Weekly Video News & Podcast

#363: Excellent Market Conditions Continue

Apr 26, 2020

Excellent Market Conditions Continue

Podcast:

#363: Excellent Market Conditions Continue

In this video:
00:28 – Week 5 of Coronavirus lockdown
00:49 – Great trading conditions and examples of our trades
01:35 – Live webinar with clients
02:02 – What are you doing about this?
02:49 – Economically, things are not good
04:02 – There are opportunities out there
04:38 – Conditions are perfect right now, are you ready?

So the excellent forex trading conditions are continuing well into lockdown. Are you taking advantage of these conditions or not? Let’s talk about that and more right now.

Hey, traders, Andrew Mitchem here at The Forex Trading Coach outside again today. I’m just wanting to get away from the computer and share some beautiful scenery with you here.

Week 5 of Coronavirus lockdown

Look, we’re in week five of lockdown, but the great thing is is that as a forex trader, the incredibly good market conditions are continuing. A few people have said to me, “Hey Andrew, you know, with the financial markets are slowing, is this going to have any impact?” Well, right now the forex market conditions are incredibly good.

Great trading conditions and examples of our trades

To give you a few examples, I’ve been talking about a sell trade we took two weeks ago on the Euro/Canadian weekly chart that is now still in great profit. That pair has dropped about 300 pips from high to low so far this week. The trade continues to go well. We took some trades on our 12-hour charts posted on our forum site that have worked out beautifully this week, make very good high reward to risk trades. We’ve had sell trades on the Euro/Aussie, Euro/US that have done well this week, hit the profit targets. Right now I’m still in on a buy trade on gold that’s going really well on the daily chart as well, all mentioned on our membership site for clients to follow along to not only learn from, but also to earn from.

Live webinar with clients

I held a live webinar last night for clients. We had over a hundred people on there, and that’s the great thing with lockdown. I’m getting lots of people attending the client webinar live and attending the forum site, but I took a sell trade on the franc/yen and made about a one and a half to one reward to risk and it did it in I think about half an hour, and there again, makes full profit in front of people live on a webinar.

What are you doing about this?

So great trading conditions are there, so really it comes down to that’s all well and good for me to say, “Yeah, we’re taking lots of great trades,” but really the purpose of this video is to ask you a question. It’s like, what are you doing about this? You know, when it comes to time, for most people around the world we’re still in lockdown. We’re in week five or just about to start week five of lockdown here in New Zealand. We can’t really go anywhere, and most people are in a similar situation or worse around the world, and so what are you doing about this? I made a video about three weeks ago saying well, what are you doing to take advantage of these conditions? And now here we are three weeks later. Have you answered that? Are you taking advantage of some extra time that you may have to do something about this?

Economically, things are not good

Because look, realistically, economically things are pretty grim out there. Here in New Zealand, things are pretty bad. You know, even here in Nelson in New Zealand they just pulled out with 100 jobs in the maintenance here in Nelson. The company who I use personally for helicopter maintenance, they’ve gone. You know, that’s just two groups of people who I know of, but there are thousands and thousands of others. You know, the jobs have just gone everywhere.

I was reading a report from the states. I’ve got it here. 26 million jobless claims in the last five weeks. 26 million, just in the US. You know, and what’s going to be the knock on effect from this? So it really is a great opportunity. You know, people say the phrase is for every bad outcome there’s a gain to be made or whatever the phrase is. You know what I mean. Try to find the positives in the situation that we all find ourselves in right now and do something about it to improve things for you financially, mentally, whatever it might be for you, your family going forward.

There are opportunities out there

And really that’s what this video is about is to say look, there are opportunities out there. The forex market is probably one of the very best for you to look at getting into, if it interests you. It has to interest you. It has to be something that you really want to do. Don’t just do it because I say so or because you see it as a quick fix or easy money. If you’re doing that, you’re in it for the wrong reason. If you want to do it to better yourself, future-proof yourself for the finance, for the educational benefits from it and the rewards that are potentially there from it, then they are the reasons why you need to jump into it.

Conditions are perfect right now, are you ready?

But look, great opportunity. The market is still absolutely buzzing. It’s a prime time for you to jump into it if you want to. So I’ll leave it at that. Look, you know where to find us. We’re at TheForexTradingCoach.com. I hold webinars each week for new traders and for the more experienced traders, but as a client you get so much that we’re just finding that people are just absolutely loving. I’m getting comment after comment from people saying that this is the most professional course I’ve ever joined. This is the most well-run. Your answers are always quick. They’re prompt. You’re real traders. We’re trading in front of people on webinars. We’re posting trades on the forum site. We’re posting trades on our daily membership site. This is real stuff. This is not just people running around on stage promoting selling stuff. We’re real people and we cover the globe. Clients in 88 countries at the last count, and so on the forum site, there’s always someone there typing in questions, asking, answering questions, posting trades, et cetera. So it doesn’t matter where you live in the world. You can do this if it’s something you’re interested in.

So that’s it for me for now. I’ll see you this time next week with any updates to the trades that I’ve mentioned, and as always if you have any information, any questions that you’d like me to cover on future videos and podcasts like this, just send me an email to Andrew@TheForexTradingCoach.com. Bye for now.

Episode Title: #363: Excellent Market Conditions Continue

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 >>

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#362: Can You Make Money With A Small Forex Account?

Apr 19, 2020

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Can You Make Money With A Small Forex Account?

In this video:
00:26 – Making money as a small time forex trader
01:22 – Yes you can make money – but once you know how to trade
02:15 – Client from Germany making great returns
03:55 – How do I make money though?
05:15 – An example of a trading service
06:12 – Reinvest the income into your own trading account
06:54 – Change your mindset

Can you really make money as a trader with a small Forex account? Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 362.

Making money as a small time forex trader

Now I want to get away from the coronavirus just for a bit because everybody’s talking about it and wanted to get outside away from the office and away from the charts and just talk about the practicalities of making money as a small time Forex trader. Can you do it and how do you do it? It’s a subject that I get asked quite a lot and I made a video on this exact same subject about five or six years ago and I put a comment on the YouTube page saying look, I’ll make an update because I think it’s important to refresh these kinds of things because so many people are looking at trading, but they’re not wanting to put too much into their account to start with or they can’t afford to put too much into account to start with. So how do you go about being profitable, making money as a small time trader with a tiny account?

Yes you can make money – but once you know how to trade

And the answer is, the good thing is yes, you can make money. But like I’ve said to people in the past, look right now your account size doesn’t really matter. If you’re looking at any form of training, education course, whatever it might be, don’t look at the value of that course and go, my account, $1,000, your course is $2,000, how on earth can I afford it? Don’t look at it like that. The important thing for you right now is to learn how to trade and that’s the really important aspect. You’ve got to understand the market, you’ve got to learn how you can trade yourself.

And I think that’s really important and it’s quite underestimated. It’s something that people look over and they kind of value everything according to what they can afford right now today.

Client from Germany making great returns

Now I’ve got a client from Germany who joined me about six months ago. He is incredibly profitable on our forum site. He shows me his trades, but he has got quite a small account. It’s under 1000 euros. Now he trades with nano lots, so not even micro lots but nano lots and he’s constantly making really good money. He’s making like sort of three euros, five euros, six euros. So when you look at his monetary value, for some people they go, “Oh, that’s not very much.” But when you look at what he’s making per trade, and he’s making lots of trades, because this particular guy I’m thinking of likes the shorter timeframe charts. He might be making between five and 10 trades a day and he posts on our forum site.

Yet when you add all those up, he might be making of two, three, four, 5% a day on his account. Now the important thing is also, because he came to me recently and said, where do I go from here? So my answer is quite simple. You’ve done the hard yards right. You’ve done the hard work up front. You’ve taken your time. You’ve not worried about your monetary return. You’ve attended webinars, you’ve understood the strategy, you’ve asked questions, you’re on our forum site, you’re constantly posting trades. You’re not embarrassed that you’re making like five euros on a trade. Someone else might be making 500 or 5,000, it doesn’t matter. The fact is that he’s still controlling his risk on all of his trades and he’s still making a good percentage gain.

How do I make money though?

So bring that back to the situation Andrew, that’s all well and good, but I need to live, I need to eat, I need to feed my family.

So my advice to this guy was you obviously narrowed a stage that you can trade. So can you increase your account size? Can you go from 1,000 euros to maybe 5,000 or 10,000. Now for some people, that answer will be “Yes, easily, of course I can do that.” But other people will be, “No way, because 1,000 is a lot of money and that’s all I can put into my account.” If you’re in that situation and you can’t just go adding more funds to your account, especially now in the coronavirus situation where people are losing jobs, et cetera, and income’s a little bit more shaky, easy answer is once you’ve proven yourself to be a good trader and once you’ve proven that you’ve got good returns, consistent trades, low drawdowns, low risk, all the things that we teach, once you’ve got to that stage, jump onto some of the the signal services, onto the Myfxbook where you can verify your trades and and make money out of your own trading, get people copying you. There’s a lot of services out there that charge somewhere between 50, $100 a month.

An example of a trading service

Now let’s say this guy, and I’m just going to pick a figure because I’ve not looked at his latest account, but let’s say he’s making 50% in a year, let’s say, but with a drawdown of let’s say 5%. Just picking some figures. How many people around the world, especially in the current situation where people on the stock markets and shares and retirement funds have just absolutely tanked, lost billions and billions of dollars the markets have, how many people around the world do you think would be willing to pay $100 a month to be able to make 50% in a year with a 5% drawdown? Thousands, the answer is thousands.

If you can prove it, it doesn’t matter whether you’re on a nano account with 1,000 euros right now. The fact is, if you can prove that you can make 50% return in a year with tiny drawdown, consistent trading, you’ll have a following of thousands and thousands of people.

Reinvest the income into your own trading account

So what do you do with that? Well, and don’t forget, this is a monthly resubscription as well. If you were any good, you would just keep getting paid. So what you do with that? Well, you can then reinvest that back into your own trading account, can’t you? And rather than 1,000 euros, you can have 10,000 euros, 50,000 euros and now all of a sudden you’re making still your same 50% on your 50,000 euro account and you’re making yourself 25,000 euros just off your 50,000 euro account that you’ve increased its value from doing nothing different because all you’ve done is got people to copy your signals. So you see where the answer comes here.

Change your mindset

Too many people have the mindset of small account, I’m never going to compete with the banks and the big institutions because I’m just a small retail Forex trader. Forget that, don’t think that mindset. Think of quality trading, high quality, great consistent returns, small risk. Think of it that way and yes, a small time Forex trader with a small account can make money, can do well, can go on to great, great things.

Hope you enjoy the video and the update. Hope you enjoy the scenery. I’m outside here at home, house down below there. Beautiful Tasman Sea even though it’s a cloudy day able to see Tasman Sea up behind us here. Just nice to get outside on the lockdown situations, but wherever you are in the world, hope you’re keeping safe and well. Any help that you need trading, any questions, anything you need

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 >>

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#361: This Trade has a 14.6 Reward:Risk ratio

Apr 12, 2020

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This Trade has a 14.6 Reward:Risk ratio

In this video:
00:29 – Selling the EUR/CAD on the Weekly chart
00:46 – I promote high reward:risk trades
01:33 – Money management is very important
02:32 – Low risk per trade is also important
03:39 – Trade with a 14.6:1 R:R profit target, currently at 6.4:1 R:R
06:16 – Understanding what you need to do in order to trade well

I want to tell you all about a trade that I’ve got on my platform right now that has a 14.6:1 reward to risk ratio. Let’s get into that and more right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 361.

Selling the EUR/CAD on the Weekly chart

I want to talk about a trade that I’ve got on the weekly charts on the Euro/Canadian Dollar. We put it on our membership site on Monday. It has a 14.6:1 reward to risk ratio if it gets to its full profit target. More about that shortly.

I promote high reward:risk trades

But if you’ve been following me for any length of time, you know that I endorse and I suggest and I promote people look at trades that have a high reward to risk ratio. So what does that mean? So in easy numbers it means if you have a reward to risk of let’s say 4:1, it means if you’re risking 1 part you’re making 4. So if you’re risking 1% of your account, you’re making 4%. For me, I personally trade at half of 1% risk per trade, is what suits me. So that means I’m risking one part, of half of 1% of my account, to make 4 parts, or 2% gain on my account if the trade gets to the profit target. It’s very easy for you to do that regardless of your account size.

Money management is very important

To me, the biggest part of trading apart from having a strategy and a right mind set is to have that money management important that you get it right. So low risk per trade is very, very important but also high reward to risk is very important. So it means that I’m not always going to be right. I don’t need to be right all of the time. In fact, the higher the win rate most systems the worse they are. Hard to understand that, but it’s true. Think about it this way: there’s no point in having a 90% winning system if you’re losing money. Most 90% winning trade systems do lose money because they make lots of small gains, one big loss. I flip that around and go the other way. For me, something like a 40-50% win rate is amazing, because I have high reward to risk trades. Some are 2:1, some are 3, 4, 5:1. The one in particular that I’m going to talk about is 14.6:1.

Low risk per trade is also important

So low risk per trade is massively important also. I was looking at a post on Facebook, one of those sponsored links on Facebook, someone selling this new algorithm. It was really interesting to look into it, because it looked really cool. It looked really flashy, looked amazing. Then you look into it a bit further and I could see that they were risking 5% per trade. Now for the novice or for the completely financially person doesn’t understand trading, 5% risk per trade doesn’t sound like anything good or bad really. It’s just looks really cool and you make lots of money. The problem is if they get three or four trades wrong in a row, they’re 15, 20% down. If I get three or four trades wrong in a row, I’m 1.5 to 2% down. Massive difference especially up here and in here. Big, big difference. So if you’re listening to the podcast, I was tapping to my head and my heart. So psychologically and emotionally, it makes a big, big difference.

Trade with a 14.6:1 R:R profit target, currently at 6.4:1 R:R

So, let’s get onto this trade. It has a 14.6 reward to risk. It was taken this week, we published on our membership site just this week on Monday morning at the beginning of the week, selling the Euro/Canadian on a weekly chart. You can go and look at it on your chart, you can see the trade. The price pulled back perfectly to our entry level. We have a tight stop on the trade all according to the way that we trade and it’s all pre-known well in advance. But if the trade gets to its full profit target and because it’s a weekly chart trade it may take a week or two to get there, it may well do. Right now I see no reason to get out of the trade. Right now as I’m recording this, and I’m recording this on Thursday because tomorrow’s Easter, I’m recording this on Thursday the 9th of April. Right now that trade is up 6.4:1 reward to risk. So it’s nearly halfway to its profit target, not quite. If I did nothing else than close the trade out right now, I’ve still made 3.2% on my account. But I don’t need to and I’m not going to, because the trade’s looking really good.

So you see the importance there of high reward to risk. Let’s say this trade gets to its full profit at a 14.6:1 reward to risk. With my really tiny risk of only half of 1% of my account risked on this one trade, if it gets to that profit target, which there’s no reason why it won’t, it’s going to make me a 7.3% gain on my account from that one trade with that tiny risk. 7.3%. Where else can you get a 7.3% gain on anything in a year? Especially now with all the virus stuff going on. Everybody’s just losing money all over the place with shares, with their superannuation. In New Zealand here we call it Kiwi Saver. All your pension funds, property’s likely to go, there’s massive unemployment going on. It’s just going to get worse. Taxes have got to go up to cover this. So everybody for the next 10, 20 years the tax rate’s going to be higher around the globe, it has to be. Someone’s got to pay for all these bailouts and handouts and all the stuff that’s going on. We’re probably not even halfway through it yet.

So you look at all that doom and gloom going on, and then you look at this one trade that took like two minutes to see and to place on Monday morning and we’re already up 3.2%, could get to 7.3.

Understanding what you need to do in order to trade well

So once you understand trading, once you understand control risk, once you understand high reward to risk, you’re halfway there to making yourself a good trader. If you need our help with any of that, or you’d like for us to help you place trades, this was all written on our membership site in advance of the trade retracing. If you’d like help with any of this, you’d like to take advantage of our help and knowledge and our years of trading, day in day out doing exactly the same, you can find us at the forextradingcoach.com and I’ll put a link on this video and podcast to our membership site where you can have a look at everything that we teach in our course. So have a great weekend, have a great Easter.

This is Andrew Mitchem at the Forex Trading Coach and I’ll see you this time next week for more trading tips and information. Bye for now.

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 >>

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#360: What’s Your New Side Hustle While in Lockdown?

Apr 5, 2020

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What’s Your New Side Hustle While in Lockdown?

In this video:
00:23 – Week #2 of the lockdown
01:16 – An amazing opportunity right now
02:09 – A real life example from a trader in London
03:20 – We’re seeing great trading conditions in the Forex market
03:53 – Can you trade well and start your side hustle?
05:21 – We have clients in 88 Countries

What’s your new side hustle going to be while you’re in lockdown from the virus? Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 360.

Week #2 of the lockdown

We’re in week number two of the lockdown here in New Zealand, and I’m sure that wherever you’re watching this around the world, you’re probably in a similar situation. I want to talk about something that could make a massive difference to you, your trading, your life while we’re in this lockdown period. Because, you see, like with a lot of things, you have a couple of choices. You can either go down the grumpy route, the sit watching TV, doing nothing, getting fed up with it. All those types of emotions come into it, and that’s perfectly understandable.

But then you can also take advantage of the situation and do something now, as a side hustle, as an example, I’ll talk about that shortly, to really help you once we get to the other side of all this.

An amazing opportunity right now

Because as I see this now, you’ve got the opportunity to learn a new skill. You’ve got the opportunity to create a new side hustle and get that started. And you’ve got the opportunity to come out of this with a lot more knowledge.

Really, when you think about it, if you don’t do any of those, when we’re out of this quarantine lockdown period from this coronavirus, if you don’t do any of those, it’s not the time that you lacked. Because, let’s face it, most people say, “I don’t have time for this, and I don’t have time to learn trading.” It’s not time that you lack, it’s discipline, and there’s no other way of looking at it. Almost everybody now, right now, has more time available to them than they probably ever have done, so it really is a lack of your discipline if you don’t do anything about it.

A real life example from a trader in London

Now, I want to give you a real life example. A client of mine over in London, he lost his job around two or three weeks ago, and he has been trading so well ever since that time. He traded pretty well before that, but because he’s in lockdown, an enforced lockdown, with his wife and his child, he has done some incredible trading. Just on Tuesday, he emailed me to say he made a 3.4% gain on his account. Just this morning, my time, he sent through a post on our forum site where he put five trades on there on 15 minute, 30, and one hour charts, 30 minute and one hour charts. All five made profit for another 3.2%. He’s taking advantage of this time being at home, and he is looking at the shorter timeframe charts, something that he doesn’t normally do, one, because he’s at work and, two, because the shorter timeframe charts historically have not been quite so good to trade, because of the lack of price action.

We’re seeing great trading conditions in the Forex market

What we’re seeing in the Forex market right now is incredibly good price action, big moves across all pairs for weeks and weeks now. Just incredible opportunities. And so, he’s taking advantage of this time being in lockdown, and he’s doing something about it.

I mentioned at the beginning about one of the options, your skill, you can upgrade your skills, you can become more knowledgeable, but also the side hustle. Practically, as a trader, what can you do about that?

Can you trade well and start your side hustle?

Well, if you’re like this guy and you can now start to trade incredibly well with very, very small draw downs, and very high win rates, and very high profitable trades, you can do things like create a signal service. There are all number of online sites where you can go there as the trader, and get people following you, and getting paid on a monthly basis for trades, either a commission basis or a monthly set fee. If you go, “Well, my account is too small, or I’m only on demo, or I can’t afford a $5,000 account right now,” think about it differently. What is it that you can do?

But, actually, before we do any of that, unless you can trade well, the rest of it’s pointless, isn’t it? You know? With this particular guy who I’m talking about, because he’s now trading so well, and he’s able to do this, he can go out there and sell himself as a trader who can make money for other people. He could trade for maybe some friends, family members. You don’t have to do it the full big scale of getting all the legal compliance. But you can still trade. There’s nothing to stop you trading for a few select people. Or you can just go down the signals route and sell your trade, sell, get people to copy your account. That’s what I mean by the side hustle.

We have clients in 88 Countries

Again, take advantage of this time that you have. Learn how to trade properly, just like this guy’s done. If you want our help, you know where to find us. I’ve been talking about this for 11 years now. So many people throughout the world, 88 countries we’ve got clients in. We added it up this week, a new total of 88 clients that we’ve helped with active traders who have chosen to join our membership site. But again, you know where to find us.

If you’d like to join us, take advantage of these conditions. They are amazing trading conditions right now. Like I said, most people are not lacking time right now. They’re lacking discipline. So if you’d like to take advantage of these trading conditions and our strategy, and to be able to trade like this guy’s doing, please consider the course. Have a look at the details I’ll leave on this page. We’d love to help you.

If you’re the right sort of person that wants to put in some hard work and dedication, then we’re right for you. If you want an easy fix, if you think you’re just going to be a multimillionaire in two weeks time, you’re not the right person for us. We want real traders who are disciplined people who want to do this properly and have a passion for trading. If that’s you, we’re for you.

Thanks again. This is Andrew Mitchem at the Forex Trading Coach. Bye for now.

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

#359: What Is Forex and How Do You Start Trading?

Mar 30, 2020

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What Is Forex and How Do You Start Trading?

In this video:
00:26 – The basics of Forex trading
00:46 – Coronavirus and the need for additional income
01:11 – Forex is the best market to trade – here’s why
02:10 – Trading currencies in pairs
03:16 – You can also make money when the Currencies fall
05:16 – Allows you to work from home and create a passive income
05:50 – Clients can become full time traders
06:15 – Emails from clients, excellent trading results
07:57 – You need to start with the basics

What is Forex? How do you trade the Forex market? How do you get into it, and what are the benefits? Let’s talk about that and more right now.

Hey, traders. it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 359.

The basics of Forex trading

I want to take a step back this week and talk about the absolute basics of Forex trading, what it is, how do you get into it, the process you need to go to, seeing if you’re the right fit, et cetera.

So if you’ve been trading for a while, I apologise that this is going to be more of a newbies video and podcast.

Coronavirus and the need for additional income

But the reason I’m making this right now is because with the coronavirus issue going on around the world, and yes, it even affected us here in New Zealand with a lockdown right now, a lot of people are coming to me saying, “Look, I need some form of new income. I’ve heard about trading. I don’t know about it. How do I start? What is it even?” So I wanted to make this video because it’s very, very topical.

Forex is the best market to trade – here’s why

So look, to me, trading the Forex market is like no other market, and it’s been my only and preferred choice of Forex market now for 16 years. I’ll explain to you what it is, and then why I trade it, and then I’ve got some emails here I’d like to read out that I’ve received just this week to show what can be achieved.

So going back to the absolute basics, in the Forex market, there are eight main currencies. There are several others, but there are eight main currencies that we look at trading, and they are the US dollar, the Canadian, the Pound, the Euro, the Yen, the Franc, the Australian dollar, and the New Zealand dollar. It doesn’t matter where you live in the world, what time zone you’re on, what your local currency is. None of that really matters when you come to trade the Forex market. I don’t trade just the New Zealand dollar because I live here. If you live in the US, you don’t need to trade just the US dollar.

Trading currencies in pairs

So what we’re doing is when we say trading a currency, we actually trade currencies in pairs. So it means that we’re trading two of those eight together. So when you buy stocks or shares, you’re buying just one of something, and you’re anticipating it’s going to go up in value in most cases. A little bit like when you buy a house, you’re buying a house. You’re expecting it or hoping it’s going to go up in value, especially if it’s an investment property. But with currencies, we trade currency pairs, so we trade, let’s say for instance, the Euro against the US dollar.

So we always trade it that way round. It’s never the US dollar against the Euro. It’s just the way that it’s written. So we’re looking at one currency to strengthen and the other to weaken. So if, for instance, we look at our charts or economically, we look at what’s happening in the Euro, and we look at the Euro to strengthen, but at the same time, the US dollar to show weakness, we’re looking at buying Euro-US dollar as a currency pair, anticipating it’s going to rise in value, so we can make money when it goes up.

You can also make money when the Currencies fall

The beauty of the Forex market and especially right now where things are crashing in most other markets is that we can make money equally as much, and equally as well, and equally as successfully when the Euro-US dollar is falling, providing that we’re selling it at that point. So what we’re looking at that time is for the Euro to be weakening in currency value and the US dollar to be strengthening, and that brings the Euro-US dollar currency pair down. Different ways you can do this, you can be what’s called a fundamental trader where you’re looking at economics, and GDPs, and employment data, and interest rates, all those type of things, or you can be like we are. You can see it behind me on my screen here, technical traders.

Yes, we’re aware of the fundamentals and we do look at them. We’re aware of them, but we don’t trade them. We don’t let them influence what our decision-making is because as a technical trader, everything I know is factored into the charts. So all I need to be is someone that’s interested in doing maths, someone who’s interested in patterns, probability, that type of thing. If that’s you, then you’ve got a good chance of looking at a chart and quickly understanding what it is it’s telling us. Of course, you need help, and guidance, and education, and a strategy on top of that. But if you’ve got any interest in patterns, and maths, and consistency, and low risk, all those type of things that we’re looking for as a good Forex trader, you’ve got a really good chance of making this work for you.

But the beauty right now with stocks and shares, and probably soon to be property prices around the world crashing and tumbling, we’ve just had an absolute fantastic time trading the Forex market because most of the currency pairs like the Australian-US and the New Zealand-US, et cetera have been falling, but we’ve been making money on those, looking to take sell trades on those currency pairs, and we can make money exactly the same way as we can if the price is moving up and we’re buying. So a big, big difference there.

Allows you to work from home and create a passive income

You can use an online platform, and right now, working from home, either you’re forced to be at home right now through lockdowns or people are working from home, but this is an absolute perfect time to be doing something like this, working from home, and educating yourself, and creating yourself a passive income. Look, I’m not saying you’re going to suddenly either quit your job or lose your job depending on the economic circumstances right now and suddenly jump into becoming a full-time Forex trader. I’m not saying that because realistically, you’re not going to do that.

Clients can become full time traders

However, I do have clients who have been with me from absolute scratch, never started trading before to six months’ time, they are now trading full-time. That’s not happening for everybody, but it can certainly happen if you’ve got that drive, determination, and the will to want to make this happen. So a lot of it does depend on you. We can only provide so much knowledge, education, et cetera, but it does depend on how much you want to do this.

Emails from clients, excellent trading results

So let me cover a few emails that have come here just this week. On Tuesday, I received an email from a guy in London. He’s called Mikalai. He said, “My trading is going well. My counter is compounding with my winners getting bigger. Trading conditions have been amazing. I’ve been trading the 15-minute charts today because isolation allows me to do that. I’m already up 2.3% for the week.” That is received on Tuesday based on Monday’s trading. The next day, on Wednesday, Mikalai wrote to me again, “Another great day trading the shorter timeframe charts. My target for the day of 2% was hit even before my wife woke up. The early bird catches the worm. It can be done.”

An email here from Diana. Diana has been with me for probably about three or four months now. She sent me an account here. it’s all on Myfxbook. You can see all the trades or the seven of them in the last two weeks she’s taken plus 9.56% in the last two weeks. The profit factor is 17.9, which by the way, if you don’t know a profit factor, that’s enormous, so that’s fantastic trading. Nearly 10% there in two weeks by Diana. This one in terms of percentages is incredible. This is from John. He wrote to me on Wednesday. He said, “I’ve been following gold and silver closely this month, and I’m up 42% on my capital already. Very, very pleased with those results.” John has given me his entry and exit levels, and how he got into the trades here. But if you’ve seen gold and silver, they’ve crashed. Now, they just started to pull back, so he’s been actually buying the pullback, so 42% there. This was written on the 25th of March, 42% in a month, so it shows what can be done.

You need to start with the basics

Look, I’m not saying you’re going to rush out there and make 42% in a month just like John from day one. Absolutely not, but you’ve got to start somewhere. You’ve got to learn the basics and learn how to become a good trader. If you have any interest at all, I’ll put a link below this video or somewhere on this page to our 5-star-rated Forex coaching course. We’ve got clients in 58 countries that we’ve helped over the last almost 11 years. In May of this year, we celebrate our 11th birthday since our first client was trained.

So if you’d like to join us, you know where to find us. Have a look at that link. Stay safe out there with the coronavirus issues and the lockdowns wherever you are in the world. Don’t forget that working and being at home can actually have some benefits, so no better time to learn what’s happening behind me here on the charts and how to do that for yourself.

So once again, this is Andrew Mitchem and The Forex Trading Coach. I’ll see you this time next week. Bye for now.

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 >>

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#358: If You Don’t Trade Forex Now, You Never Will

Mar 22, 2020

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If You Don’t Trade Forex Now, You Never Will

In this video:
00:24 – The world has gone mad
00:36 – Traditional investing is not working
01:00 – Why we trade the Forex market
01:21 – You need to be trading right now
01:57 – Email from a client from Ireland
02:24 – Trader joins after 6 years
03:35 – It’s now or never

If you don’t start trading the Forex market in these current conditions, you probably never will. Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here, owner of The Forex Trading Coach with video and podcast number 358.

The world has gone mad

Okay, so it’s official. The world’s gone mad. Everything’s in utter chaos. Everybody’s shut down. No one can go anywhere. It’s all doom and gloom. Or is it?

Traditional investing is not working

So obviously, with the traditional markets, the stocks, the shares, everything’s falling, everything’s crashing. Property may well do the same. Interest rates are zero everywhere. And the traditional routes of investing are not particularly good right now. Everybody’s locked up at home, self-isolation. Everybody’s all depressed.

Why we trade the Forex market

But the good news is, and one of the reasons why we trade the Forex market, is because what happens in all these other markets doesn’t really affect the Forex market. Sure, it affects it in terms of the Forex market moves.

But the great thing is, is all we want as far as traders is some volatility, some price actions, some movement. And that is exactly what we have right now.

You need to be trading right now

So if you’re not trading the Forex market, you need to be. If you’ve got any interest in trading the Forex market and you wanted to learn how to do it, now is the time to do it. You’re probably stuck at home, can’t do too much else. The market is in absolute prime conditions right now for Forex traders to be doing well. We’ve just had some amazing moves on all currency pairs, so you need to be on this right now, taking advantage of it. And to be honest, these conditions are likely to last for a long, long time. So you’ve got time. But do it now. Don’t delay. Take advantage of it now.

Email from a client from Ireland

I need to read you this email that I’ve had from a client of mine over in Ireland. “Hey, Andrew. Yes, it’s been an unbelievable market. When you think that the stock markets have crashed more than 30%, investors are pulling their hair out, and most expert advisors or robots have blown accounts, but we are heading for one of the best trading months ever.” Just come through here this morning from a client of mine who’s been with me since 2012 in Ireland. So it just shows what can be done.

Trader joins after 6 years

Now, the other extreme of that is I had a client join me just yesterday from the UK who has been following me for six years, never quite pulled the trigger. Always been interested and never quite got there. Now he came to me and he said, “Do you know after all these years, things are getting so bad over there,” over here for him, over there in the UK. He said to me, “Do you know, Andrew, I have to do this. I have to take control of my finances, and no better time than right now, because I’ve been told by my employers that I’m in self-isolation, work from home type of thing.”

So what a great opportunity. Good on him for doing that. And it just shows if you have that thought process, that mentality of what is happening right now, all this utter chaos and panic and everything else that’s going on … If you have the thought of, well, you can’t do much about it, so let’s take a positive out of it. Let’s learn. Let’s self-educate. Let’s protect our finances and take control of our finances ourselves by using a market that has the ability to make money when the market goes up or down. That is the Forex market.

It’s now or never

Like I said at the beginning, it’s now or never. If you don’t do it now, you’re probably never going to do it. You know where to find us if you need any help.

This is Andrew Mitchem, at The Forex Trading Coach, loving the trading conditions right now. Bye for now.

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 >>

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#357: Are You Thriving or Just Surviving?

Mar 16, 2020

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Are You Thriving or Just Surviving?

In this video:
00:33 – Paul Tillman was here in NZ last week
01:12 – How we made profit from the Coronavirus news
02:06 – The stats show that only 5% make good money
03:05 – The system and strategy works in all market conditions
03:35 – What do you need to do in order to become a thriving trader?
05:02 – I’ve re-opened a link for you to follow
06:19 – Shows the results that you can achieve with low risk

As a forex trader, are you thriving or are you just surviving? Let’s talk about that and more, right now.

Hey traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 357.

Now, I want to talk about the difference between the very few who are thriving, and the majority who are just surviving in the forex market.

Paul Tillman was here in NZ last week

But first, also want to update you regarding last week’s video and podcast where I had Paul Tillman here with me in New Zealand. Now Paul works with me, he’s based out of North Carolina in the States and he covers the American live webinars that we hold and also he helps run and moderate our forum site. But it was great to have Paul and his family here for 10 days with my family here in New Zealand and it just goes to show what can be done with trading. We carried on exactly as normal. Paul brought his laptop and things just continued as normal. Another one of those great benefits from trading.

How we made profit from the Coronavirus news

But also on that video and podcast, you’ll remember, and if you’ve not seen it, go and watch it, that we talked about how we profited from the monthly charts by selling the Australian yen and the New Zealand yen at the beginning of February. Now, right now with early part of March and the coronavirus news and the threats and the story is going mad, not so much here in New Zealand, but globally. And the important thing is is that we saw the Japanese yen, particularly the yen strength, but also some strength in the franc and the US way back in at the end of January. And it just shows that if you can read the charts properly and you know what you’re doing, how you can profit from that and become one of those thrivers.

The stats show that only 5% make good money

So we know the stats that you hear and see out there, that probably only around 5% of forex traders make good money. And we are one of those, in those groups, of the 5% and we’re definitely thrivers because not only have we made good returns from this most recent news event and the strength of the yen and the weakness in the Aussie, the Kiwi and the Canadian especially. Not only is that something that we’ve done well from recently, but we’ve done well from all sorts of different events and market conditions for years and years now. I’ve been trading nearly 16 years, and over that time you kind of go through all the different conditions and news events and political events. Nothing really makes too much of a difference once you know what you’re doing.

The system and strategy works in all market conditions

So when people say, “Oh, does your system work in this kind of market condition?” Well, yes, it works in all kinds of conditions because it’s proven to have done that over those years. But the problem is, and we find this all the time from emails that we get from people who are struggling out there is unfortunately, 95% of the people are the survivors. And to be honest, most of those people end up giving up because it’s just too hard. It’s too difficult. It’s not working for them.

What do you need to do in order to become a thriving trader?

So really, if you’re one of those survivors and you’re not a thriver, what is it that you can do? Because if you’re a thriver, well done, congratulations. You are in the top elite group of people who can make money from trading. But if you’re not, and the majority are not, what is it that you are going to do right now to change that around within your trading? Because obviously, it comes down to a number of things, the strategy and the mindset being the two kind of big ones.

But what is it that you’re going to do to ensure that you get to use a strategy that has been proven, that works across different timeframes, different market conditions, something that’s not going to take very long out of your day to actually implement, something that’s practical, something that’s realistic, something that gives you high reward-to-risk trades. So when you have a profitable trade, you more than make up for any smaller losing trades. Something that has very low drawdowns as well is very, very important. Far too many people get caught up in win rates and things like that. And far too many people get caught up in trying to make massive gains all the time, but then they ignore the drawdown. Now realistically, drawdowns are a big part of your trading because they do affect you psychologically. So you don’t want to be having a system that has huge drawdowns. Very important that you control your risk.

I’ve re-opened a link for you to follow

So to give you an example of this and a real practical example of this, I’m going to reopen a link to a small project that I did last year in July and August. So back in July and August 2019, I went over to the UK and to Europe for a few weeks with my family. And during that time, I recorded my trading, my account, the trades that I was taking and all done in real time so people could see exactly what was happening. And what I did is I recorded me taking the trades of the daily charts. And I think I looked at the 12 and maybe six-hour charts. I traded for about 10 to 20 minutes, absolute maximum per day. And by the time I got home, I made around, I think it was about a 12.7% return on my account with absolute minimum drawdowns, very low risk portrayed as well.

So what I’ve done is below this video, I’m going to send you the link or give you the link that you can click on to go and watch all of those videos again and you can go and see all the trades I’ve taken. You can see the trades that I posted on our membership site and on our forum site, and you can see the trades on my live MT4 account.

Shows the results that you can achieve with low risk

So very, very beneficial because what it shows is not only the strategy work in real time, it shows the results that you can achieve with low drawdown, but only by trading 10, 20 minutes once a day. So once again, go and have a look at that link. The link will be on this page somewhere and I really urge you to have a look through all of those videos. Obviously, start at the first video and work your way through them because you’re going to learn a lot from that and see how you too can trade well with only a very small amount of time trading per day.

So once again, this is Andrew Mitchem at The Forex Trading Coach. Make sure you join the thrivers and you get out of the survivors group. Bye for now.

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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#356: Will the Coronavirus affect Forex Traders?

Mar 9, 2020

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Will the Coronavirus affect Forex Traders?

In this video:
00:20 – Joined by Paul Tillman from NC, USA
00:40 – Webinars, Trades and the Coronavirus
01:00– Recent webinars and how you can benefit – view the recording
02:45 – Our trading day today
04:13 – Trading with the Coronavirus and how it has affected the charts
05:27 – Monthly chart trades make massive profits with the Yen strength
06:02 – Why we are technical traders and where are the charts heading?
07:20 – Live trading sessions in the UK later in the year
08:50 – Contact us if you are interested in knowing more about our trip to the UK for training

Andrew Mitchem:
Will the Coronavirus affect us as Forex Traders? So let’s talk about that and more right now.

Paul Tillman:
Hey traders, it’s Andrew Mitchem here, The Forex Trading Coach, video and podcast number 356 and I’m joined by Paul Tillman here.

Joined by Paul Tillman from NC, USA

Paul Tillman:
Hello everybody. All the way from North Carolina here in Nelson, New Zealand. Good to be with you today.

Andrew Mitchem:
So Paul’s been over here for the last 10 days with me and with his wife and two children having a great time here in New Zealand, showing them the sights and the sands. Now a number of things we want to talk about on this video.

Webinars, Trades and the Coronavirus

Number one about some webinars that we held recently, and how we can help traders with trading information and there’s a link here also to the webinars that we held, and also want to share a few trades that we’ve taken recently and lastly, we want to talk about the coronavirus and how it’s already affected trading, and what it’s likely to do in the future.

Recent webinars and how you can benefit – view the recording

Andrew Mitchem:
So Paul, let’s start at the first thing, the webinars we held just last week. Maybe you could just describe what we did and how it went and how people can benefit from that information using the links that are below this video.

Paul Tillman:
Absolutely. So we took lots of questions and emails and basically got it down to a few categories of what traders are having issues with or if you’re brand new experience, and they came down to trading psychology, not having a strategy, some things that brokers and indicators or, “I’ve done okay, but I’m giving away too much money, I’m losing.” And so we took all of those and we just talked about them. What we’ve seen in our course, what we’ve seen as 15, 20 plus years together have trading experience. And we took each topic and talked about it at length and it went very well.

Paul Tillman:
Kind of help sate solve those problems with the questions and answers and things and why we have a strategy and psychology and all these different things, and we’re part of those 5% of traders that are actually profitable and not part of the 95% that end up failing.

Andrew Mitchem:
Absolutely. And I think the thing that came through from it is, it was practical information. It was realistic, practical information that we use as traders every day that our clients use, and we’re passing on that information for other people to use.

Paul Tillman:
Absolutely. Yeah. We’ve got clients in 50 plus countries, who do well with our forum site and our webinars and our daily trades, and just being consistently profitable, which is the number one problem. The number one goal that people want to have as Forex traders.

Our trading day today

Andrew Mitchem:
Absolutely is all we’re after. And the other thing that was important that came out of that is that maybe you just describe our morning so far today, because the important thing is that people think of Forex trading as something you got to be sat at the computer all day watching every pip move up and down and really you don’t.

Paul Tillman:
That’s right. We had a couple minutes look at charts early this morning to see what happened overnight, but we took Andrew’s kids to a school this morning, and then we went out for about a 30 minute kayak ride. Both of us fit on this nice little kayak. And that was a great bit of fun. And then we had a little bite to eat. I drove Andrew’s Peugeot around just a little bit, then we did a little bit of tennis. So the entire morning was just fun typical things that we’re both dads that we would do, and just taking care of certain things. Then we did daily trades. That was late morning.

Paul Tillman:
Woke to the charts, maybe 20, 30 minutes and put our daily trades on. Then we also took some offline charts, so some six, eight, 12 hour charts. We have unique custom made software to do. We took it’s probably … Yeah, four or five of those traits.

Andrew Mitchem:
Five, yeah.

Paul Tillman:
Now we’re sitting out here, just had lunch with both the families and yeah, we’ll check on those trades later.

Andrew Mitchem:
Yeah, absolutely. And that’s the thing, the offline charts, you can look at them at exactly the same time as the daily charts. That’s the beauty of them. It’s not taking up extra time.

Trading with the Coronavirus and how it has affected the charts

Andrew Mitchem:
So I’m lastly moving on the coronavirus. It actually did us a huge amount of favours trading wise anyway, maybe not other things around the world obviously with the issue, but trading wise with the strength in the Japanese yen on Friday we had our best day for a long, long time.

Paul Tillman:

We did. We had two specific monthly trades on the New Zealand Japanese yen and the Aussie Japanese yen and the yen just strengthen an absolute tonne. We took these trades in the beginning of February, and the last day of February as it have it to be, they hit the full profit target. We’re talking three and a half, four to one trades on both and one of those was on the retracement order and a market order where we got right into the trade. So, there’s absolutely fantastic results. Even if you had a little bit of a minor losing streak or some losing trades, this took those out and we made two or three times more.

Paul Tillman:
And it was just two trades. It took 10 minutes at the beginning of February, and they just did wonderfully. And you had the technicals ended up following the fundamentals in a way. The news happened, but the technicals were already showing it, and the trades worked out perfectly.

Monthly chart trades make massive profits with the Yen strength

Andrew Mitchem:
That’s the thing you got to remember, here we are in the first week of March, yet over a month ago, we saw that setting up on the monthly chart and took those trades.

Andrew Mitchem:
And like you said, it took to the last day of February. But that didn’t matter, because on a monthly chart you’re expecting trades to last for longer. But the amazing thing that I found from it is that we saw that over a month ago, nearly five weeks ago, we took the trades and obviously the virus issues got worse over February and into March around the world. But in the end strengthened. But the technical showed that a long time ago. And that’s the really great thing with understanding good technical trading.

Why we are technical traders and where are the charts heading?

Paul Tillman:
That’s right. That’s why we technical traders trading from that right hand side of the chart. Yes we do pay attention to fundamentals, but that’s not the basis of our trading at all. It’s 11 years worth of good technical analysis that works year after a year, month after month, day after day.

Andrew Mitchem:
Absolutely. And so I suppose really a bit of a prediction where things are going with this virus and they shouldn’t have that will help people. So right now we’re still looking at a massive strength in the yen. So I suppose people are seeing that as like the safe haven currency, the yen and also generally the franc and the U.S tend to be that. Over here in New Zealand, the New Zealand dollar is getting absolutely hammered right now. So is the Canadian. Today the Canadian was exceptionally weak and so the commodity currency seem to be getting a bit of a hammering. Whereas the safe haven currencies, they’re the strong ones right now.

Paul Tillman:
That’s right. Yeah. It’s all about strength the weakness and following those trends and it’s what we see each day in the charts. You don’t have to have perfect predictions all the time. It’s just what we see on the charts at the time and if we’re looking at trades at the time, we’re not looking at indicators at price action, it’s already happened. It’s what’s happening right now, the current day, current time and then making those trades based off that.

Live trading sessions in the UK later in the year

Andrew Mitchem:
Absolutely. So Paul funnily look, you’ve been here for 10 days, had a great time with you and your family. Absolutely awesome to have you here. One thing we have mentioned is that we potentially might be doing a bit of a live trading session over in London later in the year, maybe about August, possibly September time. Any comments for anybody over that side of the world that might want to come and join us?

Paul Tillman:
Yeah, so if you’re in one, and obviously I’m biassed to the U.S and Andrew’s biassed to New Zealand, maybe a little bit of Australia. But the London market is probably consistently the biggest market out there in the world for folks who want to trade big financial centres. What you get out of that is you hear a lot of, “Oh no, I’ve been scammed. I don’t have the right education. This person sold me on this, and it wasn’t real. It didn’t happen. I’m stuck. I don’t know what to do. I’m not profitable.” We’re planning on heading to London later in this year. August, September timeframe.

Paul Tillman:
So if you’re interested in that, we’d be happy to give you some more information. Hope to have a huge group of people that we can train effectively, so you can be consistently profitable, and they can forget those ways where they’re really struggling and they want to do Forex as a business and make money to trade, but it’s just not happening for them. So we’ll be planning to be over there. We’ll get some more information out later on this month and later on in the year and it’ll be Andrew, myself, and a few others hoping to have a big event in London later this year.

Contact us if you are interested in knowing more about our trip to the UK for training

Andrew Mitchem:
Absolutely. So look, if anybody’s interested in that, I know it’s a little bit down the track yet, but if anybody’s interested, just reply to the email that you get this video on, or send us an email, andrew@theforextradingcoach.com or paul@theforextradingcoach.com and we’ll be happy to fill you in with extra information. But thanks for watching. Any other sort of videos that you’d like us to make in the future, either myself or Paul, any trading information you’d like us to cover, just send us an email and we’re here to help. Support once again, thanks so much for being here. Awesome to have you and safe travels home.

Paul Tillman:
Yep. Thank you for everything, Andrew. Thanks everybody. Good to see you from New Zealand. Thanks.

Andrew Mitchem:
Bye.

Click Here to watch the recorded session.

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#355: What Does Your Trading Day Look Like

Mar 1, 2020

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What Does Your Trading Day Look Like

In this video:
00:25 – How to structure your trading day
01:06 – You’re not going to be a full-time trader immediately
01:46 – Fit your trading around your current situation
02:10 – My trading day
03:45 – Looking at different time frame charts
04:32 – Looking at the changeover of different time frame charts
05:16 – Live trades on live webinars. Trade hit profit
06:15 – Trading in 30 minutes a day

What does your trading day look like? Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at The Forex Trading Coach. Welcome to video and podcast number 355.

How to structure your trading day

I want to answer a question that I get asked quite a lot about, how somebody should structure their trading day and also what does my personal trading day look like? So let’s talk about that because it’s really important that as a trader you have a plan, you have a structure and that you have a routine. Why? Well, because you never really know what the market’s going to do and you need to be there… In my opinion, you need to be looking at the same type of charts and the same time of day as often as you can. And that just gives you consistency over time and you get to understand how the market works and its characteristics, et cetera. And now, obviously we’re trading, to do it properly you’ve got to enjoy it.

You’re not going to be a full-time trader immediately

Now for most people, realistically, you’re not going to be a full time trader, at least to start with. You’re going to have other commitments, family, jobs, sport, music, whatever it might be. And the problem is, is that right now there seems to be a bit of a movement around the so called sort of work hard lifestyle kind of gurus out there. And they’re sort of getting into this, you’ve got to keep going, going, going, going, going, go to work sort of 12, 14, 16 hour weeks, just got to keep going, and going, and going.

The problem is for those people that do that, first of all there’s no fun and secondly is, how on earth do you fit something new in like trading around that?

Fit your trading around your current situation

So for me it’s almost flip it the other way around. You’ve got to make the trading fit in around what you’re currently doing, especially if you’re not trading full time to start with. So for me personally, I think that less is more. I’ve always thought in terms of trading less is more. The less you interfere with the trade, the better you do. The less time you’re staring at your screen and your charts the better you do. And that has just been a proven case.

My trading day

So to give you an idea of how I structure my day, and bear in mind I’m in New Zealand, which is on a completely different time zone to most other countries around the world, is that you need to sort of base yourself on the New York time as well. So wherever you live in the world make that kind of adjustment. So for me, I wake up about six o’clock in the morning, kids are off to school by about quarter past seven and from then on I have a quick look at the charts about what’s happened over night my time into the later European session, and the US session. Getting an idea of what’s happened to my open positions, have they made profit or loss, just have a quick scan through the market. And then at around 10:30 my time, which is just before the 11 o’clock change over of the daily charts, I’ll then have a more serious look at what’s happening in the market.

So that is based on the 5:00 PM Eastern Standard Time, New York close of day. So around 4:30 PM Eastern Standard, which for me is the next day at 10:30 AM, I’ll go and look at the charts and I’ll go through because of course I do extra write-ups for my membership site and for the free sites and different places on strength and weakness analysis, so it takes me a little bit longer than normally if I wasn’t writing that. But anyway, I’ll go through, look at the daily charts and we’ll look at what is setting up on the daily chart, specific trades plus strength and weakness for the next 24 hour time period.

Looking at different time frame charts

At the same time though, I can look at 12 hour charts, eight hour charts, six hour charts and four hour charts and it’s really interesting how things change around. We held a webinar just last night in the European session for clients, and there were a huge number of eight hour chart trades that have occurred this week and a little bit into last week. Yet the previous week they were all four hour charts, I think the word that was lots of those but very few sort of eight and 12 hour charts. So it just depends on what’s happening in the market, which is why we really strongly suggest if you can, when you’re looking at the daily charts, look at another couple of timeframes at the same time. They all close at the same time, so why would you not look at them? So we do that.

Looking at the changeover of different time frame charts

And then for me… So it’s 11:00 AM, and then at 3:00 PM if I can, I’ll look at the four hour chart change over from 11 till three, four hours, look then. At 5:00 PM if I can, I’ll look at the six hour changeover. At 7:00 PM I’ll then look at the eight hour changeover and then depending on the day at 11:00 PM I will then look at the one hour, the four hour, six hour, and the 12 hour changeover that’s coming into 5:00 AM Eastern Standard Time. So not all the time do I do that because 11:00 PM it’s starting to get a little bit late, certainly on a Monday I don’t do that and on a Friday I don’t do that, but Tuesday, Wednesday, Thursday, midweek when there’s more likely price action I try to do that.

Live trades on live webinars. Trade hit profit

I know just last night we held a live webinar as mentioned, and that 11:00 PM my time, 5:00 AM New York time, we took trades on the live webinar, we took a sell trade on the 12 hour chart, Pound/Australian Dollar and that hit it’s profit target in 22 minutes, absolutely unbelievable. It doesn’t do that very, very often at all, especially on a 12 hour chart. Have a look on your charts, the Pound/Aussie just completely crashed, dropped away. We also took profit on our breakout strategy which made another one and a half percent this week and that’s a five minute strategy once a week on a Monday. And we also took a sell trade on the daily charts yesterday on the Pound/US which is going quite nicely, not quite got to its profit target but still going well. And I also took a five trade New Zealand/Yen on the six hour charts, that’s now got filled and we’ll know over the next day whether it hits its profit stop or we close it before the weekend.

Trading in 30 minutes a day

So all in all, you could quite easily trade in half an hour or so per day. And although that sounds really good, you got to remember though, the reality is you’ve got to do that work up front and that hard yards up front to get to that stage to have the ability and the eye to be able to know what you’re looking forward to get to that stage. But once you’ve got there half an hour, once a day, absolutely quite easily go through multiple timeframe charts two or three times a day and trade very, very well.

So I hope that helps. That’s a bit of an insight into my daily structure, but don’t forget that I’m doing that consistently. I’m not just one day just doing it and the next day, can’t be bothered. You have to do it consistently. Consistency is key and it will make you a good trader.

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

Click here to Learn more about my course.

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#354: We can help shortcut your learning process

Feb 24, 2020

Podcast:

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We can help shortcut your learning process

In this video:
00:31 – Information overload online
01:11 – 2 live webinars this week for you to attend
01:39 – Paul Tillman will be joining me in New Zealand for the webinars
02:59 – Paul now works with me at TFTC
03:24 – Webinars to help you with your biggest trading problem
04:54 – 2 trades taken live on client’s webinar – both hit their profit target

Let us help shortcut your learning process and make your trading profitable, very quickly. Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach and welcome to video and podcast number 354.

So in this video and podcast I’ve got some very, very exciting information to share with you.

Information overload online

You see, when you look at it online, there are thousands of Forex experts. There’s lots of information, information overload, analysis paralysis, call it what you like. There’s just so much out there. The problem is in reality most of it’s not good. And what we want to do for you is to help kickstart your trading into gear. Basically get it moving, making it profitable and making it doing that without much stress on your behalf with little time used up and making it practical, making it real, making it profitable and consistent with low risk. All those things that as a trader you should be looking for.

2 live webinars this week for you to attend

So we’re going to be holding a couple of webinars this week and by the time you watch this video you’ll be, it’ll be this week. Friday right now as I’m recording this, you will see this on Monday, so the webinars will be on Wednesday and Thursday. There are two of them. There’ll be a link on this page where you can choose which one that best suits you. You’re welcome to attend both if you wish to. They are going to be live, but an extra special twist is this.

Paul Tillman will be joining me in New Zealand for the webinars

So I’m going to be joined right here at my desk in my office at home here in Nelson, in New Zealand, by Paul Tillman. Now if you don’t know Paul, he works with me here at the Forex Trading Coach and Paul is based in North Carolina over in the U.S.

And Paul started trading Forex 14 years ago. He went through everything that most people have been through. He’s been through the online stuff. He’s been through the physical courses. He’s wasted money, frustration. Courses weren’t delivered properly, promises broken, all that type of thing. And then in 2015 he gave it one last shot. I was actually in India of all places at the time. And I wrote back to Paul from my hotel room in India to say, “Hey look, I’m on holiday in India, but this is what I can help you with right now. And when I get back next week I’ll send you some more information.” And so as a result of that, back in 2015 Paul decided to join our course. And over the next few months he really got into the course. He understood it. It clicked with him. It worked. And he was attending live European session webinars, getting up early hours in the morning for him over in the U.S. But then over time he was developing into a really, really good trader, lots of good results, consistency, reliability, all those types of things.

Paul now works with me at TFTC

And then a couple of years later I decided to offer Paul a position and now he runs my forum site and my U.S. webinars and we trade together. So we have a fantastic relationship. Now when you get this video on podcast on Monday, Paul will be with me right here. He’s on his way to New Zealand and with his wife and two children for them to spend about 10 days here with me and I can show him around the sights.

Webinars to help you with your biggest trading problem

But as part of his trip here, we’re going to be holding a couple of webinars where we are going to be helping you to identify your biggest single trading problem. What’s holding you back the most from being a good trader, whether you’re brand new or whether you’ve been doing it or trying to do it for years and years. So we want to help you with good, real practical advice.

And I think it’s going to be really beneficial for you to not only listen to myself with suggestions, but also especially actually from Paul because he’s been in the position that you’re probably in right now. And I’ve helped him turn his trading around and how things have just changed massively in his life as a result of what he decided to do five years ago, which was to join us. So we’re not going to be doing any selling on this session. There’s no special discounted links. There’s no giveaway prizes. None of that. It’s just going to be real honest, true above board realistic suggestions and advice from two traders living on opposite sides of the world to each other, both doing the same thing and both doing it well.

So if that’s what you’d like to find out more about. I really encourage you to try and get on one of those sessions live. On the form that you’ll see where you enter your name and email address, etc., select the date that suits you, but also tell us what your biggest trading problem is so we can address that live in person for you on that session.

2 trades taken live on client’s webinar – both hit their profit target

Now, talking of webinars, last night I held a webinar with my clients like we do every week. I took two trades live in front of my clients, both on the one hour charts. One was a sell trade on the Pound / Franc. One was a sell trade on the Australian / Franc. One made a a 1.5 to one trade. One was, the other one was a 1.4 to one. And also the daily trade that I put on for clients to follow yesterday on the daily charts on Thursday was based off a buy trade on the Euro / British Pound that also hit full profit for three to one on the position that got filled. So just three trades there in one day for clients to follow, made them a magnificent amount of money.

So if you’d like to know more, I really encourage you to jump onto one of those free webinars where we’ll be talking about helping you with your trading issues and problems. They’re going to be fantastic.

First time ever that Paul’s been here to New Zealand so really looking forward to the event and we’d love to see you there. Bye for now.

Click here to Register for an Upcoming Live Webinar

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