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

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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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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

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 >>

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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

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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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My Trading Account is up +17% for the Month

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#385: My Trading Account is up +17% for the Month

In this video:
00:25 – A great September with a +17% gain
01:05 – More bad news from around the World
01:50 – What are you doing about it?
03:00 – Client makes +3.7% gain from 4 trades this week
04:37 – Hindsight trading is pointless

I’m up 17% for the month of September so far. Let me share with you how I’ve done that.

Hey, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast #385.

A great September with a +17% gain

And as mentioned, I’m up 17% for the month of September so far, with still four days to go. I’d like to explain how that has happened and how you can take advantage of the market movements that we’re seeing right now.

Now go have a look at your charts, should have seen we’ve had big falls in currencies like the Australian dollar, the New Zealand dollar, the euro and the pound. Gold and silver have been falling as well, and the US dollar has been climbing dramatically. And so we’ve seen some big movements in the market over the last couple of weeks. And so we’ve been able to take advantage of those.

More bad news from around the World

But moving on to other things, depending on where you live in the world, you would have seen that coronavirus is back in the news again. Countries like the UK and parts of Europe going into lockdowns again. Unemployment is going up around the world. Interest rates are crashing. I’ve just received an email from one of my bank accounts or bank saying that they are going to now pay me a massive 0.1% interest for the year, which is absolutely outstanding. I’m thrilled to be receiving 0.1. No, I’m not. Absolutely no, I’m not. Why would I have money in the bank when I’ve just made 17% in a month? Most of that on auto trading, which I’m going to share with you. So think about it.

What are you doing about it?

What is it that you can do to get yourself knowledgeable about these markets? I walked around town recently, the amount of shops that are starting to become vacant, owning commercial property, owning a shop in town, it’s not particularly good right now and probably not going to get better for a long, long time if ever.

And as I mentioned, unemployment rates are going up again, government schemes to keep people in employment or giving them monetary handouts for the last few months, certainly here in New Zealand, that’s about to stop. Governments cannot afford to just keep handing out money all the time. It’s crazy. There’s going to be generations of people paying that off in taxes for their lifetime. So it comes back to, that’s why I trade the Forex market. Here I am at home, trading, enjoying it, doing other things, but it comes about from that work and dedication at the beginning. So you have to put that effort of time dedication into it.

Client makes +3.7% gain from 4 trades this week

Just last night, I held a webinar with my clients, about two hour webinar, and I had a client Atamas. Atamas sent me four trades that he’s taken this week and he’s made 3.7% gain, just on four trades. Showed them the screenshots of the trade, the entry exits, the position, why he got in. And we talked about that during the webinar, we do that on all of our webinars.

We’re looking at trades that people are taking, we’re looking at taking trades live. And I also shared with my clients, our amazing pattern trader software, and you can find a link to it. I’ll put it on this video and podcast. It’s called tftcpatterntrader.com. It’s our automated trading software and you can take advantage of that even if you’re not a coaching client. And so that allows you to trade a combination of bots that you can create a week, have created new, can use our versions or edit them, create your portfolio and have that trading if you want to, on complete auto trading. And that has had a tremendous month for September. With my manual trading and with my bot trading together, I’m up 17%. With very low risk for trade, extremely low draw-down, a 17% still with four days, got Friday, and then Monday, Tuesday, Wednesday of next week, before we then move into October.

So it shows what can be done and it also shows how good the strategy is taking advantage of those moves when they happen. And that’s another important point.

Hindsight trading is pointless

There’s no point in looking back at charts and go, “Oh, if I’ve done this and if I’d have done that, I would have made that amount of money.” It’s pointless. It doesn’t matter. What you have to do is have the strategy, the knowledge in place and the system in place to be able to see the trade, take the trade in real time from the right hand side of the chart. That is the only way you’re going to make money in the Forex market. We can do that. We can help you teach that and our auto trade software can do that for you. So have a look at the links I’m going to put below this video and podcast. One to the coaching course, we’ve been running it for over 11 years, over 2,500 clients in 88 countries have been through that coaching course.

And now the new TFTC Pattern Trader software, both are excellent options. Have a look at the links, make sure that you jump on board with us and you profit from the Forex market. Because quite honestly, there’s not a lot of other options out there right now. And the way things are going throughout the entire world, it’s probably not going to change for very long. So make sure that you take advantage of the amazing Forex market.

So I hope that helps, once again, this is Andrew Mitchem here, the owner of the Forex Trading Coach. I’ll see you this time next week with more trading tips and information. Bye for now.

Episode Title: #385: My Trading Account is up +17% for the Month

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 >>

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You cannot become a Doctor from reading an e-book

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#384: You cannot become a Doctor from reading an e-book

In this video:
00:26 – A new review on Forex Peace Army
01:25 – A trader’s journey
02:15 – Trading is limitless
02:40 – Making 10% gain per month
03:03 – Why traders fail
04:10 – Trading can be lonely
05:03 – Have a look at the review

You cannot become a doctor just by reading an e-book, so how do you think trading’s going to be any different? Let’s talk about that and more right now.

Hey, Forex traders, Andrew Mitchem here, the owner of the Forex Training Coach with video and podcast number 384.

A new review on Forex Peace Army

I want to talk about a review that I’ve just received on the Forex Peace Army website by a client of mine over in Germany called Simsek. Now, Simsek has written a review, his third review on Forex Peace Army, and it’s been 10 months since he posted his last review. I’d really urge you to go and have a look at it. It’s a very long, detailed, comprehensive explanation about his whole trading experience, and I know that you will find something in that that will resonate with you and something that will really help you. You see, what I love about the review is it’s honest and it gives his whole detailed explanation of where he’s come from, what he’s done and what he’s currently doing now.

I’m going to put a link to the Forex Peace Army review site on this post, underneath this video.

A trader’s journey

What Simsek has done, which is so cool, is he said about the trials that he faced when he was looking around trying to become a trader, and he said that he looked everywhere. He’s been on all sorts of different systems and e-books and things like that, and bought indicators looking for that magic holy grail, like everybody wants, do it for me, make it easy system. He realised it wasn’t there. It just doesn’t exist.

But what he’s done, since he’s joined us, is he’s put in time, effort, some hard work, some dedication and he’s getting results. Like I said, it’s the third review, so you can go back and look at his other two reviews back into 2019, and now see this latest one in mid September, 2020.

Trading is limitless

He’s also posted on there to say that trading is limitless, and he’s absolutely right. Trading is like no other job or anything out there, and that once you know how to do it, your income is only really dictated by the size of your account.

But to start with, you’ve got to learn how to do things properly, and that’s where he’s at right now. In fact.

Making 10% gain per month

What he said is, in the last 10 months, since his previous review, he’s made on average 10% per month. He’s also said he’s only had three or four losing weeks in that time. He’s mostly been trading one-hour charts and know due to other things that he has in his life, he’s developed into the longer timeframe charts, like the four, six, eight, twelve, and daily charts.

Why traders fail

But what he’s also done in that post is he’s put in there about why people fail. Go and have a read of it. Like I said, it’s really, really valuable information.

Now, if you’ve struggled through your trading, you’re going to find something he’s written in there is exactly what you’ve gone and done. It’s about not sticking to the system about, sort of failing to have dedication, all those type of things. He also mentions, which is a very valuable point and I’ve said this before on previous videos and podcast here, is he’s talked about what I provide, the strategy, the support with people around the world, the indicators, the daily trades, live webinars, forums, all those things. But what he said, for him, that’s so valuable is that community support. To be on board with a group of like-minded people all around the world, all trading the same strategy, it’s the same system, all there together, helping people out live, and that community support can never be underestimated.

Trading can be lonely

Now, you’ll know that if you are set at home trading or you’ve been playing around with trading for a few weeks, or you’ve been doing it for years, you’ll know how lonely it can be. You’re just sitting there by yourself, looking at charts, or on some random forum site with other people you don’t really know, everybody’s talking about different things. You know that it’s not a great place to be. So what Sims has said that we offer is live trades. We offer specific trades. We offer a great community chat forum site. We offer live webinars. We offer real-time support. We’re taking trades. We’re showing people. We’re helping people. We’re communicating. We’re all learning there together. And so that part of what we offer is, for him, one of the very most important things.

Have a look at the review

Go and have a look at that review. Like I said, it’s very long, it’s very comprehensive, it’s very detailed and it’s very, very good. You will without doubt find something on that latest review that will massively help you to progress further as a Forex trader. Have a look at the link. It will be below this video and podcast. I hope that helps. This is Andrew Mitchem here, the Forex Trading Coach, looking forward to another great week next week. Bye for now.

Episode Title: #384: You cannot become a Doctor from reading an e-book

Click here to read Simsek’s latest review

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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 Right Trading Conditions, with a +6.8% Gain for the Week

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#383: The Right Trading Conditions, with a +6.8% Gain for the Week

In this video:
00:26 – An ex-dairy farmer and pilot
01:06 – When the conditions are right
02:02 – Up +6.8% for the week so far
02:38 – Today’s trading examples
03:50 – Make hay when the sun shines

As a trader, it’s really important that you wait for the conditions to be right before you jump into new trades. Let’s talk about that and more, right now. Hey, traders, Andrew Mitchem, here, at The Forex Trading Coach with video and podcast number 383.

An ex-dairy farmer and pilot

Now, as an ex-dairy farmer, I know quite a lot about the weather and I know about conditions and I know what to do in certain conditions. Now, as a helicopter pilot, I also know quite a bit about the weather and I know what I should and shouldn’t do according to the conditions. And as a trader it’s exactly the same. If the conditions are not right, I’m just not really looking for too many trades. I don’t go searching for trades. The conditions aren’t right.

Sometimes the best thing you can do is not to trade. Now, I know that can be a little bit disappointing for some people and that you feel like you always have to be in trades, but sometimes the best thing to do is to do nothing.

When the conditions are right

But other times, the best thing is to do is to see trades and take them, if the market is showing you those trading opportunities. Now, I’ll give you some great examples. This week, so far, and it’s now Friday morning here in New Zealand, I’m up 6.8% account gain for the week. Now, during most of August, I found that the trading conditions were not great for most of the time. I didn’t trade so much. I actually had a losing month in August. And that happens from time to time. But I didn’t trade a lot. And so, the important thing to get out of that is if the conditions are not there, don’t take trades, or just don’t take too many trades. I had a 0.5% loss in total for August. So, virtually, a breakeven month.

Up +6.8% for the week so far

But already here we are into September and I’m up 6.8% in four days already. Why? Well, because the conditions are there. Conditions are good. We trade when the conditions are good and we take advantage of that. And so, the other thing to look at is maybe days of the week, also. Monday and Tuesdays are generally pretty quiet, most of the time, but then Wednesdays, Thursdays, and sometimes into Fridays, you can get some exceptional trading conditions. And we talked about this on my webinar with clients, last night, of trading when the conditions are there.

Today’s trading examples

To give you another example. Today, Friday, the 11th of September. I didn’t take any trades on my membership site, today, based off the daily charts. There were no trades there that I felt were suitable to take. However, we posted on our membership site and our forum site, five trades based off the eight-hour charts, today, and one trade based off the six-hour charts. So, although there were no trading opportunities on the daily timeframe, the bigger timeframe, those big moves, by the way, the parent especially has dropped considerably, some massive moves. But technically, the setups were not there on the daily chart, so we go down to the shorter timeframe chart, because we know the market’s active. It’s just that the daily charts were not showing us the right setups at the right time.

So, we scaled down to the shorter timeframe charts, and we found those five trades on the eight-hour charts and one on the six-hour charts that we posted for our clients to take. And that is the beauty of having the ability to use the same strategy, but over multiple timeframe charts. You’ll generally find that if the conditions are right, there will be a suitable trade there somewhere on the charts.

Make hay when the sun shines

So, to go back to the farming phrase, “Make hay while the sun shines.” If the conditions are there and you’re trading, take the trades, take advantage of them, profit the gains that you can gain from this amazing market. If the conditions are not there, don’t take the trades. Don’t waste your money. Don’t end up paying commissions to your broker for no reason. So, I hope that helps.

This is Andrew Mitchem, here, at The Forex Trading Coach. I’ll see you this time next week with another video and podcast. Bye for now.

Episode Title: #383: The Right Trading Conditions, with a +6.8% Gain for the Week

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!

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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.

CLICK HERE TO ACCESS THE VIDEOS >>

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Under 30 years old and Trading Forex?

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#382: Under 30 years old and Trading Forex?

In this video:
00:30 – Trading for the younger generation
00:55 – The benefits for the under 30’s
02:39 – Master the skill of trading
03:50 – Time is your friend
05:02 – You’ll be used to webinars, so take advantage of my webinars
05:42 – The webinars are on-demand

If you’re under 30 years old, you are in a prime position and prime stage of your life to take advantage of the Forex market to protect yourself going forward. Let’s talk about that and more right now. Hey, Forex traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 382.

Trading for the younger generation

Now last week I made a video about people who are 50 years and older and looking at retiring. And I had a number of comments to say, “Hey, Andrew, what about us younger ones? I’m 20 or I’m 25, et cetera.” So what I’ve done is I made this video and podcast for you. If you’re on the lucky end of the scale and let’s say you’re 25, 30 years and under.

The benefits for the under 30’s

So if you’re in that category, that age bracket, you have many advantages, of course, the obvious one being time. But the other obvious ones would be well, you’re probably pretty good with computers and phones and iPads. You’re probably used to online webinars, Zoom, especially during the coronavirus lockdown. So you understand webinars, you understand online memberships, you understand e-learning all that kind of thing. So you had that in your advantage.

But what I really encourage you to do if you are in that younger age category is when you get into trading, if that’s what you want to do… By the way you have to want to do this. Don’t just do it because you think it’s going to be a way of making some easy cash. Don’t do it if that’s you. But if you’re at the mindset that you like numbers, you like patterns, you’re in this for the long haul. If you want to do that and learn a skill to educate yourself, to almost future proof yourself as best as you can, going forward, in terms of finances and time freedom, don’t start trading today, thinking that you’re going to give up your job and become a full time trader next year. Just don’t do that because it’s likely not going to happen.

Now, a lot of people that I’ve taught do go on to become full time traders, but it takes time. And of course you younger guys and girls love everything being instant and it’s just the way the technology and things… You’re used to that. And look, the trading, the Forex market does have that danger and that image out there of just being instant rewards. This money, money, money, money, money, flash cars, sit on a beach, go on holiday. That type of thing.

Master the skill of trading

The reality is quite different and the reality is, is that you need to learn how to trade. And a lot of people come to me and they say, “Andrew, look, how much do I need in my account to go and make X number of thousand dollars a week?” Well, my answer is, don’t worry about that for now. You have to invest in yourself upfront just like you would, if you were going through university or anything like that, any form of education and learn to walk before you can run and you have time as your advantage. So take advantage of the fact that you have time.

And don’t worry about trying to make money from day one. Learn the skill properly, start small, start on demo, then get to small live accounts and make money as a percentage gain. Don’t look at it and go, “I’ve got a thousand dollar account. How can I live on that?” Because you will not succeed at trading doing that. You’ll end up with that gambling mentality and you won’t trade correctly. So the important thing is to learn to do the trading correctly, learn how to trade.

Time is your friend

Time is absolutely your friend. To give you a very good example and a real example that if you’d started my course back in 2010 and did nothing else than just followed my daily trades, takes you five, 10 minutes once a day, you would have turned a hundred thousand dollars into 1.84 million today, just with the power of compounding. Now of course, the reality is that over time people would have taken funds out et cetera, but you just see the power of compounding with time, but still with low risk. And that’s the important thing. I’m not risking silly amounts here. I’m risking half of 1% of our account on each trade. Now, of course, those results, very impressive that they are, have nothing to do with any other trades that we post on any other timeframes or weekly or monthly charts or four hourly charts or hourly charts, trades that we post on our webinars on our forum sites. It’s got nothing to do with that. So you see how the advantage, how good this can be, once you know what you’re doing and the advantage that you have with time.

You’ll be used to webinars, so take advantage of my webinars

So I really strongly encourage you, because you’re used to online training and you’re used to webinars. If you’ve not yet done it, jump onto one of my webinars. I hold them each week for newer traders, for those who have traded less than six months and for the slightly more experienced trader, those of you who’ve been trading for more than six months and maybe at that kind of frustrated stage where it’s just not working and you’re starting to beat your head against the wall kind of situation. So you’re either going to be brand new or you’re going to be quite annoyed and frustrated that maybe, it’s not working quite as easily as you thought it probably would do. So jump onto one of those webinars. Just pick one, just pick the one that suits you.

The webinars are on-demand

To help you as younger people, I also have that webinar as a replay on demand. So you don’t even have to sit and wait for a session to come up in the future. You can actually go watch a recent replay on demand straightaway, perfect for you if you’re under 30. So I hope that helps.

And anything you need, any help you need at all, just come through to me, I’m here to help. We’ve been doing this for 11 years, helping traders right around the world. So come through to me, andrew@theforextradingcoach.com and I’ll see you this time next week with another video and podcast. Bye for now.

Episode Title: #382: Under 30 years old and Trading Forex?

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

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