Weekly Video News & Podcast

#351: It’s Your Trading Results that Count

Feb 3, 2020

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It’s Your Trading Results that Count

In this video:
00:23 – We trade to achieve results
01:22 – Why do so few make money from trading
02:02 – We have a very high percentage of successful traders at TFTC
02:54 – 2 recent clients results
05:00 – How you can also achieve results like this

As a trader, it’s the results that really count. Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 351.

We trade to achieve results

So, why do we trade? Well, ultimately we’re all after results, aren’t we? That’s why we do it. That’s why you learn something. That’s why we’re learning how to trade. It’s why we’re taking trades. We’re sitting at the computer. We are educating ourselves, all for the end goal of making money and being able to trade and to get results. And that’s really what counts. Unfortunately for most people, they don’t get to achieve the results that they want. And the vast majority of people, if you believe the stats out there, lose money when they trade Forex. There’s a whole group of people that might make a little bit, or lose a little bit, and get basically going round in circles, getting nowhere. And then there’s the few, the elite people who, and I mean the elite, as in just a very small number. Not elite as in particularly any fantastic as a person better, but just the ability to trade well. And a very small percentage get to that level.

Why do so few make money from trading

And why is that? Well, there’s a lot of reasons. A lot of people, it’s lacking of a strategy and an understanding, and lacking an understanding of risk. Because when you mention someone’s percentage return, or if you want to measure in pips, which I suggest you don’t do, but whether you’re mentioning pips or percentage return, a lot of people get too carried away. And there’s far too many people out there looking at making stupid amounts of gain, or they think they’re going to, or they think they should, but they never understand the risk involved to get there. And it’s really important that you understand that.

We have a very high percentage of successful traders at TFTC

So, here at the Forex Trading Coach, we are very fortunate because we have an incredibly high percentage of successful traders. And it’s not hard to see why. First of all, we’ve got the strategy that works, and the low risk, and the high reward to risk, and the good people teaching, and helping out, and consistency, all those things.

But with our daily trades, you can’t fail to make money because, at the very least, if you just copied what we do every day, you’re going to make money anyway. But on top of that, we’re not just about a copying service, we’re about teaching people to better themselves, teaching people to learn how to trade, a really straightforward, low time consuming, low risk, easy to trade system and strategy. And we’re about teaching people and educating people to do that for themselves as independent traders.

2 recent clients results

Now, I had just yesterday, two people wrote to me. One is called Brian, he lives up in Auckland here in New Zealand. And Brian said to me, Andrew I’ve made in the first month since I’ve been with you, 13.25% trading the daily charts, the 12 hours, and the six hours, and a few four hour charts. 13.25% in his first month.

And Brian said that he’s relatively new to trading, and he’s absolutely ecstatic with those results. And the great thing is being a new trader, he’s come in and look at the system from no knowledge at all. Learned what we’ve got, how we’re doing it, applying it, it’s working. No surprises really there. But it’s great to see it happen in reality. And also received just yesterday, an email from Michael over in Dublin in Ireland. And Michael has been with us for about 13 months. And Michael said, with your system Andrew, I’m averaging over 4% return per month, live trading. Now, as I mentioned earlier, some people will look at that and go, 4%, is that all? How am I going to make money on that? But you think about it this way. Michael, in over 13 months has made 4% average per month. So that’s well over 50%. It’s 48% in a year, by the time you add compounding and things like that, that would be pretty much 50% return in one year.

So, if you’re the sort of person that thinks that rubbish and 50% you should be making that in a week or a month, then you probably are not the right fit for us. But also, you’ve got got to be really careful with the risk that you are assuming you’ll be taking there. You see, with the risk Michael’s taking, it’s around half of 1% per trade. Sometimes it was a quarter, sometimes it’s half of 1%. Very, very low risk trading approach to make steady consistent gains. And that’s what real trading is all about.

How you can also achieve results like this

And if you’d like to know more, what I suggest you to do is have a look on the link that I’ll put on this page next to this video somewhere, all about how we can help you with our proven five star rated Forex Coaching Course. We’ve been running this for nearly 11 years, got traders all around the world, 58 countries at the last count. And it’s consistency, and it’s quality of trading that really makes the difference. So ultimately, like I said at the beginning, it’s the results that counts, and really that’s what we’re doing this for, isn’t it?

So if you’d like to know more, click on one of the links that I’ll put on this page, and we’re here to help you. Thanks again. This is Andrew Mitchem, the Forex Trading Coach. I’ll see you this time next week for more trading tips and information. Bye for now.

Click Here to Learn More how we can help you!

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#350: What Makes Us Different at TFTC?

Jan 27, 2020

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What Makes Us Different at TFTC?

In this video:
00:29 – So you want to become a Forex trader
01:00 – New or Frustrated Trader
02:16 – We address the real issues
03:03 – Trade in a few minutes a day
03:45 – Trade off the close of a candle
04:28 – The opportunity to follow us
05:45 – Trades posted on our Forum site and on our Live Webinars
07:00 – Trading software, Support and the Strategy
07:18 – Free Trading Information for you

What makes us different here at the Forex Trading Coach? Let’s talk about that and more right now.

Hey, traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach. This is video and podcast number 350, and I want to talk about us here at the Forex Trading Coach, how we can help you.

So you want to become a Forex trader

But what makes us different? So you want to become a forex trader. Now, you can go online. You can probably look locally around you, and you will find there are courses, there are coaches, there are systems, there are strategies, there are robots, there are books, there are… Everything to do with forex trading is online.

The problem is, from your point of view, is how do you know which is good and which is not good, what works, what doesn’t work?

New or Frustrated Trader

You see, as a forex trader, you’re going to be in one or two different situations. If you’re new, you’re looking online and it probably all looks quite exciting right now, but also, it will start to lead to confusion because where do you go? How do you know what’s good or what isn’t good? Because, to start with, it all looks kind of good because it’s all new, and you kind of believe everything that’s out there.

If you’re a experienced trader, well, you’re into that frustration time. You’ve been through and you’ve tried different systems, and you bought robots and book courses. You’ve bought strategies. You’ve done coaching sessions. You may even have been physically to somewhere in your area or travelled to do some coaching. But the problem is, although it probably looked okay, it doesn’t work. And now you’re still in that same reoccurring cycle of a bit of hope, pay some money, it doesn’t work, find the next thing, a bit of hope, pay some money, it doesn’t work, and you keep going until you either run out of money, give up, frustrated, someone tells you you’re silly for keeping trying, or you try your own ideas and they still don’t work.

That’s the problem that people have. You’re either new or frustrated, but one or the other is what you’re going to have.

We address the real issues

So here at The Forex Trading Coach (TFTC), we like to think that we’re different because we address the real issues. We realise that you’re busy. We realise that you’ve probably got family, kids, partners, sports, jobs. That thing called a job, most people have got a job. And so the last thing that you want to be doing is sitting hour after hour after hour either trying to understand a strategy or, once you’ve done that, being forced to sit there at certain times of the day, or just waiting for that line to cross over that line so you can take that trade according to that strategy. We realise that that is not good. We realise that’s not practical.

Trade in a few minutes a day

We are real traders. We’re real people, all with families, working from home. Our aim at The Forex Trading Coach (TFTC) is to get you to be able to trade in only a few minutes a day if you want to. So if you wanted to trade just the weekly and daily charts, you should really trade no more than maybe 30, 40 minutes in the entire week. And you know exactly when to do that. We have traders here at Forex Trading Coach who just trade 10 minutes just once a week on weekly charts, and that’s it.

You can trade any time frame that you want. And the beauty of the system is it works on all pairs or time frames.

Trade off the close of a candle

But because we are looking at close of a candle, if you’re looking at a close of a daily chart, you know when to go and look at your charts. If you’re looking at a close of a four-hour chart, you know when to go and look at your chart. So, practically, we’re realistic about things. We’re realistic about results. We’re realistic about the expectations as well. So no one becomes disappointed because we’re not out there making claims of making 100% returns in a week or a month. We’re not doing that.

We’re all about real trading. We’re about low risk per trade. We’re about high-reward to risk trades, and we’re about knowing when to trade and what to look for but without taking all of your day to do it. So that’s one part of the equation.

The opportunity to follow us

The other part is, when you’re learning something, there’s nothing better than following someone. And that’s exactly what we offer. We offer our daily trading suggestions. So once a day, you can log in to our membership site on the close of the daily chart and you’ll look at the trades that we’re taking, the specific trades. You look at your charts, see why we’re taking the trades because we explain that. See where our entry and exits are. Again, we explain all those reasons why.

So, over time, you get to understand how that all works, and you can do that by yourself. But while you’re learning, and even ongoing, you can follow along with our trades. Now, don’t forget… You’ve probably heard me say this before, but every single year since I started posting daily trades in 2010, every single year, we have been profitable. So if you did nothing else and just followed once a day, it’s going to take you five minutes to log in, view the trades, and take them on your chats. Five minutes once a day every year has been profitable.

So that’s earning while you’re learning philosophy. Of course, we want you to then go and be able to take that for yourself and learn that for yourself and understand how to take the trades, what to look for. But the earn while you learn, the following along with real traders, is what also helps add to that,

Trades posted on our Forum site and on our Live Webinars

Ourselves and other clients are posting trades on our forum’s site every day. We’re posting trades on different time frame charts on our forum’s site for you to go and view, follow along, see the screenshots, and on top of that, we have our live weekly webinars.

They all get recorded if you cannot attend them live, but you can follow along on those webinars and there is nothing better because don’t forget, on a live webinar, we’ve got no idea what’s happening out there in the market. We’ve got no idea what will happen in the next two hours while we’re on a live webinar. So by hearing us discussing trades, by hearing us and listening to us, interacting with us of the actual process that we go through to go, “This trade’s not bad, but I’m not taking it because of reasons A, B, and C,” or, “This trade here, I’m loving this trade because it’s got this, this, this, this, this, all the things we’re looking for. Yes, I’m prepared to take this trade. This is my risk. These are my entry and exit levels. Here’s the trade. I’m taking the trade. You can watch me take the trade right now.”

By understanding our thought process of how we evaluate different trades, that is invaluable information to help you progress as a trader.

Trading software, Support and the Strategy

So you put all of that together, and of course, we’ve not even mentioned the MT4 and MT5 software, have not even mentioned the actual support that you get. The strategy itself, don’t forget how important that is. But it’s the backup and the information that comes with it that really, really makes the difference.

Free Trading Information for you

If you’d like to know more, I’ve got a lot-size calculator, a risk calculator, available on my site. I’ll put links next to this video or below this video. I’ve got my e-books. You can find out my story from dairy farmer through to forex trader. I hold webinars each week for new traders and webinars each week for the more experienced, frustrated traders. I’ll put links somewhere below this video and on this post. So you can choose any of those that you’d like to take advantage of gaining.

The calculator’s amazing to help you keep your risk controlled and low per trade. The e-books really interested if you’re interested in going through the story of of how you can go and copy what I’ve done, go from your job today through to a full-time trader. The webinars are great information and learning tools.

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

Free Forex eBook click here!

Free Forex Tool “The Lot Size Calculator” click here!

Free Training Webinar for New Traders or Less than 6 months

Free Training Webinar for Experienced Traders or More than 6

Click Here to Learn More how we can help you!

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#349: Removing the Confusion from Your Trading

Jan 20, 2020

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Removing the Confusion from Your Trading

In this video:

00:26 – Trading Confusion and how to overcome it

00:55 – Confusion to Clarity

02:00 – Knowing what to look for

02:50 – Feedback from new clients

03:59 – Pick the charts and time frames that suit you

I’m going to try and help you remove the confusion from your trading. Let’s talk about that and more right now.

Hi, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 349.

Trading Confusion and how to overcome it

Now, I want to talk about trading confusion, and I believe it’s very, very common and I know that because when someone joins our course, I send them an email and find out all about their trading history, so we know how to best help them. And then after a week, I ask them how they’re going with the course and what they’re liking, what they’re finding difficult, and then the same after a few weeks, same after a month, six months, et cetera. So, we get some really good feedback from people about what stage of their trading career and the stage of their journey that they’re at.

Confusion to Clarity

But what I find is that confusion is a big part of what people have before they come to us. And after they join us, clarity and an understanding of the market is a big part of what they gain out of joining the course and a well-proven strategy.

So, I want to expand on that because the confusion is a big problem. You need to understand when are you trading? When are you looking at your charts? At the close of a candle is a very easy thing to do. You probably just heard my charts just alert behind me here. It is now 11 o’clock here Friday morning, so it’s 5:00PM Thursday New York time. So, as soon as I finish this video, I’m going to be looking at the daily charts. In fact, I’ve already had a quick look to see what’s happening, and posting for our clients’ specific trades based on the daily charts. I know that right now I need to look at the daily charts because the candle on the daily candle was closed.

At the same time I can look at the one hour, the four hour, the six hour, the eight hour and the 12 hour charts all at the same time. And so I have clarity of when to trade.

Knowing what to look for

I then have clarity because I know what I’m looking for. Now a little bit like riding a bicycle. Once you can do it, you can do it and you can always do it and you can get back on the bike and you know what to do. But when you’re starting, there’s a lot of confusion going on and it’s very, very difficult because you’ve got to pedal and steer and look out for cars and other bikes, et cetera, and it’s quite difficult to put it all together. But once someone’s showing you how to do it and once you’ve mastered it, it becomes relatively easy.

And trading’s not too dissimilar in that once you have clarity and understanding of what you’re looking for, what pattern you’re looking for, what the set up looks like, knowing which currency pairs you’re favouring, which timeframe charts you’re favouring, all those type of things, it becomes a lot easier. And just wanted to a pick up on that.

Feedback from new clients

Had some feedback forms here from clients. Just wanted to read a few from people who had joined us recently. Feedback from Sarah who said, I learned more in the last week since I’ve joined in the past six months of trying to trade by myself. There’s another one here from Kenneth. Loved the live trading rooms. They’re fantastic. I love the examples and really helps cement how to use the system. I love the emphasis on risk management.

Another one here from Derek who said, I think the content is really well covered. Love how your indicators tie into your method and the indicators incorporate into your trading strategy. Another one here from Peter. The templates are connected to help me understand which timeframes I’m looking at and the use of your technical analysis is really impressive. One here from Tully. I like that I can genuinely feel that you’ve put a lot of effort into the course yourself. I especially like the sequencing of how you teach effects. The parts I liked the most, I feel you’re a genuine, therefore I’m open to learning and really enjoying the course.

So, just some clarity there. So for you, what can you do?

Pick the charts and time frames that suit you

Well, pick the timeframe charts that suit you and find out what works for you. What type of trader are you? Do you like to look multiple times a day at charts? Do you like to sit and look at charts for hours upon end or do you just want to trade maybe just sort of five to 10 minutes once a day? Understand what works for you. Get that clarity about the system you’re looking for, reversal trades, continuation trades. Do you want to look at news trading? Personally I don’t but do you want to? It’s what suits you.

Get that understanding. Get to understand where your stop loss is going to go, where your profit and target’s going to go, are you entering at the market, are you entering at a retracement level? Are you entering a breakout level? What is it that works for you? Get a clarity of the system, the structure, the timeframes, the risk management that works for you. Do all of that and you’ll remove most of the confusion from your trading.

I better go and get these daily trades sorted out as we’ve just turned over 5:00PM Eastern standard time and look forward to helping you with more trading news and information this time next week. Bye for now.

Click Here to Learn More how we can help you!

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#348: Making 2020 a Fantastic Trading Year for You

Jan 12, 2020

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Making 2020 a Fantastic Trading Year for You

In this video:
00:35 – What can you learn from your trading in 2019?
01:10 – We start trading on 13th January and have our trading plan ready
01:27 – Daily trades made +23.87% gain in 2019
02:17 – We know what works and what doesn’t work
03:02 – We promote low chart watching times
04:00 – Daily trades have been profitable every year since 2010
04:23 – Split payment options for you – Our 3 Day Sale this week
05:13 – A performance based guarantee
06:16 – Register your interest for the sale

What are you going to do to ensure that 2020 becomes a fantastic year for you as a Forex trader? Let’s talk about that and more right now.

Hey traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 348. And happy new year to you.

This is the first video and podcast into 2020. I hope you had a fantastic Christmas and also just a great new year.

What can you learn from your trading in 2019?

Now, moving into trading, what is it that you did in 2019 that you kind of regret? What is it that you did that was good? Have you taken some time to analyse your performance of last year? Have you taken time to go through the charts, look at the setups that you took, ones that worked, ones that didn’t work, and basically go through and create yourself a plan so that this year, 2020 is going to become a great year for you?

We start trading on 13th January and have our trading plan ready

Now, of course, nobody knows what the market’s going to do as we head into this new year, but we’re starting trading next week on the 13th of January, which would be the day that you get this video on podcast. That’s our first day of our daily trades. Now, we all have a plan of what we’re doing heading into the next trading year.

Daily trades made +23.87% gain in 2019

We’ve analysed what we’ve done last year, and by the way, our daily trades that we post for our members made 23.87% for 2019 by risking just half of 1% per trade. So very, very low risk. Our biggest month I think was about a 1.6, or 1.8 I think it was, percent losing month. So very, very low draw down, high consistent returns. Just one timeframe I’m talking about there. Of course, we trade different time frames as well. We post on our membership site about the monthly and the weekly timeframes and on our forum site, on our forum site that we publish trades.

So do other clients of different timeframe charts, trades that we’re looking at. And on our live webinars, we trade anything from a 15 minute chart through to a 12 hour chart depending on the timeframe that’s showing the right setup at the right time.

We know what works and what doesn’t work

But we have our plan, we have our trade setups in mind, we know what we’re looking for, we know what works, we know what doesn’t work. We know about reversal trades, they look really good on the charts, but we also know that continuation trades look not quite so dramatic on your charts, but they have such a high probability chance of being profitable. So I personally much prefer continuation trades because it means I’m trading with the main trend, but after a pullback. And so, for me, I’d always put a higher emphasis on a continuation trade than I would on a reversal trade.

But it’s having things like that in mind. When are you going to trade? What days of the week? What times are you trading? We only trade on the close of a candle.

We promote low chart watching times

And I think that’s really important because, for me, we advocate and we promote living. Look at the view me, if you’re watching the video. We’re out here trying to do things outside, trading 30 minutes once a day, and that’s it. You do not need to sit at your charts watching five minute charts moving up and down all day. You can, if you really, really want to, but I can promise you that you’re not going to be doing that in a year’s time because you’re going to be burned out. Trading and good trading is about having consistency. It’s about understanding what you’re doing. It’s about having low risk and it’s trading on the close of a candle, knowing what you’re looking for, and being able to do this all the time.

Day after day, week after week, month after month, and for us now, year after year. I’ve been trading for 16 years now full time and teaching for almost 11 this coming May. And we’re still doing it and we’re still loving it because we trade well. We are profitable.

Daily trades have been profitable every year since 2010

By the way, our daily trades have been profitable every year since 2010 when I started posting them on our membership site. Every single year without fail we have made money for our clients just copying the daily trades. And, of course, it’s the earn while you learn type of theory going on there as well. So it’s what are you going to do to make 2020 the year that works for you?

Split payment options for you – Our 3 Day Sale this week

If you’d like to join us, over Christmas and new year, I’ve had a lot of emails saying, “Andrew, look, love what you’re doing but can you do some split payments?” Because normally our course is just a one-off fee.

And so what I’m going to be doing between the 15th and the 18th of January, so the week that you get this video, for three days only, we’re going to be offering you three great ways of joining us here at the Forex trading Coach and to take advantage of right now at the beginning of the year and having the full year to trade with us and beyond. What better way for you to start trading? Three excellent ways to join. Two of them will be split payment options. So for those of you that have been asking me about, can we split payments and pay in monthly installments or quarterly installments? This is exactly what you need.

A performance based guarantee

The third option, I’m going to be doing something that no one else that I know of offers in the Forex market and that is we’re going to be giving you a performance based guarantee.

So if our daily trades don’t make a 20% return for you over the next 12 months or more, then we’re going to give you a full money back, no questions, money-back guarantee. The full course fee paid back to you. So that’s the third option there on our three-day sale that’s starting next week, 15th to the 18th of January. No one else does that, that I know of. So we’re basically putting our money where our mouth is. Basically, we’re saying, “Look, we will make a 20% return with a higher percent risk per trade on our daily trades over the next 12 months or more. And if we don’t, we’re going to refund you the entire course fee. No questions asked.” You get to keep all the software, the knowledge, and everything, but also you get the course back. So we try to be fair, which we’re real traders, we’re doing everything we can to help you.

Register your interest for the sale

So if you’d like to take advantage of that, what I suggest you do is you’ll find somewhere on this page a link to register your interest for the sale. Like I said, it’s going to last for three days and that’s it. Once it’s over, it’s over, and then the course is back to the normal one off payment. So that’s it for the course. That’s it for the video.

Make 2020 a great trading year for you, not just an average one, but a great trading year for you. If you need our help with that, if you’d like our help, if you’d like to be part of the amazing team and amazing group of traders that we have from all around the world, you know where to find us, you know what to do.

Thanks again and hope to see you on the membership site really shortly. Bye for now.

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#347: Becoming a Better Trader in 2020

Dec 16, 2019

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Becoming a Better Trader in 2020

In this video:
00:25 – 2019 has been an excellent year
01:01 – We post our daily trades every day of the trading year
01:50 – Other trades posted on our forum site and taken on our webinars
02:10 – How you can learn to take these trades by yourself
03:16 – Now living in Nelson
03:40 – What can you learn from your 2019 trading year?
04:22 – We aim to create good Forex traders
04:54 – Use the next few weeks wisely to help better yourself
05:27 – We wish you a fantastic Christmas and happy New Year

What can you take from your trading year to help you become an even better trader next year? Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach with the last video and podcast for 2019.

2019 has been an excellent year

Now we’ve had a really good year, both personally and through the Forex Trading Coach and of course through our many thousands of clients dotted throughout the entire world. Had a fantastic year.

The last few months have been a little bit tougher, but with trading you’ve got to take the bigger picture. Always look at that. Don’t worry about the last two or three trades. Always look at the bigger picture. And so this video is about what we’ve done and also what have you done, and what can you either get help with or what can you learn in order to make 2020 a really great year for you trading wise.

We post our daily trades every day of the trading year

So here at the Forex Trading Coach, every single day of the trading year without fail, we have posted our daily trades on our membership site. We’ve done that for years, but this year was no exception. Every single day around 5:30 New York time; PM when the daily charts close, we post our daily analysis. Now, if you did nothing else than just copied our daily trades this year with only half of 1% risk per trade, like very, very minimal risk, all the stop losses, all profit targets, you’d be up around 24% so far.

We’ve got another week to go, end of today and all of next week, but we’re around 24% right now, which when you consider that’s purely one time frame, very low risk trading. That is very, very good.

Other trades posted on our forum site and taken on our webinars

Now on top of that, of course we post trades on the monthly charts, the weekly charts and on our breakout strategy that we have and all our forum site, we post trades all the time as do other clients. And our live weekly webinars, we’re always taking trades on those. But just the daily timeframe, 24% for the year to date, pretty outstanding.

How you can learn to take these trades by yourself

And so it’s what you’re learning from that is not only the gain of that monetary gain, it’s what you’re learning education-wise of how to take these trades.

Why to take these trades, what trades to take, what to learn from them, where to put your profits and stops, all that type of thing. So really good. On the Forex Trading Coach website itself, free information has been posted free to everybody every single day as well. Strength and weakness analysis where we’re looking at different currency pairs going strong or weak for that upcoming day every day without fail this year we have posted that analysis as well.

And it’s what we’re about, we’re about consistency about quality, consistency, low risk, high reward to risk. But for you to help you with your trading, that free information that is there and even if you’re not a client, free information is there. Of course clients get more and they get specific trades and to do with the strategy. But for everybody else, there’s free information there. There’s of course our ebook, our calculator, our webinars that we have, which by the way are on demand as well in there. So lots and lots of information to help you.

Now living in Nelson

From a personal point of view. We’ve moved to Nelson in the South Island just last week. So this is my new home, new surroundings here, and very much looking forward to spending the summer, of course it’s summer here around Christmas, new years in New Zealand. So looking at having a really nice break, just a break away from trading for a few weeks just to refresh and be ready to go for next year.

What can you learn from your 2019 trading year?

So what is it that you can do over that Christmas and new year break to improve your trading? What can you take from this year? Maybe things that you did well, maybe things that you didn’t do quite so well. What is it that you can take from that to become a better trader, a more consistent trader going into 2020 and beyond?

Write down a few things that you’re struggling with. Maybe email me some questions. We’re here to help, so just reply to this email or look on the email that comes with this video or just send me an email, andrew@theforextradingcoach.com or get hold of me via my website and the support link on there.

We aim to create good Forex traders

Because we’re about creating good traders. That’s what we want. We don’t want gamblers, we don’t want people who are erratic and emotional. We want good consistent traders. And that’s what we aim to teach to our clients.

But of course if you’re out there just wanting to get some information and a few trading tips and information, just email me. Email me your issues that you have with your trading. And either next year I can make some videos for you or over Christmas and new year, I can just, when I get time, email you back with a few ideas to help you.

Use the next few weeks wisely to help better yourself

It’s really important that you spend this time now where the market’s going to go a little bit quiet and why you’re more likely to have a little bit of time off to to do this.

It’s all well and good that everybody’s sitting in front of a TV watching repeats of films that were made 30 years ago. But isn’t it a better use of your time if you are interested in trading to learn how to better yourself for next year? Great opportunity. Don’t miss this opportunity and also don’t miss the opportunity to take advantage of emailing me for any help that you need.

We wish you a fantastic Christmas and happy New Year

So once again, this is Andrew Mitchem, the Forex Trading Coach. On behalf of all of us here on behalf of Paul, who’s over in the US. Nikolai, who’s over in London, who by the way speaks Russian and helps our Russian clients. Mel, who’s over in the Philippines, have amazing tech support there. So we’ve got the world covered.

On behalf of all of us and all of our families, have a great Christmas, a wonderful New Year and we look forward to seeing you for more trading tips and information, and helping you becoming a great trader in 2020. Bye for now.

Click Here to learn how we can help you!

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#346: Trading Forex from Anywhere

Dec 9, 2019

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Trading Forex from Anywhere

In this video:
00:25 – We’re not geographically restricted
01:15 – All about Nelson
02:05 – What’s the freedom worth to you?
02:47 – Plan now as we head towards the end of the year

The great thing about trading Forex is you can trade from anywhere. Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 346.

We’re not geographically restricted

Now trading is quite unique… Not many businesses, not many industries out there that you are not geographically restricted with. It’s one of the awesome benefits of trading Forex. We are moving, so tomorrow is our last day in this area… It’s what’s called the Waikato. It’s a an area South of Auckland in the North Island of New Zealand. Been around this area, originally came here for dairy farming reasons and we’ve lived in this area for around 22, 23 years and it’s now time for a change. So by the time you get to watch this video and podcasts will be many, many hundreds of kilometres away. We are moving to Nelson, which is in the very top of the South Island. A big move. Lots to get done, but really looking forward to the challenge and and a change.

All about Nelson

So reasons we’re going there? Well, Nelson’s just a fantastic place in itself. It’s the sunshine capital of New Zealand. It’s right on the coast near awesome beaches, incredible scenery, absolutely amazing scenery. You’ve got mountains, you’ve got beaches. Craft beer capital of New Zealand, lots and lots of hops grown around there, which would suit me massively. The wine capital of New Zealand where you hear about the famous New Zealand Sauvignon Blanc is all around that area, the Marlborough area of New Zealand. So lots of great reasons to go there. Awesome weather for flying the helicopter and really looking forward to that. And my wife and our daughters are into horses, so great horse tracks, great horse weather as well. So lots and lots of good positive reasons why we are going there.

What’s the freedom worth to you?

But the reason I wanted to make this is to just say to you, look, what’s that worth to you? What does that geographic, or that lack of that geographic, restriction worth to you? You see all you need to trade really is like a reasonably good internet connection and a laptop. I mean you can trade even using like your phone… Not on your phone, but you know, you get your hotspot working on your phone and that’s all you need to power your laptop. So you know, it just has so many benefits. The ability to be remote, the ability to be wireless, the ability to be non-geographic specific.

So again, what’s that worth you? What does that have as value?

Plan now as we head towards the end of the year

My suggestion is now as we’re heading towards like the end of the year is have a good serious think about that, you know, and what is that education, that knowledge worth to you to be able to go from maybe where you are now to becoming a Forex trader? But don’t expect to do it straight away. You know, this takes a long time to get to establish and get to work properly.

So really it’s about that… What can you do now in the short-term? What can you do over, even like the Christmas/New Year time where you may have got a bit of time off work, you may have got a bit more sort of free time to be able to learn something new, to be able to study something. So that little bit of short-term work and effort right now for that bigger picture, longer term goal of that freedom or that financial freedom, that time freedom or that geographic freedom.

So have a think about that and look forward to catching up with you this time next week where I’ll be making my video from Nelson. So after 22 years in the Waikato, the Hamilton area of, of New Zealander, it’s bye for now and I’ll see you this time next week in the South Island.

Click Here to learn how we can help you!

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#345: The Value from Being Part of a Trading Group

Nov 25, 2019

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The Value from Being Part of a Trading Group

In this video:
00:29 – What happens when you join a group
00:59 – It’s a lonely business
01:25 – Feedback from our trading community
02:17 – What our new traders like about the course
03:23 – The value of being in contact with other traders
05:40 – No-one learns from being lectured
06:20 – Cyber Monday 2019 sale – a great opportunity

Never underestimate the value of being part of a group of like-minded Forex traders. Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 345. Got two really important points to cover in today’s video and podcast.

What happens when you join a group

The first is all about understanding and appreciating the value that you get as a trader when you’re part of a group. You see, when we start trading, we’re pretty much on our own. Most of us are on our own. We start on our own. We’re either working from home, you could be working from work as part of your office, on your phone, whatever it might be, but you’re generally working by yourself when it comes to your trading, your learning process. You’re researching online. You might attend a course, but then you’re back home after doing that course.

It’s a lonely business

So very lonely business, quite honestly. It really is. A lot of people don’t understand what it is that you do and a lot of people probably doubt what you’re doing is good and then you start doubting yourself. So a very lonely business indeed. And a lot of people give up with that and they start blaming the market or the broker and things like that.

Feedback from our trading community

Now, I wanted to show you some or discuss with you some information that we’ve had back from some new traders. You see here at The Forex Trading Coach, we value the whole community. Being part of a team, part of a big group of people, all are here to help each other and to help learn and to help each other becoming successful. That’s what we’re about, and it’s what we really strive to get out of, all of our clients are getting a part of a big group to all participate, all taking part.

And as part of that we send out emails with forms, progress forms, to just basically checking on how people are going. Where they’re struggling with, where they’re going well, what that they need help with, that type of thing. And so I’d like to read three progress reports that have come through just this week from clients that have joined in the last few weeks. And it’s really interesting because what question number seven that we ask is, please tell me what aspects of the course you like the most.

What our new traders like about the course

So Brian wrote and said, “Look, I’m loving the video course and the transcription because it helps me with the key points, and certainly in the past I’ve struggled with these points about understanding a strategy.” And now he’s saying that with the video course he can go and watch them, rewatch the videos as often as he likes, and really understand the whole key strategy. So that’s from Brian.

There was one here from Andrew made a number of points. Said, “I’m loving the position sizing and the money management and risk. It’s where most traders fail, and I now have a system I can understand. I’m also enjoying the candlestick analysis and price action. It’s just what I needed.” And a third point he says is, “One thing I’m really liking is the success stories that you put out there interviewing other traders who have struggled to make trading work for them in the past. Now they’re taking your course and have been able to become successful.”

The value of being in contact with other traders

So that’s from those two, but the one I really wanted to bring out here as part of the group is from Austin. And Austin says, “I like the forum a lot. While I feel that right now my trading abilities are lacking to contribute to it, it’s nice to get the opinion of the more experienced traders out there and talk through a potential trade. I really like the strategy of trading the longer timeframe charts as I work running my business as a builder. I can only check in a few hours throughout the day due to being in construction. I don’t have access on my phone, but it’s great being able to place trades on the weekly, and the daily and if the opportunity arises, on the 8, 6, or 12 hour charts in the morning. So great to be able to have that kind of feedback.”

And so that’s just come through just here from people that have joined us recently. So what can you take away from that? Well, to me it’s all about the importance of being part of a group and how that can really, really help you. So never underestimate that. I think it’s really important that you get that as part of the package. We have the forum site where we have the chat area and people posting trades on trades that they’re taking throughout the day, and it’s monitored 24 hours a day. And that’s the thing, we’ve got people monitoring that forum site and being able to contribute, plus of course other traders on there all contributing as well.

And it’s the same with the forum site, it’s exactly the same with the live weekly webinars where we’re trading on live accounts in real time. So you have the ability to type in and ask us questions as we’re there discussing things in real time, so it’s really important that you get part of the group there. And on those webinars, it’s not just, say, myself or Paul just preaching, this is what you should do and this is what we have done. It’s us asking everybody else who’s attending those webinars about trades. Look, here’s the potential setup. Do you like it? What do you like about it? What do you don’t like about it? Would you take the trade? Yes, no, where are we putting our entries and our exits? All those types of things. So we make those webinars, those live webinars, really, really interactive because that’s when we find that when the clients participate the most, that’s when they get the most out of those webinars rather than it being just a lecture.

No-one learns from being lectured

No one really learns from lectures. You think about school or university and some lecturer at the front, just rambling on and on and on, and half the time you fall asleep and you don’t really take it in. If you participate and you’ve been asked for feedback and you’ve been asked for questions and your opinion, then you have to understand what’s happening in order to give that feedback and that’s when you then learn the most. You make mistakes, yeah, but you make an understanding. You gain an understanding of what it is you should be looking at.

And I see my screen’s just gone blank behind me here, so let me just put that back on. My charts have just closed down, so that’s the first part of the video.

Cyber Monday 2019 sale – a great opportunity

The second part of the video is all about a very exciting opportunity for you to be able to join us here at The Forex Trading Coach as part of my Cyber Monday 2019 sale. It’s going to be a 12 hour sale. I’m not holding another sale this year. I’m not holding a Christmas sale or anything like that. I do and have done every other year. Reason being I’m moving house in a few weeks time, and so we’re going to be holding a 12 hour sale on Monday the 2nd of December. It could be Tuesday the 3rd depending on where you live in the world, but it’s 12 hours only and that’s it. I’m moving house from where I am right now in Cambridge, in the North Island, down to Nelson in the South Island.

Big, big move for myself and the family. Lots to get done, so we’re not going to be holding any Christmas sales at all. This is your last opportunity to jump on board at a great price, crazy price. There will be a link on this page somewhere that will give you the opportunity to register your interest. You’re going to get access to the entire full course. Everything that we’ve developed and put together over the last 11 years will be given to you, so nothing’s missing just because it’s a sale. It’s the full course, the full five star rated course. Go and have a look on Forex Peace Army, do some research online, and you’ll just see that over the last nearly 11 years we’ve helped thousands and thousands of Forex traders.

If you’d like to be part of the group or you’d like to be part of our community, and understand if you appreciate the value of being part of a group and having access to other traders and to full-time traders, then it really is a great opportunity for you to take advantage of. So you’ll find the link somewhere on this page. Click on it, register your interest, and then keep a lookout for our emails that follow from there.

So hope you enjoyed this video, and like I said right at the very beginning, do not underestimate the value of being part of a very good group. It’s highly, highly important to your trading success. So this is Andrew Mitchem at The Forex Trading Coach. I’ll see you this time next week with more trading tips and videos and podcasts. If you have anything else that you’d like me to discuss on future videos and podcasts, just send me an email, andrew@theforextradingcoach.com. Bye for now.

Click Here to Register Your Interest in the Cyber Monday Sale

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#344: Not all candle patterns are equal

Nov 18, 2019

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Not all candle patterns are equal

In this video:
00:32 – Why are the candles not making me money?
01:10 – Understanding technical analysis to help your trading
01:55 – Taking the high probability trade setups
02:24 – What are we looking for?
02:55 – Further in-depth analysis
03:54 – The extras we look for and teach our traders to do
04:50 – Trading from the right hand side of the chart is when you make money from trading
05:30 – Moving house and Cyber Monday sale
06:25 – Register your interest in the Cyber Monday sale

Not all candle patterns are equal. There’s a big difference between what works and what doesn’t work. 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 344.

I want to talk about candle patterns and how I can help you to select the best patterns.

Why are the candles not making me money?

You see, I’ve received an email just this week from a guy who said, “Hey, Andrew, done lots of research online. I’ve been looking everywhere. I understand candle patterns. There’s 12 that I’ve identified. I spent a lot of time at my charts looking at them, taking trades off them, but the problem is I’m still not making any money. Can you help me and identify what my issue is?” Now, when I delved further into this, I realised that this guy six months ago started looking at candle patterns and he spent a lot of time looking at YouTube videos and just looking at sites online and forum sites, et cetera.

Understanding technical analysis to help your trading

He had done a lot of research in defining these 12 patterns, the problem is that not all candle patterns are equal. You need to understand that, and you need to understand a lot more information about technical trading rather than just saying, “Oh, here’s a pin bar, or here’s an engulfing candle, and I’m just going to trade it because it’s a pin bar or an engulfing candle.” You cannot do that. That will not make you money. You can go and look at your charts. Have a look at the chart behind me, there’s engulfing candles and pin bars and hanging man and all those different patterns that you hear about and candles that you hear about all over your charts. The problem is you can’t just take every single one of them. It’s just not going to work. There’s a lot more research, a lot more finesse that you need to do into understanding them and what makes a good candle pattern.

Taking the high probability trade setups

So for me, it’s all about getting high probability trade setting up. I want to take less trades, but high probability. What I’m grading is like A and A plus quality setups. Less is more, but it’s all about identifying what it is about that candle, where it occurs within the chart, what part of the chart it’s in, what the price is doing. It makes it from just an engulfing candle to yes, this is a high quality setup.

What are we looking for?

So it’s all about things like looking at the previous trend, has there been a trend line break? Has there been previous exhaustion? What level has the candle bounced at? If it’s a sell trade, has it bounced at a resistance level? Is that a random number or a pivot point? Is it a previous high? It could be all sorts of manner of things that we’re looking for, but it’s identifying that and seeing why that candle has bounced at that level.

Further in-depth analysis

You identify what potentially could be a good setup, and then it’s a case of, well, looking into that further, do I have stop loss protection? Am I just going to place my stop loss higher the candle or a fib level. But if you have things such as like round numbers in the way or previous highs or the pivot point or the middle Bollinger Band or things like that, things in the way of that candle. So if you’re taking a sell trade, if the price does retrace, which quite often it will do, is it going to then not go and hit your stop loss? So it’s understanding, do you have that in your favour? Exactly the same, but with the profit target. You’re looking for a sell trade, and you’re looking for the price to head down.

What is in the way of your profit target? Hopefully nothing or not very much, but you can’t put your profit target if it’s obviously below the last swing low or below the pivot point or below a round number, things like that. You want to do yourself a favour and give yourself a high probability chance of success.

The extras we look for and teach our traders to do

So when I’m analysing and when I teach people to analyse candle shapes, candle patterns, it’s not just about, “Here’s an engulfing bar, take a sell trade.” There’s a lot more that goes into it than that to give yourself a good, high quality chance of that being a good profitable trade. We add strength and weakness analysis into it, so we’re trading with the likely daily or likely weekly direction depending on the timeframe chart that we’re trading. All those extra things go into it.

And that’s something that, realistically, a lot of screenshots and a lot of historical videos cannot teach you, and that’s why we have things in real time. That’s why we publish our daily trades every day on our membership site, which by the way have been profitable every single year since 2010. It’s why we have our forum site. It’s why we have live weekly webinars as well, where we trade in front of our clients. It’s all about understanding things in real time, and that’s a big part of trading.

Trading from the right hand side of the chart is when you make money from trading

Trading from the right hand side of the chart is what is the difference between making money and not hindsight trading, economists, screenshots. All that type of stuff might look very pretty, might look very impressive, but quite honestly, most of it is a waste of time. You have to be able to trade from the right hand side of the chart, see the trade, understand that yes, this is a good quality set up according to what our rules are and actually take the trade, and that’s the difference.

You can’t make money out of what happened months ago or even several hours ago by looking at hindsight. You can only make money from taking a trade right now. Is this a good trade? Yes or no? So I hope that helps.

Moving house and Cyber Monday sale

Now leading on from that, I’ve had a number of people ask me if I’m going to be doing an end of year sale, Christmas sale, New Year sale, and I’m not, because I’m moving house in a few weeks from now. I’m moving from the North Island to the South Island of New Zealand, big, big move. A lot’s going on. But what I will do is I’m going to be holding a Cyber Monday Sale, Monday the 2nd of December. It could be Tuesday, the 3rd of December, depending on where you live in the world. It’s going to be 12 hours only. I will put a link below this video or somewhere on this page so you can register your interest.

It’s going to be my only sale at the end of the year, no Christmas sale or anything like that for me this year. It’s a 12 hour sale, Cyber Monday. Take advantage of it if you’d like to join us, and come and learn how to trade these candle patterns effectively and profitably. Low risk, high reward to risk trades, what you need to do in order to make money out of the forex market in real time.

Register your interest in the Cyber Monday sale

So once again, register your interest. It’s going to be a great opportunity for you to join us. We’ve been around for nearly 11 years. There’s a lot of proof, a lot of history, a lot of different market conditions help thousands and thousands of traders from 58 countries at the last count, all around the world, all different levels of trading, knowledge and experience, different time zones, all those type of things. We’ve helped so many thousands of traders.

If you’d like to join us, it’d be great to have you on board, register your details, and I’ll send you more information once that is ready. So make a note on your calendar, Monday, the 2nd of December it’s Cyber Monday for our 2019, the only sale this year for me. So look forward to helping you and look forward to also bringing in more trading tips and information this time next week. Bye for now.

Click Here to Register Your Interest in the Cyber Monday Sale

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#343: How to Protect Your Capital

Nov 11, 2019

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How to Protect Your Capital

In this video:
00:46 – You must preserve your capital
01:08 – To help as many traders as we can
01:37 – 10 years of profitable trades on our membership site
02:51 – Forget about making pips
03:17 – The problem with most traders

Looking to protect and preserve your capital is key to becoming a good trader. 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 343. I thought I’d come outside today. We’re still in Cambridge in the North Island. Cherry blossom throughout the entire street, absolutely beautiful in springtime this time of year. We’re moving down to Nelson in the South Island at the beginning of December. So while here, I thought I’d just come outside and take advantage of this. So, if you are on the podcast, sorry, but you can’t see the beautiful trees behind me.

You must preserve your capital

Let’s get back to the topic in hand about preserving capital. You see, most traders lose capital. It’s hard money that you’ve earned to get into your trading account. Why blow it? Why do stupid things to throw it away? As traders, we’ve got to understand that we’re in a business here. You’ve also got to understand that the stats suggest that about 90% of traders lose money. So, here at the Forex Trading Coach, we’re about turning that around.

To help as many traders as we can

Our mission is to help as many traders as we possibly can. And our mission, also, is to help traders preserve their money, preserve their capital, so they can enjoy trading and understand and gain the benefits that trading offers, but only once you understand and know what you’re doing and have confidence in your strategy.

There’s many things that we do here at the Forex Trading Coach in order to help our clients, not only have a strategy, of course that works, is that we post daily trades each day of the week.

10 years of profitable trades on our membership site

And over the last 10 years I’ve been publishing those trades every single day for 10 years of the trading week. And do you know, not one single year have we lost money? Every single year for 10 years we have been profitable.

Now, the power of compounding, and you probably know about it. If you took $100,000 back in February 2010 when I started posting those daily trades, today here into November 2019 your $100,000 with compounding, and only risking half of 1% of your account per trade, your $100,000 would now be worth 1.65 million. Quite outstanding considering they are all trades that have been published. They’re all trades that take about maybe 5 to 10 minutes once a day for you to put on your platform. And it just shows the power of compounding, the power of high reward to risk trades and the power of low risk per trade.

And that’s, again, comes back to preserving capital. Because we have live webinars. In fact, I’m holding one tonight for clients in the European session. It’s night my time. We have trades posted on our forum site. We do all these things that we can to help clients understand what good trading is all about, and to actually help them to earn while they learn.

Forget about making pips

But the other thing is, of course, you never hear us talking about pips. Never do we talk about, “Oh, we’ve made this number of pips,” because it really doesn’t matter. For us, it’s about having low risk per trade. In other words, a half percent risk per trade maximum. High reward to risk. So, if we’re making a three to one, let’s say, it means we’re risking half a percent and if we have profitable trade, we make a 1.5% account gain. And that is really, really important that you can do that.

The problem with most traders

And also, there’s a phrase that someone told me the other day, and it’s a really good phrase. And it was about the problem with most traders is that most traders, unfortunately, they lose their money like they’re on an elevator and they gain money like they’re on stairs. In other words, big drops, small incremental gains.

And what we need to do and what we try to do here at the Forex Trading Coach is to turn that around. It’s really important that you do that. It’s really important that you have high reward to risk trades, and it’s really important that you gain like an elevator, good fast gains. And then when you have losses, which we all do, we have small incremental losses. Small losses, big gains. And that’s what good trading is about, that’s how you protect your capital.

So I hope that helps. Once again, this is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week with more trades and information to help you becoming a great trader. Bye for now.

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#342: Should You be a Forex Scalper?

Nov 4, 2019

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Should You be a Forex Scalper?

In this video:
00:27 – Is scalping a good idea?
01:22 – The reality is different
02:22 – Having small stops is not important
03:09 – Can be affected by news and emotions
03:26 – Sustainable and enjoyable trading
04:26 – Don’t get glued to the charts
05:30 – Don’t forget the US clocks change this weekend
06:13 – Email me your questions

Should you consider being a Forex scalper? Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 342.

Is scalping a good idea?

I want to talk all about scalping. You see, I’ve received an email this week from somebody that said, “Look Andrew I’m new to trading but I’ve heard about scalping. It looks really, really good. Should I be a scalper?” They said the advantage is that they saw is that your stop/loss needs to be smaller, it’s quicker to make profits, to make your pips. You can actually be in and out of a trade really, really quickly. They thought it was just a fantastic way of trading.

Now, the part to take from that is the person who wrote the email hadn’t really traded yet. But it just sounds good in theory, doesn’t it? The difference is that in reality, to me in my opinion, scalping is not the way to go. Now, I’m not saying it doesn’t work and of course it can work. It’s like anything. It can work if you want it to and if it suits you as a trader with your personality. However, I would strongly suggest that for most people you don’t look at scalping.

The reality is different

You see the thing is your stop/loss being smaller, that doesn’t matter if you control your risk properly. Making more pips and making pips quickly, well you’re making pips it doesn’t matter really to you if you’re making a trade in like sort of two minutes or whether it’s two hours or 12 hours. It shouldn’t really matter. The aim is to actually make the profit, not how quickly you can do it. Also the thought process of scalping of being in and out of the market really, really quickly, the problem is is that reality is that you have things called spreads. Every time you take a trade, the spread or the commission is paid to your broker and if you imagine you’re taking, let’s say for example a 10 pip profit target, but your spread is two or three pips, that really cuts into the trade. Of course, to make 10 pips you’ve really got to make 12 or 13 because of your bid and ask differences. So it becomes a real issue. Having small stops is not a great thing.

Having small stops is not important

It might sound good because you think you’re losing less, but the thing is that if you actually use correct money management, your position size is what effects the outcome of the trade. It shouldn’t really matter whether the stop is 10 pips or 100 pips. It doesn’t matter.

So the other hard thing I’ve always found in the past is that reward to risk out of scalping trades is very, very difficult. If you think you’re going to have a small stop/loss of let’s say call it 10 pips, and reality is therefore you’re only sort of seven or eight pips away from being stopped out as soon as you place the trade, because again the spread, you’ve got to get yourself like 20 to 30 pips out of that trade to get yourself a two or a three to one reward to risk trade. Now that’s all the technical trading side of it.

Can be affected by news and emotions

You get news and events, you get spikes in the spreads, et cetera. All those type of things that really if you have a small stop/loss or you’re in and out of a trade real quickly, emotions come into it. All those things come into it that are a bigger picture of reality than the theory.

Sustainable and enjoyable trading

Also, is it sustainable? So here at the Forex Trading Coach, I’ve been posting on our membership site for nearly 11 years, every single day without fail, the daily trade suggestions that we post to our members. So after 11 years of doing this, I can promise you the only reason that I’m still doing it now and still enjoying doing it is because it’s manageable and sustainable because it’s looking at the daily charts once a day. By the way, every single year to date, including this current year 2019, we have been profitable every single year on our daily trades, without fail. So the reality is most people out there when they start trading they think they want to become full time traders straight away. The reality is that’s not going to happen. For the vast majority of people, that’s not going to happen. You can become a full time trader but it will take time, dedication, effort, commitment to get to that stage. Like with anything.

Don’t get glued to the charts

So think of it this way: if you’ve gone into trading, most likely you’ve got yourself a normal 9-to-5 job or some form of self-employment, some form of job. If you’re retired you’ve probably got other things going on. The reality is that for most people you don’t want to sit there at your computer, either for a set number of hours or all day, every day just watching charts going up and down, scalping the market. It’s just not enjoyable, it’s not sustainable. As someone who’s been trading for 16 years I can tell you it will lead to burn out. You have to trade, in my opinion, with high quality trades, less trades and have something that’s enjoyable, sustainable that you can do day after day, month after month, year after year, and be profitable and enjoy it. Because that’s the way you’re going to last as a Forex trader. Not only actually enjoying it, to want to do it, but to make money out of it.

So the harsh reality is that in my opinion, is that scalping is probably not the way to go forward for most people despite all the things that look good about it.

Don’t forget the US clocks change this weekend

So one more thing, we have the US clocks changing this weekend, on Sunday 3 November. We’ve just turned to November today. That means that the 5:00 PM Eastern Standard Time open and close chart time, which is New York time, if you’re outside of America or Canada, your 5:00 PM New York time and your local time will be one hour different starting on Monday of next week when you get to watch this video. So the good thing is that once you’re settled in, everything stays consistent through to about March or April of 2020 when the clocks all change again.

So that’s it for this week. Hope you’ve enjoyed the video and podcast.

Email me your questions

Any questions that you have, please feel free to email me andrew@theforextradingcoach.com. I’ll see you this time next week for more trading tips and information. Bye for now.

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