Weekly Video News & Podcast

#441: Planning Your Trading Year to Ensure Success

Jan 16, 2022

Planning Your Trading Year to Ensure Success

Podcast:

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#441: Planning Your Trading Year to Ensure Success

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

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

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

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

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

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

What are you going to do differently this year?

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

Providing a template to help achieve trading goals

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

Trading with Prop firms

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

What size account should you have to start trading?

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

Which FX broker do I recommend?

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

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

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

Trading in 2022 is off to a great start

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

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

Find out more about Blueberry Markets – Click Here

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

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

Dec 19, 2021

Reviewing the Year of 2021 and Trading in 2022

Podcast:

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

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

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

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

Overview for 2021

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

The situation in New Zealand and why I love trading

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

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

Importing, holiday travellers, and rental properties

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

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

Trading Cryptos

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

Our year at TFTC

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

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

The changes we’ve made in 2021

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

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

Our Daily chart trade performance results

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

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

Looking forward to trading in 2022

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

Thank you for your support this year

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

Have a wonderful Christmas and New Year break

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

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

Find out more about Blueberry Markets – Click Here

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

Dec 12, 2021

What to look for when choosing a Forex Broker

Podcast:

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Find out more about Blueberry Markets – Click Here

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

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

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

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

I’m joined by Ben Clay at Blueberry Markets

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

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

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

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

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

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

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

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

Andrew Mitchem:
Yes.

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

Andrew Mitchem:
Right.

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

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

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

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

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

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

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

How easy is it to add and withdraw funds

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

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

Andrew Mitchem:
Yes.

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

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

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

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

Ben Clay:
Absolutely. I’m glad.

How safe are the funds?

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

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

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

How long have Blueberry Markets been operating?

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

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

Andrew Mitchem:
Yes.

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

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

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

What trading platforms do you use?

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

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

Andrew Mitchem:
Yes.

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

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

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

Can I trade Crypto’s with Blueberry Markets?

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

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

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

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

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

Ben Clay:
Absolutely.

Will you be adding even more tradable products?

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

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

Andrew Mitchem:</strong
Right.

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

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

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

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

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

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

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

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

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

What makes Blueberry Markets different from the others?

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

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

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

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

Ben Clay:
Yeah.

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

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

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

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

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

Ben Clay:
Thanks Andrew. Bye-bye.

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

Find out more about Blueberry Markets – Click Here

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

Dec 5, 2021

Reading a Book Will Only Get You So Far

Podcast:

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Click Here To Learn More About Blueberry Markets

Click Here to Learn More About the Course

#437: How to Easily Calculate Your Position

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

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

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

You need more than just theory from a book

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

What our clients get out of our live weekly webinars

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

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

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

Another example from my experience of flying

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

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

Send me your questions for the brokers

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

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

Trading and Flying in real time

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

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

Click Here To Learn More About Blueberry Markets

Click Here to Learn More About the Course

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#437: How to Easily Calculate Your Position

Nov 28, 2021

How to Easily Calculate Your Position

Podcast:

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Click Here to Download my Free Lot Size Calculator

#437: How to Easily Calculate Your Position

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

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

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

Most traders do not understand lot/position sizing

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

The way most people trade

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

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

Each pair pays a different amount per pip

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

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

I’ve made it easy and quick for you

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

How the heart and the mind affect your trading

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

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

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

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

High reward:risk trading strategy

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

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

Download the calculator today

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

Are you looking for a good Forex broker?

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

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

Click Here To Learn More About Blueberry Markets

Click Here to Download my Free Lot Size Calculator

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#436: Can You Trade Non-Forex Markets?

Nov 21, 2021

Can You Trade Non-Forex Markets?

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#436: Can You Trade Non-Forex Markets?

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

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

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

Trading Non-FX pairs

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

Getting into exotics, cryptos, commodities and indices

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

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

Clients enjoy trading the same strategy but on new markets

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

Trades taken and posted on our sites recently

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

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

Lots of new opportunities now available

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

The same money management principles still apply

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

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

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

Click Here To Learn More About Blueberry Markets

Click Here to Learn More About my Forex Online Course

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#435: How to Scan Through Your Charts Quickly

Nov 7, 2021

How to Scan Through Your Charts Quickly

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#435: How to Scan Through Your Charts Quickly

In this video:
00:26 – Today’s Topics
01:00 – How to quickly scan through your charts
01:55 – A candle pattern off a Bollinger band
03:03 – A Continuation trade
04:31 – When to scan your charts
05:14 – Who would you suggest as a broker?
05:55 – Register for our Black Friday Sale (it’s 1 week early on Friday 19th November)
07:07 – Don’t forget to share this video and podcast

I’m going to share with you some tricks and secrets of how to scan through your charts really quickly, to save yourself time on the change of a candle. Let’s talk about that and more, right now.

Hey, forex traders, it’s Andrew Mitchem here. I’m the owner of the Forex Trading Coach.

Today’s Topics

And I’m going to explain to you how you can look through your charts really quickly and to identify potential new trade setups. More about that shortly.

At the end of the video I’m also going to explain about our upcoming Black Friday sale, which we’ve got in a few weeks time. So if you’ve been looking at joining us, that could be a great opportunity for you to save a fortune on joining us with the crazy low prices that we’ll be offering for Black Friday. More about that shortly though. So back to the trading.

How to quickly scan through your charts

So a question that a lot of people have is they say, “How can you scan through charts really quickly and identify high probability trade setups?”

So a question like that came through from Mark this week and I said, look, I’d cover that on a video and podcast for him. And for me, it’s quite simple, the market can either move up, down or sideways. It cannot really do anything else. And with my strategy, it’s also relatively simple. So we’re either looking for reversal trades or continuation trades. And that’s it really. It really is as simple as that. There’s two different ways of trading. And to help me identify what part of the chart the price is in right now, and whether it’s likely to be a reversal or a continuation trade, I use Bollinger Bands. Standard Bollinger Bands have an upper band, a middle band and a lower band.

A candle pattern off a Bollinger band

And if I see a candle pattern and setup that I’m looking for, that’s coming off either the upper band or the lower band, then for me, that’s a reversal signal.

And what I mean by that is let’s say the price is near the upper Bollinger Band and you’ve had a good, strong up trend, and then you see the reversal signal. So like a bearish outside bar or engulfing candle, and it looks like the price is then going to drop. If it comes off that upper Bollinger Band area, after a prior trend, then quite likely the price is going to reverse. The opposite of that being if you’ve had a good, strong down trend and then you see a good strong bullish candle off the bottom Bollinger Band, that’s a likely reversal. Now, not every time you get that, it’s going to be a trade setup. We’re looking for other things like prior exhaustion bounces a round numbers, pivot points, trendline breaks, all the other things that we look for. But just in terms of identifying what part of the chart you’re in right now, a Bollinger Band can be an extremely powerful and useful, easy to see tool. So, really scanning through charts instantly, that will help you.

A Continuation trade

If, for example, you see a pullback from the upper band to the middle band, and then a bullish signal, that is a continuation trade. Likewise, if you see a pullback from the bottom Bollinger Band back towards the middle Bollinger Band, and then the bearish candle, that is a likely continuation back down again. So reversals and continuations are great ways of trading the market. It means you only need to look on the close of a candle. And if you see that right setup near either the bottom or the top bands, reversal signals, somewhere near the middle Bollinger Band, continuation pattern. Instantly, that means I can scan through my charts and go, no, no, no, yes. Potential trade, write it down, come back to it. No, no, no. Yes. Things like that, just real simple way of doing that.

And then all you need to do is you can use your strength and weakness analysis, or you can come back to the trades that are showing potential setups, and then you can go and analyse them slightly more in terms of other barriers for the profit target not to be hit. Is there some way to protect the stop loss? All these type of things that we then look at, but you can very quickly dismiss, probably 95% of the charts that you see, because there’s nothing setting up. And then you may have a few trades that you can go back and analyse a little bit further.

So that to me is an instant, quick scan through my charts on the close of a candle.

When to scan your charts

So I do that once week, the beginning of each Monday on the weekly charts, once a day on the daily charts, twice a day on the 12 hourly charts. And depending on when you’re around, maybe two times, sometimes three on the eight hours or six hour charts.

You can go right down in the European session on our forum site, we always talk about two hour charts, one hour charts. When I trade live on our weekly webinar, I’m trading on anything from one hour charts up to 12 hour charts. So it depends on what timeframe suits you, but very simple on the close of a candle to scan through multiple timeframe charts, different currency pairs, and quickly analyse what’s setting up or what is not. So I hope that helps with that.

Who would you suggest as a broker?

When it comes to trading and you’re looking for a broker, because all the time people say to me, “Hey Andrew, what’s a good broker?” A really good broker that I can strongly suggest you consider is Blueberry Markets. Now, of course, it’s up to you where you place your funds and it’s up to you to do your due diligence. And Blueberry Markets will be one of those brokers that I strongly consider you take a look at. Write to them, see how good they are with their customer service, do some reviews online. But I’ve been with them for years. I personally met Dean and Ben over in Australia, and some of the other team when I was there a few years ago. They’re really good guys, very good brokerage to consider.

Register for our Black Friday Sale (it’s 1 week early on Friday 19th November)

And finally, as I mentioned at the beginning, our Black Friday sale. I’m going to put a link on here where you can register your interests in our upcoming Black Friday sale. It’s going to be something that’s just going to completely blow you away with what we offer. We do this every year, of course, for Black Friday. It’s just one of those times of year where it’s basically this completely stupid, crazy, low, giveaway price to get access to the course.

So, if you’ve been thinking about joining us, you’ve been thinking about joining this massive community of great trading, like-minded people that we have, and don’t forget we’ve been doing this nearly 13 years. We’ve got over 3,200 trading clients in 98 countries at the last count. If you’d like to join this amazing community of people, all trading the same system, all there helping each other out, day after day, it’s a good opportunity for you. So, I’ll put a link here for you to register your interest, and after that, we’ll send you more information about how you can join us for the Black Friday sale.

Thanks again for watching or for listening. Any questions, send me an email, andrew@theforextradingcoach.com.

Don’t forget to share this video and podcast

Anybody you know who’s interested in trading, feel free to share this video or podcast with them, and I’ll see you this time next week.

Bye for now.

Episode Title: #435: How to Scan Through Your Charts Quickly

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#434: How Much Money Do You Need to Invest in the Forex Market

Oct 31, 2021

How Much Money Do You Need to Invest in the Forex Market

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#434: How Much Money Do You Need to Invest in the Forex Market

In this video:
00:24 – How much should I invest?
00:50– When I started trading
01:25 – You don’t need a lot of money but you do need to learn how to trade
02:30 – Take a look at Blueberry Markets
03:20 – How do I make a living from my trading?
04:07 – Trading with a Prop firm
04:50 – Other ways to earn income from your trading
05:50 – Get onto one of my free webinars to learn more
06:33 – Feel free to share this video and podcast

How much money do you really need to invest in the Forex market to make it worthwhile? Let’s talk about that and more, right now.

Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 434.

How much should I invest?

I got asked a question this week by a guy in the US and he said to me, “Andrew, how much money should I really need to be investing into the Forex market to make it worthwhile? To make my time worthwhile to do this?” And it’s an interesting question, because most people think you need a large amount of cash in order to be a good trader, in order to make it worthwhile.

When I started trading

And when I started trading some 17 years ago, I thought I would need like hundreds of thousands of dollars. And because I lived in New Zealand, I thought that I would need to put like a $100,000.00 on the New Zealand/US dollar and wait for it to rise or fall, and let’s say it was at 70 cents wait for it to rise to 75 cents, take that money out and then go and do the same thing again. That’s what I thought Forex trading was. And I think a lot of people do the same thing; they think you need a large amount of money, large amount of capital, in order to make any significant gains.

You don’t need a lot of money but you do need to learn how to trade

Now, the great news is the reality is far from that, it’s the complete opposite. You don’t need a lot of money, but what you do need to do is learn how to trade properly. With that, you need to realise that there’s two things that affect you with your trading: one is your head, and the other’s your heart basically your emotions. And if you can control your emotions by having very low-risk trades and high reward to risk trades, things you hear me talking about all the time, the great thing about the Forex market is you use leverage. With leverage, you only need small movements but you need to have good, consistent, steady gains with low risk and low draw down. So small losses lead, reasonably large gains. That’s the key to making your trading work. You need a strategy to actually be able to do that.

Then when you look to live with real money, I suggest somewhere between $1,000.00 and $5,000.00 or pounds depending on where you live in the world. And there’s lots of other ways that you can make money through your trading, and I’ll talk about that shortly. But one thing that I would strongly suggest if you are at that stage where you’re ready to go to real money to a live account.

Take a look at Blueberry Markets

Have a look at Blueberry Markets over in Australia. They’re a great broker, highly successful brokerage team, great people. You will not find better customer service out of a broker. I challenge you to find a better customer service anywhere. They’re fantastic. Really look after their clients. Decent, honest broker. Good, tight spreads. Regulated, everything that you need. So unless you’re in the US and I don’t think you can open an account with them, there may be a few other countries around the world, but pretty much all other countries can open a live account through Blueberry Markets. Check them out, I’ll put a link here as well.

So once you go live, and you understand the emotions of trading on real money… Because losing money hurts. You get great emotions in a positive way when you have some gains.

How do I make a living from my trading?

But you’re thinking, okay how can I make a living out of $1,000.00 to $5,000.00 on my account? Even if I made 100% in a year, I might be making $5,000.00. I can’t make a living, Andrew. That’s not an issue. What you can do then is you can do what a lot of our clients use is they use prop firms. A prop firm is where you start with a relatively small amount of money, of someone else’s money, another company’s money, on a profit share basis, using their rules, draw downs, et cetera. That’s where you need assistance like ours that has good steady returns with low risk and low draw downs. What you can do is you can build up to accounts; some of them are in the millions of dollars, I believe. But I know a lot of our clients are trading prop firm accounts in the hundreds of thousands of dollars.

Trading with a Prop firm

Now let’s say, for example, you’re at $100,000.00 with a prop firm and you’re a 60-40 revenue share, so you keep 60%, they keep 40%. And let’s say you make 10% in a month. You’re not going to do that all the time, but for round numbers let’s call that 10% in a month. That means you’ve just earned $6,000.00 in that month for knowing how to trade, and it’s on someone else’s money. Well, you start doing that on several prop firms and then you’re proving to them that you can trade and you move up to $200,000.00 or $300,000.00, whatever it might be. And you can see there how you can start to gain quite substantial incomes through not even trading your own money.

Other ways to earn income from your trading

Now on top of that you might want to invest some of that back into your own account. You could start trading for a few friends and family possibly, of course look into that legally to see what the regulations are wherever you live. But you can sell trading signals, you can have copier accounts, you can do all sorts of things. But you’re just trading once. You’re only trading on one account and behind the scenes you can have the set up to copy on other accounts all these kind of really cool features. But it’s no extra work for you, whether you’re trading on a $1,000.00 account or a combined million dollar account.

But the thing is, the question at the beginning was how much do I need to invest? Well, you need to invest your time and some money to learn how to do this. But once you can do that, your actual own real money that you invest doesn’t have to be that big for some quite incredible returns. So there are ways to do this, it all comes back to knowing what you’re doing, knowing how to trade first. And that’s where we can step in and help you.

Get onto one of my free webinars to learn more

So each week, if you’ve not been on my free webinars we hold a free webinar for new traders and a free webinar for the more experienced or frustrated pulling your hair out ready to give up type trader. There’s lots of those out there I know. So it doesn’t matter which you’re on, pick the right webinar for you. I’ll put again a link to both on this post here. Jump on to one of them, look what we do, how we can help train you, teach you. Come on board with our community and make this work for you. So I hope that answers the question. I hope that surprised you as well in a good way, that you don’t really need a great deal of your own money to do very well out of this. Again, it comes back to the power of knowledge. That’s really what it is. And I hope that helps.

Feel free to share this video and podcast

Feel free to share this video and podcast with anyone who you think may be interested in getting into the wonderful world of Forex, or people that you know that are just frustrated, it’s not working. We can definitely help. This is Andrew Mitchem at The Forex Trading Coach, I’ll see you this time next week. Bye for now.

Episode Title: #434: How Much Money Do You Need to Invest in the Forex Market

Click Here to attend the New Traders Webinar (Less than 6 months Experience)

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#433: It Never Rains but It Pours

Oct 24, 2021

It Never Rains but It Pours

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#433: It Never Rains but It Pours

In this video:
00:23 – Common phrases and trading Forex
00:55 – Trading becomes boring, and you make mistakes
01:27 – 2 perfect examples from this week’s trading
02:37 – This week’s Daily trades
03:24 – Just be patient and wait for the setups
04:07 – Trade when the conditions are good
04:52 – Take a look at Blueberry Markets
05:36 – Get onto one of my free webinars to learn more

You’ve heard the saying, “It never rains, but it pours.” The same happens in trading. Let me explain what I mean right now.

Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 433.

Common phrases and trading Forex

I want to talk about a couple of analogies you may have heard of. You’ve heard the phrase, “It never rains, but it pours.” You’ve heard the phrase, “May hay while the sun shines.” They are exactly applicable when it comes to trading. What I mean by that is you have to wait for the right trading conditions. Now as traders sometimes that can be our downfall, and it’s a big mistake that so many people make and fall into that trap.

Trading becomes boring, and you make mistakes

You see when you’re not trading it’s pretty much boring. You’re not doing anything, and the issue then becomes is you start breaking your rules. You start forcing things to happen that you should really do. You start taking B-grade set ups, simply because you want to take something. It’s very hard to force yourself not to do that. But if you can get yourself to trade the conditions of when the high quality trade setups show, you will without doubt do so much better from your trading.

2 perfect examples from this week’s trading

Now just this week, I’ve got two perfect examples to share with you. So last night, Thursday night my time, I held our live weekly client’s webinar; a two hour live session where we trade live. I trade the European session. The following week Paul Tillman trades the US session and then back to the European session with me the week after. So last night, not a lot happened for the first hour and 50 minutes. Now we were covering previous trades, we were discussing trades that a few people had open and some very good trades. We were showing some good weekly and monthly chart trades. We had lots happening, but nothing really was going on live in the market.

Then leading up to the end of the session where we look at the 12 hour and six hour and four hour and two hour charts, we took one six hour chart trade and three on the 12 hour. Two of those hit profit already, and two are still open and in excellent profit. So nothing happened in terms of live real trades in the market for almost all of that session until then end, and then there was lots happening.

This week’s Daily trades

This week on the daily charts, we’ve had the same thing. Up until Thursdays, from Monday to Thursday, we posted just one trade. Now, most days we trade between about one and three daily charts. But up until Thursday, for four days of this week, we posted just one trade on the dailies. We had a really good weekly chart trade that hit profit, but only one trade on the daily charts. That was on oil as well. So we’ve had no Forex pairs for the first four days of this week. Today, Friday, we are the 22nd of October. We have posted 11 trades on the daily charts; one on Bitcoin as a crypto trade, as a sell, and 10 Forex pairs.

Just be patient and wait for the setups

So the point being is just be patient. Just wait for the setups. The setups will come, it’s just you don’t know when. So that’s why you have to be patient. If the trades are not there, don’t force anything, don’t take anything. Likewise today, and going back to the “It never rains, but it pours,” today is one of those days. It took us so long to write the daily trades up today with all the reasons why we’re taking the trade, the exact entry, the exact exit, et cetera and then actually placing the trades. 11 trades were placed on the daily chart trades today.

Trade when the conditions are good

So, “Make hay while the sun shines.” It’s a true phrase. When the conditions are right, just get out there and do it and make it and profit from it. If conditions are not good, don’t take them. And if you can overcome that mental hurdle and obstacle in your trading and learn to have patience and learn to wait, then… So that’s all about waiting, but also don’t procrastinate. So when you see the conditions, get in there and take the trades. Don’t go, “I’m not sure, I’ve only taken one I don’t want to take too many this week.” Don’t think that. If the trades are there, you take the trades according to your strategy of course. So I hope that helps. Feel free to share this video with anybody who you think may be interested in trading.

Take a look at Blueberry Markets

One more thing: don’t forget of course Blueberry Markets. Wonderful broker, lots of people are going there now. A lot of people watching these video and podcasts and see me talking about Blueberry… I’ve had a couple of phone calls just the week from people saying, “Hey look. I’m not in Australia. Can I trade with Blueberry?” Yes, you can. You can trade with Blueberry in a lot of countries around the world. Really decent broker. I’ve used them for years. I know them, met them in person back in those days. Remember those days when we were allowed to travel and go on aeroplanes and go to a different country? Back in those days I met Ben and Dean over in Australia. Neat guys, great company. If you’re looking for a decent broker, consider Blueberry Markets. I’ll put a link to them on this video post and podcast.

Take a look at Blueberry Markets

And by the way, if you’ve not been on one of my free webinars, I have webinars each week designed especially for new traders, and another one especially for the more experienced trader. Just pick the webinar time that suits you the best start time, or you can choose to watch a previous replay if you’d like to watch one straight away on demand. I’ll put the links to both of those two sessions on here as well. So I hope that helps. Be patient in your trading, wait for the right setups. When they come, take them profit. Do well from the market. That’s how you trade. I’ll see you this time next week. This is Andrew Mitchem at The Forex Trading Coach. Bye for now.

Episode Title: #433: It Never Rains but It Pours

Click Here to attend the New Traders Webinar (Less than 6 months Experience)

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#432: Becoming Your Own Boss

Oct 17, 2021

Becoming Your Own Boss

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#432: Becoming Your Own Boss

In this video:
00:30 – I’ve received a lot of emails from people who might be losing their jobs
01:17 – A lot of new rules around the world about mandates
02:02 – You should consider trading Forex
03:22 – I’m serious about trading and how to I made a decent return?
04:54 – What the prop firms want
06:22 – You need to know what you are doing first
06:42 – The mini course will re-open in 1 month from now
07:35 – It’s only going to get worse for many people

I want to talk about why you should maybe look at considering being your own boss, and learning how to trade Forex properly. It’s very topical right now and very important. Let’s get into it right now.

Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 432.

I’ve received a lot of emails from people who might be losing their jobs

Came outside today, it’s a beautiful day out here. I want to talk about… I’ve just been receiving a lot of emails. You might think it’s a controversial subject, you may not. But I think it’s important to discuss it because not many people are. It’s all about what’s happening around the world right now with COVID injections, vaccinations. Not only that, it’s more the knock-on effect of what’s happening with so many people with these jobs being mandated that people need to be vaccinated. I’m not here to debate the vaccine; I’ve got my own opinions. But as a trader, I think it’s important because so many people have been emailing me saying, “Andrew, I’m potentially losing my job.”

A lot of new rules around the world about mandates

Here in New Zealand especially, and it sounds like Australia as well, a lot of rules are coming in that people will be losing jobs if they’re not double vaccinated.

Like I said, I’m not here to be pro or against it. What I am here to say is that it’s probably the choice that people are finding that they’re going to be without that’s for me probably more the issue. The choice to do what they want and how it affects their jobs. So that comes back to why I’ve probably been receiving so many emails over the last week or two as it’s becoming more and more prominent. And it comes back to…

You should consider trading Forex

I’ve said to these people you’ve got to consider something like trading. But don’t just do it just because it’s a quick fix, because it’s not a quick fix. Don’t think that you’re going to sit at home and be lazy all day and get up when you want. It’s not that at all. You have to work hard at it. It’s hard. There’s ups, there’s downs, there’s good times, there’s not so good times. Like anything. But it does allow you to have some more control and freedom and to be your own boss.

I think that’s the point that a lot of people around the world right now that people are picking up on, the extra value of trading. Getting away from some of the more traditional lines of work where you are told what to do and when to do it. I think that’s one of the beauties that trading offers. Like I said, it’s not easy. It takes effort, it takes hard work, it takes dedication. If you think you’re just going to waltz into trading and suddenly become a multimillionaire by this time next year forget it. You’re in the wrong choice. Or certainly don’t come knocking on our door, because we’re not prepared to assist you if that’s your mindset. You’ve got to have the correct mindset to make this work properly and put that hard work and dedication upfront.

I’m serious about trading and how to I made a decent return?

But leading on to that, people have said to me I want to sort of get into this a bit more seriously now. I’ve kind of been forced into it, or things are changing around the world. I want to look at this trading a bit more seriously. And a lot of people come to me and they go, well the problem is my account’s not big enough. How on earth do I look at giving up my job if that’s what it comes to? And trading properly?

Well, to me it’s always been the same story that I’ve got back to people. It’s that you have to learn how to do it first. You have to learn to run before you can walk. Don’t expect to be an expert overnight. You have to learn upfront to do this properly. But then, when you can, the actual size of your account, how much money you’ve got to invest in this, really doesn’t matter too much. Leading on from last week’s video and podcast where we talked about prop firms briefly. Again, I’m not here to promote any particular prop firm. I’ve got no affiliation with any prop firm at all. All I do know is that I’ve got a lot of clients now who do know how to trade properly and have said look, my account’s not big enough to really get anything out of this too much now they know how to trade. Yes they can grow their account and maybe they can add some funds to it.

What the prop firms want

But these prop firms, they’re after people exactly like the people… The strategy that I’ve taught and used for 15 years now. Been teaching it for 12. What we’re after is some good common sense, low-risk trading. Low draw downs, no one wants stupid, ridiculous draw downs. No one wants gamblers. In fact, I had a guy this morning that said, “I’ve got $250.00 can I make $250.00 every week?” I said no, you can’t. I don’t want to know. We’re the wrong people if you think we’re going to help you gamble your money and double your account in a week, go somewhere else.

But you know, the prop firms. We had a client I was talking to last week who’s now managing over $100,000.00. Well, you think about that, that’s just one prop firm. And he’s only relatively new at this and he’s up to $100,000.00 already. He’s making 10% per month and he’s on a 60-40 revenue share. He’s on $6,000.00 extra per month than he had a few months ago when he started and joined us. The thing is that you can do that… If you prove you can do that, you can make that as passive income month after month. You can get to a bigger account with the same firm. You can open accounts with other firms. You can sell trading signals. You might be able to manage funds for people. There’s all these things you can do. But none of it requires any real extra work because you’ve actually taken the trade just the one time. It just gets split over multiple different platforms.

You need to know what you are doing first

But it all comes back to you need to know what you’re doing first. So there are many, many ways around this where you can get to do this properly and do this on a more serious level and get a really good substantial return from it. But it’s about educating yourself first. So I hope that helps.

The mini course will re-open in 1 month from now

We’ve had great success with our mini course that’s been launched this week. We’ve now closed the mini course. We’ll look at opening it up in about a month or so. I’ll send you more details if you’re interested in that. If you’re interested in the full course, that’s probably the place you really need to be if you want to do this properly.

If you’re interested in knowing where to put your funds, one of the best brokers I can recommend is Blueberry Markets over in Australia. I’ve been dealing with Ben and Dean over there for years now, ever since they set up. Neat bunch of guys there. The whole team are really good. Customer service is outstanding. Great platform. MT4 and MT5. Good spreads. Just really decent bunch of guys if you want to put your funds in a good reliable place. So it’s Blueberry Markets, I’ll put a link to them on this post as well.

It’s only going to get worse for many people

So I hope that helps. Like I said, I don’t want this to be a controversial post in any way. It’s not that. Don’t take it the wrong way. If you think I’m anti something or not or pro something, it’s not that at all. It’s just that there’s obviously a lot of people around the world now that are getting very concerned, and this offers a potential change in direction for them. Like I said, my inbox is getting just inundated daily with very concerned people and it’s probably just going to get worse, to be honest, as these mandates come in around the world in more and more industries. So I’ll just say, just look after yourself to start with. Consider trading if it’s for you. It’s not for everybody, but if it’s for you you know where to find us and we’re here to help. Thanks for watching. See you this time next week.

Episode Title: #432: Becoming Your Own Boss

Click Here To Learn More About Our 5 Star Rated Forex Course

Click Here To Learn More About Blueberry Markets

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