Weekly Video News & Podcast

#371: Should You Trade Correlated Forex Pairs?

Jun 22, 2020

Should You Trade Correlated Forex Pairs?

Podcast:

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#371: Should You Trade Correlated Forex Pairs?

In this video:
00:23 – Trading correlated pairs and the TFTC Pattern Trader results update
00:36 – Confusion over trading correlated pairs
01:38 – Other correlated currencies
02:06 – Trading examples
04:27 – Trades from last week and how I traded the correlated pairs
05:52 – TFTC Pattern Trader update, +3.6% this week on autopilot

Should you trade correlated Forex pairs? Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 371.

Trading correlated pairs and the TFTC Pattern Trader results update

And I want to talk all about Forex pairs and trading correlated pairs and also, I want to give you an update on the autopilot feature for the trade results this week for our fantastic software called Pattern Trader.

Confusion over trading correlated pairs

So let’s start with the question about Forex pairs and correlation. It came from a trader called Joseph and said to me, “Hey Andrew, I’ve got a question for you. I’m getting confused with knowing which pairs to trade and which are correlated. Can you help me out on a future video and podcast?” So, exactly what we’re doing. You would notice that a lot of currency pairs are quite highly correlated. For example, the Euro and the Swiss Franc are highly correlated. And what the EUR/USD does, the USD/CHF generally does the opposite because they’re both U.S. dollar related and the Euro and the Franc are related. So if the EUR/USD goes up, on your charts, generally, you will see the USD/CHF drop. You get other correlations acting like the Euro and the Pound, both are very similar markets, same time zone, et cetera. They tend to move quite similar, tend to.

Other correlated currencies

You get other correlations such as the commodity currencies. So in other words, the New Zealand dollar, the Australian dollar and the Canadian dollar, they all tend to move in correlation most of the time. And of course you get exceptions to that. And sometimes you’ll get the Aussie dollar move up, as the Kiwi dollar moves down. That’s generally something’s happened, whether it be a news event or something to split that correlation, but overall, you will find similarities there.

Trading examples

And so an example of this would be, let’s say you were trading the EUR/AUD. Now what the EUR/AUD does, let’s say it moves up. You will find that the AUD/CHF will likely go the other way. And so you have correlation there because you’ve got the Australian dollar featuring in both of those. And you’ve got the Euro and the Franc, which are correlated, so that becomes the issue that some traders have.

And with Joseph, who said, he’s confused with these, you can see why, and therefore you just need to be careful. Let’s say you were trading the AUD/USD and that was a buy trade. You probably wouldn’t want to be trading a sell trade at the same time on, let’s say the NZD/USD, because you’re unlikely to find the two would work out. Now, of course, there are exceptions again, you have to trade what you see and you have to have a trade plan in place. So if your plan is to take those two trades, regardless, then you do so. But if they’re on the same time frame chart, and they show at the same time of the day, then its quite likely there that one’s going to work and one, maybe not.

So what you need to do as a trader is you need to do one of few things. You have to look at this and go, do you know what, I’m going to take them both, but I’m going to reduce my risk on each trade. That is one option, or you can look at them and go, I need to take the strongest of these, so if the AUD/USD, let’s say it’s showing a bullish signal and the NZD/USD is showing a bearish signal. What I would then do is go and have a look at the AUD/NZD pair. And on that, you’re likely to see that the AUD/NZD is moving up as well, so that gives you a little bit more bias that you’ve getting this right with strength in the AUD/USD.

But also you then need to look at your strategy and how these are likely to play out. Where are you going to put your stop losses? Where are your profit targets? Where are they bouncing? What part of the chart are they in? All those types of things, and you might then do your analysis and go, do you know what? I’m just going to take one of these because it looks so much better than the other.

Trades from last week and how I traded the correlated pairs

And I’ll give you an example. Last week, I had three Euro related trades at the same time on the daily charts. I had the EUR/NZD, the EUR/JPY and I think it was the EUR/CHF as an example. And so what I did with those, as I said to my clients, I said, all three of these are looking really, really good, they’re on the same time zone, they’re all showing good trades on the daily charts.

So what do we do? We could go and find two nos and go, I’m going to take just the best one. But at the time all three were showing very, very high quality, A grade setups. So I’m happy to take them. It’s just that I know that I’m putting a lot of faith in the Euro moving in my anticipated direction for all three of those trades to work out, which by the way they did. But what I ended up doing is reducing my risk slightly, because I knew that all three were highly dependent on the Euro. So that’s how you can manage that as well. I think the issue that some people have is they see the EUR/USD moving up on lets say, daily timeframe. And then they see the EUR/JPY moving down on a one hour timeframe. And that’s where some of the confusion comes. But you’ve got to make sure that you have your plan in place of when this happens, you know exactly what you are going to do in those scenarios. And so that’s important for you to figure out what works best for you.

TFTC Pattern Trader update, +3.6% this week on autopilot

Now. Part two of the video onto our amazing software called TFTC Pattern Trader, this week right now, as I’m recording this, we’re in Friday morning here in New Zealand, still with most of one day still to go, I’m on 100% autopilot. My account is up another plus 3.6% right now, as I’m talking to you. So Pattern Trader right now has been only made available to my coaching clients. Plus last week’s video and podcast, I announced how you can get to access it yourself, even if you’re a non-client of ours. So in a few weeks time, we are going to be increasing the price for non-clients. We obviously need to look after our coaching clients and keeping the price to a minimum for those people who are already on board with us as coaching clients is going to be paramount for us.

But if you are interested in the software and you want to keep to the low price that’s run right now is like the introductory price, make sure you have a look at tftcpatterntrader.com I will put a link to that site on this video podcast page. Make sure you have a look at that. You can start it for free. There’s a free trial there with a basic version, but if you’re interested in going to the paid version, where you can trade live onto one of your training MT4 accounts, or have it completely automated, like I trade the software myself, within a couple of weeks the price will be going up.

So there’s a difference between coaching clients and non-clients. So right now take advantage of that lower price. The link will be on here, but like I mentioned again so far this week, plus 3.6% completely 100% auto trade autopilot. I’ve not touched a single trade. So amazing results there, especially when you consider what else is happening in the world of investments right now. So once again, this is Andrew Mitchem, at the Forex Trading Coach. I’ll see you this time next week. Bye for now.

Episode Title: #371: Should You Trade Correlated Forex Pairs?

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 >>

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#370: A Massive +9.5% Gain this Week on Auto Pilot

Jun 15, 2020

A Massive +9.5% Gain this Week on Auto Pilot

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#370: A Massive +9.5% Gain this Week on Auto Pilot

In this video:
00:29 – Giving you the opportunity to try our new software
00:45 – Do you lack time to trade?
01:25 – Amazing trading software and it’s features
03:35 – This week my account is up +9.5% on autopilot
04:27 – This is how you can use the software
06:19 – The software self learns and adapts

Our amazing new automated trading software has made an incredible 9.5% so far this week, and I’m going to give you the opportunity to get your hands on the software. Let’s get into it.

Hey, traders, Andrew Mitchem here at the Forex trading coach with video and podcast number 370.

Giving you the opportunity to try our new software

I’m very excited to give you the opportunity to come on board with us here at the Forex trading coach and get our amazing new auto trade software, and you can start by getting it absolutely free. Some more about that shortly.

Do you lack time to trade?

The problem that a lot of traders have obviously is time, lack of time. People tell me all the time that, Andrew, I’d love to join your course, I’d love to learn trading, I’m too busy. Anything else you can do to help us? What we have done is over the last year, we have behind the scenes been developing an amazing piece of software. It is honestly like no other piece of software you’d have ever seen in the Forex market. It is based entirely on my own trading strategy, completely based on the Forex trading coach principle.

Amazing trading software and it’s features

The amazing part about this software, there’s actually so many, but I’m just going to name some of the principle differences with it compared with most other software. What this allows you to do is to create your own portfolio of trading bots, of trading computers, trading robots. The beauty of this is unlike most other systems out there, we have one set of optimised rules, which generally then don’t work in real time. This allows you to create different robots based on the principles that I’ve been trading myself for the last 16 years on different currency pairs, different timeframes, different patterns, everything that I trade. It allows you to create your own group, your own portfolio that suits you as an individual.

The other clever thing that we’ve done is we’ve allowed a back testing aspect to this, where you can go and see all the trades over the last 10 years based on the group of bots, the portfolio, and the risk level that you have created. We’ve also taken it to the next level where we have integrated MT4 into the software. There’s no third party apps, there’s no virtual servers, there’s no expert advisors to add. There’s none of that. You don’t need any other trading software. You literally just integrate your MT4 platform into the software and all the trades are there getting traded for you.

We’ve also built the software with a piece of software called telegram, and it means that you can get the trades alerts sent through to you. You can look on your phone, you can look on your computer, you can see the chart, you can see the risk, the reward of the trade, and you can determine yes or no, if you want to take the trade, or you can take that one step further and have the ability to have the software completely on auto pilot or a combination of both, depending on what suits you. It really is amazing software. It honestly is like nothing else you would have seen before. Very easy to use, very easy to create your own group of bots. It’s absolutely amazing.

This week my account is up +9.5% on autopilot

As I’ve mentioned at the beginning, so far this week, we’re only four days into the week. I’m recording this Friday morning, my time here in New Zealand. Another day still to go. Right now this week, the group of bots that I have created and I’m using and running 100% on autopilot on my live account are up plus 9.5% this week with a 2.2 profit factor per trade, and a 2.3% account draw down. The lowest my account was down, which was at the beginning of the week when the market conditions were not so favourable, I’ve been down 2.3%. Maximum right now I’m up 9.5% if I closed my live trades right now, my open trades, that’s open and close trades. If I close them right now, I’d be up 9.5%, 100% automated.

This is how you can use the software

If you would like to get your hands on the software, and by the way, we’ve been developing this for like a year. It’s taken a long time, a lot of costs, lots of effort gone into it. In early May, we’ve launched it for our coaching clients to have the option of using the software. It’s a paid for piece of software. There’s a lot of costs involved in this software, but it is really truly remarkable software.

Back in May, we launched it to clients who wanted to come on board and use it, and it is not available to the public at all right now. However, if you’re watching this video, if you’re listening to this podcast, all I encourage you to do is to find the form on this page and fill in the form, and we’ll send you details of how you can jump on board with the software right now. There is a free version of the software. It’s a more basic version, but it allows you to create some bots and see how backtesting would have worked, et cetera, and then we move on to paid versions of the software, where you can integrate it with an MT4 account and then the highest level you can integrate it and have it completely automated.

If you would like to be one of the people, the first people to jump on board with this software, and by the way, once we launch this properly, big time, the price will be going up. We’re on a low cost per user right now, while people are getting onboard with the software. Become one of the early people to take advantage of the software. If you are interested in any way at all, just trialling it for free or jumping on board and linking it to either a demo account or your live account, then all you need to do is fill out the form on this page.

The software self learns and adapts

Now, one other thing I need to tell you about the software that makes it completely different to anything else, is it self learns. As more and more data comes into the system, as more candle patterns, as more trade setups come into the system as time goes on, this self learns and adapts. It’s not an EA that you just plug in with a stop loss here and a profit target there and forget about it. It’s amazing software. It allows you to become someone who’s in charge of your own investment portfolio. Even on autopilot, you don’t just leave it completely on autopilot and pretend it’s not there. You can still manage trades. You can still choose whether to take trades or not. You can still close them, partially, et cetera, all those types of things that you can choose to do, but it really is amazing.

Fill out the form that will be on this page, become one of the early people on board with this incredible software, take advantage of it. Like I’ve said, 9.5% account gain that I’ve taken out of the market this week in only four days myself on a live 20,000 US dollar account. It really is amazing. Jump on board with it, fill out the form and we’ll send you details by email shortly. Once again, this is Andrew Mitchem, the Forex trading coach. I’ll see you this time next week with more trading tips and information. Bye for now.

Episode Title: #370: A Massive +9.5% Gain this Week on Auto Pilot

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 >>

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#369: Should You Use a Trailing Stop Loss?

Jun 8, 2020

Should You Use a Trailing Stop Loss?

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#369: Should You Use a Trailing Stop Loss?

In this video:
00:26 – How to manage trades?
01:08 – Don’t move your stop loss to breakeven
01:50 – Disadvantages of a trailing stop
03:17 – Where do I place a stop loss?
04:05 – How I manage a stop loss
06:15 – Try to avoid moving to breakeven and avoid trailing stops
06:40 – Email me if you have any questions about trading the Forex market

Should you trail your stop, or should you move your stop to break even, or should you do something completely different? Let’s talk about that and more, right now.

Hey Forex traders, it’s Andrew Mitchem here at The Forex Trading Coach, with video and podcast number 369.

How to manage trades?

Now, I quite often get emails asking me about how I manage trades, and I’ve had an email come through just today, and it’s from someone who’s saying “Hey Andrew, can you tell me the best way to trail a stop?” and they basically said they want to use trailing stops, and how should they use it? My question back to them is quite simple. It’s how big a stop-loss should you use? And it’s like “well, how long is a piece of string?” It really is a level or a number that no one can tell you what you should do, because in my opinion, you should not use trailing stops.

Don’t move your stop loss to breakeven

I also don’t think you should move your stop to break even either. Because when you think about it, moving a stop to break even doesn’t actually do anything. It might make you feel all warm and fuzzy, and “Well, I can’t lose on this trade,” but from a trading point of view, and if you actually look at your trade’s bigger picture longer term, if you just move your stop to break even, does that actually improve your trading success and your overall profitability?

I highly doubt it does, because when you move your stop to break even, when do you decide to do that? Do you move it when you’re almost at your profit target? Do you move it really soon, and then you get stopped out all the time? How do you decide? And it’s a little bit like a trailing stop.

Disadvantages of a trailing stop

One of the big disadvantages of a trailing stop is that on most platforms, you actually have to have your computer on, in order for that trailing stop to work, certainly on the MetaTrader platform you do. You can’t just put a trailing stop in and turn your computer off, because the trailing stop actually sits on your computer, rather than on the broker’s service, unlike a fixed stop or fixed profit target.

And then it comes down to the point of how big is your trailing stop, and when do you introduce that trailing stop? Now, an example would be the Euro British Pound, doesn’t move very much, but if you’re trading something like the Euro New Zealand or the Pound New Zealand dollar, and then the same stop loss that you use on your Euro-Pound would be stopped at all the time on your bigger moving pair. And then of course, it comes down to another thing: what timeframe charts are you trading, and how big is your stop-loss anyway. So it all becomes quite a bit… It becomes very messy and it doesn’t become something that you can do very well with consistency. It starts to become emotional and a bit of guesswork on there. And I don’t like emotions and guesswork in trading. I like to know facts on like to know actuals. And I think that’s where people who play around with their stop-losses too much actually come on stuck. They actually think they’re doing a good thing, but in reality, they’re probably not really doing themselves any trading favours.

Where do I place a stop loss?

So how do I approach this? Well, first of all, from my own point of view, when I put a stop-loss in, I put it there for a reason. I know that it’s generally below a round number if I’m buying or above a round number if I’m selling, or support or resistance levels, but it’s there for a reason. I also know that if I do get stopped at, at the full stop-loss, I’ve lost X amount of percent of my account. Generally for me, a quarter or half of 1%. It’s a very small risk per trade. So I have all that pre-calculated.

I also know that from my own trading point of view, my reward-to-risk is very high on trades. So, when I have a profitable trade, it more than outweighs several losing trades. However, if I were to go and change a stop-loss or edited, it would be for a reason.

How I manage a stop loss

And I would do one or two things. I would either close part of the trade because that’s effectively locking in some profit anyway, assuming that the trades in good profit, but I would only do that if I saw a reason to stop or to get out of the trade, or I’m starting to doubt the trade. But at this point, I’m assuming it’s still in good profit, but it’s not like the full profit target. So I could look at closing at part of that trade, if I wanted to.

The other thing I could do, if I only wanted to move the stop would be, I would move the stop-loss for a top technical reason, not just some arbitrary figure and put it 20 pips away or 50 pips away. I would, let’s say we’re buying a currency pair and it’s not gotten to the full profit target yet, but we’re in really good profit. What I would do is I would actually move my fixed stop from its original position. I would move it up to, let’s say it’s still protected by a round number or a previous low or pivot point or something like that. So I’m actually moving it for a reason, and I’m moving it to another safety level. Let’s say our trade had already been up and had come back down, it’s gone up again, and now it’s coming back a little bit more. Now that last banks, providing I put that stop-loss below that last banks, it’s quite likely if my trade in the first place is a good trade, it’s still going to get there in the end. But it also means that that last bounce probably is now a new support level.

So putting my stop loss below that level is another safety area. It means I’ve guaranteed to lock in some profit, even if it comes and stops me out, but I’ve actually guaranteed some profit out of the trade. Far better to do that than just go “I’m up X number of dollars or pips, whatever it might be, I’m just going to put my stop at a breakeven,” because your entry point at breakeven has no technical relevance, really on most trading systems. And so moving your stop-loss to a technical level for a reason is a good point and partially closing some of your trade. And even at that point, then moving your stop-loss is another good area and a good way to manage your trades.

Try to avoid moving to breakeven and avoid trailing stops

So I hope that helps try to get away from moving to breakeven, just because that’s what some website told you to do. Try to get away from trading stops because in all honesty, they really do have almost no significance at all and no technical sort of actual ability to help you improve your trades. No statistical advantage whatsoever.

Email me if you have any questions about trading the Forex market

So I hope that helps any questions that you have about practical trading. Just come through to me, Andrew at theforextradingcoach.com. Have a look on the website, theforextradingcoach.com. And I’ll see you this time next week with another video and podcast. Bye for now.

Episode Title: #369: Should You Use a Trailing Stop Loss?

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

#368: We’ve Won The Best Forex Mentorship 2020 Award

Jun 1, 2020

We’ve Won The Best Forex Mentorship 2020 Award

Podcast:

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#368: We’ve Won The Best Forex Mentorship 2020 Award

In this video:
00:28 – TFTC Wins the Best Forex Mentorship 2020 Award
01:15 – Making trading work for our clients
02:32 – We celebrate our 11th birthday – don’t miss out on our sale
03:36 – Proud to have been coaching for 11 years
04:34 – A very quiet trading week
05:09 – Looking forward to a good trading month in June

Today, we’ve just won the award for the number one best Forex mentorship programme online for 2020. I want to talk about that and more right now.

TFTC Wins the Best Forex Mentorship 2020 Award

Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 368.

And that’s right today, we have been awarded for 2020, the number one best Forex mentorship programme online. We’re very, very proud of that. Very thrilled to have won that amongst a group of other very good online companies. It’s been awarded to us by the bestonlineforexbroker.com website, and I will put a link to their award with their top ranked Forex mentorship programmes for 2020 on this page. A big achievement. It’s taken a lot of hard work and dedication on our behalf to get there, but also it’s the reward for the hard work that goes in to ensure that the trading works for our clients.

Making trading work for our clients

Now, ultimately, that’s what we’re about as a mentorship programme, we’re about imparting our knowledge and our education to other people who are out there wanting to learn how to trade and how to do it well. So as a result of this award, I got in contact with the owner of the website, Edward, and I said to Edward, “Look, why have you created this programme? Why have you created this website? What is it all about?” And he said to me, “Look, Andrew”, he’s been involved in the Forex market for a number of years. And he said, “I was just fed up with the amount of scams out there, the amount of just utter rubbish or garbage, whatever you want to call it, out there in the Forex market.” And he wanted to do something about it. So he’s created the website, the bestonlineforexbroker.com, and on that he ranks different brokers, and also different online education companies, and of which we were the number one ranked for this year.

So very, very pleased with that. So go and have a look at that site. Like I said, there’s a group of really good, honest, quality education companies on there. And we are one of those, but fantastic from our point of view to win the first place. So very, very happy with that.

We celebrate our 11th birthday – don’t miss out on our sale

So that leads on to something that we are holding right now. When you get to watch this video and podcasts, it will be this week. It is going to be on the 3rd of June. For me in New Zealand, starting, could be the 2nd of June if you’re in Europe or the US. Now we are holding our 11th birthday sale. So every year on our birthday, we hold a sale where I give a really good, massive discount on the course itself. Now this year, we’ve just delayed it slightly because we’ve just been spending the last few weeks updating and upgrading our membership sites. So now it’s a great opportunity for you to jump on board. We’ve just gone to new membership software, makes the whole joining process even more smoother, and the actual site itself is a new and improved look as well.

So we’ve just delayed the sale by a few weeks, but it’s going to be this week, second or 3rd of June, depending on where you live in the world. It’s going to be a 12 hour sale and the starting price is going to be absolutely crazily low.

Proud to have been coaching for 11 years

But yeah, look, we’re really proud to have been in the industry for 11 years. Looking forward to many, many more years to come and to helping many thousands and thousands of traders still to help people become profitable. We’ve got actual clients who have joined the course in 88 countries around the world, and again, we’re very proud of that achievement. It’s something that’s not easy. It’s a lot of time and dedication to help people, but also just shows the structure that we’ve got in place, and how it is really working and changing the lives of so many people who are interested in trading the Forex market.

So have a look at the number one award. Also have a look at the 11th birthday sale that’s on this week. It’s just 12 hours. Get in early because the price will start low and will be increasing all of the time. So that’s it from me this week. I’ll be back next week with actual trading information and news for you.

A very quiet trading week

It’s been pretty quiet on the charts this week. Been a very quiet week. So not a lot to report on the actual currency charts this week. I’ve probably taken less trades this week than I have for a long, long time, but that’s just the market. When the market’s quiet, you just take less trades don’t force trades. You have to trade what the market is giving us at the time. We’ve had February and March, and good part of April, where there was just ridiculously high number of very, very good profitable trades. The last week or so has just been a little bit quieter at the end of May, but we know in the Forex market that that will change.

Looking forward to a good trading month in June

June likely is still going to be a fantastic month. So great opportunity, great timing for you to join us if you’d like to.

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

Episode Title: #368: We’ve Won The Best Forex Mentorship 2020 Award

Best Forex Mentors 2020 Click Here

Upcoming 11th Birthday Sale – Register Now! Click Here

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

#367: Trading in 10-15 minutes a day

May 25, 2020

Trading in 10-15 minutes a day

Podcast:

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#367: Trading in 10-15 minutes a day

In this video:
00:26 – How much time do you spend watching the charts each day?
01:30 – Waiting for every pip
01:53 – The way we trade
03:12 – Why we trade at 5pm EST, New York Time
03:58 – 4 weeks on holiday and I made +12.7%
04:48 – A normal day
05:37 – Get away from the short time frame charts

I’m going to show you how you can trade the Forex market very well in as little as 10 to 15 minutes per day. Let’s talk about that and more right now.

How much time do you spend watching the charts each day?

Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 367.

And I want to talk about how much time you spend at your charts, at the computer as a Forex trader. And probably for most people watching this, you’re probably part-time traders doing this as an interest, a hobby, something to create a passive income. And what I tend to find is that most people seem to think they need to be set at their computer at their charts all day long or as long as they can. A lot of people say to me, “Andrew, I’m around working in the daytime, but I’ve got all evening to sit and watch the charts.”

And the problem with that is it doesn’t become sustainable, it’s not reality. Yes, you can do it for a short period of time. But think about this long-term, are you going to spend five days a week just sat there watching your chance every evening? Or if you are working night times, are you going to sit there every day time watching your charts? The reality is that you’re not going to be doing that or you’re not going to enjoy doing that for very long. And that becomes a problem.

Waiting for every pip

Most people though, they think they’ve got to be sitting there waiting for every pip per movement, waiting for this line to cross over that line. And just in case you miss something or you’re scared to leave a trade open because you might like lose a pip or two. And that’s the problem. People thinking in the wrong terms, you should never think in pips, forget the pips, they do not matter.

Think in percentages, but that’s another subject. So the reality is that the way that I teach and the way I trade is that most days I spend between 30 and 60 minutes total chart time. Now, when you start trading, when you learn a system, yes, you’ve got to put that time in the effort upfront. Absolutely you do. You’ve got to watch, you’ve got to see what’s happening. See how the market behaves, see the behaviours of different currency pairs, all those types of things. But the reality is though that once you know how to trade it’s quality, not quantity. And less is more, all those kinds of phrases that you hear, but they are so true when it comes to being a good Forex trader, because you do not need to sit watching your charts all day long in order to do well. And for me in the way that I trade, the way that I teach is that we only look for a trade at the close of a candle.

Now for me, the two main times that I try to be at my computer on New York time, 5:00 PM and 5:00 AM. Those are the two times. If I’m not there exactly at that time, especially the 5:00 AM. It doesn’t matter because the way that I trade is I’m taking retracement orders anyway so I don’t need to be there. The 5:00 PM. I’m always there because that’s when I post my trades for my clients and have done so for nearly 11 years now, without fail, we’ve never missed day.

Why we trade at 5pm EST, New York Time

So the reasons for those times, the 5:00 PM New York time, that’s Eastern standard time. That is at the close of the trading day. That is when I can look at the daily charts, the 12 hour charts, the eight hour charts, the six hour charts and the four hour shots. I can scan through those five timeframe charts in probably 10 minutes.

Look at all the currency pairs, scan through them, 10 minutes done. And then at 5:00 AM, New York time, I look at the 12, the six, the four. And because it’s then in the European time, I look at the one hour charts as well. If I think nothing else than looked at the charts at and around those two times, then you have ample trading opportunities.

4 weeks on holiday and I made +12.7%

Now to give you an example, last year, you’d have seen on my website, if you’re following me back then, I went over to Europe, the UK, and France for four weeks with my family. And in that time I traded 10 to 15 minutes once a day on the 5:00 PM, New York close and that was it. In the four weeks I was away, I made 12.7% on a live account. All the trade today, you can go and view them. They were all posted on our membership site.

They’re all taken in advance of the market moving, but 12.7% in four weeks trading, 10 to 15 minutes once a day in the evening in the UK and in Europe and that was it. No on-going management. No going back to the charts during the day time watching. Just logging back in again, European evening and taking trades for the next day. And that was it, really easy to do.

A normal day

So for me personally, when I’m not away, I tried to look at the four, six and eight hour chart changeovers during the daytime if I can. If I miss them, doesn’t matter, it’s not that important. And because not every time are you going to find a good setup. And if you miss some too bad. Trading is about longterm, it’s not about getting every single trade every single day, every single week, that’s not real.

So look at it as an enjoyable thing to do, look at it in a more relaxed way, look at it with retracement orders, looking at the close of a candle. If you can’t be there right on the close of that candle with retracements, it doesn’t matter because generally you’ve got a long time before the trade will actually get filled anyway. So I hope that helps.

Get away from the short time frame charts

So try to get away from thinking about looking at one minute charts and five minute charts and 15 minute charts, it’s not fun, it’s not real, you can’t sustain it. And the reality is you’ll end up probably paying your broker more in spread costs than you’ll actually make. So be really, really careful with those short timeframe charts and try and get onto the longer, more enjoyable, more reliable charts from four hours and above. So I hope that helps. This is Andrew Mitchem at the Forex Trading Coach. I’ll see this time next week with more trading tips and information bye for now.

Episode Title: #367: Trading in 10-15 minutes a day

Click Here to Check my Recommended Brokers.

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The 30 Minute Trader Trip

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

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#366: How to manage a run of losing trades

May 17, 2020

How to manage a run of losing trades

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#366: How to manage a run of losing trades

In this video:
00:25 – Trader struggles with losing trades
01:41 – Your strategy stops working
02:26 – No trading results are ever even
03:13 – Trade a variety of different time frame charts
04:15 – 7 closed trades and a 7% account gain this week
05:15 – Things will be different next week. Be flexible
06:14 – Examples of using Fib levels

What happens to you when you’re in a losing streak of trades? How do you cope? How do you manage with it? Let’s talk about that and more, right now.

Hey traders, Andrew Mitchem here at The Forex Trading Coach with the video and podcast number 366.

Trader struggles with losing trades

So I’ve received an interesting email from somebody this week. They’re not a client, but they were saying, “Andrew, I’m having a really bad losing streak right now. My trades are mostly going wrong. I’m losing money. What do I do? How do I cope with it?” And it’s a really interesting question because of course, nobody writes to say, “Hey, I’m having a fantastic time. My trades are going really well. And I now want to change systems and jump in and take your course.” But if someone is having a losing run, then they write and say, “Well, how do I overcome this?”

So it’s really interesting that that happens. And it’s a tricky one to answer, but I’ll do my best to give you an explanation of how we trade and help overcome that. Because to me, it’s really important that now I’m assuming this person has a good strategy that’s been profitable in the past. If you’re just jumping straight into a strategy and there’s no proof behind it or you don’t know how it was created or it’s a logic or it’s theory, and it’s not working. Well, that might be different. You might want to sort of think about jumping out of that one pretty quick.

Your strategy stops working

But I’m assuming, for now, that you’ve got yourself a strategy that’s been profitable, it’s been proven in the past, and now all of a sudden, it’s not working for you. Now, if that strategy has been good in the past, logic would suggest that there’s no reason why it probably won’t come right again, but you’ve still got to get through this time period that you’re in right now, where things are going wrong.

So I think it’s really important to start with, that you actually, if you’ve got confidence and faith in your strategy, and you’ve created this strategy yourself, and you know it works, is to stick at it. Don’t go trying to tweak it. Don’t try optimising it. Don’t add other indicators or changing it because that’s likely just to mess with you and mess with the logic and the strategy.

No trading results are ever even

Don’t forget also that no trading or any investment for that matter is a straight-line return. It just doesn’t happen. Nothing is perfect all the way through. You’re not going to make 5% month after month after month after month, perfect straight line. It doesn’t happen. You’ll still end up with the same result maybe after a year, but you’re going to make 2% minus 4% plus 6%. Depending on how your strategy goes, but you’ll still get to that same overall result, but no way do you flat line equal results all the time. So you just need to accept that you might be in a situation where the market’s not reacting perfectly to the strategy that you have.

Trade a variety of different time frame charts

So here at The Forex Trading Coach, the way that we try to overcome that is we trade a variety of different timeframe charts. Now, to give you an example, this week, I’ve seen very, very little on the shorter timeframe charts. I’ve taken only two trades, three trades, sorry, on the daily charts, two of which closed for profit, one’s still in, and I’ve taken another one just today about an hour ago. So the two that have closed for profit on the pound-yen and Canadian-yen made a 2.7 to one reward to risk and 3.1 to one reward to risk. Put those two together, half percent risk on each. And that’s given us a 2.9% gain. I also have a breakout strategy that takes me about five minutes once a week on a Monday, that made a full profit for 1.5%. And I’ve taken only four 12-hour charts in the entire week. Still got Friday to go, but only taken four 12-hour charts. And they’ve netted a 2.6% return, half-percent risk.

7 closed trades and a 7% account gain this week

Put all that together, I’ve actually got only four, five, six, seven closed trades, two still in, but I’ve made a 7% account gain.

So it just shows that if you were only focusing on, let’s say 15-minute charts, with my strategy this week, you may or may not have found very many. I haven’t really looked because I’ve not seen much happening on the four-hour charts and lower that’s good for my strategy, but let’s say there were very few good setups. You may have had a slight gain. You might have a neutral week or even a loss. But when you have the ability, with your strategy, assuming your strategy’s built this way and with price action, things that we look for, you can trade it on any market on any timeframe.

But with that ability to do that, I can select what timeframe charts are showing me the best setups, the best signals, at that time and in real time.

Things will be different next week. Be flexible

Now next week, for example, there may be hardly any on the 12-hour charts that are good setups. I might be more focused on six-hour charts or four-hour charts or even one-hour charts. Who knows? And I have to sort of be prepared to be flexible in my trading approach. And that’s one of the keys that you can take out of this is don’t just trade one pair. Don’t just trade one timeframe chart. Don’t trade with fixed stop loss or profit target, because the market’s always moving. What might be a, as an example, a 50-pip stop loss might have been perfect for your strategy last week. For this week, that may be way too far away or way too close, depending on the volatility and the movement in the market. And also depending on the timeframe chart and the pair you’re trading.

So that’s why that I use Fibs because Fibs are all proportional to what’s happening in the market right now.

Examples of using Fib levels

A daily chart candle, for example, might be 200 pips this week. Last week, when there was huge volatility or the week before, it might have been a three, 400-pip candle. Next week, it might be an 80-pip candle on the daily chart. So you’ve got to be flexible and adapt with the market.

So I hope that helps, but yeah, really, if you’re in a bit of a losing rut, stick through it. Accept that if your strategy has been good in the past, likely you’ll get through it. And this will just be like a losing week or losing month, which is part of trading. You have to accept it. But yeah, multiple timeframe charts, low risk for trade, high reward-to-risk trades. When you get a profitable trade, make sure it makes really good profit and it outperforms a series of losing trades. That can really help you as well.

So once again, this is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week with more trading news and information. Bye for now.

Episode Title: #366: How to manage a run of losing trades

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 >>

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#365: How a Client Now Owns His Own Fund Management Company

May 11, 2020

How a Client Now Owns His Own Fund Management Company

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#365: How a Client Now Owns His Own Fund Management Company

In this video:
00:31 – Email from a client who joined 3 years ago
01:19 – Started hedge funds and investment bank
01:51 – Look what can be achieved
03:10 – Get the basics right first
03:52 – Echo Trade Copier https://echotradecopier.com/
04:22 – Learn how to trade properly

A client has gone from being a forex student to a full time fund manager (fund management), owning his own company in under three years. Let’s explain how and how you can do the same.

Hey traders, Andrew Mitchem here at The Forex Trading Coach for video and podcast number 365. Wanted to get outside again today. Beautiful day out here and make this video.

Email from a client who joined 3 years ago

Now, I’ve received an email this week from a client of mine who joined me just around three years ago as a student. Never really traded forex that well until he joined us. But he put a huge amount of effort in, at the beginning. Constantly asking questions, constantly being on live webinars and his due diligence that he did with his trading was incredible. Very, very impressive young guy. Did very, very well after joining us. Was very active on our forums, very sensible guy.

Took trade sensibly, didn’t gamble. Did all the things that we basically teach, but the information was there provided for him. He took it, he took advantage of it, and now the change around of what he’s achieved is unbelievable. But I wanted to read this email to you that I received from him.

Started hedge funds and investment bank

He said, “Things are going well on my end. I’ve started a few different hedge funds over the past year and even purchased an investment bank with my business partner. We’re rapidly growing our assets under management, which is very exciting. We’re just about to close a €1.5 billion deal with a consortium in Madrid. I’m about to launch a prop firm, where I’ll be allocating funds to different traders. If you’re interested, let me know. Or if you know of any other proven traders, I’m more than happy to discuss.”

Look what can be achieved

So, it’s a couple of things here, is that one, look what this guy has achieved. Just by taking our course and when people say to me, “Hey Andrew, I can’t justify spending that amount of money on a course.” My response is, well, if you went to university, you’re going to get end up with a piece of paper and debt. Almost certainly. I’m not knocking university, but you get what I mean. This guy spent $2,000. It’s changed his entire life around. He’s learned how to trade properly and now he’s got to where he’s got with his own company, with potentially with this new one at €1.5 billion under management. That is an incredible turnaround. And if you think that spending a couple grand upfront to get to that stage is not a good investment, then please don’t even contemplate joining us because you’re really not the right sort of person for us.

We’re not a good match. So, just shows what can be achieved. So, that’s taking it from beginner to really, really quite special. Not everybody’s going to do that, of course, but it shows what can be achieved. But you have to start somewhere and you have to take the decision to want to learn how to trade. And you have to be able to learn how to trade and prove to yourself that you can trade before you get to these next levels.

Get the basics right first

You see, it’s all well and good thinking, I’m going to do this and I’m going to do all these flashy things, but unless you can do the first bit right, which is what this guy chose to do, he chose to invest in himself to learn, to follow us, to follow our system and to prove to himself that it could work. Only when he did that and did that consistently for like the time to then move on to the next things. And you can do the same.

I mentioned a few weeks ago on a video and podcast that there’s no reason why you cannot start with going to Myfxbook or Signal Start or one of those kind of companies and getting people to follow your trades and you can make money month after month from subscribers.

Echo Trade Copier https://echotradecopier.com/

We do this with a new service that got launched last week called Echo Trade Copier. People can join on that for under a $100 a month and they can follow our trades or if you do the same, they can follow your trades and it’s a great way for you to build up a following. It’s a great way for you to build up proof that you can trade and to gain money if your account right now is not the biggest.

You can reinvest those funds back into your trading account and grow them yourself.

Learn how to trade properly

But all of it comes back to the number one fact is that, unless you can trade properly for yourself and know how to trade, then all of this is quite irrelevant. So, it comes back to the fact that, do you think that investing in a proven course and investing in yourself and your future is worth it? Yes or no? And that’s really all it comes back to. If your answer is yes, then you need to decide who to go to. Of course we think we’re a very good option because we’ve been doing this for so long, nearly 11 years and I’ve taught over 2500 traders. But you need to do your due diligence but first of all you need to decide if you really want this enough.

Don’t just do it because you think you’re going to make money, do it because you really want to do it and you really want to be a good trader. So, that’s it for today. Hope you’ve enjoyed the video and podcast and if you have any questions about it. If you want to know who this guy is, let me know and I can pass on your details, if you’re a proven profitable trader. He doesn’t just want someone who’s starting. He wants people who are proven to join his fund management company there. If you’ve got any questions or any topics on future videos and podcasts, just like this, drop me an email andrew@theforextradingcoach.com and I’ll cover them on future episodes for you.

I’m off to enjoy this beautiful weather, even though we’re still in lockdown and I’ll see you this time next week. Bye for now.

Episode Title: #365: How a Client Now Owns His Own Fund Management Company

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 >>

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#364: Which Forex Brokers Do I Use & Suggest?

May 3, 2020

Which Forex Brokers Do I Use & Suggest?

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#364: Which Forex Brokers Do I Use & Suggest?

In this video:
00:24 – The brokers that I use and suggest
01:03 – What I look for in a broker
02:27 – List of brokers, including US brokers
02:52 – Other Forex products for you, including Echo Trade Copier
04:00 – TFTC client makes +4.5% gain this week
04:35 – Excellent trading conditions continue

Which Forex brokers do I use, and which do I suggest? 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 364.

The brokers that I use and suggest

Now, I want to talk about Forex brokers. I get asked about this all the time. So what I’ve done is I put together a page on my website, on the resources page, which lists all the Forex brokers that I use and suggest with links to each of them on there for you to go and make your own decisions. It’s really important that you do your own due diligence, but all I can do is suggest who I use and what I look for in a broker. And the aim of that is to help you to make your decision on who you’d best trust your funds with. Because, of course, like everything, there’s a few good brokers out there, and there’s a lot of quite ordinary brokers, so you’ve got to be really, really careful. After all, this is real money.

What I look for in a broker

So I look for a broker who has the MT4 or MT5 platform because that’s what I use with my trading software. I then look to see if the broker is regulated, if they have segregated accounts. And also the really important point from my point of view that you need to look for is to check that your broker has a 5:00 PM Eastern Standard Time start of day charts. So that means that they start their new week at 5:00 PM New York time on a Sunday. And the week goes right through to 5:00 PM New York time on a Sunday. But each new day starts at 5:00 PM, closes at 5:00 PM and opens at 5:00, effectively at 5:00 PM for the new day. The easy way for you to go and check that is to look on your charts, and if it’s 5:00 PM New York time, and the new daily candle starts and changes over, that tells you, you have a broker with the correct charts.

They’ll also have five full days within a week on the daily charts. If you see the six day, sometimes some brokers have a small Sunday candle, to me that’s not good because you start distorting indicators and price levels, et cetera. You need to have a broker that opens and starts at 5:00 PM Eastern Standard Time, New York time. So those are the criteria that I look for.

List of brokers, including US brokers

So as mentioned, what I’ve done is I put together a list of suggested brokers that I use and suggest. I’ve also put a list there for those of you who are in the U.S. Obviously I don’t have accounts with any of the U.S. brokers, but OANDA seems to be the broker that most of my Forex Trading Coach clients use who are based in the U.S., and they seem very, very good also.

Other Forex products for you, including Echo Trade Copier

So I’ve also put together on that page a list of other Forex products, VPS’s, interviews that I’ve done, trading software that would be useful for you. I’ve also put a link on there to a website called Echo Trade Copier, that’s our new trade copier service that went live this week. Right now as I’m speaking to you, we’re up 2.87% for the week so far with one day still to go, which is a very nice start. So the aim of that is to have obviously low drawdowns, high reward to risk trades. It’s a mixture between algorithm and trading that we’ve developed and manual trading, so have a look at that, if you’re interested. It’s called Echo Trade Copier. It basically means that you can have your account traded automatically with the same trades that is taken on the master account there for a monthly fee.

Once you set that up, which is really no more than a 10 minute process, all of your trades are completely hands-free. You don’t need your computer on, you don’t need to VPS or any of that, it’s completely automated. So you’ll really enjoy that. Have a look at that link on that page.

TFTC client makes +4.5% gain this week

Also, I’ve also received an email from a client who also posted this on our forum site today and he said, “Excellent trading conditions again today. I’ve just posted three trades on the four hour charts, all of them hitting their profit target and one trade on the 12 hour chart, franc, yen reversal. I’m up 4.5% this week on my trading account, trading only the four, six and 12 hour charts and the dailies.”

So again, it just shows what can be done, 4.5% With still a day to go from this client for just this week.

Excellent trading conditions continue

So trading conditions is still fantastic. Most of us around the world are still in some form of a COVID-19 lockdown. It really is a great opportunity, a great timing for you to learn how to trade and to be trading right now. But if you’d like to know about how to trade, come to us here at the Forex Trading Coach. If you’d like to find out more about the brokers that I use and suggest, plus the Echo Trade Copier link that I’ve mentioned, have a look on the resources page and I will post a link on this video and on this page, and you’ll be able to find that on my website.

So I hope that helps. I’ll see you this time next week. Bye for now.

Episode Title: #364: Which Forex Brokers Do I Use & Suggest?

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 >>

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#363: Excellent Market Conditions Continue

Apr 26, 2020

Excellent Market Conditions Continue

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#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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