So You Want to be a Scalper?

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#401: So You Want to be a Scalper?

In this video:
00:23 – Is scalping a good idea or not?
00:58 – Can we help you?
01:14 – Some real trade examples
03:11 – You need a good strategy to scalp
04:35 – Send me an email to receive more details
04:57 – Feel free to share this video and podcast

So you want to be a scalper. Is that a good idea, and can we help?

Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 401.

Is scalping a good idea or not?

Now you want to be a scalper. Is that a good idea? Well, it depends on what type of person you are, and if you’d like looking at your charts either at a certain time each day, when you know, there’s likely to be more price activity such as the European session, or maybe the US session. But also you need to be the sort of person that’s willing to do that regularly. And you’ve got to be the sort of person that’s willing to be a little bit more active on your charts. So is it a good idea? Well, it depends on you as a person, but it also depends on your strategy as in, does it work?

Can we help you?

And the other question is, can we help? Well, yes, absolutely we can help, because my strategy which I’ve been trading now for the last 14 years, works on all currency pairs and all timeframe charts.

Some real trade examples

Now to give you a perfect couple of examples, just yesterday, I held my client’s weekly live two hour trading room webinar. And on that webinar, we actually took two short timeframe charts. We took a trade on the 30 minute chart on the Australian Canadian dollar, and we took a trade on the Aussie Yen on the 15 minute chart. So both kind of scalping trades. They may not be like one minute charts or five minute charts, which are real scalping, but they are very short timeframe being a 15 and 30 minute chart. So pretty much what you would classify as scalping. And they were both profitable trades. We took them live, on the session, in front of my clients.

The first one, the Aussie Canadian, the 30 minute chart trade, just happened to have a 10 bit stop loss, had an 18 pip profit target. Therefore it made a 1.8 to one reward to risk. Risk half of 1% of your account on that trade. Make a 0.9% almost a 1% gain. It did that in two hours. The other trade that we took was on the 15 minute timeframe on the Aussie Yen. That had a 13 pip stop loss, a 28 pip profit target. And that made a 2.1 to one reward to risk or 1.05% gain. Two trades together, half percent risk on each.

So therefore total of only 1% of my account with risk on those two trades yet I made a positive plus 1.95% account gain. So almost a 2% gain just on two trades, live in front of my clients, for everybody to take, everybody to see. And 2% from one night, two trades took me what, five minutes total, just look through all the charts, see them, take them. 2% account gain. Not bad is it? Especially when you consider that’s way more than the bank’s going to pay me in 12 months.

You need a good strategy to scalp

So can we help you? Absolutely. Certainly we can because the strategy, as I’ve mentioned works across all timeframe charts. You still need to have everything setting up in your favour. The probability, what we’re looking for in terms of candle patterns, bounces round numbers, divergence, all those types of things that we teach, we trade and we look for. And then you have to of course have the strategy and that knowledge to be able to take that trade, all those trades at the exact right time.

So can we help? Absolutely. We also have on our forum site, a section dedicated to one hour charts and another section dedicated to 30 minute charts and lower. So we have people who like to scalp and like to trade those shorter timeframe charts with a dedicated section as well. So is it a good thing to do? Well, that’s for you to decide on what suits you. Can we help? Absolutely. Because we can trade those. We do from time to time, trade those shorter timeframe charts, especially on our live webinars and people posting on our forum site and it works.

So as you can see from those two trades, a 1.95% account gain on two, very easy to take trades, taken live, just last night, on my live webinar, with clients, 2% gain. What more do you want really? It can be done. It’s very straightforward to be done once you know what you’re doing.

Send me an email to receive more details

So if you’d like more details, just send me an email, andrew@theforextradingcoach.com. If you’ve not been on to one of my free weekly webinars that we hold, one for new traders, one for experienced traders, make sure you jump on one of those. There’s only need to attend just one, just the one that’s relevant for your level of trading knowledge and experience right now. So hope that helps.

Feel free to share this video and podcast

Feel free to share this video and podcast with other people who think may be interested in learning how to scalp or trade the Forex market successfully. And I’ll see you this time next week.

Bye for now.

Episode Title: #401: So You Want to be a Scalper?

Learn More About My Course. Click Here!

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The 30 Minute Trader Trip

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New ASIC Regulations and How They Affect Forex Traders

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#400: New ASIC Regulations and How They Affect Forex Traders

In this video:
00:24 – I’m joined by Ben Clay from Blueberry Markets
00:43 – Why are ASIC making these changes?
01:43 – If you have more experience, will these levels change?
03:12 – How does this affect Australian traders?
04:00 – How will these changes affect non-Australian traders?
05:35 – I’m looking for a new broker. Can I join Blueberry?
06:11 – What should you look for in a good Forex broker?
07:36 – Can a trader contact you directly?
09:21 – A goal to help people succeed

Andrew Mitchem:
There are new changes coming from the Australian regulators affecting us as Forex traders. So let’s discuss how that’s going to change things with the Australian brokers. Let’s get into it right now.

Andrew Mitchem:
Hi traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 400.

I’m joined by Ben Clay from Blueberry Markets

Andrew Mitchem:
And today we’re joined by Ben Clay from Blueberry Markets to discuss the upcoming changes through ASIC and how it’s going to affect us as traders, whether we be in Australia or overseas. So Ben, welcome, great to have you here today.

Ben Clay:
Thank you, Andrew. Thanks very much.

Why are ASIC making these changes?

Andrew Mitchem:
So Ben, we’re here about these changes out of ASIC, so it’s the Australian Securities and Investment Commission. So can you tell us how is this likely to affect us? And first of all, why are ASIC making these changes? What is it that they’re doing and why are they doing it?

Ben Clay:
Sure. So essentially the changes are mainly to protect traders at the end of the day, especially new traders coming on board. There’s a lot of new traders that come into brokers on one to 500 leverage, the maximum leverage that can be offered and that’s just too much risk for someone who doesn’t know anything about the Forex markets to be trading on. So these changes is to try and help new traders get a better understanding and trade on much lower leverage, which will be one to 30 for Forex pairs. So they can get an understanding of how the products works before jumping into higher leverage.

Andrew Mitchem:
Okay. So it’s mainly about leverage and protecting some of those newer traders.

Ben Clay:
Absolutely.

If you have more experience, will these levels change?

Andrew Mitchem:
That’s one of the reasons. So does that mean that once someone understands risk and they’ve been through trading for a while, things can change, or is that leverage that you just mentioned pretty much set?

Ben Clay:
No, that’s exactly right. So when a client has a bit of experience and has some trading history, they can actually become what’s called a sophisticated trader. So there’ll be some extra parameters that they have to go through, which we’ll send out to our clients in the next month, but it will basically almost be a test to show that they understand the markets and that they clearly understand the risks of when it comes to Forex trading. Like myself, I trade on high leverage. It’s just a way that I prefer to trade. So, me, myself, I would want to be listed as a sophisticated investor so I can have that as an option to trade on much higher leverage.

Andrew Mitchem:
Right. So it’s about educating the client as well. So they’re not just going in there gambling and throwing it all away, and then all goes wrong.

Ben Clay:
Exactly. That’s exactly right. And at Blueberry, that’s something that we’re really passionate about is making sure that our clients understand the risks, and people like yourself as well, who are out there educating clients so they’re not coming in and blowing up an account right off the bat on massive leverage.

Andrew Mitchem:
Yeah. So you’re teaching them about low risk and how to trade carefully and properly rather than the people that think they’re going to double their account every week.

Ben Clay:
Exactly right and that’s what it’s all about at the end of the day. So it’s a positive change that ASIC is making. And I think it’s been a long time coming and I think it’s going to be beneficial for the industry as a whole.

How does this affect Australian traders?

Andrew Mitchem:
Yeah. Nice. So let’s talk about Australian clients. You are in Australia and I’m guessing a good number of your clients are too. So how does this affect them directly?

Ben Clay:
So as of the 29th of March, if they’re not listed as a sophisticated investor for Forex pairs, they won’t be able to have leverage higher than one to 30. And I believe for minor pairs, it’s one to 20. For CFDs, it’s one to 10. So basically needing to have a higher margin and therefore less risk for each individual trade they place. They’re not able to have massive notional value contracts without laying a small amounts and therefore the profit loss fluctuations are so much higher, they would have to trade much smaller to start off and get comfortable with it right off the bat.

How will these changes affect non-Australian traders?

Andrew Mitchem:
Okay. And so that’s for Australian. So I’m in New Zealand. Most of our clients are other places around the world. So they want to trade through Blueberry Markets. How will these changes affect those people?

Ben Clay:
So for our existing clients that are here with Blueberry, they will be moved to an offshore licence on Vanuatu, which is the Vanuatu Financial Services Commission. So essentially there’s no changes for our overseas clients. They still have the same login number, same client portal details, funds are still held here in Australia they will have the same account manager. So it technically doesn’t impact those clients who are already experienced in trading. They can still have leverage up to one to 500.

Andrew Mitchem:
Okay. So for most Blueberry clients then going forward, existing clients, there’s not a lot of change for most people?

Ben Clay:
No. The only real difference would be if complaints that cannot be resolved internally at Blueberry Markets goes further, then they would go to the Vanuatu Financial Services Commission instead of going to ASIC. But the big thing to note here is that we have a very good online reputation and we focus on making sure that our clients are happy and 99.9% of our complaints are resolved in house. That’s something that we will continue to do, and we’ll continue to focus on building our reputation and making sure that our clients know that they can come to us and gets the best service possible and be taken care of and still have that trust with us as well. So this is even more important now, the way that our overseas clients are moving to an offshore licence. This is something that we take very, very seriously and we’ll continue to do so forever.

I’m looking for a new broker. Can I join Blueberry?

Andrew Mitchem:
Yeah, good. And so for someone who’s not currently a client of Blueberry Markets right now, and they’re looking at, thinking, “Well, I’m looking for broker,” and let’s say they’re outside of Australia. Can they come to you and join? Because I think there’s a bit of a perception that that’s not going to be possible.

Ben Clay:
Yeah, absolutely, right. So they can definitely still come to us to join. As I said, everything basically remains the same. They would just be onboarded onto a different licence, but everything will remain almost identical to them. So new clients can definitely still come and sign up. They just have to go through the normal application process, upload ID documents, and it’ll be approved within 24 hours.

What should you look for in a good Forex broker?

Andrew Mitchem:
Okay, excellent. So someone’s out there looking for a new broker. What should they be looking for? Not just with yourself, but with any broker going forward now or any ASIC broker, what is it that they should be looking for?

Ben Clay:
That’s a really good question. And I think this has changed a lot over the last 10 years or so. When I first started in the industry, every broker was just competing on spreads. Whoever had the tightest spread was the broker you would go with. And then it came down to regulation. But a lot of these tier two and tier three countries have now got really good regulation, like Vanuatu. So most brokers are regulated, obviously stay away from the ones that have zero regulation. But it all comes down to reputation. As we’re in this modern world of online reviews, you can go look and find anything you want to know about any broker you’re looking at, whether it’s us or someone else, just make sure that there’s plenty of good reviews and that you have a good read of them, that they’re not fake.

Ben Clay:
There’s going to be some negative reviews here and there. But the really important thing to do is do your research on the broker that you’re going through. And you can even get more granular with that and look at who’s behind the broker. Go look at the LinkedIn profiles of the directors and find out as much information as possible about the broker that you’re looking for before signing up. In my opinion, it’s reckless not to do your research and really ask as many questions as you can to your broker when signing up.

Can a trader contact you directly?

Andrew Mitchem:
Yeah, definitely. And what if somebody wanted to come to you directly and just ask some questions? Is that something they could do? Could they call you, can they email you?

Ben Clay:
Of course, absolutely. So we have live chat 24/7, so that’s on the weekends as well. People can come to our live chat. You can email me directly if need be. I’m the partners manager here at Blueberry Markets, but I’m always happy to help with whatever you can. My email is just ben.clay@blueberrymarkets.com, or you can reach out to support@blueberrymarkets.com and we’ll get back to you very quickly.

Andrew Mitchem:
Awesome, Ben. Well, look, I think from my point of view, being outside of Australia, especially I think it’s a big relief to hear what you’ve said, because initially it was a little bit of a, “Wow, we’re going to not be able to trade through Blueberry any longer.” So it’s good that we were able to have this conversation and continue offering good education from our side and good quality service and brokerage from your side. So I’m very pleased that that’s going to continue, but with even more licencing and quality behind the scenes from ASIC as well, which is good.

Ben Clay:
Yeah, absolutely. We’ll still be regulated by ASIC, of course. So I really appreciate that Andrew. This is, as I said, this is very important to us and it’s even more so important now to keep up our reputation and just to keep our clients happy and satisfied. That’s the most important thing at the end of the day for us.

Andrew Mitchem:
Excellent. Well, thank you very much, Ben. I think that’s been very valuable information. It has been good clarity as well, because we’ve had a huge amount of questions. I’m sure you have too.

Ben Clay:
I’ve had a lot of phone calls. Yes.

Andrew Mitchem:
I bet you have. Yes. So it’s really good just to help people and give people sort of options and from the horse’s mouth as it were, what’s really happening, which is good. So thank you very much for doing that.

A goal to help people succeed

Ben Clay:
Thanks very much, Andrew. No, that’s okay. I have to say, I thank people like yourself who are out there educating people on how to trade and really have a goal to help people instead of just looking for an extra dollar and it really shows and a lot of your clients speak those high volumes of you as well. So I appreciate what you’re doing too, Andrew.

Andrew Mitchem:
That’s good. I think we both on the same page and we both have that interest, that passion to help people who want to do well for themselves as well. So that’s really good.

Ben Clay:
Absolutely.

Andrew Mitchem:

Which is why we partner and why it works. So thank you, Ben.

Ben Clay:
No worries, mate.

Episode Title: #400: New ASIC Regulations and How They Affect Forex Traders

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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5 Things to Know Before You Start Trading Forex

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#399: 5 Things to Know Before You Start Trading Forex

In this video:
00:26 – 5 very important things to know
00:38 – You will not become an overnight millionaire
02:01 – You don’t need to spend all day and night watching your charts
02:40 – You don’t need to study global events
03:52 – You do need to understand global time zones
05:47 – You must be willing to learn and invest in yourself
06:46 – Do you have questions and share this video 

I’m going to share with you five things that you should know before you start wanting to become a Forex trader. Let’s get into that and more right now.

Hi traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 399.

5 very important things to know

I’m going to share with you five important things that I think you need to know and understand before you start to enter the amazing Forex world.

You will not become an overnight millionaire

So let’s start with the first thing is, you not be an overnight multimillionaire. Despite all the claims, all the promises, all the flash cars, all the laptops on the beaches that you see online and all the growth that you see, people tell you, you will achieve, you will not. And that’s the reality of it. 90 to 95 percent of Forex traders out there, of just retail small time Forex traders, lose money. It’s the facts. It’s the reality. And you have to figure out what are you you’re going to do differently to that sort of 90, 95% of other people?

There’s a lot of things you can do, and we can certainly help you with those. But you’ve got to actually realise that you will not be doubling your account every week or every month like people tell you, you will do. If you do that, you’re basically a gambler. And if you do that, you are not a trader and you will not last as a trader. So if you think you’re going to suddenly take a thousand dollars and turn it into a hundred thousand dollars or a million dollars in a week, month, a year, it’s not going to happen. You’re just going to lose money. Even if you’ve got a million dollars today to trade, if you don’t know what you’re doing, you’re going to lose money and you won’t have a million dollars pretty soon after. So, do not expect overnight success. Like all good things, it takes time. You will not double your account next week.

You don’t need to spend all day and night watching your charts

Number two, you don’t need to spend all day looking at your charts. A lot of people get into trading think that they need to sit up all night, all day, watching charts, watching every bit of movement. You do not need to do that, absolutely far from it. So don’t think that you need to sit there. You can go to work, do your normal things, kids, family, jobs, sports, whatever it is, travel, whatever it is you like to do, you can make trading work around that. So don’t think that you’re suddenly going to have to give up all your nights to sit watching charts moving or get up at three o’clock in the morning or anything like that. You don’t need to do that.

You don’t need to study global events

Number three. You don’t actually need to sit and look and study global events. I had an email from a guy this morning on LinkedIn said to me, “Hey, Andrew, look, I’d love to share with you what we write up each day.” And it was basically this about five or six pages on a PDF file of what happened yesterday, news events and political events and COVID events and all this type of stuff. Completely irrelevant. If you know what you’re doing as a technical trader, you can look at the charts. You don’t need to be studying all the political news events. You just don’t need to. Sure, it’s good to have an understanding and possibly look at a website once a day to see high impact news announcements, or just if you have an interest in that type of thing, to see what unemployment rates are doing or interest rates, that type of thing, that’s good. But if you want to be a technical trader, then all that other information really is completely irrelevant.

Look, if you want to be a fundamental trader, then by all means, that’s what you need to go and study. But if you’re like us and you want to do this enjoyably and profitably, be a technical trader and forget all that economist type of information, because it doesn’t really help you to make money from right now.

You don’t need to study global events

Fourth thing. This one makes me laugh every time. You do need to have an understanding of time zones. You do have to be aware that different people are in different time zones and what they are. Right now, it is summer in New Zealand. It is February. The amount of people that I’ve met that do not understand that because they live in the Northern hemisphere and they think that February it should be snowing and cold. Well, yes it is in the Northern hemisphere. It’s winter, but simple, simple things like that, people fail to understand. It absolutely, it blows my mind how people lack knowledge of the rest of the world. If you’re going to be a trader, the reality is you’re trading a global market. You do need to have some knowledge of this.

Give you a great example. Just this week, I held a live webinar on my Wednesday morning. The amount of emails that went out saying, “If you’re in the US, it’s Tuesday afternoon. If you are in the UK or Europe, it’s Tuesday night.” We put countdown timers on there. We explained it a hundred thousand times over. We put links to websites so you can see the time in your local time. You would not believe how many people wrote to me saying, “Oh, I missed the webinar,” or “I didn’t get the time right,” or “I thought it was today because in America it’s Wednesday.” Look, the reality is, if you’re going to do anything in the Forex market, you have to know these simple, simple things that different time zones. We work off New York time, 5:00 PM, New York time. How many people come to me and say, “What time is that if I’m in California?” or “What time is that if I’m in Singapore?” or “What time is that if I’m in Sydney?” Work it out. It’s not difficult. Sorry. It’s not difficult. If you want to start dealing in the financial markets, you got to know those simple, basic things, or at least know where to look online. No one has an excuse with not knowing that.

You must be willing to learn and invest in yourself

And lastly, you got to be willing to learn, got to be willing to invest in yourself. If you want to go through four years of tearing your hair out, like I did, going round in circles, buying all these different eBooks and following signals and spending a heap of time on these completely useless forums online, following, copying indicators, et cetera, very few people actually make it by doing that. You will waste so much time. You’ll blame everybody else. You’ll blame your broker, you’ll blame your market why you don’t make money. The reality is, like anything, you want to learn a skill? Invest some in yourself, some time, bit of money, get some good training. Do it properly first time.

So, hope that helps. That’s my five tips if you’re a new trader or someone thinking about getting into the Forex market very soon. Look, it’s an awesome market. It is absolutely the best market to trade without a doubt, but you’ve got to know what you’re doing like everything. So I hope that helps.

Do you have questions and share this video 

If you have any questions at all about the Forex market or you’d like any information or you’d like me to cover any information topics on future videos and podcasts, just let me know. If you felt like you’ve got a lot out of this, share my YouTube channel, share the podcast with your friends, family, anybody that’s interested in the Forex market. And I’ll see this time next week. Bye for now.

Episode Title: #399: 5 Things to Know Before You Start Trading Forex

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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The Forex Market or the Stock Market?

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#398: The Forex Market or the Stock Market?

In this video:
00:28 – Which is the best market to trade?
00:51 – The Forex market is open 24 hours a day
02:27 – It’s easy to follow and understand the 8 FX currencies
03:43 – Massive liquidity in the Forex market
04:44 – Use Leverage to your advantage
05:42 – You can trade Forex long and short
06:27 – The low cost of trading the Forex market
06:47 – The ability to take high reward:risk trades
08:13 – Send me the trading topics you’d like me to discuss

Should you trade the Forex market or should you consider trading the stock market instead? Which is best? Let’s talk about that and more, right now.

Hi Forex traders. It is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 398.

Which is the best market to trade?

And I want to talk about the differences, the comparisons, the benefits of trading the Forex market over the stock market. It’s a question I get asked quite often. And so I thought to help you out, I’ll give you what I see the benefits of the Forex market that are clearly beneficial to us as traders and why I choose the Forex market over the stock market. So to list these in no particular order.

The Forex market is open 24 hours a day

The first one, the market is open 24 hours a day when you trade the Forex market. So it’s open five days a week. It opens at 05:00 PM, New York time on a Sunday, and it closes at 05:00 PM, New York time on a Friday. So it’s open for five complete days, 24 hours a day, and it doesn’t shut within that time.

Now that has many benefits. Depends on where you live around the world. You may find that some exchanges, if you’re trading the stock market, it may be crazy hours of the day for you. As an example, for me, living here in New Zealand, I can trade the Forex market quite easily, any time of day. Yet, if I wanted to trade the US stock market, I’d need to be up from about two o’clock in the morning through to about 06:00 or 07:00 AM every day. And there is no way I’m doing that. And it depends on where you’re living. If you’re in Europe, let’s say, you can’t trade the Australian stock market very easily because of the time differences. And when you have time differences and you have exchanges open for, let’s say eight hours a day, what you tend to find is between one day and the next day you have gaps in the price and you have price jumping from here and opening the next day up here. So all sorts of different things like that, which as a trader can become a problem.

Yet with the Forex market, it doesn’t matter where you live in the world, what time zone you’re on. When you look at the market, the market is open. And that to me is a massive, massive benefit. And you just get that continual flow with the Forex market that you don’t get in the stock market.

It’s easy to follow and understand the 8 FX currencies

Another benefit, when you look at the Forex market, there’s really only eight currencies that we look at trading. You get to know pretty soon the characteristics, how they move, how they flow with each different currency and the currency pairs. Yet if you’re trading the stock market, how on earth do you get to really know what’s happening with each of those stocks, those companies, what their debt levels are like, what their employment levels are like, what their plans are? All those type of things that I don’t believe that you really can know. And even if you study just a few of them, well, there’s thousands of them to go and look at. So how do you know which one to look at?

Whereas the Forex market’s such a small focused market. And when you get currencies like the New Zealand and the Australian and the Canadian that tend to all move together because they’re the commodity currencies and you get the Euro and the Franc moving opposite to each other, because they’re highly correlated, you really don’t have a lot of different markets to focus on, which makes our job a lot easier. So we can then focus on what’s happening on different timeframe charts and very, very easy in comparison to know what’s happening.

Massive liquidity in the Forex market

Liquidity is another massive benefit that I see in the Forex market, because it is the biggest market in the world. And completely, massively more in terms of what’s traded there in the Forex market than all the other markets, I think almost put together. As a trader, it doesn’t matter what I’m trading. I click my mouse, I’m in and out of a trade instantly. The liquidity is amazing. It means that the cost of trading is very, very small. My spreads are small compared with stocks, where spreads or commissions can be quite large. Finding a willing buyer and a willing seller, which is basically what we’re doing when you’re buying or selling, as a currency trader is absolutely simple. The market’s not shut. And I’m thinking, “Oh, I want to sell this stock, but I can’t because the market’s shut.” Or the volatility is not there. There becomes those issues with the stock market side of the things that you never ever see in the Forex market.

Use Leverage to your advantage

So leverage, another big part of why I personally think that trading the Forex market is so much better than the stock market, because with leverage, you can basically trade and control quite a large sum of money with just a relatively small amount. And that means that you’re not like with stocks, if you’re buying something and buying and holding, your money with no leverage is tied up and it’s tied up for a considerable length of time in most cases, because generally most people with the stock market are more buy and hold type of people. Whereas with the Forex market, you can control a large amount of money with a relatively small amount of money, which means you can take multiple trades. Some trades you may be in and out of the trades within minutes. Some may be days or hours. Some may be days depending on what type of Forex trader you are, but it allows you to take multiple positions with a relatively small amount in your account, which is another massive benefit.

You can trade Forex long and short

With the long and short ability of trading, that’s another huge benefit as well. Because we’re trading currencies as currency pairs together, we can just as easily press sell and look for a currency pair to fall and make exactly the same money as if you’re taking it long and buying. Whereas most people traditionally with stock markets, you are literally buying and anticipating it moving up. Now sure, that may be changing with CFDs and the way that you can now start to short stocks, but traditionally the Forex market has completely always been buy and sell, and that is a benefit over the normal way that most people trade stocks.

The low cost of trading the Forex market

We’ve talked about the entry fees, the low cost. Let’s say, for example, the Euro US dollar, the spread is so small because of the amount that’s traded all the time. And it’s not just during the European session, it’s all around the clock, five days a week that the spread, the cost of that entry fee is so small.

The ability to take high reward:risk trades

And to me, one of the last benefits that I see of the Forex market is the ability to trade and have profitable trades with high reward to risk. So it means that my reward out of a trade, maybe two, three, four times my risk. Now I can do that relatively quickly in the Forex market. And that could be depending on the timeframe trade you’re trading, it could be again within minutes or hours, sometimes days, but I could close out of a trade with very low controlled risk, high reward to risk. Whereas if I’m trading the stock market and I’m buying a stock let’s say, I would have to wait, in most cases, a long, long time to make two or three times your risk on that trade. And being able to do that, by buying and selling with the liquidity, with the low cost of entry and exit, with the 24 hours a day market, to me, you put all that together, and undoubtedly the Forex market is a better market to trade than the stock market.

So I hope that helps. Hope that answers your question. Don’t forget, that’s just my opinion. I’m not saying it’s the right answer. There is really no right answer. It depends on what you, as a person, as a trader, like, but for me, I’ve always traded the Forex markets because of those benefits, and I think they are huge.

Send me the trading topics you’d like me to discuss

So if you have any questions, just like that one that was sent to me last week, that you’d like me to cover on future videos and podcasts, just send me an email, andrew@theforextradingcoach.com, and I’ll help you out, by answering your question for you.

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

Episode Title: #398: The Forex Market or the Stock Market?

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How Using Retracements Will Help Your Trading Results

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#396: How Using Retracements Will Help Your Trading Results

In this video:
00:26 – The biggest difference to my trading success
01:06 – The many benefits of using limit orders
01:46 – Frees up your time
03:57 – A real time example on the EUR/NZD H4 chart
05:03 – Using retracement entries will massively help you

Using retracement orders can massively improve your trading success. Let’s talk about that more right now.

Hi Forex traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 396.

The biggest difference to my trading success

Now, next week I’m going to be speaking at a virtual trading week for a group of traders over in Singapore. I’ve been asked to speak as a special guest. And the guy who’s organising the events said to me, “Andrew, I want you to talk about on a topic that can help people, but choose a topic that made a huge difference to your own trading success. Like what helped you as a trader to change your trading around and what made it so successful.” So I’ve got quite an interesting topic and it is all about how you actually enter the market using retracement orders.

The many benefits of using limit orders

Now you see, there are so many benefits to using retracement orders.And when I’m saying retracements, I’m using what’s called limit orders, so buy limits or sell limits. So if you were to take a buy trade, for instance, a buy limit order means that you’re entering the market below the current price. If you’re taking a sell order, you are entering the market above the current price. So in other words, you’re getting in at a better price after the price has retraced from where it currently is, and then you’re anticipating it to then continue in the direction of your trade.

Frees up your time

Now, huge number of benefits to this. One, time-wise. Now a number of people stress about sitting and watching their charts all the time. You know, you’re missing out on trades, or you don’t know when to be at your charts. Now we simplify that here at the Forex Trading Coach by only looking at a candle at the close of the candle, that’s the only time we look at a trade.

So once you do that, then we get people that say, well, I cannot be there at at 12 o’clock or four o’clock, whenever the candle closes. But the beauty of taking retracement orders is you don’t actually need to be there. So, as an example on a buy trade, we’re still looking at using our same profit target, our same stop loss, but rather than entering at the market and needing to be there at that time and having a smaller reward to risk, we’re looking for the price to first fall, get our buy limit order filled, and then head up in our overall anticipated direction. Massive benefits time-wise. The other massive benefit also you can see, we’ve now increased our reward to risk of the trade. And that’s massively important psychologically. Now you don’t need to be winning 80, 90% of the time.

And you think about this in simple terms. If you have trades that are three to one reward to risk on average, and you take three trades, one of them’s profitable, you just made one and a half percent on your account by using half percent risk. You have two losing trades following that, you’ve lost 1% total. So out of the three trades, you’ve only making 33.3% of the time. You’re only profitable on a third of your trades, yet you’ve still made half of 1% gain by using half percent risk on each of those three trades. So people that say, “Look, I need to be profitable 80, 90% of the time.” Most of those people don’t make money. And you think about this, if you’re making one out of three profitable trades, what happens if you can expand that out to 10 trades.

And rather than three out of 10, let’s say you’re up to four or five out of 10. You see how with high reward to risk trades, you can make massive, massive gains.

A real time example on the EUR/NZD H4 chart

Now I want to give you a real example that’s actually going on right behind me right now as I’m recording this. So there’s a trade that Paul Tillman took in front of our clients on our live US webinar on Thursday, the 21st of January. And it’s now Friday the 22nd when I’m recording this here in New Zealand. The trades still open. Go and look at your charts, go and look at the Euro New Zealand dollar on the four hour charts. And we took a trade, or Paul took a trade, at the close of the 12 o’clock candle. Go and have a look at that great candle setup. Now, Paul’s got the trade on there, it’s almost a profit.

Right now it’s eight pips away from the full profit target. It’s got a 3.1 reward to risk. So that means with half percent risk, which Paul’s taken in front of our clients, hundreds of clients on the live webinar, if that trade gets the profit, which it’s almost there, it’s going to make us a 1.55% account gain. So you can see again, the importance of high reward to risk that you get from the benefit of using retracement orders.

Using retracement entries will massively help you

So it’s a very important part of my trading and my trading success and our client’s trading success. So I hope it helps you too. If you have any topics or questions that you’d like me to talk about on future videos and podcasts just like this one, just drop me a line to Andrew@theforextradingcoach.com. I’ll see you next time. Bye for now.

Episode Title: #396: How Using Retracements Will Help Your Trading Results

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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

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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

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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

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The 30 Minute Trader Trip

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Why I Trade with Low Risk Per Trade

Podcast:

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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

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