Weekly Video News & Podcast

#381: Trading in Preparation for Retirement

Aug 31, 2020

Trading in Preparation for Retirement

Podcast:

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#381: Trading in Preparation for Retirement

In this video:
00:27 – Preparing for retirement
01:23 – The traditional way has disappeared
02:07 – Recent examples
03:47 – Results from a client in Germany
04:39 – What can you do today to prepare for retirement?
05:30 – Contact me at andrew@theforextradingcoach.com

Are you looking to trade the Forex Market as a way to help you through retirement? Let’s talk about that and more right now.

Hey Forex traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach, with video and podcast number 381.

Preparing for retirement

I want to talk about helping people in retirement. And the reason I want to do that is I was amazed at the recent survey that I held recently with a number of people who replied back who are over 50 years old. And it got me thinking about why people want to trade and want to learn how to trade. Now, obviously, the traditional ways of earning money a number of years ago, you potentially could have funds in a saving account or even a retirement account. And obviously, those type of saving accounts have just crashed. Savings accounts, interest rates through banks, and traditional means are just not what they used to be and you cannot rely on them any longer. And the likelihood going forward, at least for the next five plus years, is the interest rates aren’t going to do a lot, regardless of where you live in the world.

The traditional way has disappeared

So, one of the traditional safe ways of having some funds and building up a retirement fund, have now gone. And for a lot of other people who are younger, then obviously property is potentially an option for some people. But as you get 50 and beyond, you either don’t want to take on that kind of debt, you may not be able to take on that kind of debt through the bank rules, or you may be at that stage where maybe you’re 60 or older and you’re thinking, “Well, property and making some money in property in maybe 10 years time isn’t what I need today. I need to make something today.” And that’s where we come back to the Forex Market.

Recent examples

Now, a couple of things I want to talk to you about is that… The first one is last night, I held a live two hour webinar, in fact it went for two and a half hours, with my clients like we hold each week. And on that, I invited a client of mine who’s been trading since 2014, called Michelle, who lives over in New South Wales in Australia. And she came on to the webinar and talked for about half an hour and just gave some amazing information, and I didn’t know it at the time, but Michelle is a retired nurse. I didn’t know her complete background, but she explained why she got into trading, and then she took a break, and then why she got back into it again, and how she’s now trading. But what Michelle’s doing, which was fascinating, is she is a believer of the philosophy that to become an expert at something, you need to do it at least 10,000 times.

And so, Michelle has some back testing software and she’s testing, going through almost like in real time but through back testing my strategy, looking at different candle patterns, plus of course ongoing she’s taking trades in real time. She said she was up to about 6,500 trades now of her 10,000 trade plan. But what it’s doing, it’s allowing her to trade, initially DMO, now live. But when she gets to that 10,000 and she’s consistently profitable and making really good money. She said in her own words, that she will be then happy to then trade live account as her income for retirement, and so that is an exceptionally good thing to do. And if you have a plan, it can be achieved.

Results from a client in Germany

Another thing I wanted to discuss with you, or talk to you about, is an email that I received here last Saturday morning, a client of mine over in Germany. And he said, “Andrew I finished this week very successfully, overall 4% profit on the four hour charts. And on the six, eight and 12 hour charts, I made another 3%. a total of 7% profit in the week.” So he said that having these hard timeframe charts is giving him a lot of trading opportunities. He’s very selective on the ones that he takes though. So you can see that with his result here of 7% in a week. Used to trade a lot of one hour charts and now has upgraded to the higher timeframe charts because of less trading time needed, higher probability charts, high reward to risk, etc.

What can you do today to prepare for retirement?

So blend all that together. What are you going to do? And how, if you’re at that situation where you may be starting to get towards thinking of the next five, next 10 years, or even you’re in retirement right now. What is it that you can do to help yourself learn to trade the Forex Market exactly like see that there from Germany, and Michelle who was on my webinar? What is it that you are going to do today to help start to get you to become profitable as a Forex trader? But to be able to do this by yourself so you can supplement your income, or supplement your retirement, or trade and travel when we’re allowed to travel again after this COVID’s finished, hopefully, or anything like that.

What is it that you’re going to do for that passive income using the Forex Market, but what are you doing about it today? That’s the important thing.

What can you do today to prepare for retirement?

If you need any help at all, with learning a proven, profitable, reliable strategy that doesn’t take very much time to trade per day. It has been traded by thousands of clients throughout 88 countries throughout the world. If you want to know how we do it, just drop me an email, andrew@theforextradingcoach.com. And I’ll see you this time next week with another video and podcast. Bye for now.

Episode Title: #381: Trading in Preparation for Retirement

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

#380: The Top 5 Issues Facing Forex Traders

Aug 24, 2020

The Top 5 Issues Facing Forex Traders

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#380: The Top 5 Issues Facing Forex Traders

In this video:
00:26 – Issues that you’ll be facing as a Forex trader
01:22 – The 5 main issues
02:32 – #1 Lacking a working strategy
03:40 – #2 Managing and Avoiding Risk
04:15 – #3 Lack of time to trade
05:00 – #4 Don’t know when or why to enter the market
05:23 – #5 Controlling Emotions
06:25 – Contact me if you’d like a copy of my live webinar recording

Today, I’m going to discuss with you the top five issues facing most Forex traders. It’s going to be really interesting. Let’s get into it right now.

Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 380.

Issues that you’ll be facing as a Forex trader

And I want to talk to you about some issues that you’re likely to have as a Forex trader. And the reason I know that is I’ve held a survey recently from my entire database, had some great replies from people, and I’ve gone through all of those replies and I’ve categorised the replies in terms of the five biggest issues that most people seem to say that they have when it comes to trading the Forex market. And so I’ve categorised those in order to try and help you out.

Now, just to let you know, also as a thank you for those people who send through the survey responses, I’ve given them access to one of my recent live two hour trading room webinars that I hold exclusively with my clients. If you’d like to get access to that same webinar replay, just send me an email or reply to andrew@theforextradingcoach.com, and I’ll send that through to you.

The 5 main issues

So moving on to the five top issues that most people seem to have at that. So the first one is most people cannot seem to settle on a working strategy, seems to be the biggest issue at. Number two, most people seem to have an issue with being able to manage their risk or avoiding risk within their trading, avoiding taking stupid demand to risk. I’m going to cover all these issues in more detail shortly. Number three, most people seem to say that they do not have enough time to trade properly. Number four, they don’t know where or what enter the market, and even when they’ve entered the market, they don’t know how to exit the market or where to exit the market. So it’s a lack of understanding. Number five, controlling emotions and how this hurts their trades. So there seems to be a lot of people out there with revenge trading or having issues with emotions or taking too big of possessions. So we’ll cover all of those issues here.

#1 Lacking a working strategy

And number one, the strategy issue. It’s the obvious number one problem that most people will have. So from my point of view, my strategies been working for years. It took me four years of trial and error, probably like you may be having right now to get to that situation of a proven strategy. And so for me, I strip my charts of everything. I got to look at the price. How often do you actually look at what the prices? Are you worried about indicators crossing over each other? So all those types of things have a detrimental effect. You’ve got to look at the price. You got to actually see where the price is right now.

And so I started to build together an understanding of candles and where they appear on the chart, and then I introduced other things like support and resistance levels, ran numbers, Fibonacci retracements and extensions, and using a completely different way to the standard, by the way, and divergence and putting all that together to get a system that works for me. So strategy, once you understand and have a good, clear strategy, and I can certainly help you with that, you’re away. It’s a big part of your problems fixed.

#2 Managing and Avoiding Risk

Number two, managing avoiding risks. Well again, that can be easy once you know what you’re doing. Forget about making pips. I only trade with a maximum of 0.5% risk of my count on any one trade. That’s it, 0.5%. Sometimes it’s under a quarter. So you have to have controlled risk and known risk. That means you can trade any currency pair, any timeframe chart, any stop loss size, does not matter. Your risk is the same. How do we do that? We use our lot size calculator. Again, it’s freely available on my website and we adjust our position size.

#3 Lack of time to trade

Number three, don’t have time to trade. Again, easy once you know how. I can teach you how to trade in under 30 minutes a day, quite easily. Last year, you may recall if you’re following me back then I went over to the UK and Europe for four weeks with my family. When travelling around Europe, I traded for less than 30 minutes per day. I recorded all the trades. You could see them taking on my account. You can see them all actually posted on our membership site. I returned back to New Zealand after four weeks with a 12.79% account gain by risking a quarter to a half percent risk per trade. Less than 30 minutes per day of trading, you can do it once you know how to do it and once you understand trading.

#4 Don’t know when or why to enter the market

Number four, don’t know where or why to enter the market or even how to get out. Again, easy once you know how. Once you have a strategy in place, once you can understand candle patterns, once you understand fib retracements and extensions, quite simple to know. Yes, there’s a trade set up. I’m entering there, I’m exiting them, my stop loss is there, done. Very, very easy to do once you know how.

#5 Controlling Emotions

Number five, controlling emotions and how this hurts their trading. Well, again, if you get number one, two, three, and four correct, your emotions are under control. For me, I see a trader take a trade because I’m confident in my strategy, I’m confident in my low risk approach, I’m confident in my high reward to risk trading. And so when it comes to controlling emotions, I very rarely have emotions within my trading. Now, I’m just seeing what I’m seeing and taking the trade. Why? Because I know it works. Why? Because I’ve been doing this for nearly 17 years, but actually with my strategy nearly 13 years, teaching it for 11. I’ve seen thousands and thousands of traders throughout the entire world, 88 countries who are clients in right today, succeed at this. So controlling your emotions like most things, once you understand what you are doing, it is relatively straight forward. So I hope that helps.

Those were the top five issues that I face or that people were facing, they told me they were facing. As I mentioned, I gave all of those people who applied access to that live webinar recording.

Contact me if you’d like a copy of my live webinar recording

If you’d like to see that recording for yourself. And by the way, the feedback from these people who watched that recording was unbelievable because finally they could see and hear how a trader thinks and how you go through and process trades and how you go through and analyse charts and take trades in real time. So if you’d like a copy of that same webinar replay link, send me an email, Andrew@theForextradingcoach.com and just say webinar recording, something like that and I will get that link through to you, or leave a comment on this page if there’s a comments area and I’ll get that webinar link through to straightaway.

So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach, helping traders throughout the world succeed at trading the Forex market. If you’d like me to cover any topics like this on future videos and podcasts, just send me an email again, andrew@theforextradingcoach.com and I’ll see you this time next week. Bye for now.

Episode Title: #380: The Top 5 Issues Facing Forex Traders

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

#379: Securing Your Financial Future

Aug 17, 2020

Securing Your Financial Future

Podcast:

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#379: Securing Your Financial Future

In this video:
00:31 – Coronavirus re-emerges again
01:28 – Government job payment ends soon
02:35 – Where does this leave you and your future?
03:43 – It’s time to consider the Forex market
05:22 – Few other businesses are as good as the Forex market
06:05 – Learn how to trade first
07:06 – How to find out more

So the coronavirus continues to cause mayhem around the world. What are you doing to try and secure your financial future? 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 379.

Coronavirus re-emerges again

Glorious day. So I thought I’d come outside here and talk about actually what is an extremely important subject to almost everybody. Here in New Zealand, we thought we were doing really well with coronavirus. We were paraded around the world as having a hundred days of no coronavirus in the country. Now, all of a sudden, Auckland has gone into lockdown, and the rest of the country has gone up to a higher level. I’m guessing next week, the whole country potentially could be locked down.

So things are not quite as good as everybody thought they were. Of course, around the rest of the world, the same picture is applying with countries getting second waves and more lockdowns. Although that is, I suppose, annoying from a day-to-day living point of view, there’s a far bigger problem, of course, going on, and that is money cannot just keep getting printed. Governments around the world cannot just keep propping up jobs that really are now not needed or there’s no demand for them.

Government job payment ends soon

Here in New Zealand, on the 1st of September, all the handouts for the jobs that the governments are just keeping people going, that stops on the 1st of September. What happens then? All those jobs. People are artificially propped up right now. Yes, that had to happen, but governments cannot keep printing money.

Here in New Zealand, the official cash rate stayed at 0.25%, and they’re talking the next step they can do. Well, pretty much, the only thing they can do is to take it negative. Now, this is New Zealand. This is a country that only a few years ago had one of the highest interest rates in the world. We had this thing going on called the carry trade whereas New Zealand interest rates were very high, Japanese rates were very low, and people were just basically making money on the massive interest rate differential. But of course, here we are in the same position as the rest of the world. They are potentially talking about going negative on the official cash rate. Now, that’s just never been even heard of before, and

Where does this leave you and your future?

So where does this leave you as someone either with a job, or someone that’s looking to retire soon, or even someone young that’s looking at getting into a job? Where does this leave you?

It’s not particularly good, and although I hear… Here in New Zealand, certainly, there are lots of people spending money. There’s people spending money on lots of cars, and sparkles, and all these type of things, which is fantastic to keep the economy running because people are not spending money on big overseas trips this year because they can’t, but that’s really good to keep the economy propped up. But none of these things are actually to do with investing. They’re all buying shiny objects, and that’s the problem I have with our government here.

They just keep spending money and spending money, but not once have they actually thought about how they’re going to create money, and invest, and… Yeah, so that. That spend money mentality cannot just keep going on forever. We have to get to a stage where people start to save, people start to invest, and actually try to create money.

It’s time to consider the Forex market

That’s where I think it is really important that you consider. If you’ve not gone into the Forex market, you’ve got to consider looking at the Forex market. If you are in it, then you’ve got to make it work for you. You’ve got to get trading properly. Really important you can do that.

Look, I just want to run past a couple of numbers that I’ve just written down here. Just last week, if you did nothing else on our membership site and just followed our daily trades, you’d have made over 1% gain on your account, and that was quite an ordinary week. It wasn’t a very good week at all, but we still made a 1% gain on the daily trades with high percent risk. On trades posted on our forum site just twice a day, we made a 3.5% account gain, again, with high percent risk just on trades posted on four, six, eight, and 12-hour charts. So all up. If you did absolutely nothing else and just followed a couple of trades that we posted on our membership site and our forum site with very low controlled risk last week alone, which was quite an ordinary week, it wasn’t very special, you’d have made a 4.5% account gain.

Now, you go find me a bank that’s going to pay you 4.5% in a year. We did that in a week. Yes, it’s fantastic to achieve results like that, but more importantly, what I believe is, very important, is it’s what it teaches you. You then have the ability to look for these same traits. You understand how to read the markets, how to read the charts, how to look after yourself going forward, how to look after your family. What happens if your job disappears? What happens if your traditional investment in a bank, or in a commercial property, or something like that stops or just drastically reduces?

Few other businesses are as good as the Forex market

Very few other businesses are like the Forex market. What I mean by that is if you want to do it right, yes, you need to put some money in upfront to invest in yourself. That’s why I believe in education. Yes, you need some money, obviously, in an account. You can’t trade thin air. But what you have to realise is to trade, it doesn’t mean to say you’re going to go out there and have to spend years and years at university. It doesn’t mean to say that you’ve got to go and buy a business in town and spend hundreds of thousands of dollars on rents, and leases, and product, and all that, and staff, and all that type of thing. You can do this with very, very minimal cost, and you can learn how to make a very good steady percentage gain.

Learn how to trade first

Now, I had a question from someone the other day. He said, “Andrew, look. I just don’t have a large account.” Well, learn how to trade first. Sell signals. Trade money for other people that you know, family, friends, things like that. Just small scale. You don’t need to go into big scale and get licencing, that type of thing, but just… The important thing is to learn how to do the trading first. Look, 4.5% just last week. Are we going to do that every single week? No. Of course, we’re not, but 4.5% just last week. If you can do that consistently over time and get that kind of level, 1%, 2%, 3%, 4%, 5% a week. Sometimes a negative 1% or 2%, but that’s going to happen. That’s trading. But if you can get to that kind of level, people are going to be desperate to have someone like yourself, once you know how to do that, trade for them because really, what other options do they have?

So that’s why it’s important to start small, to get education, to join a community of like-minded traders with a system that works.

How to find out more

If you’d like more details, I hold a couple of free webinars each week. One for new traders, one for more experienced traders. I urge you, if you’ve not been on those, to jump on board with one of those webinars. Just pick the one that best suits you. Get on board. Look after yourself. Future-proof yourself by educating yourself in the Forex market. So I hope that helps. This is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.

Episode Title: #379: Securing Your Financial Future

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

#378: How useful is Divergence?

Aug 10, 2020

How useful is Divergence?

Podcast:

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#378: How useful is Divergence?

In this video:
00:25 – Most indicators do not work
00:52 – Trader who joined in 2012 appreciates how good Divergence can be
01:45 – How I use Divergence
02:21 – The 2 types of Divergence
03:05 – My favourite type of Divergence
04:48 – What are we looking for?

Divergence. Is it really a useful tool as a Forex Trader or is it a gimmick? Let’s talk about that more right now.

Hi, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 378.

Most indicators do not work

Now I want to talk about a really, really special type of indicator. Now as you probably know, I’m not a fan of almost all indicators. I use horizontal levels, but I’m not a fan of different moving averages and things like that. And all the indicators that the Forex brokers constantly throw at you with most platforms that you can get, there’s hundreds and hundreds of different indicators that you can find.

Trader who joined in 2012 appreciates how good Divergence can be

And I want to tell you a story about a client of mine, who back in 2012 joined me. And he’s done extremely well from his Forex trading, but he said to me, the other day we had a chat and he said, “Look, Andrew, I just wasn’t aware of how good divergence was when you mix it in with all the other things that I’m looking at and I teach as part of my course in my trading strategy.”

And he said, “I understood certain things about price action and pivot points and candle patterns, but I just didn’t appreciate,” and it took him quite a while to appreciate. It was only when he saw lots of examples and put it into practise. He didn’t appreciate how good divergence can be if you use it the way that I use it. And if you use it correctly. So with that in mind, when he added that to his trading, his trading just increased another level again.

How I use Divergence

Now I don’t use divergence just simply as there’s a positive divergent signal, therefore I’m taking a bite. Don’t do that at all. I’m using it to back up what I see with my price action trading and my candle stick analysis and my strength and weakness and bouncing off brand numbers and all that type of thing that I look for anyway.

But if I get divergence at the same time or just a little bit before my candle pattern, then that gives me an added boost, an added bonus to say, yes, this is a high quality trade.

The 2 types of Divergence

Now with divergence, what are we looking at? Well, for me, there’s two different types of divergence. There’s regular divergence, and that’s indicating to me a reversal. So we have an uptrend, we get regular negative divergence, and then we’re likely to get a downtrend, a reversal. Likewise, we’re in a downtrend already, we get regular positive divergence, the trend generally turns around and moves up. Now, as you’d know from previous videos and podcasts, I like reversal traits, but they’re slightly higher risk. You know, you are trading against the main direction at the time. So you need to have a very strong pattern, very strong setup in order to justify taking a trend reversal.

My favourite type of Divergence

But my favourite type of divergence is, and there’s a lesser known type of divergence, it’s called hidden divergence. And that hidden divergence to me is when the price action is at a certain part of the chart. And when I see that happening, it’s a trend continuation pattern. And that to me is a highly strong, high probability, high quality trade setup, because it means I’m trading with the trend, but after a retracement. So in other words, if I see a hidden positive divergence, I’m seeing an uptrend and then a pullback. And then I’m seeing my candle pattern all in a certain part of the chart again, which I trade and I teach, all happening for a reason with the hidden positive divergence. That gives me the confidence to take the bullish trade, the buy trade, for the price to then start moving back up again.

Likewise, in a down trend, we then see a pull back again to a certain level. And then we see the bearish set up with the hidden negative divergence looking for the trend to continue down again. So the continuation patterns are certainly the higher probability traits. The reversal patterns on your charts look really cool because you’ve taken a sell trade right at the top of a trend or a by trade right at the bottom of a trend and in hindsight, when you see a reversal trade work, it looks fantastic. But always come back to that higher quality, higher probability set up of the continuation patterns will give you a higher win rate and a higher probability of success. Although the reversals can be very, very good.

What are we looking for?

So what is it that we’re looking for with divergence? So with negative divergence, we’re looking for the highs in the indicator to fall as the highs in the price get higher. So that becomes our conflict, our divergence. And so with that, we’re looking for the price to fall. With hidden divergence, we’re looking for also the indicator to fall, but this time we’re looking for the lows in the indicator to get lower. As the lows in the price have got higher, that’s a hidden positive divergence signal this time, which gives us the indication that the trend is likely to continue up. So two different types of divergence. One’s regular, one’s hidden. One’s for reversals, the other’s for continuation patterns. Two very different patterns, but two very, very high quality patterns that will certainly assist you with your trading.

So I hope that helps. If you have any questions, just like that question about divergence, send me an email, Andrew@theforextrading.com. And I’ll see you here this time next week for another video and podcast.

Episode Title: #378: How useful is Divergence?

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

#377: Will the US Dollar Fall Over the Next 12 Months?

Aug 3, 2020

Will the US Dollar Fall Over the Next 12 Months?

Podcast:

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#377: Will the US Dollar Fall Over the Next 12 Months?

In this video:
00:26 – A great question from someone on my webinar
01:12 – Some examples from the last 17 years
02:09 – The EUR/USD got very high in 2008
03:05 – The GBP/USD went over 2.0000
04:10 – What does this tell you as a trader?

Will the U.S. dollar decline over the next 12 months, and if so, how do you trade it? Let’s talk about that and more, right now.

Hi, forex traders. Andrew Mitchem here, at the Forex Trading Coach, with video and podcast number 377.

A great question from someone on my webinar

Now, I held a webinar just this morning and it was a free webinar for the public to attend. I had a great question asked on that webinar, and I’d like to read it for you and then answer the question. The question was, “Hey, Andrew. Look, there’s a lot of talk these days about the U.S. dollar, and that it’s going to decline over the next 12 months. Which U.S. dollar pairs would you recommend using to take advantage of this potential decline?” Fair enough question, you’d think.

So my answer was, well, you cannot trade that way. You just cannot, because it means that you are now having a predefined … in your mind, you are set on the U.S. dollar falling, and it’s quite a dangerous way to trade because how does anybody know what’s going to happen?

Some examples from the last 17 years

Give you some prime examples on this over the last number of years. So I’ve been trading for nearly 17 years and over that time, to be honest, actually, when I started trading, the U.S. dollar was talked down massively at that time. Everybody was talking up the Euro, talking up the pound, talking down the U.S. dollar, and that’s not really happened. Within certain times over those last 17 years, yes, the U.S. dollar’s declined, but then it’s strengthened.

The problem is, you cannot have that bigger picture idea, and back when I started trading, the monthly non-farm payroll, as it was called back then, the U.S. monthly unemployment data, the U.S. jobs news back then all the time was terrible. Huge numbers of job losses, and people were saying, “It’s the end of the U.S. dollar. The Euro’s going to take over. The new Euro, all these amalgamated countries. It’s the new thing to do. You’ve got to be on to the Euro.”

The EUR/USD got very high in 2008

So, give you some examples. Back then, the Euro got as high as 1.60. It got very, very high, the Euro against U.S. dollar, 1.60. Then, from mid-2008 onwards, if you look at a monthly chart, overall, all it’s done is fallen. Like I mentioned just now, yes, there have been times where the Euro-U.S. dollar has gone up, and therefore the Euro is strengthened, the U.S. is weakened. But if you take the bigger picture since mid-2008, when the Euro-U.S. dollar hit just on 1.60, all it’s done since then is fallen. So that tells you that actually, what’s happening is the Euro is weakening and the U.S. dollar is strengthening. So if I had that bigger picture view back then of the U.S. dollar as weakening and declining, for the last 12 years, in general, I would have been wrong. So very, very dangerous thought process to go into there.

The GBP/USD went over 2.0000

Another example, the pound-U.S. dollar. Back in 2007, it went over two. So the rate of the pound-U.S. dollar was over two, 2.000. It went over that level and then it crashed to 1.14. So all it’s done is the pound’s dropped, the U.S. has strengthened. Again, everybody said the U.S. dollar would weaken, and all it’s actually done, again, bigger picture, and there’s been fluctuations, yes, within that time, but bigger picture, the pound’s dropped, the U.S. dollar has strengthened.

Then, of course, we add Brexit into that, and everybody again saying, now, that the U.S. was going to probably strengthen against the pound, therefore now the pound’s going to weaken. But if you look at what’s happened over the last month or so, the pound-U.S. dollar has actually strengthened. So now we get this complete confusion. Now we’re looking for, with Brexit, it’s all happened and Britain’s by itself, the pound’s going to crash even more. Yet the last month to right now, at the end of July 2020, it’s telling us that the pound’s now coming back with strength again.

What does this tell you as a trader?

So put all that into a big mix together, what do you get out of that? Well, you can basically get out of that that, for me, as a technical trader, I am trading completely and utterly what the charts tell me. Why? Well, because it then takes my opinion out of it. My opinion of what’s happening to the U.S. dollar, or the guy that was on the webinar today, his opinion that the U.S. dollar’s going to weaken over the next 12 months, it might. But until we get to July and August 2021, we don’t know what we’re talking about right now is going to be true or not. But what we can do is look at the charts and see what the charts are telling us.

Even if you wanted to trade longer term, like monthly charts and weekly charts, you still need to look at what they are telling you and trade accordingly to that. I think if anybody just suddenly took a position on any of the U.S. dollar pairs for the U.S. dollar to weaken, and just did it right now, first of all, why would you do that? Secondly, how are you going to manage that? Thirdly, which pairs are you going to trade? Because if you think that the U.S. is going to weaken over the next 12 months, you really need to be sure that the currency you’re trading against is going to strengthen.

Now, I don’t see a huge amount of strength right now in the Australian economy over there. It’s not looking too good. The New Zealand economy is not looking particularly great right now. Europe’s not looking great. Britain’s in a bit of a mess right now. Interest rates in Japan are negative. Switzerland’s the same. So which pair are you actually going to trade if all you want to do is say the U.S. dollar’s going to weaken? Makes it hard, doesn’t it?

But you can go and look at your charts. You can identify trends. You can identify pullbacks. You can identify reversals. By taking those positions as a technical trader, you are trading what you see, not what you think. It’s a big difference. So I hope that helps. If you have any questions just like that, and you’d like me to cover them on future videos and podcasts, just drop me an email, andrew@theforextradingcoach.com, and I’d be glad to help. I’ll see this time next week. Bye for now.

Episode Title: #377: Will the US Dollar Fall Over the Next 12 Months?

Learn More About My Course. 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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#376: Where to Invest Today?

Jul 27, 2020

Where to Invest Today?

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#376: Where to Invest Today?

In this video:
00:24 – My latest bank statement
01:07 – What are your options?
02:06 – Continuing to do what we’ve always done
02:21 – Client from Germany making 2.5% to 4% per week
03:45 – The takeaways from Sedat’s comments
04:45 – Bettering yourself as a Forex trader

Bank interest rates continue to fall. So what do you do when it comes to investing? Let’s talk about that and more right now.

Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 376.

My latest bank statement

Now, I’ve received a letter here from Lloyds bank over in the UK. I had a account when I was a kid with Lloyds. Still continue to have one there for when we go to Europe for holidays, not sure when that’s going to be happening next either right now with coronavirus.

But anyway, what I wanted to talk about was on here, it says my interest rate will be changing to 0.01 gross interest paid quarterly. How exciting is that? A 0.01% interest, it’s incredible. It costs them more to send me the letter to New Zealand than they’re going to pay me in interest.

What are your options?

It comes back to what are you going to do about that? Because interest rates throughout the entire world are obviously falling, and it sounds great if you want to borrow, but of course, getting money and borrowing is actually getting harder as well.

You just think about commercial property, why would you want to jump into commercial property right now when office blocks throughout the whole world are empty because more and more people have actually worked out that they can work from home? Exactly like I’m doing right now behind you here. But people don’t need to be travelling to work like they used to. Sure, it will come back a little bit, but the actual having to be at the office, having to be at work, businesses are figuring out that it’s actually cheaper, of course, not to be renting, leasing or owning so much space.

So therefore, as the investor, why would I want to go out there rushing to buy office space or anything like that when the actual occupancy rates are probably going to be a lot, lot lower.

Continuing to do what we’ve always done

So it comes back to, for me as a trader, I’m just continuing to do what we’ve always done. Why? Well, because it works. Why? Well, because what other options do we have out there that can actually beat what Forex can offer?

Client from Germany making 2.5% to 4% per week

Now, I also wanted to talk to you about an email that I’ve got here from a client in Germany called Sedat. And he says, “Andrew, it’s been exactly one year, one month and eight days since I started trading according to the Forex Trading Coach system with you. Since then, I’ve only had positive months and only three or four negative weeks.” He says, “I’m not yet a full time trader, but I’m on my way to becoming one.”

He also said, now this is interesting, “Few people realise that you can learn this business.” Sorry. “Few realise that you have to learn this business for many years before you can really succeed. No one can become a doctor in two months, but many people believe that you can become a trader in only a few months.” And he goes on to say, “I myself, make 2.5% to 4% profit per week and only trade the one hour charts. I trade with great passion and dedication. If I can’t trade for day, I’ll almost get psychological withdrawal symptoms with a smiley face. I think without absolute passion, no one can become a successful trader.”

So that’s from Sedat over in Germany. So 2.5% to 4% per week, never had a losing month, and only three to four losing weeks in a year, one month and eight days since he joined us when he wrote that email this week. Amazing, isn’t it?

The takeaways from Sedat’s comments

So just think about that. Not only the return, but also think about what else he says on there. You can’t become a doctor in two months, but why is it that online everybody thinks they’re going to become a full time trader in two months? You’ve got to be thinking about it real, but also you’ve got to put that time in and have that passion and that dedication.

So it all blends together. It doesn’t matter whether you’re doing it just for the enjoyment and the learning, the process. You’re doing it for an investment, or you’re seeing yourself with very, very limited other choices out there. It comes back to the fact that if you want to become a full-time trader or even a part-time trader, you have to learn how to do it properly. But if you learn how to do it properly, the profits and their results are there, plain to see, and compared with 0.01% at Lloyds Bank in the UK. Well, one of these trades go in behind me here is going to make probably around 1% to 1.5% profit, made more than they’re going to give me in an entire year in one trade.

Bettering yourself as a Forex trader

So look, if you have any interest in bettering yourself as a Forex trader, of learning a new way of creating some passive income, a new skill, then I highly encourage you to listen to what Sedat has said there about taking your time, but learning it properly. There is no better investment you can make than in yourself and to jump on board with our five star rated Forex Coaching Course. So once again, this is Andrew Mitchem at the Forex Trading Coach. I’ll see this time next week. Bye for now.

Episode Title: #376: Where to Invest Today?

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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#375: The Power of a Good Trading Community

Jul 20, 2020

The Power of a Good Trading Community

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#375: The Power of a Good Trading Community

In this video:
00:27 – Amazing trading results and the power of a good trading community
01:27 – Trading can be a lonely business
02:13 – You get to associate with like-minded people
03:34 – Trades posted daily to help follow, learn and earn
04:41 – The power of our Forum site and how it helps our traders
05:27 – Being part of our community, trading family and support

I want to talk to you about the power of a fantastic trading community and how it can massively help you as a Forex trader. So let’s get into that and more right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 375.

Amazing trading results and the power of a good trading community

Now we have had some incredibly good results this week. And I’ll talk about that more shortly, but I want to talk about the power of a good trading community and how important that can be to your trading success. You see, from time to time, I get people saying to me, “Hey Andrew, I can learn everything that you teach in your trading strategy on YouTube, or I can learn it from a book or anything like that.” And it’s like, well, good luck to you, off you go then, because you cannot. The simple fact is you cannot do that.

You have to be, if you want to be a good trader, the thing that’s going to help you along the line, because of course you can have strategy and software and everything that we provide. And it’s really, really, really good, amazingly good. We’ve been doing this for 11 years now as coaches, but what makes it even better is the community that we have. And I think that’s the bit that’s highly underestimated by a lot of people.

Trading can be a lonely business

You see trading’s a lonely business. You’re generally sitting at home on your laptop, on your desktop, most other people don’t know what it is you’re doing. You’re generally sitting there doing something with not a lot of support, not a lot of help. Like the traditional online forums are just terrible, they just are. I’ve never, ever found a good one. They all start off with great intentions, but they’re just awful.

But what we’ve built up over the 11 years from thousands of coaching clients from currently 88 countries all around the world, it’s something very, very special and it’s not to be underestimated the importance and the power of that family, of that community, of that spirit, that like-minded group of people all with that common goal of helping each other and to becoming a better trader.

You get to associate with like-minded people

Now from a personal point of view, when I go to business events, which I do from time to time, not that often, but from time to time I go to them. The reason I go to them is not only to learn something, but more importantly, it’s the people that I meet there. And it’s the unexpected bump into someone, start talking, you know somebody who knows someone else or they may be in a completely different business to you and you start talking to them and you find some sort of common goal correlation together.

And to me, it’s surrounding myself with really good, decent people who are like minded people. And that’s what I get out of those events, the energy that you get from that, just decent people. We all know there’s a lot of, without putting it bluntly, people out there that just don’t have the entrepreneur spirit, they just don’t have the will to want to better themselves. All those types of things. We know that society has that unfortunately, and it always has always will do. But we also know that if we surround ourselves with good people and people with the same interest in us, whether it be a sport, music, trading, whatever it might be, you grow as a person from that. And that’s what we have with the Forex Trading Coach community.

Trades posted daily to help follow, learn and earn

Now on a daily basis, we post our daily trades of course, and we also post about different trades that we see taking and setting up on other timeframe charts.

Now the daily charts this week have been fantastic, great, great results. But what that gives you is the ability to see in real time what we’re taking and why. We then, on a weekly basis, hold a live two hour webinar, one in the European session and then the next week in the US session. So European, US continually go around like that week after week, I held the European session last night, my time. And again, lots of people on there. Great, great chat, great interaction. I took a trade live, it hit the full profit target within about half an hour on a one hour chart, Canadian Frank sell trade bouncing off of 70, took the trade. Other people could take the trade, make money, learn, we talk, we chat, we discuss other trades, we discuss live trades, trades that were taken previously over the last week.

That in itself is invaluable. Can ask us questions in real time. See us trading in real time, not economist star with the benefit of hindsight, in real time. Very, very important.

The power of our Forum site and how it helps our traders

And then our forum site. Now, as I said, most forum sites on there, just general forum sites online are rubbish. They’re terrible, they’re awful, they’re dominated by a few people who think they know everything and it just ends up in a mess. It always does. Our forum site is very, very different. We all have the same goal, we all talk about only the one strategy. We’re all there together, everybody helps each other, there’s nobody dominating, it doesn’t matter whether you’d been on the forum site for years or whether you’re there for the first week. It doesn’t matter. Great group of people on there on the chat area, communicating about trade setting up, posting screenshots, taking trades. And again, this week we have had some phenomenal trades taken and posted in real time on our forum site.

Being part of our community, trading family and support

So not only do you have the ability to earn from being a part of the Forex Trading Coach Group and community, but also you had that family, the community support that is just so invaluable, and you really will not find that by watching a video somewhere online. So what I’m going to do is I’m going to put a link below this video and podcast to allow you to find out more information regarding our five star rated Forex Trading Coach Course, five star rated on Forex Peace Army for the last 11 years. Not too many people can say that. If you’d like to take your trading to that next level. By being part of our community. Then, click on the link and find out more details.

So once again, this Andrew Mitchem here The Forex Trading Coach. Have a great weekend. I see you next time, next week. Bye for now.

Episode Title: #375: The Power of a Good Trading Community

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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#374: How to Calculate Your Lot Size Correctly & Easily

Jul 13, 2020

How to Calculate Your Lot Size Correctly & Easily

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#374: How to Calculate Your Lot Size Correctly & Easily

In this video:
00:26 – Understanding Lot Sizes
00:58 – The problem with the way most people trade
01:57 – Different pairs pay a different amount per pips
02:50 – Place the stop loss at the correct level
03:29 – Use my Lot Size Calculator
04:48 – Allows you to be smart with your trading
05:21 – Weekly chart trades made good money this week
06:11 – Controlling risk and your emotions

How do you calculate the lot size that you need on every trade so that you can control your risk and your emotions? Let’s talk about that and more, right now.

Hey Forex Traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 374.

Understanding Lot Sizes

I thought I’d come outside today as it’s a lovely winter’s day here in Nelson. Lots of good feedback on last week’s video, when I took you on a helicopter trip. So glad that you enjoyed that and I figured, well it’s so good, let’s get outside again today and explain the very important topic regarding what makes the difference between potentially a losing Forex trader and a successful Forex trader. It comes down to money management and risk and understanding how to calculate the lot size that you need.

The problem with the way most people trade

You see, the problem is that most people when they trade is they will put on 0.1 lots or 1.0 lots, something like that. I did exactly the same 16 plus years ago when I started trading. Because that’s what you think you should do. When you see people showing trades online they’ll put something like, you get paid $10.00 per pip and if you make 100 pips that equals $1,000.00. The problem is that’s not quite right. It’s quite a bad way of trading. Let me explain why. In order to trade with low risk and controlled risk, what you need to do is actually calculate the lot size that you need on every trade that’s specific to that trade. You can’t just go and say, well I’m going to put on 0.1 lots on every trade. It’s not a good way of trading because you’re going to find that you have different risk on each trade.

Different pairs pay a different amount per pips

Different currency pairs pay a different amount per pip depending on what currency pair you’re trading. But not only that, it also depends on what the account your trading is based in. For example, it may be in US dollars, it might be in New Zealand dollars, it may be in British pounds. So you can’t just say that every trade is $10.00 per pip or $1.00 a pip, because that’s assuming that you’re trading something like Euro/US dollar or the Pound/US dollar, and your account is in US dollars. If it’s not in US dollars, then the $10.00 a pip logic doesn’t even make sense anyway, it’s inaccurate. So that becomes the issue. Now it’s so easy to look online and people showing you trades that they make, like I said 100 pips equals $1,000.00. No, it’s not true. So you have to be quite careful there.

Place the stop loss at the correct level

What you need to do is actually place the stop-loss on the trade at the level it needs to be at. Don’t just go and say I’m going to put a 20 pip stop-loss in, because 20 pips doesn’t mean anything. You have to put that level at the price level where it needs to be for that specific trade. Then what you do is you then work out the dollars per pip or the pounds per pip of the currency that you’re trading and according to your account denomination. Then you work the lot size needed for that trade. So that all starts to sound a bit complicated, doesn’t it?

Use my Lot Size Calculator

The great thing about it is that I have a lot size calculator freely available on my website, and I’ll put a link next to this video and podcast, that works on any MT4 or MT5 account and all you simply do is drag it onto the screen (it’s a script, it’s not an indicator so don’t go putting it on the indicators folder it won’t work, it’s a script) drag it into your charts and it knows what your account denomination is and it knows what chart you’re putting it onto. You drag it across onto your charts and you put in your risk level, let’s say 0.5% or 1% whatever it is you want to risk, and put in the stop-loss of that trade. It tells you the exact lot size.

What that also does is it gets you away from thinking, “I cannot trade something like a daily chart because the stop-loss is too big and my account size is not big enough.” It gets you away from that mentality. Because every single trade that you take by using this calculator gives you an equal risk on your account, it doesn’t matter what the currency pair is, what the timeframe is, or what the stop-loss of that trade is or needs to be. It doesn’t matter. It will calculate to say, if this trade goes wrong and you get stopped out on this pair with x number of pips as a stop-loss, you will lose your pre-determined risk. In my case, 0.5%.

Allows you to be smart with your trading

So that enables you to do quite a few clever things. For me personally, I like to trade at 0.5% risk per trade. But if I’m sometimes seeing reversal trades I might actually reduce that to 0.25%. If I’m seeing continuation trades where I’m trading with the trend, I might keep that at 0.5%. So you can do all those kind of really fine-tuning your trading really well. That’s how you work out the lot size you need per trade. It really helps to control your emotions, it allows you to trade a variety of timeframe charts.

Weekly chart trades made good money this week

And this week is a prime example. We took three trades on the weekly charts for our members that we posted on the membership site on Monday, three fantastic trades on the weekly charts. It’s been quite a choppy week this week. Some of the other timeframes have not been particularly easy to trade, they’ve not had very many set ups.

For example, trading the weekly charts I still have controlled risk and even though my stop-loss is bigger, my position size is smaller. But my risk if the trade goes wrong is identical to if I was trading let’s say a four hour chart. So don’t think that you can’t trade a weekly chart because you might need a bigger stop-loss. By understanding risk and understanding position size like I just taught you and using my calculator, it allows you to trade all timeframe charts, all pairs regardless of the stop-loss needed for that trade.

Controlling risk and your emotions

So I hope that helps. I hope that helps you understand risk, it helps control your head, it helps control your heart. In other words, your emotions. That is a massive part of trading. If you don’t believe it is, you’re probably on a demo or very small live account. Once you start going to live accounts with bigger sizes, I can promise you that your emotions and understanding how they affect your trading is another big part of trading. So in other words, keeping risk low and controlled. If you can do that on a small account, when you go to a bigger account you can do exactly the same because your risk as a percentage is identical, therefore your emotions are in check and controlled. I hope that helps. It’s a big part of trading. Get that right and you’re on the path to success. Like I said, the lot size calculator is available on this site; there’ll be a link on here. It works on any MT4 or MT5 account, free of charge. Use it, it’s fantastic, it will massively help your trading.

So once again this is Andrew Mitchem at The Forex Trading Coach. You have a fantastic day or night, depending on when you are watching this video. I’m off to enjoy this beautiful scenery. Have a great day! Bye for now.

Episode Title: #374: How to Calculate Your Lot Size Correctly & Easily

Click Here to Download my FREE Lot Size Calculator

Click Here to Check my Recommended Brokers.

Learn More About My Course. Click Here!

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

#373: I’ll Take You on a Helicopter Trip

Jul 6, 2020

I’ll Take You on a Helicopter Trip

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#373: I’ll Take You on a Helicopter Trip

In this video:
00:29 – Let’s go flying but first we need to prepare
02:22 – Pre-flight completed and trading completed
03:36 – Experience some of the amazing scenery
04:03 – Back on the ground
04:25 – Update on TFTC Pattern Trader June performance
05:31 – Manual trading and the TFTC Course
06:13 – Education and discipline are key to success

I’m going to take you on a helicopter trip today and share with you some of the benefits of being able to trade correctly with low risk and without spending all day looking at the charts. Let’s get into this and more, right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 373.

Let’s go flying but first we need to prepare

And that’s right, something different day. I’m going to take you on a ride here in my helicopter. I’m at the hangar. Pretty cold day, as you can see here, middle of winter here in New Zealand. And I’m going to go for a fly, but also I want to explain to you about why it is that we trade, and the benefits and the lifestyle that come with it. Now I’m, as I’ve said, at the hanger. So I just want to show you in here. I’ve just posted my daily trades from the laptop here. Trades have all been posted, and we’re now off for a fly. But one of the important things to note when you trade well and when you fly well, you’ve got to do a lot of preparation and a lot of planning.

Now, inside the helicopter here, if I open up this door, you’ll see in here there is a huge amount of dials, instruments, et cetera. And the planning that goes into being able to fly is huge. Exactly like trading. So I’m now going to open up all these doors here and do a full pre-flight of the machine. I’ve got my flight plan ready. I’ve got everything prepared in advance for the flight. So I’m going to do the pre-flight and explain to you how that corresponds with trading really, because I’ve done my daily trades in there, which took me probably 15 minutes today. And it’s a public in the US coming up, and non-farm payrolls was a day early this month. And so the market’s pretty quiet. But the thing is, if you do your planning correctly, then you get the benefits from your trading and trading quickly. If you do your planning correctly with flying, we’re going to have an awesome day today. So I’ll finish the pre-flight, open the doors up here, take the helicopter outside, and I’ll see you shortly.

Pre-flight completed and trading completed

Okay. So back outside now, done the pre-flight. Everything’s checked in the machine. And as you can see it’s a stunning day here. And so we’ll be leaving shortly. So how does this relate to trading? Well, one, with trading gives you freedom and flexibility. I’ve been in there in the hangar and taking my trades today. I know when to take them. I know when I need to be at the charts. I’ve looked through the daily charts, the 12 hour, the eight hour, the six hour, and the four hour charts, taking my trades. Placed them on the computer, I’ve got my stop loss in place, I know my risk. And that’s it for probably six hours, maybe even 12 hours. So the great thing with that is you can go and do things in the day. If you’ve got a normal nine to five job, you can still trade properly. If you’ve got other commitments, travel commitments, family commitments, you can still trade properly.

So we’ll be off very, very shortly. And I’ll hopefully get the guy that’s coming with me just to film a few seconds so you can see us up in the air crossing a few quite high mountain ranges on the way today, so looking forward to that. But it all comes back to understanding what it is that you’re doing, getting yourself educated to start with, and then getting yourself prepared. Flying, exactly the same as trading. So I’ll see you shortly up in the sky.

Experience some of the amazing scenery

[00:03:36 – 00:04:03]

Back on the ground

Okay. So we’re back again, back on the ground. Pretty good landing. Managed to get it on the yellow lines on the trolley here. So I hope you enjoyed the video. I hope you enjoyed just the few seconds of scenery there. We were up to nine and a half thousand feet at one stage, which is pretty high over those snow-capped mountains.

Update on TFTC Pattern Trader June performance

So I just wanted to also let you know about the pattern trader. So I’ve mentioned it in the last few weeks. We ended up closing out of the month of June with a 20% return on 100% autopilot, quite appropriately naming the autopilot, but the pilot was me today. Yeah so 20% for the month of June, which is exactly as the back-testing stats say for the same time, which is what’s so good about this software. It’s not about back-testing working really well and they’re live testing failing. That’s the problem with so many expert advisors, robots out there. That’s where this software is so, so different. It’s really, really good software that if you want to learn how that we trade, but also have the ability just to put it on 100% auto trade and kind of just let it do its thing. And once you’ve created a portfolio of robots that work for you, and we’ve got a lot of ready-made robots there as well.

Manual trading and the TFTC Course

So that’s it for now. So if you want to do the manual trading course, then you know exactly how we trade now. I was in the office there taking daily trades, I’ve just checked them on my phone to see how they’re going. And I’ll look again at the 5:00 AM New York time change over again, when I’ll be looking at the one hour, the four, the six, and the 12 hour charts.

That’s what trading is about. Trading shouldn’t be just sitting in front of the computer all day. It should be about doing well from it, controlling your risk, understanding what you’re doing, and getting out and doing things like this. Whatever it is that you like to do, use your trading to help you to get to be able to do that.

Education and discipline are key to success

But the whole thing comes back to discipline, it comes back to education, it comes back to knowing what you’re doing. Exactly like flying one of these.

So that’s it for now. Hope you enjoyed the video and podcast. If you’re listening to the podcast, I’m sorry, but you missed out on some amazing scenery. And yeah, if you ever want more videos, I’ve got lots of them of flying around this amazing part of New Zealand. So that’s it for this week video and podcast. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now. I’ll see you this time next week.

Episode Title: #373: I’ll Take You on a Helicopter Trip

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#372: Only Trade on the Close of a Candle

Jun 29, 2020

Only Trade on the Close of a Candle

Podcast:

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#372: Only Trade on the Close of a Candle

In this video:
00:25 – Knowing when to trade
01:01 – Simplify your trading
01:50 – Trade at the close of a candle
03:07 – Trading the right time frame charts
04:16 – Another +1.2% gain on Autopilot for TFTC Pattern Trader
04:56 – The price for TFTC Pattern Trader will be increasing soon
05:50 – Go to TFTCPatternTrader.com for more details

I’m going to explain why I only look for a new trade upon the close of a candle.

Let’s talk about that and more right now. Hey, Traders, Andrew here at the Forex Trading Coach and welcome to video and podcast number 372.

Knowing when to trade

So I want to talk about understanding when you should look for trades, and at the end, I’ll also give you an update on our hundred percent automated Pattern Trader Software, which has had another positive result again this week.

So, when to look for trades. It’s really important because a lot of people get very, very confused. I had an email yesterday from somebody who said, “Hey, Andrew, do you ever look at a trade midway through a candle?” Very easy answer. The answer is absolutely not. Why would you? Because things are not set, things are changing all the time.

Simplify your trading

So in order to simplify your trading, not only in terms of your mindset, knowing exactly what to do, lower stress, having a lot more control in your trading, it also helps you to get away from your charts. Because if you know exactly when to look for trades, that can really help you with your longevity as a trader.

And the mistake that many traders make when they get into trading, and look, I did exactly the same myself when I started trading, is that people think that they have to sit there all day, watching every PIP move up and down. They’re glued to their charts. And although it’s quite exciting to start with when you start trading, realistically, you’re not going to continue trading and have that love and that passion and enjoyment for your trading if you just are completely glued to your computer.

Trade at the close of a candle

So, end of the chart, or end of a candle, means a lot of things. It means that you have all your, if your trading indicators, have all your levels set, nothing’s moving. Nothing’s moving up and down and changing. It also means that if you’re analysing strength and weaknesses that you can look at different pairs at exactly the same time.

So it means, for example, you can trade and look at, say, there’s a bullish movement on the Euro/US Dollar. Is that because the Euro is strong or is it because the US Dollar is weak? And so therefore you can go to like the Euro/Yen, Euro/Aussie, Euro/Kiwi, Euro/Frank, and look through those to actually get a good analysis overall of what’s really is strong and what’s weak. So it helps you with that. It helps you massively with stress levels because, quite frankly, it takes all that away because you’re not desperate to get into a trade and making mistakes with lot sizes and stop losses. Especially if you trade the way that we trade, where we use limit orders. So you’re not even jumping in at the market straight away at that time anyway. It really allows you to focus properly and take good high quality trading decisions with accurate position sizes without having that stress like a lot of new traders do, for instance.

Trading the right time frame charts

Has also the benefit of allowing you to take advantage of the different characteristics, different movements within the market.

So what I mean by that is this. Sometimes you will see, for example, that the four hour chart trades might be showing some really good examples. On other days or other weeks, you’ll find the daily charts are showing really good trade setups. And so by having the ability to only look at a trade setup at the close of a candle, for instance, you can look when the daily charts close and then open for the new day, which is 5:00 PM New York time. At that time I look at the 12 hour charts, the eight hour, the six hour, and the four hour charts. Very, very easy to scan through several different timeframes at that exact time. You don’t have to be sitting there not knowing when to trade or looking at five minute charts, one minute charts or anything like that. Very, very easy to do that. So I highly encourage you to look at the close of a candle. It will massively help your trading and it will help your overall enjoyment. And, almost certainly, it will help your results.

Another +1.2% gain on Autopilot for TFTC Pattern Trader

Now talking in results, our Pattern Trader has had another positive week. Right now I’m up 1.2%, 100% automated trading. That follows on from, I think it was about nine and a half percent, three weeks ago. Last week when I made the video on my Friday, I think I was up about 3.8%. In the end I closed the week at about four and a half percent for the week last week. This week’s been certainly a lot quieter on the charts, but still it’s positive. It’s still another positive week. So the last three weeks since I’ve been reporting here on these videos and podcasts, all three weeks have been positive, 100% automated trading. Very, very low draw downs as well.

The price for TFTC Pattern Trader will be increasing soon

If you’d like to know more about that we are going to be keeping our membership price, our coaching clients membership price, open for the Pattern Trader Software for the next two weeks only. And then that gives you the advantage to trial the system for free and then jump on board if it’s for you. In two weeks time from now, which will be on Monday the 13th of July, we are then going to be increasing the price of the Pattern Trader Software for all of my non coaching clients. So if you’re a coaching client of the Forex Trading Coach, you’re always going to keep up that low price. If you’d like to keep and take advantage of that low price that the clients have access to, make sure you jump on board in the next two weeks because after then we’ve done that kind of introductory special where people can jump on board at a low price. The price certainly will be increasing to reflect the quality of that software.

Go to TFTCPatternTrader.com for more details

So have a look on this link and go to TFTCPatternTrader.com, and as mentioned you can take advantage of a free trial to the basic version of this incredible software. And also on that page you can see how you can subscribe to the paid versions and allow that incredible software to be traded on your account and go to the level three of the software, where you can have the option to completely put the software onto autopilot.

So I hope that helps. This is Andrew Mitchem here, the Forex Trading Coach see this time next week. Bye for now.

Episode Title: #372: Only Trade on the Close of a Candle