the charts. They tell you what’s really happening.

Steven Primo:

Yeah, I stopped looking at news over four decades ago and I’m living proof that you really don’t need it. I mean, I’m not telling you to not look at it if you feel you need that, but there’s really no need if you know what you’re doing. I’m not getting back to stocks to take away from currency pairs, but a perfect example is that if you looked with that 50 period moving average back in 2008, a weekly chart of the S&P price was below the 50 period moving average for consecutive days. This was in 2007. So just looking at that, that information alone would’ve told you there’s negativity in the market prior to all the fundamental news that came out later on. So the price really tells you many times in advance just to keep it simple. So sure, if you want to look at news, I personally haven’t looked at any news in almost five decades.

Patrick Grimes:

There’s a couple of questions in here. Well, David made a comment that, “After 15 years of trading, one thing I have learned is the most is what not to do.” So there’s other questions in here.

I think we’ve mostly answered about the expertise needed, Michael, to be successful. I think I drilled in. I actually asked that question because of yours. I think we talked about the time and the effort required to be successful. How much people are losing that aren’t successful? 80% people not actually making money when they start out. Really important that you do it the right way, educate yourself.

And then there’s comments in there about it being semi-passive. Once you learn and you’re on board with it, you’re not working night and day at it, but there can be some semi-passive approaches to it, even as an active. Would you agree to that?

Andrew Mitchem:

Yeah, absolutely. As Steven said near the beginning, you could trade once a month, once a week, once a day. It’s up to you. I personally trade no more than 30 minutes as a full-time trader of chart time per day.

Patrick Grimes:

You’re full-time 30 minutes a day, that’s your full time?

Andrew Mitchem:

30 minutes chart time. 15 minutes at 5:00 P.M. New York time and 15 minutes at 5:00 A.M. [inaudible 01:01:02].

Steven Primo:

I think Andrew was the kindred soul here. Because we’re right along the same wavelength. Exact same way I feel about it.

Patrick Grimes:

I’m going to write a note to get some people that disagree about stuff. No, I’m teasing. So what are the factors, I guess, to evaluating… Sorry. Actually this is a better one. So PIPs, why don’t you talk about what PIPs are. And the other one that I wanted to look at, I’ll find it eventually, but why don’t you start out with what PIPs are.

Andrew Mitchem:

Okay, so a PIP is a price index point, I think it’s officially called. So 1 cent of movement has 100 PIPs within it. So it’s a hundredth of 1 cent movement. Now, you don’t need a very big movement in the Forex market to have a lot of gain or loss if you get it wrong. So it’s a hundredth of a cent. The issue is that a lot of people count their success in PIPs. If you have a look online, everybody goes, “I made a hundred PIPs on the trade.” To me that’s irrelevant. I, as mentioned, risk let’s say half of 1%. If I have a three to one reward-to-risk trade, it means I’m risking one part, half of 1%, to make three parts, one and half percent. So for me, regardless of the trade, regardless of its stop-loss in size, its timeframe, how long it’s in the market for, have your low control risk, high rewards of risk trades, and forget PIPs.

Steven Primo:

Yes, the way I define PIPs, it’s just a unit of measurement. That’s all it is. And every market, tradable market, has a unit of measurement. Stocks have 1 cent, futures have different units of measurement, and PIPs are just a unit of measurement in currency pairs.

Patrick Grimes:

A couple of questions I think we’ve already answered, Ferdinand, we talked about leverage. I wove that one in there. We talked about comparison and contrasting this versus other investments, other passive investments, Donald. If there’s any further questions, go ahead and drop it in. Anise is saying thank you so much. “High risk is a killer and suicidal, especially in Forex,” Anise is saying, and I think we all agree with that. Let’s see. So how did COVID impact the strategy?

Steven Primo:

Oh well, I can just speak. If you remember the beginning of COVID, when it went straight down, the market, we had some of the best gains ever because our strategies generate buy and sell signals. So all we’re looking for is just a real strong movement, and the movement was down, and then when the market started to go back up, and even with currency pairs, when you have the volatility, I think it really doesn’t matter. What you’re looking for is really trending volatility, regardless of what market. What you really don’t want is that kind of when the pond just dries up and there’s no movement at all, that’s where you get that whipsaw. And that can happen at any time. You don’t need COVID or anything. That can happen in the summer months. So what you’re really looking for is a really strong trending market regardless of what it is, and then you just jump on board.

Patrick Grimes:

So let’s talk about correlation to stocks. As we talk about a lot of non-correlation, meaning things that don’t rise and fall, what the majority of passive investors have, and then there are ROA, 401(k), or the stock portfolio. Do you see Forex investment returns correlate somewhat to the stock market?

Andrew Mitchem:

I’ll have to let Steven answer that one.

Steven Primo:

Yeah, I personally don’t know. And I don’t look at that either. Once again, I hate to be a broken record, but no, it’s of no interest to me. I teach my students to focus on the one market you’re trading. That’s all. Because as my mentors taught me, said, “Steve, you’re overcomplicating things. You’re looking at too many different indicators and markets all at one time. Just focus on a few things.”

And so, I think when you start to do that, look at different correlations and everything, you start to go down that path, a slippery slope of when you’re making things a little bit too complicated. I know I think differently from other educators, but that’s what I just like to focus on. In fact, I only look at one market at a time. So if I’m trading currency pairs or I’m futures, stocks, that’s all I’m looking at.

Patrick Grimes:

So Donald is saying he’s retired and looking for fixed income. Is there a way to use Forex to get fixed retirement income?

Steven Primo:

Go ahead, Andrew.

Andrew Mitchem:

Fixed retirement income? Does he want to do this for himself?

Patrick Grimes:

It sounds like it.

Andrew Mitchem:

If he wants to do it for himself, then fantastic. Put a bit of time in to learn how to do it properly and you’ll definitely do very well over time. Just depends of who he is. I suppose if he’s retired, he’s got that time to put into the education, the learning. Fantastic. You’re never going to get a straight perfect line. That’s the thing. Market conditions change all the time. When we said that 5 to 10% per month, some months you’ll probably have losing months. It just happens. Some months you might have 20% gain. There’s never a straight line in any equity [inaudible 01:06:12].

Patrick Grimes:

Sounds like the answer is no. You can’t get a fixed income. You can get some income though possibly. So what are the tax implications of gains and losses in Forex trading?

Andrew Mitchem:

Tax implications?

Patrick Grimes:

Yeah, how are they taxed, gains and losses?

Andrew Mitchem:

I’m not an accountant and I would imagine every country would be very different.

Patrick Grimes:

Steven.

Andrew Mitchem:

I can tell you what I personally do.

Steven Primo:

Once again, I’m sorry, I’m sounding like a broken record. It doesn’t matter to me. I don’t even look at that. I just look at if I’m profitable or not. That’s the price of doing business.

Patrick Grimes:

Okay, and-

Steven Primo:

Most of my trading, excuse me, most of my trading is day trading. I know not everyone day trades.

Patrick Grimes:

Let’s see. It sounds like Brad’s talking about an opportunity for compounding gains as your reinvestment. David, “Takes a lot of discipline and persistence.”

“Can I do it with retirement accounts?” I would think, of course, self-directed retirement account. And we can help you out with that, James, if you’re looking to get something allocated into self-directed.

We’ve talked a little bit about correlation, geopolitical events. You guys don’t even watch the news anymore. So Mike, I think we answered that question. What role do central banks play?

Steven Primo:

You’re going to get the same answer.

Andrew Mitchem:

Same answer. Look at the charts.

Steven Primo:

Yeah. This is more along the side of the fundamentals. It’s just… You know, traders, I’m not talking about investors-

Patrick Grimes:

Your indicators don’t involve all that. Your indicators are [inaudible 01:07:56].

Steven Primo:

Yeah. Traders don’t get involved.

Patrick Grimes:

Yeah. Okay. And I just did look up the tax implications and it looks like it can be handled in various different ways depending upon what you’re doing. So probably need to talk to your CPA about that. There’s no easy answer to that one.

I’m going to go through these. There’s some people really hanging in here to the very end. “How does currency trading fit into a passive investor’s broader asset allocation strategy? So what part of my portfolio should be allocated into this?” And so what would you guys say? So if somebody comes along, they’re like, “Hey, I have $5 million. I’m not real sure how much I should start playing in the sandbox of Forex with.” And so maybe I start small, but eventually, what allocation do you think is responsible or the right choice in this? What do you guys, what do you think, Andrew and Steven?

Steven Primo:

Right off the top of my head, I would say 25%, just right off the top of my head, of my account, whatever I had.

Andrew Mitchem:

I’m going to have a different answer to Steven for the first time. And that to me, it doesn’t really matter how much you have because it… It depends if you want to put how much of your own money into it as well. Learn how to do it properly first. But with these things called prop firms around, if you can trade properly, you can use someone else’s money and make a percentage gain on that as well. So you don’t even have to put any money of you own into it.

Patrick Grimes:

Interesting. Yeah. So in our world we like to show the allocations of the wealthy, and Lily, if you look at any of our webinars, we’ll show the Wolf wealth from middle income, high income, ultra wealthy where they have allocations of 10, 20, 30 plus percent real estate, 20 some percent in other alts, and the rest in bonds and stocks. And so, you really need to look at allocations in those kind of pie charts. And you set up a call. And you’re really about pie charting your allocations and understanding what you think the allocations are, what risks do you see in each of those allocations. And do you see those rising and falling? Do you feel like you’re well indexed into non-correlated investments?

But typically, our belief is you need to be on lots of different investments. So foundations in lots of different market fundamentals. So we would never say something like 25. We usually say no more than 5 to 10% in any one strategy. And hopefully within that strategy, you’re diversifying into different kinds of investments within there. Again, it’s about capital preservation and diversification, and that’s my belief.

And again, none of us, I don’t think, are financial advisors, CPAs, or attorneys. So this is not finance, tax, or legal advice. But that’s typically my answer, Lily. Set up a call. Happy to chat more about my own personal strategies.

Gary asked if I have to be a credited investor to invest in Patrick’s funds. And that’s true, yes, you do need to be an accredited investor. 200,000 in income, 300,000 combined with your spouse, or a million dollars in net worth, not including your personal residence, in order to invest in the Passive Investing Mastery affiliate funds.

And we just have a few more. Michael’s asking again, “Is there a way to do it truly passively?” And it sounds like the recommendation is no, you really need to participate to some level from the gentleman here, Michael. And then let’s see, “Just put my name as Session please. Currency trading…” Okay, so Session, again, some great [inaudible 01:11:39].

I think we pretty much got these questions handled. We’re towards the end. “This should be treated as a business. This strategy should be treated as a business if you’re serious about it.” And although we’re saying the full-time trader, these guys are at 30 minutes a day, you do treat it very seriously like a business. I’d probably agree with that. And I think that gets us to the end of this. If we missed your question… Maybe the last question, “Do your research on prop firms if you want to go that route.” Okay, so that was just a comment, but I think we got it all.

Steven, wish we could have seen you, but I understand. No problem.

Steven Primo:

Maybe next time. Maybe next time.

Patrick Grimes:

There are days when I would like to turn off my video all day too. I’m sure the audience have seen enough of my face. They probably wish I did the same. So hopefully we didn’t get anybody seasick with your volume thing going up and down. But really great to have you, Steven. Andrew, amazing job. This was an incredible panel, really rock stars, really strong in these asset classes. Couldn’t be happier with your guys’ answers, your participation.

Everybody here. Don’t forget, one week from today we’re going to talk about Venture Capital for Passive Investors: Syndication Strategies That Work. I have two really solid guys that are going to come in, talk big advice for people who are actually doing this and do it successfully. And so really excited about that. One week from today. Andrew, Steven, you want to say your goodbyes, we’re going to wrap it up now.

Steven Primo:

I just want to say thank you for inviting me and I just want to say it was a pleasure meeting you both, Patrick and Andrew, and I’d love to work with both of you again. It was great.

Andrew Mitchem:

And likewise, thank you so much for inviting me. Nice to have someone from outside the States, different part of the world. And Steven, yeah, it sounds like that we do very, very similar things and think the same, which I suppose like you said, over time you get to work out what works and what doesn’t. So yeah, thank you for being here. Thanks for participating with me. I really enjoyed it and thank you Patrick and all your team.

Patrick Grimes:

All right, the replay will be out in a couple of days and we’ll make sure to pass it to Andrew and Steven, and we’ll look forward to seeing everybody else one week from today right here to learn about venture capital. You guys all have a good evening.

Episode Title: #598: Forex Tips for Passive Investors by Andrew Mitchem, Patrick Grimes & Steven Primo

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