How to make 2021 an excellent trading year

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#395: How to make 2021 an excellent trading year

In this video:
00:30 – Set your goals for the New Year
01:40 – Trading on the close of a candle
02:22 – Document your trades
02:42 – Client makes +2.75% gain in one trade
03:57 – TFTC Pattern Trader bot software
04:57 – Looking forward to a great year ahead
05:40 – Future podcast topics

So, 2021. How are you going to ensure this is a great year for you as a forex trader? Let’s talk about that more right now.

Hey, traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 395.

Set your goals for the New Year

Come outside here, as it’s a beautiful day today, and wanted to talk about goals for 2021. It’s really important that you have some goals, that you think about your trading, you look at last year’s performance. What was good? What was not good? If you’re new to trading, you’re probably in some ways a better off position, because you can start right now in January and focus on making this year a really good year, but you need a plan. And it was one of the things that we discussed on our last webinar with our clients. Held it just last night. Two and a half hour live webinar. First one for the year.

We go through our trading goals. We look at when we’re wanting to trade, what timeframes, what patterns we’re looking at, continuations, reversals, risk per trade. What do you do if a few trades go wrong? What do you do if you make really good trades? Do you keep trading? Do you stop trading? What happens if you can’t access your broker’s platform, your internet goes down? Different timeframe charts, are you going to take different risk on each trade? How are you going to place your entries, your stop losses, your profit targets? All those things that we look at and we discuss, and we come up with a trading plan that suits the individual person.

Trading on the close of a candle

Now, with my strategy, we only look at taking a trade on the close of a candle, so it’s very easy to know when to look at your charts, but with different people all around the world with different time zones, different time restrictions of availability, it’s important to plan what works for you. Now, as I said, we make sure that clients have a plan and it’s something that’s realistic, easy to stick to. Really, there’s no reason why you can’t trade in under 30 minutes per day. That’s what we do, and that’s what we’ve done for years and years. But it’s just about helping people to establish that plan, and I really encourage you to have a plan yourself as well.

Document your trades

Also about, when you record trades, are you writing them down on spreadsheets? Are you taking screenshots, et cetera? What are you doing to document, journal and analyse your trading performance as you go through this year? So some important tips there to work on. Just email me if you need any help, andrew@theforextradingcoach.com.

Client makes +2.75% gain in one trade

With our trade so far this year, we’ve been trading just this one week, and we’ve already had very profitable trades on the daily charts, the 12 hours, eight hours, four hours, two-hour and one-hour charts. Had an email from a client who said that he’s already made, on his very first trade on gold on the one-hour chart, made a 2.75% account gain already, which is fantastic.

On the live webinar yesterday, I took two two-hour chart trades; one on Euro yen, which lost, and one on the New Zealand-Canadian, which was profitable. The profitable trade completely got back all the loss of the first trade and more. I risked only a quarter of 1% on each trade and ended up making plus 0.2% gain from those two trades, with one quarter percent loss and the other making almost a half a cent. So a net gain there of 0.21% on the two trades, live, in front of clients. We’ve had some good profitable weekly chart trades. Our breakout trade worked this week and made another half percent gain. So a great start to the year, considering we’re only in the first week. Overall, I think I’m about 3.2% up for the week so far.

TFTC Pattern Trader bot software

We also discussed our pattern trader software, our TFTC Pattern Trader software. Awesome software. Some more enhancements made over the last few weeks on that, and the gains have been incredible. Our top 20 leaderboard of people who have created their own bots using our software, using my strategy, very easy to do, the top 20, every single one so far has had over an 8% gain on live trade since they started. And a predicted annual return on the top 20, the very minimum so far is predicted to be 19%. The highest so far are predicted to be 390%, according to the stats that that person’s had so far with our bots. Just incredible results and performance, and they are either on semi-automated or completely automated trading as well. So, between 19 and 390, so it just shows what people are achieving there.

Looking forward to a great year ahead

The message of this video and podcast is, one, welcome back. Welcome to 2021. Looking forward to getting back into the weekly podcasts and videos again, after a few weeks break. And really enjoyed the break as well, being summertime here in New Zealand. Really, the message right now at the beginning of the month is plan, plan and more planning. Get that right now and you’ll benefit from that as we go through the year.

So if you need any help at all with your trading, or if you’re interested in joining us and taking your trading to the next step by massively shortcutting your learning process, just reply to my email address, andrew@theforextradingcoach.com, and I’ll see you this time next week.

Future podcast topics

If anybody has any questions you’d like me to discuss on future podcasts and videos, or topics, just send me an email and I’ll gladly discuss those and help you further with your forex trading. Bye for now.

Episode Title: #395: How to make 2021 an excellent trading year

TFTC Pattern Trader. Click Here!

Learn More About My Course. Click Here!

If you have been trading for less than 6 months, click here

If you have been trading for more than 6 months, click here

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Click Here to Check my Recommended Brokers.

The 30 Minute Trader Trip

Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.

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How Was Your Trading During 2020?

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#394: How Was Your Trading During 2020?

In this video:
00:26 – What an interesting year!
01:06 – Trade the conditions you get at the time
01:21 – How was your trading during the year?
02:35 – My trading hours during the next 3 weeks
03:15 – Use the next 3 weeks wisely
04:07 – Wishing you all a fantastic Christmas and have a great 2021

How was trading for you in 2020? It was an interesting year, wasn’t it? Let’s talk about that and more, right now.

Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 394, and it’s the last video and podcast for 2020.

What an interesting year!

Well, what an interesting year. Who would have thought back in January we would be in the situation that we’re in now? Who would have thought we’ve seen all things that we’ve seen in 2020? Nobody could have predicted that, but for traders, it’s actually been a pretty good year. Back in March and April, we had some unbelievably good trading conditions, made incredible returns because of the big movements in the market when the COVID really hit, and throughout the year we’ve seen some interesting trading conditions. Sometimes it’s been a bit quiet. We’ve had the US election and all the buildup to that and still carrying on now, and so conditions have been a little bit quiet. Brexit still. Is it happening? Is it not happening in the UK?

Trade the conditions you get at the time

But as traders, you’ve got to just basically go with what the market’s giving you at the time, and as mentioned, we have had some very, very good trading conditions throughout the year, sometimes a little bit quiet, other times exceptionally good.

How was your trading during the year?

But what I wanted to ask you is this. How has your year been in 2020? Has it been a good year, not such a good year? I suppose for a lot of people being able to now work from home and it’s allowed people to adapt and accept working from home, working remotely. Things like trading has become easier to do. More opportunity to do it if you’re not at work all day, so that’s been a really good thing. But as a trader, what have your results been like and what are you doing to analyse those results, to look at those results and to think, “Well, this is what I’ve done this year?” Can’t change it. This happened. Whether it be good or bad, but what are you doing now onwards over the next few weeks as we lead up to Christmas and New Year to ensure that 2021 is an exceptional trading year for you? What are you actually doing about that?

Are you reviewing the trades that you’ve taken this year? Are you looking at changing something? Are you looking at getting some education, some help, some support, do a course, read an ebook, watch videos? What is it that you are going to be doing now for the next few weeks and take advantage of this quieter time?

My trading hours during the next 3 weeks

I’m stopping trading Friday the 18th of December and starting again on Monday the 11th of January, so I’m just taking a break from trading. The market conditions are going to do one of two things. Either it’s going to be very thin trading volume and the market’s going to be crazy, or it’s just going to be flat and dead, and of course you never know which, so for me it’s just easier not to be bothering. There’s plenty of other weeks in the year to be trading and making money from the market. It’s just nice at the end of the year, have a bit of a downtime, bit of a relax and get ready for next year and so really, that’s what I encourage you to do.

Use the next 3 weeks wisely

Yes, have some down time, some family time. That’s what Christmas and New Year’s all about, of course, but also don’t waste that time. Make sure that you seek help. If you want our help, we’re still here even though I’m not trading. I’ll still be on emails everyday. If you want to ask questions about trading, just come through and we’re here to help as always, but I really strongly encourage you to have a look at your own trading, have a look at what you’ve done, and take the good things that you’ve done and also learn from those poor things, those bad things that you’ve done. Because there’s no better time than right now to analyse the whole year and almost set yourself a New Year’s resolution for next year, but do it now. Actually figure out what works, what doesn’t work for you, what you need help with, what you need to change, and make 2021 just a really good year.

Wishing you all a fantastic Christmas and have a great 2021

So, on behalf of myself and my family and Paul Tillman over in America and Mikalai and Mhel who work here at The Forex Trading Coach, I’d just like to say thank you for watching my videos. Thanks for listening to my podcasts. Look, 2020’s just been a crazy year, of course, but there’s been some good points about it as well. Been some really good points, so thanks for being here. Thanks for watching. Thanks for learning. Thanks for asking questions. Have an awesome Christmas. Just have a fantastic Christmas. Have a good one, have a safe one, have a wonderful New Year, and I’ll see you back here for some more great trading tips and information in 2021. Really looking forward to that, but also have a great Christmas and a great break as well. I’ll see you next year. Bye for now.

Episode Title: #393: All You Need to Know about Blueberry Markets

Learn More About My Course. Click Here!

If you have been trading for less than 6 months, click here

If you have been trading for more than 6 months, click here

Click Here to Download my FREE Lot Size Calculator

Click Here to Check my Recommended Brokers.

The 30 Minute Trader Trip

Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.

CLICK HERE TO ACCESS THE VIDEOS >>

Podcast: Play in new window | Download

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All You Need to Know about Blueberry Markets

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#393: All You Need to Know about Blueberry Markets

In this video:
00:00 – I’m joined by Ben Clay at Blueberry Markets
00:45 – Who are the people behind Blueberry Markets?
02:23 – Where are your servers located?
04:45 – Building their online reputation
06:54 – What type of accounts can someone open at Blueberry Markets?
09:18 – Can you have an unlimited demo account?
10:29 – How do I withdraw funds?
12:09 – Safety of my funds?

I’m joined by Ben Clay at Blueberry Markets

Andrew M.:
Hi, everybody. It’s Andrew Mitchem here at The Forex Trading Coach, and I’m pleased to be joined today by Ben Clay from Blueberry Markets. Hello, Ben.

Ben Clay:
G’day, mate.

Andrew M.:
Nice to see you here. Ben, got some questions to run through from you. Asked a number of traders right round the world to ask questions to me that I can pass them on to you, basically to find out more about Blueberry Markets, what it is you do, why you’re a good broker, and why you’re my preferred broker. So if you’re all good, I’ll fire away with some questions, Ben.

Ben Clay:
Absolutely.

Who are the people behind Blueberry Markets?

Andrew M.:
The first question is, who are the people behind Blueberry?

Ben Clay:
Good question, one I get asked relatively often. Dean Hyde is actually basically the owner of Blueberry Markets, who I’ve known for about 11 years. We worked together at AxiTrader, who you obviously know, for some time. He just basically wanted to set up a broker where he thought there was a gap in the market, which was offering just really good, hands-on customer service and transparency to all of their clients. So he sort of separated from Axi a few years back and set out really on his own to come and set this up.

Ben Clay:
We’re, of course, licenced through Eightcap, down in Melbourne, which is another firm who holds the FSL. Obviously, ASIC, it’s very difficult to get your own licence when you’re first starting out. So we’re still under their licence, but they’re a very strong financially-backed firm as well and they’ve been amazing to us. So technically it’s Dean who’s behind it, and then Eightcap who runs the licence is basically it.

Andrew M.:
Perfect. I think that’s one of the nice things that I like about what you guys are. You’re very personal group. It’s real people. It’s not a call centre. It’s nice that you’re dealing with real people all the time. And that’s the feedback that I get from clients as well. It’s always someone, like that.

Ben Clay:
Well, I’m really glad to hear that. That’s what we set out to do, is have the real hands-on approach and be extremely accessible and transparent. So that’s what we set out to do, and I think we’ve done pretty good at achieving that.

Where are your servers located?

Andrew M.:
I think you’ve done very well. Absolutely. So another question, Ben. Your servers, where are they located?

Ben Clay:
Our main servers are based in Hong Kong, so that’s where the main server centre is. And while that might sound a bit strange, it’s a pretty central location to a lot of our key demographics. Having said that, though, we do have data centres all around the world, so in the main DCs like London, New York, Tokyo, Sydney, as well. The reason for that is when you’re connected to the platform on MT4, anyone who’s ever used it, down the bottom right-hand corner, there’s the little connection status.

Ben Clay:
You can actually click there and select the best data centre that’s giving you the best latency. Most of the time for me, even on Hong Kong here in Sydney, I’m still getting great latency. We do put a lot into our servers to make sure that they’re as fast as possible, but if ever anyone is ever having issues with latency, just come to us and we can sort out a VPS, and all those type of things that will bring that latency down.

Andrew M.:
Perfect. That’s good. One thing I’ve always noticed on a personal point of view is that when the market opens at the beginning of the week, you’re always there, all the pairs are open. Whereas some other brokers, that doesn’t happen for several minutes. I notice your spreads are consistent in those changeover times of the week as well, from one day to next. All that helps.

Ben Clay:
Yeah. That’s a good point you raise. Obviously when our markets open, it’s 5:00 PM in New York. That’s when the daily candle will start, at 5:00 PM in New York. That way it gives you the five daily candles through the week, as opposed to having any additional weekend candles. Through Tuesday to Friday, we’ll actually typically stop pricing for about two minutes during that time. Some brokers are a lot longer than that, but we think two minutes is pretty optimal, because spreads get so wide during that time, people can be unfairly stopped out, just due to those wide spreads.

Ben Clay:
So we really do try and do everything we can to alleviate that. Unfortunately, it is part and parcel of Forex trading. Obviously, the banks are rolling over prices. There’s less buyers and sellers at those times, so the prices do widen out, but we try to mitigate that as much as possible. It’s better to have people not be able to trade during those times on such wide prices than have them be able to enter and exit during really wide spreads.

Andrew M.:
Unnecessarily. Yeah.

Ben Clay:
Exactly right. Spot on.

Building their online reputation

Andrew M.:
Absolutely. Perfect. Question number three. How do Blueberry work towards building their online reputation?

Ben Clay:
That’s a great question. I think that, again, goes back to number one, is it was Dean’s vision, I guess, in terms of he worked at a broker for so long and constantly saw clients complaining about customer service and just not being treated fairly. So we wanted to set out and set up a broker that we would really want to trade with ourselves.

Ben Clay:
All being traders, what would we want in a broker? And that came down to personal account managers. Every single client has their own account manager. You might speak to someone else in service every now and then, but at the end of the day, that person is your account manager and will always be that account manager. We got our online reputation just by really trying to do the right thing by all of our clients.

Ben Clay:
We’re not perfect. Sometimes things do go wrong with our system servers. Obviously, this can happen. What we really saw a big difference was how clients were treated when things do go wrong. As an example, what we were talking about before, widened spreads. Sometimes a client might come to me and say, “Hey, Ben, I got stopped out. This spread got to 70 Pips over market rollover.”

Ben Clay:
And I’ll say, “Look, mate, while that is a valid price and that’s a legitimate, that’s the price of getting from our liquidity providers, I don’t think that’s fair. I’m going to refund that trade.” It’s just all about putting ourselves in the client’s shoes and really saying, “If I was the client, how would I want to be treated in that circumstance?”

Andrew M.:
Nice.

Ben Clay:
We just really fought for that to build our online reputation.

Andrew M.:
Perfect. I think that’s why we work well together, because that’s my philosophy as well. It’s a smaller, personalised business, but striving to be the absolute best and to realise what people want and to deliver that.

Ben Clay:
Yep, absolutely. And it’s really important for us that as we grow, we don’t lose that as well, because I have seen brokers definitely lose that as they get bigger and bigger. We’re really focusing on scalability and making sure that the bigger we get, we’re still giving that hand-holding experience and one-on-one customer service.

What type of accounts can someone open at Blueberry Markets?

Andrew M.:
Perfect. Ben, leading onto, someone says, “I want to come and trade with Blueberry,” what type of accounts can someone open in terms of MetaTrader or where you get accounts where you have very tight spreads, but commission, or that type of system? What offers have you got there? What choices do people have?

Ben Clay:
Sure. In the simplest of terms, we have the Standard and Pro accounts. Standard accounts are just our regular spread. They have a mark-up imposed from us on top of what our liquidity providers put in. That’s how most brokers make their money, from that mark-up. On the Euro, you’re looking at starting off at about 1.1, 1.2 of a Pip and the majors will be similar to that. That’s just spread, no commission. That’s what it’ll always be. The minimum deposit size for that account is just $100. That’s a bare minimum.

Ben Clay:
Then we have the Pro account, which is a $2,000 minimum. That has spreads that are reduced by one whole Pip. So it’s basically a raw spread, what we’re getting from our liquidity providers with no mark-up whatsoever, and then there’s a commission charge on top per lot. For example, in Australian dollars, if you were to have a Pro account, one lot would cost you seven Aussie dollars, and then you would have the raw spread on top of that.

Ben Clay:
So it works out to be a bit cheaper across the board, and then it all comes down to preference as well, whether people prefer spread versus commission. With us, you’re not limited to one account. You can have a Pro account, a Standard account, to test them out and see what works best for you. There could also be the potential for, if someone is trading higher volume, we do have sort of VIP accounts where you can have a reduced spread on top of that as well, and some little extra added benefits. But that’s more so for larger deposit size and whatnot, which we’ll get into at a later date.

Andrew M.:
Yeah, [crosstalk 00:08:26]. Cool. And MT4 and MT5, the choice of both?

Ben Clay:
Yep, absolutely. MT4 and MT5. It all comes down to preference again. I personally still prefer MT4.

Andrew M.:
Same here.

Ben Clay:
It’s just what I learned on, and I know you too, as well.

Andrew M.:
I remember MT3.

Ben Clay:
Exactly. MT5 does actually offer a lot more products. We do have some cryptos, platinum on there as well, as well as the US dollar index. So if you are after a little bit of a wider product range, MT5 is definitely the way to go. But if it comes down to preference and you just want to be trading currencies and metals and indices, MT4 is the way to go.

Can you have an unlimited demo account?

Andrew M.:
Nice. No, it’s good you’ve still got the choice as well. What about a demo? Can someone get a 30-day demo? And also, if they become a client and open a live account, could they go to unlimited? Is that possible, unlimited demo?

Ben Clay:
Definitely, yeah. The demo does typically last 30 days, will usually automatically expire after those 30 days, but if you have a live funded account, even if you’re not placing trades on it yet, if you have a live funded account set up, just come to us and ask for a permanent demo. We’ll get you one that never expires, so you can use that. Even still, I’ve been trading for 11 years, every now and then I’ll still go back to a demo account and have a look at a strategy. So it’s handy to have that there.

Andrew M.:
I think that’s a great bonus that you offer, really, because it’s very nice for people. That’s why I like what you offer with the coaching side of things. Even if someone’s been trading for years, I say, “Look, get on a demo, if you’re new to the way that I’m trading, and practise on a demo. Make sure you’re consistently profitable on that and trade it properly. Don’t treat it like Monopoly money. Do that well, and then move on to real money.”

Ben Clay:
I couldn’t have said it better myself. Treating the demo like it’s a real account is very, very important.

How do I withdraw funds?

Andrew M.:
That’s right. No, perfect. Nice. So how do I withdraw funds? It’s a question that you see around the internet. People go, “I’ve made some money. I’m struggling to withdraw funds, or it’s taking too long.” What’s your take on it?

Ben Clay:
That’s a question that I probably get asked every day, and it’s a question that you should be asking your broker, no matter where you are.

Andrew M.:
That’s right. Yes.

Ben Clay:
One of the most bizarre questions I ever get asked is, “Can I withdraw my funds or is there a maximum amount I can withdraw?” Which I’m always perplexed at that, because for one, it scares me to know there’s brokers out there that don’t send funds back and that people actually have to ask those questions. But those funds are the client’s funds, at the end of the day, and can be withdrawn any time they wish, with any amounts.

Ben Clay:
We have no need to hold onto client’s funds. With us, you simply just go into the client portal and request the withdrawal from there. That typically is done back to the same method you funded with. So in the simplest of terms, if you funded $1,000 via a credit card, we would first refund that $1,000 back to the credit card, and then any profits are sent to your bank account directly.

Ben Clay:
We don’t charge anything for any withdrawals, bank deposits, credit cards, whatever. There’s no fees. Sometimes the receiving bank will charge for a bank wire withdrawal, but if their doing it’s an issue, just come to us and we’ll refund it.

Andrew M.:
Yeah. Awesome. That’s really good. And from a personal point of view, I find the same thing. Click on the button, it’s there within a day. And that’s overseas as well, so it’s even better.

Ben Clay:
Yeah. It’s a little bit faster just across the pond to you guys in New Zealand, I think, but it’s usually two to three days.

Andrew M.:
The wind’s blowing the right way.

Ben Clay:
Exactly.

Safety of my funds?

Andrew M.:
Last question, Ben, regarding ASIC, and this kind of related to the last question, I suppose. Everybody’s always, and rightly so, concerned about safety of funds, segregated accounts, those type of things. How are things set up with Blueberry so that we know, as traders, our funds are safe?

Ben Clay:
Absolutely. Again, another question that you should always be asking your broker. We’re regulated by ASIC, of course, which follows AML, which is anti money laundering laws, and then follows Australian client money laws, which have become a lot more strict in the light of some unfortunate Forex brokers in the past that have given the industry a bad name.

Ben Clay:
Basically what that means is that funds have to be held in segregated accounts that are kept separate from the company funds. So in other words, operating day-to-day client funds are separate from our operating business day-to-day funds. So, can’t be used to cover staff wages, client losses, any of those things. It’s there to cover margin for the clients in a segregated fund. So if anything is to happen to Blueberry, so to speak, then the client funds are kept separate from our company funds and can’t be touched.

Andrew M.:
Awesome. That’s good to know. And so lastly, Ben, if someone says, “I like what I hear, I’m recommending Blueberry as well,” how does someone get in touch with you? What’s the next step so they can trade through Blueberry?

Ben Clay:
Absolutely. In all honesty, the easiest way is just to jump on our website at blueberrymarkets.com. Simple links there, open live accounts. My email address is just ben.clay@blueberrymarkets.com. If you ever need to reach out to me, I’m always on my email. I work 18 hours a day, most of the time. [crosstalk 00:13:41]-

Andrew M.:
You do, because whenever [inaudible 00:13:39], you’re always there.

Ben Clay:
I try to. I try to. But jump onto the website. We’ve got live chat there. There’s Contact Us buttons, or you can simply apply for a demo or a live account directly from the website.

Andrew M.:
Awesome. So people know what to do, make it very easy. And from my point of view, I know we joke about it, but look, honestly, whenever I ask questions to you or to Dean or anybody else, it’s always an instant reply and it’s always from the person I’m writing to. So it works, we appreciate it, and you’re doing a great job.

Ben Clay:
Thank you very much, Matt. I think you are doing a phenomenal job over there. I get so much positive feedback from your clients-

Andrew M.:
Good.

Ben Clay:
… so keep up the good work as well.

Andrew M.:
Awesome. Thanks, Ben. Catch up next time.

Ben Clay:
Thank you, Andrew. Take care, mate.

Andrew M.:
Bye.

Ben Clay:
Bye-bye.

Episode Title: #393: All You Need to Know about Blueberry Markets

To Find Out More About Blueberry Markets – Click here

Learn More About My Course. Click Here!

If you have been trading for less than 6 months, click here

If you have been trading for more than 6 months, click here

Click Here to Download my FREE Lot Size Calculator

Click Here to Check my Recommended Brokers.

The 30 Minute Trader Trip

Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.

CLICK HERE TO ACCESS THE VIDEOS >>

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS

Why I Trade with Low Risk Per Trade

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#392: Why I Trade with Low Risk Per Trade

In this video:
00:29 – Why do you keep your risk per trade low?
01:03 – 2 things you must control
03:05 – This completely amazes me
04:08 – We also have high R:R trades
05:33 – Understanding the market and understanding yourself
06:10 – Our 2020 Black Friday 12 Hour Sale

I get asked all the time, why I trade with such low risk. Let me explain more right now.

Hey traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 392.

Why do you keep your risk per trade low?

The question I get asked quite often is, “Andrew look, if you’ve been trading for so long and you know what you’re doing, you know how to trade, why is it that you constantly promote and suggest other people trade with such low risk per trade?” And it’s quite an interesting question because people think that, you can just go and risk crazy amounts and make exceptional returns. For me as a full-time trader, that’s been doing this for close on 17 years, I can tell you that yes, you can make exceptional returns from the Forex market, but you can do that without risking crazy amounts.

2 things you must control

Now, for me, there’s two things as a trader, that you have to control. One is your head. The other is your heart. If you can control those two emotions, then you are a long way down the track to helping yourself becoming a good trader. And for me, I’ve never really, had to worry about my trading because what I know I’ve got a strategy that works and I’m very comfortable trading it, and I know how to trade it. It’s been proven for such a long time. But also because I trade with such low risk per trade, I can place trades. I’ve got trades on behind me right now. I can go to sleep. I can go away for the day. I can do all sorts of things without stressing about trades, because I know that every single trade that I place has a very low and a controlled stop loss. And I’m not talking about putting a stop loss at 10 pips or 50 pips or a hundred pips or anything like that.

I’m talking about if my trade gets stopped at and I place, my stop loss at a reason, not just at a number. In other words, I’m not placing it at 10 pips or 50 pips. I’m placing it at a level on the charts for a reason. Well, I know that that’s say, got a good chance of not being stopped at, but let’s say it does. And of course we all have trades that get stopped at. If it does, I know what my risk is as a percentage of my total account. And I can live with that because I know that it’s not going to damage me. I know I can get up and trade again tomorrow. And that’s the problem that I see so many traders having, and they have a losing streak and all of a sudden it’s like, “Oh my goodness.” It’s the head and the heart, again. “I can’t trade.” Or. “I’m scared to trade.” Or they see a really good setup and they go and take less risk than they normally would because they’ve had a string of losing trades.

And of course that becomes the trade that ends up winning. And they only make a small amount rather than what they should be making. So you see the issue.

This completely amazes me

Now, it still blows me away that I see they’re just all over the internet, people saying, you should be risking 2%, 5% per trade. 5% per trade. I can have 10 trades in a row, go wrong and lose 5%, which hardly ever happens by the way. But I could have 10 trades in a row go wrong and I lose 5% of my account. These guys online are suggesting that you risk 5% per trade. You imagine what happens when you end up with three or four or five losing trades in a row. How are you feeling? Not only that is, what have you got to do as a percentage gain to make back that loss that you’ve just created? It starts messing with your head, with your heart. It comes back to those two things.

So I can tell you that someone that’s been in this market for such a long time, do not ever underestimate the power of low risk per trade.

We also have high R:R trades

Now, what makes this also work for us is that the vast majority of my trades have very high reward to risk gains. So we could be talking two to one, three to one, four to one. I had a guy the other day on the Webinar that made a 6% gain on one trade. But most of my personal trades are around a two or three to one reward to risk. So a three to one means I’m risking half percent of my account on that trade. If it hits the profit target, I make 1.5% gain. Now you imagine doing that on a few trades in a row. That starts to really compound and become quite exceptional gains.

And so for me, coming back to that low risk is important. You have to have high reward to risk. I’ve seen traders out there that have a 90% winning system, but still lose money because they have lots of small gains, one big loss. I’ve seen traders out there talking in pips, like most people unfortunately still do. And I’ve seen traders that have shown me a record of their gains and losses, and they have actually lost pips. But when I’ve shown them what they would have done, if they had worked on a percentage of their account on each of those trades, they actually made money whilst they were losing pips. Try and work that one out. It happens so often, it’s unbelievable.

Understanding the market and understanding yourself

So, comes back to understanding the market, understanding yourself, removing emotions as best as you can, because the whole psychology around trading, believe it or not, and if you’ve been trading live you’ll know it’s true, is a big hurdle to overcome. Like if you’re just starting, or you’re trading on demo, you probably don’t understand the importance of it just yet. But take it from me, that someone that’s been through the system, through the journey, controlled low risk, high reward to risk trades. Do that, you’re on the big step to becoming a good trader.

Our 2020 Black Friday 12 Hour Sale

Last thing, don’t forget, at the end of the month, we are holding a black Friday sale, Friday, the 27th of November, and maybe Thursday evening or afternoon, if you’re in the US or Europe, when it starts. It’s a 12 hour dime sale. Email me, andrew@theforextradingcoach.com. If you’d like to know more information about that black Friday sale. It’s going to be an exceptional sale. I’m going to be giving a ridiculous, ridiculous discount on the course. 12 hour sale. Take advantage of it. See you next week. Bye for now.

Episode Title: #392: Why I Trade with Low Risk Per Trade

Find Out More about TFTC Pattern Trader – Click here

Learn More About My Course. Click Here!

If you have been trading for less than 6 months, click here

If you have been trading for more than 6 months, click here

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Click Here to Check my Recommended Brokers.

The 30 Minute Trader Trip

Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.

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How to Adapt to The Current Market Conditions

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#391: How to Adapt to The Current Market Conditions

In this video:
00:29 – A very interesting week
00:58 – Needed to adapt to the market price action
02:02 – Client make a +6.1% gain on XAU/USD H2 chart
02:27 – Just 1 Daily chart trade for the week
03:22 – Trading the shorter time frame charts this week
04:09 – The way we trade at TFTC
04:28 – Trading next week onwards
05:12 – Keep a look out for our Black Friday Sale

As a forex trader, you need to be able to adapt to what is happening in the market at the current time. And I want to talk about that to help you in this week’s video on podcast. So let’s get into it right now.

Hey, forex traders, it is Andrew Mitchem here at The Forex Trading Coach with video and podcast number 391.

A very interesting week

Now, this week we have had quite a lot happening. We’ve had the US elections. Right now, as I’m speaking, we still don’t know the outcome, and by the time you get to watch this video, you may or may not know the outcome, but with that in mind, the market has been a little bit different to many other weeks. And then later tonight, my time, we have the monthly Nonfarm payroll, the US monthly employment results coming through.

Needed to adapt to the market price action

So, what does that mean? Well, it’s meant that the market’s been quite difficult to trade, but also it means that we’ve had to adapt to what the market is giving us. And what I mean by that is we’ve got to look at different currency pairs, different timeframe charts in order to basically give us the right setup that’s happening at the time. Now, as you know, I talk about trading on monthly charts, weekly charts, daily charts, 12-hour charts, six-hour charts, all those kinds of longer timeframe charts. Now, this week, it’s been completely different due to what the market is giving us. And as an example, online webinar that I held just last night with my clients, which was a fantastic webinar with many, many trading examples, we focused on one and two-hour charts predominantly with a few four-hour charts.

And on the session, I took two two-hour chart trades, one on the Euro Australia and one on the Euro/New Zealand Dollar. And we took those live, and we explained the setups, et cetera, on that session.

Client make a +6.1% gain on XAU/USD H2 chart

Now, also on that session, we had a client who took a trade on gold and made us a massive 6.1% account gain on the two-hour chart on gold. And it just makes you realise that if you adapt to what the market is showing you, you can do very well in all conditions.

Just 1 Daily chart trade for the week

And as another example, this week, I’ve placed just one daily chart trade, just one the entire week. It was placed on Tuesday. It was an Australian Dollar-US Dollar trade on the daily chart. Go and have a look at your charts to see a bearish engulfing candle at the bottom of a downtrend, a double bottom off the bottom Bollinger Band. I believe we also had divergence. I think we all bounced off the 70 level, and we had a retracement all the trade that made a 2.5 to one reward the risk, and we had our market in order to make 1.6 to one reward the risk.

It would take a quarter percent at each of those two. In other words, half percent risk on total, on the two trades, one trade, two positions. We just over 1% just on the one trade. So we have adapted because we just haven’t really seen many daily charts, just the one.

Trading the shorter time frame charts this week

We’ve also adapted because we’ve been trading predominantly the shorter timeframe charts this week because that’s what the market has been telling us that has been active. You’re in and out of a trade a lot quicker, and the results have been outstanding.

So, it always worries me when some traders say to me,” Hey Andrew, I’ve got this amazing system. It works on the 15-minute timeframe chart only on the US Yen.” And the question is, well, what’s so special about that? And you’re highly, highly specialising, if that happens. And to me, there’s nothing special about the US Yen 15-minute timeframe chart, as opposed to any other timeframe charts.

So if your system is so limited that it only works on one pair, one timeframe. You really don’t have yourself a very good system.

The way we trade at TFTC

What I love about the way that we trade, because it’s price action, looking at candle patterns, et cetera, that allows us to look at all timeframe charts, all currency pairs, and then select what is looking good for the market conditions at that time. And that’s exactly what I mean by you need to adapt.

Trading next week onwards

Now next week, we would probably be over the US election. It’s probably going to get decided Nonfarm payrolls is headed all the way. The market might have some good price action again. And therefore, we might find that the daily charts or 12-hours or six-hour charts have some very high-quality setups. This week when the market’s been quite narrow, it’s being quite range banned in many ways. The shorter timeframe charts have been the moneymakers for us. So I think it is very important that you take the lesson out of this, that you need to be able to adapt to what’s happening right at this current point in time in the market if you want to be a very successful forex trader.

So I hope that helps. This is Andrew Mitchem, The Forex Trading Coach.

Keep a look out for our Black Friday Sale

Just one more thing, by the way. At the end of November, we will be holding a Black Friday sale. I’ll send you details about that shortly, but if you have any interest, just feel free to let me know that you’re interested and send me an email to andrew@theforextradingcoach.com. Of course, it’s just once a year sale, its all-around price as everything at Black Friday is. So we’re going to be offering the course an exceptionally crazy low price that we’ve not done since last year.

So, if you’ve got any interest in that, just send me an email, and I’ll put you on the list to send you details at the end of the month when that sale starts.

So I hope that helps enjoy your weekend, enjoy your trading week next week. And I’ll see you this time next week with next week’s video and podcast. Bye for now.

Episode Title: #391: How to Adapt to The Current Market Conditions

Find Out More about TFTC Pattern Trader – Click here

Learn More About My Course. Click Here!

If you have been trading for less than 6 months, click here

If you have been trading for more than 6 months, click here

Click Here to Download my FREE Lot Size Calculator

Click Here to Check my Recommended Brokers.

The 30 Minute Trader Trip

Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.

CLICK HERE TO ACCESS THE VIDEOS >>

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How to Future Proof Yourself

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#390: How to Future Proof Yourself

In this video:
00:28 – What an interesting year 2020 has been
01:20 – Problems around the rest of the World
02:00 – Using other people’s money to trade?
03:45 – Take advantage of these ways of making money from trading
04:23 – TFTC Pattern Trader bots
05:28 – Trading off a small account size
06:42 – You need to future proof yourself and learn how to trade correctly

What would another corona virus lockdown mean for you? Is your job secure and what are you doing to future proof yourself? 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 390.

What an interesting year 2020 has been

So, it’s been an interesting year, hasn’t it? We’re heading up to the US elections next week, and we’ve obviously had coronavirus cause issues right around the world. We’re lucky here in some ways in New Zealand, we’re very small, a couple of islands safely tucked away at the bottom of the world. We’ve only got one international airport that’s open. We’ve only got three in total, but we’ve got one that’s open. Very, very easy for us to control coronavirus here. Only 5 million people but even so, we can’t move around. We can’t travel overseas. Visitors are not coming in.

As a country, we rely on tourism and we’re heading into summer now so there’s going to be a lot of job losses here, a lot of problems coming.

Problems around the rest of the World

Around the rest of the world, Europe is getting… There’s more and more problems. There’s unrest, there’s riots. There’s more lockdowns coming and that’s likely to cause huge problems and unemployment fear, et cetera like that.

And it comes back to exactly like I mentioned to you back in around March, April, May time about future-proofing yourself, but how you can use the Forex market to do that. I want to give you some examples of what people are actually doing right now along those lines.

Using other people’s money to trade?

The first example is a client who wrote on our forum site just this week. He said that his trading’s going really well. He has found one of those sites online where you can prove yourself as a trader. You can then get a split between profits from someone else’s funds. And so what he’s doing is he’s spent the last six months on the course understanding trading, getting to make it work. And now he’s at that position where he can really profit from it, which is fantastic. He sent a screenshot on the forum site. He said last week on his first week with this account that he’s trading on behalf of another company, he made 7.9% gain.

There’s another email here and I’ve printed it out to read it to you. I won’t give you the name of the company the guy’s using, but he says I’m also looking at using the company and other funding providers. It looks like I’m out of work in the next five to six months so looking to transition to a full-time trader by then, and these funding providers are a very attractive option. He talks about the 70/30 profit split and they have a 10% challenge over 30 days and there’s rules of maximum and minimums and draw downs and weekends, et cetera.

And he said on here, I hit a 10% profit last month. And he talks all about what he did and how he’s going to approach this. At the end, he said this is a great way to accelerate the path to full-time trading. It’s a very viable option.

Take advantage of these ways of making money from trading

So there are those type of companies out there, those type of systems out there, and they really do provide a great way of trading to start with a relatively small account yourself, but to gain profit from this, which can certainly help you when it comes to your income if like these guys, you’re looking at losing your job. Now, of course, there’s also the option of becoming a signal provider where you basically are trading your own account and people copy and pay a monthly fee for that. And that’s another option that’s actually really, really good for people to consider.

TFTC Pattern Trader bots

The third option that we’ve got is our TFTC patent trader. So it’s the Forex Trading Coach patent trader, and that’s our auto trading system where you can create bots using my strategy. Very, very easy to create your own bot, your own group of bots portfolio based on different candle pattern recognitions, timeframe, risk, et cetera.

Our leading guy right now on a live accounts up over 55% since we started. He started in around May and it’s up 55% to date. His annual return was projected to be, I think, it was about 162% if he continues with the way that his bots are performing. A 14% draw down as well. So very low risk, very high returns. You imagine what you could do with 162% in the next 12 months. He’s doing that completely automated as well, by the way.

Trading off a small account size

But the point being is a lot of people come to me and they say, look, my account’s too small. I can’t live on this. Very important to understand that first of all, you actually have to know how to trade well first with low risk, low draw downs, et cetera. But once you have mastered that, and that’s what we can help you with, there are all these other options out there of how you can actually earn more income from your trading than just your own personal account. A lot of people say, “Hey, Andrew, I’ve got a $5,000 account, $10,000 account. How on earth can I live off that?” Well, realistically, you cannot. But my point being is that you have to understand how to trade. And if you can make, in the example of the guy here on our bots, 162% in a year, who is not going to want to jump at that opportunity and to invest in something like that, especially given everything else that’s going on in the world with the uncertainty, like we said, the unemployment, the low interest rates, the low returns on traditional ways of investing?

You need to future proof yourself and learn how to trade correctly

So if you have any interest in future-proofing yourself on going through this next series of lockdowns that seem to be happening now around the world, take advantage of this time. Yes, it’s so damn frustrating. It is for everybody, but you can actually do something about that time that you will be spending or have spent or are going to spend, that extra time, use it wisely and educate yourself, future proof yourself. And if you would like how to help with that in terms of you want to make Forex something that works for you, just contact us at theforextradingcoach.com and we’re here to help.

So once again, this is Andrew Mitchem here at the Forex Trading Coach. I’ll see this time next week. Bye for now.

Episode Title: #390: How to Future Proof Yourself

Find Out More about TFTC Pattern Trader – Click here

Learn More About My Course. Click Here!

If you have been trading for less than 6 months, click here

If you have been trading for more than 6 months, click here

Click Here to Download my FREE Lot Size Calculator

Click Here to Check my Recommended Brokers.

The 30 Minute Trader Trip

Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.

CLICK HERE TO ACCESS THE VIDEOS >>

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Should You Only Trade The Major Forex Pairs?

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#388: Should You Only Trade The Major Forex Pairs?

In this video:
00:26 – 2 things to talk about today
00:53 – How do you know which pairs to trade?
01:43 – Should you only trade the Majors?
02:28 – My trading routine
04:55 – It doesn’t matter which pairs I trade
05:18 – All covered in my 5 star rated coaching course
05:42 – I’ll be interviewing Blueberry Markets – let me know your questions

How do you know which Forex pairs to trade? And when? Let’s talk about that and more right now.

Hey, Forex traders, Andrew Mitchem here, the owner of The Forex Trading Coach with the video and podcast number 388.

2 things to talk about today

Now I’ve got two things to talk about. The first, I want to talk about how I can help you to know which Forex pairs to trade.

And secondly, at the end of the video, I’m going to explain about next week’s video and podcast when I’m going to be interviewing, Ben Clay from Blueberry Markets and I want to know from you, what’s your number one question you’d like me to ask Blueberry Markets to Forex Brokers. So we’ll talk about that at the end.

How do you know which pairs to trade?

So back to the first point, how do you know which Forex pairs to trade? Now, it’s a problem that a lot of people come to me and they say, hey Andrew, look, I just don’t know what to trade.

There’s a lot of currency pairs out there, which ones should I look at? And as Forex traders, we’re quite a fortunate position when you think about it. And that we really only have eight main currencies to look at and the combinations of each. Now of course there’s extra currencies like Norwegian kroner and Swedish krona and South African rand and all those. But there’s really the main eight. Unlike most other markets out there where there could be hundreds or even thousands of different stocks and shares and companies to look at. So we do have an advantage, but it’s still confusing for a lot of people.

Should you only trade the Majors?

And now another thing is a number of people also suggest that you should just look at the main currency pairs, the majors, and that will be like the GBP/USD, EUR/USD, USD/JPY, USD/CHF, AUD/USD, NZD/USD, USD/CAD.

And you start to see the problem there is that they all have the US Dollar in them. Now let’s say the US Dollar happens to be quite flat. Then there may not be many opportunities there, and that becomes the issue or the US Dollar is very strong or very weak, and they’ll move together and then things suddenly change around and they all come and stop you and that becomes the problem when you trade just the majors. So what I like to do this is my routine.

My trading routine

At the beginning of each week, I scan the weekly charts on all the currency pairs or the main character pairs. There’s about 28 of them. And by setting up my weekly charts as a profile on my MetaTrader Platform, it’s very easy to get all the Euro pairs, all the Pound pairs, all the Aussie pairs, all the Kiwi pairs and just scan through and see what’s happening on the weekly charts.

There’ll be some trades there most weeks, but even if there are no trades or very few trades off the weekly charts themselves, what they do is they give me an overall biases, this country pairs a little bit indecisive, or this one strongly bullish, or this one’s very bearish and is that likely to continue for the upcoming week, yes or no?.

And it allows me to basically to plan that bigger picture. And then at the beginning of each new day, I then do exactly the same process, put on a profile where I have just the daily charts. And quite often there’ll be trades there specific trades based off the daily charts. But also I get my bias for that day, my strength and weakness analysis of where I see currency pairs. Again, some may not be moving much. And so I just tried to avoid those pairs that day. Some might be very strongly bullish or very strongly bearish.

So that then helps me when I scale down to the shorter timeframe charts, and even like the 12 hours, the eight, the six, the four, and occasionally the one hour charts. So I don’t need to have everything lined up together. It does help if I can have, let’s say a trade on the four hour charts let’s say by trade. And let’s say that we have on the same currency pair the weekly and the daily also showing good, strong bullish tendencies. Then if I see that by trade on the four hour chart, then providing of course the candles in the right part of the chart, and I get the setup that I’m looking for, and I’ve got something to protect my stop loss. I’ve got a good reason why my profit target is going to get hit and not, not bounced before we get there. Then of course, that trade has more probability.

But I’m still coming back to the currency pair that I decide to trade depends on the timeframe chart that I’m looking at but more importantly, it looks at the setup. I have to have the candle pattern set up, correct on that chart, regardless of what the character pair is or what the timeframe chart is. I have to have that set up correct first. And if I have that right, that then determines which currency I trade.

It doesn’t matter which pairs I trade

Now, I don’t trade just the New Zealand dollar because I happen to live here. It doesn’t matter to me, which of those currencies I trade. And quite frankly, it doesn’t matter which direction providing I have the technical setup and that’s what’s important. And that’s how you can help yourself determine which currency pairs to trade and to know which to trade.

All covered in my 5 star rated coaching course

Now, of course, in my five-star rated coaching course, we cover all that I’ve had to do that. And the great thing about following our membership site is every single day we do that exact process and we write down what we’re looking at and why? We do that at the beginning of each week, the weekly charts at the beginning of every month for the monthly charts. So it’s an all wheel time information that can help you to train your eye, to see what we see. So I hope that bit helps.

I’ll be interviewing Blueberry Markets – let me know your questions

Now moving on to part two quickly. This time, next week, I’ll be sharing with you an interview that I’m going to be doing next week. Next Wednesday with Ben Clay, who’s a head of marketing at Blueberry Markets over in Australia. Now Blueberry Markets can accept currency traders from many countries around the world. I’ve been personally with them. I have my own live accounts with them and have done for many years.

But what I want to do is interview Ben with maybe the top seven or eight questions that you ask me. I don’t want to just ask my own questions. I want to know from you, what is the most important thing you want to know from a broker? So if you could interview a broker yourself, what’s the first thing you would ask them? Let me know what that is. Reply to me or when you see this video or podcasts, or to email me andrew@theforextradingcoach.com. Do that before Wednesday of next week. And when I interview Ben, I’d love to ask your question to him on your behalf.

So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see you this time next week, when you will be watching the podcast with Ben from Blueberry Markets. Bye for now.

Episode Title: #388: Should You Only Trade The Major Forex Pairs?

Learn More About My Course. Click Here!

If you have been trading for less than 6 months, click here

If you have been trading for more than 6 months, click here

Click Here to Download my FREE Lot Size Calculator

Click Here to Check my Recommended Brokers.

The 30 Minute Trader Trip

Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.

CLICK HERE TO ACCESS THE VIDEOS >>

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How to Prevent your Stop Loss from being Hit

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#387: How to Prevent your Stop Loss from being Hit

In this video:
00:25 – Stop loss placement
01:04 – Examples shown on our weekly webinar
03:00 – The benefits of having the stop loss protected by a round number
03:33 – EUR/CAD trade makes a +1.5% account gain with low and controlled risk
04:32 – Details about how you can learn how to take trades like this too 

What measures can you take to prevent your stock loss from being hit all the time? Let’s talk about that more right now.

Hey, Forex traders, this is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 387.

Stop loss placement

I want to talk about an issue that affects all of us, and it’s talking about stop loss placement and how to place your stop loss why and where, and what can you do to give yourself a higher probability chance of success within your trade and to prevent your trade from being stopped out? And this was a discussion that we had on our live clients webinar just last night my time. I was asked by a new client that’s just joined us this week, and he said, “Look, I’ve been through the course, loving the concept and how you’re going, but what measures do you put in place to help protect your stop loss?”

Examples shown on our weekly webinar And so I showed a lot of examples, as I do every week, that have stop loss protection. Now, what I mean by that is this. It’s not just placing your stop loss at X number of pips. It’s not even placing your stop loss, according to the way that we trade with fibs, extensions, and retracements, but it’s also having extra protection in place to prevent that stop loss being stopped out. Now, a perfect example of that would be to have your stop loss on a sell trade above a round number. Now, we took a trade on that webinar yesterday, and you’re going to see it on your charts. It’s on the Euro-Canadian dollar on the one hour chart on the 8th of October. And we took a sell trade, and the trade had just come down through the 156 level 1.5600. And it had broken below that level. It closed below that level.

We saw the setup that what we’re looking for, we had the trendline break in place, we had divergence, we had below the pivot point, all the things we’re looking for with a candle set up. Everything was really good there. Room to move to the profit target. But what we had is we had the ability to put our stop loss above 156, above that round number. And what that was basically saying was, on this trade, if the price then pulls back and goes to 156 and back beyond it, we get stopped out, we accept that we lose on the trade, but we have controlled low risk on that trade. So if the trade got stopped out, then we lose. We accept that. That’s part of trading. But what we also had in our favour was we knew that the 156 level had been a strong level in the past, and we knew that it was a round number, and those psychological levels are very, very important.

The benefits of having the stop loss protected by a round number

And by placing our stop loss above that level, it meant that not only did we have our stop loss above the high of the candle and a swing high, it meant that the price to go and break that strong barrier in order to take us out. And as it happened, the price dropped and it did exactly as we thought it would do, and it moved to the previous main swing low, and it gave us a three to one reward to risk trade in under three hours. In under three candles, profit target had been hit for a three to one reward to risk trade.

EUR/CAD trade makes a +1.5% account gain with low and controlled risk

Now, if you placed half of 1% of your account on that one position, you’d have made a one and a half percent account gain in under three hours. That’s pretty good. One and a half percent is an excellent return with very, very low controlled risk, high reward to risk trade, high probability trade. We already had a 12 hour chart trade on the Euro-Canadian mentioned on our membership site in the morning. That was a sell trade also.

So we had everything in favour of the trade. Plus, the important point for this lesson is the stop loss had added protection. Now, if you can get that protected, that stop loss protected, by a pivot point or a round number or a previous swing high or low, anything at all like that, the more you can add into your favour to protect your stop loss, the better. And so that’s exactly what we did, and guess what? We had the result to follow. So hope that helps.

Details about how you can learn how to take trades like this too 

If you’d like to know how we take trades like this, if you’d like to jump onto our live webinars and become a client, I’ll put a link on this post and you can find out more information from there.

So once again, this is Andrew Mitchem here, the Forex Trading Coach, helping successful Forex traders worldwide for the last 11 and a half years. Bye for now.

Episode Title: #387: How to Prevent your Stop Loss from being Hit

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If you have been trading for more than 6 months, click here

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The 30 Minute Trader Trip

Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.

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The Problem with Retirement Savings Plans

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#386: The Problem with Retirement Savings Plans

In this video:
00:27 – Kiwisaver and the hidden costs
02:20 – Why would you invest in this?
03:28 – Retirement and the Forex market
05:15 – You need to understand the FX market before trading funds
05:58 – A week of retirement related emails this week
06:16 – Webinars for traders, both new and experienced

Why do people pay massive fees to money managers, only for the money managers to lose their funds? Let’s talk about that and more right now.

Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 386.

Kiwisaver and the hidden costs

Now I’ve just heard on the news today about here in New Zealand, the KiwiSaver. So KiwiSaver’s a bit like a retirement fund that people contribute and employers contribute into in the States, they call it a 401k. So it’s basically a national kind of retirement fund where you choose the company that you want to invest with. And anyway, so results here. This is coming today, Friday, the 2nd of October, and this is saying that KiwiSaver members here in New Zealand, and bear in mind, we’re a very small country of under 5 million people, total people. KiwiSaver members paid $538.9 million to the managers handling their money over the year to March.

So here we are in October, this report’s only up until March 2020. But they lost a combined $820.9 million in the first quarter, up until the end of the first quarter of this year. And of course they’re blaming it on the stock market plummeting and the United States market recorded its fastest 30% drop on record. They’re going… Talking about that and they’re basically blaming COVID, but this was up until the end of March. Now COVID didn’t really hardly take effect until then. It may have for the first month or few weeks, but imagine what it’s going to be for April to March 2020 into 2021, the year that we’re currently in right now. So they lost 800 and almost $821 million combined, but they charged their members nearly 540 million in management fees.

Why would you invest in this?

And that just got me thinking, it’s like, well, that is just ludicrous. Why are people doing things like that?

You know, I realise that the traditional ways of investing or putting your money into term deposits and into banks and things like that, and obviously with interest rates being so low around the world, things like this KiwiSaver, where they encourage all basically people in employment to go and do. And encourage young people to go and do it. And now, in some ways it has some merit, I suppose, because it gets people thinking about what they should do with their funds and retirement, et cetera, like that where I’m just wasting it all, especially for younger people. So I’m not knocking the idea, but the reality is, is these people are losing money and paying a fortune in fees for the privilege of getting nowhere. And like I said, this is only up until the end of March 2020. So you can’t blame coronavirus and you can’t blame plummeting stock markets and things like that because that’s all going to come in this year.

So what’s this figure going to be like this time next year?

Retirement and the Forex market

So it got me thinking, well, I’ve talked about retirement before. This week, when you get to watch this video, I’m going to be sending out a series of emails regarding how I look at the Forex market and how I believe that you can use that correctly with low risk to aid you with retirement. So it doesn’t matter whether you’re 20 years old and retirement’s just this distant thing, because when we’re all 20 years old, no one really cares about retirement. You know, you just think it’s this… For old people. You’re not interested. I mean, I thought exactly the same. Just don’t really care about stuff like that. I’m worried about what I’m doing at 20 years old. But as you get older and you get to my age of 47, it’s starting to become something that I need to start to think about. And of course, if you’re 57, 67, then you definitely need to be on it or it’s too late.

And so that got me thinking about how I can help you if you think that trading the Forex market is something that you’d like to do. Even if it’s a passive income, it doesn’t have to be your complete 100% retirement fund in that, of course. But it’s something to seriously consider because otherwise you’re going to end up finding that like this KiwiSaver fund, and it’s probably the same throughout the world, to be honest, right now, you’re going to pay a fortune in fees to get losing money in your account. And that’s not a good situation obviously to be in. And if you start looking at other things, depending on what age you are and where you are in the world, property may be a good idea. It may not be, but of course, it’s generally slow and it’s… You need more debt to take on. And you’ve got the issue of tenants and all those type things as well.

You need to understand the FX market before trading funds

And it comes back to trading the Forex market and why, once you understand what you’re doing, it can be so good.

Just as an example, the last month just finished. September, on our pattern trader completely automated software that we have. It’s got nothing to do with the course. It’s completely different. It’s for everybody to take advantage of, even if you’re not wanting to become a manual trader yourself. On our live account, we made 16.24% in the month of September. So why wouldn’t you want to at least put something into that, as opposed to these retirement funds?

So I hope that helps. It’s just to get you thinking about this.

A week of retirement related emails this week

As I mentioned, I’m going to be running a series of emails this week when you get to watch this video regarding retirement. And I think it’s really important that you give it some time and some thought, regardless of your age or your situation.

Webinars for traders, both new and experienced

The other thing is also is that each week I hold webinars for new traders. And so they’re really good sessions to get you introduced to the world of Forex market. If you’re new, or if you’ve been trading and you’re frustrated and it’s not working for you, then there’s another type of webinar for you there. They’re like high-impact power sessions, one hour sessions. Give you everything you need to know to make an informed decision to go further if you wish to. And I encourage you if you’ve not been on one of those sessions to get on one. If you can’t make the times when the sessions are on, then you can watch the previous day’s recording on demand at any time of the day or night that suits you.

So hope that helps. Keep a look out for my emails for guarding retirement that are coming this week when you get to watch this video and listen to this podcast. And I’ll see this time next week. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now.

Episode Title: #386: The Problem with Retirement Savings Plans

Click here to view the TFTC Pattern Trader

If you have been trading for less than 6 months, click here

If you have been trading for more than 6 months, click here

Learn More About My Course. Click Here!

Click Here to Download my FREE Lot Size Calculator

Click Here to Check my Recommended Brokers.

The 30 Minute Trader Trip

Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.

CLICK HERE TO ACCESS THE VIDEOS >>

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS