Weekly Video News & Podcast

#341: Having the Right Mindset to Trade Well

Oct 28, 2019

Podcast:

Having the Right Mindset to Trade Well

In this video:
00:29 – Controlling your emotions as a trader
01:12 – Made money every year since 2010
02:06 – The problem with a small sample of trades
02:42 – Look at the bigger picture
04:49 – Understanding win rates

Trade psychology is a massive part of trading, and it will make a huge difference to your overall success if you can master it. 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 341.

Controlling your emotions as a trader

I want to talk about a very, very important topic, and it affects probably most all traders. It’s all about trade psychology, and how you can control your emotions, and how what goes on in your head has a massive impact on the overall outcome of your Forex trading journey, whether it’s going to be successful or not.

It comes down to a few things that you can do to help yourself and improve things. You see, unfortunately, as traders, most people expect instant results, winning trades, high win rates. They don’t like losses, they cannot accept losses, and they jump from system to system. Unfortunately, people do this all too often and all too quickly.

Made money every year since 2010

And I even see it here at The Forex Trading Coach. If you did absolutely nothing else, if you joined our course, did nothing else other than copy my daily trade suggestions each day of the week, which was going to take you five minutes once a day at most to do, you’d make money. Absolutely guarantee you’d make money, and how do I say guarantee that? I know that because since 2010, every single year, we have made money on those daily trade suggestions, and so it just shows how big an impact psychology and your mindset is because it doesn’t matter how many graphs I can show people of all these winning trades consistently over time. People still decide to offer a couple of losing trades to give up or to change systems, or it doesn’t work, and it’s a real shame because we’ve proven that.

The problem with a small sample of trades

You see, the problem is if you strike a system and have like a small sample of trades, and you have some winning trades, you think the system is marvellous. You strike that same system and have a small sample of a few losing trades. You may have been seeing all these previous fantastic trade results that someone like myself has shown you, and then you go and trade the system live, and you have a few losing trades or even a losing month, and people give up. That’s a real problem in trading. it really is a massive problem.

Look at the bigger picture

You see, you have to look at trading as a bigger picture, even on our daily trade suggestions. By the way, there’s just one timeframe chart. That’s all this is. You’ve got all the other timeframe charts that we talk about that we post on our forums site, on our live webinars. We put the weekly and monthly chart trades on our membership site as well. I’m just talking about one timeframe chart, daily trades. That’s all. That has made money every single year since 2010, and so it’s just mind-blowing why people don’t just continue to follow that. You would have made money month after month.

I went back through my records just now. The biggest losing months since 2010 was in February 2014 when we lost 5.15%. We went backwards just on the daily trades, 5.15% negative. That’s the very worst we have done, and here we are almost at the end of 2019. That’s the worst because we’re trading with low risk, half of 1% risk portrayed, high-reward risk, so it’s a proven H, and as I mentioned, one timeframe. That’s all that is. You can go on and take the same strategy, the same methodology against all other timeframe charts when you see suitable trade setups.

So it really is amazing how that can affect people, but it’s important that whatever your strategy, whatever your system, you analyse it over time. You look at a big sample of trade numbers. You look at a big period of time, length of time before making that decision to go, “You know what? This doesn’t work. I’m going to change on to something else,” because small samples are dangerous. Random events happen too easy to say, “Yeah, this is magic,” or too easy to say, “This is terrible,” so you need to have a good strategy with an edge, with high reward to risk.

That’s exactly what we have, and it’s proven since back in 2010. I’ve been trading that personally since way before that, but on our membership site, we have all the trades taken back from that date right through to today.

Understanding win rates

So understanding win rates, accepting that your win rate is not always going to be massively high. Don’t worry about having a win rate of 90% winning trades because most of those systems, you end up losing overall anyway because they have lots of small gains, one big loss. Lots of small gains, one big loss. They generally go backwards. You’re going to find that your best trading strategies have somewhere between about 40% and 60% will be my estimate. 40% to 60% winning rate for their trades, yet they have high reward to risk, so important balance that you understand.

Now, of course, if your system has a 40% or 50% win rate, that does affect your head. You know that’s psychologically quite hard to understand from time to time when half the trades that you have are going to be losing trades, but you need to know that consistency of doing this time after time. Again, history is proven, number of trades are proven, and that if you stick to the system and the methodology with the edge that you have with the high reward to risk, that you will do very, very well from it if you stick to it.

So I hope that helps. A bit of trade psychology, a bit of mindset there. You can have the best system in the world, but if you don’t trade it, just look at the turtle traders example. If you stick to a system that’s proven, it will work, and that’s exactly what we have here at The Forex Trading Coach, so I hope that helps.

Once again, this is Andrew Mitchem and The Forex Trading Coach. I’ll see you this time next week for more trading tips and information. Bye for now.

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#340: Why Courses Do Not Work

Oct 21, 2019

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Why Courses Do Not Work

In this video:
00:22 – What do you get with a course?
00:41 – Someone I follow
01:22 – No-one needs more information
01:50 – What do you get at TFTC?
02:52 – Get access to our wisdom and knowledge
03:57 – Contact me with your questions

I’m going to explain to you why courses do not work. Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 340.

What do you get with a course?

This is all about why courses do not work. Now, you might be thinking, “Hey Andrew, that’s a little bit odd. Bit of a strange topic of conversation coming from you, as someone who is online, who actively has a course. And now you’re telling us courses do not work.” Let me explain more.

Someone I follow

I follow a guy online who has courses online also. Nothing to do with trading. He’s more of a business coach. But an email came through from him yesterday and it’s all about why courses do not work. I’d like to just read a little bit from that email to explain further what I mean and how it can also help you.

Here we go. He says, “I bought courses all the way from $7 up to $35,000. Some were great, some were terrible. But after spending over $100,000, I have to confess, courses do not work. But often they do give you something that does work, and that is access.” I’ll explain more. He goes on to say, “You see, none of us really need more information.

No-one needs more information

We’re overwhelmed, overloaded with information. It’s everywhere. Most of us are drowning in information. But more information, what that does, that leads to options and options leads to confusion. However, when you have access, that gives you the thing that really initiates change, and that’s wisdom.” And he says, “Wisdom is simple, applied knowledge and experience. But more information gives you more options or confusion, where a specific wisdom gives you clarity.”

What do you get at TFTC?

So it got me thinking. Here at The Forex Trading Coach, what do you really get? Well, of course you’d get a course and a strategy and software and webinars and all that type of thing that you know that you’d get and know that it’s good because it’s been around for 10 years and it’s got a five star rating. But what you really get is exactly like that email says. When you join us at The Forex Trading Coach, what you do get is access to wisdom. You get access to full-time traders. You also get access to other people just like you who’ve thought about investing in a forex course and actually have gone ahead and done that, who are now actively trading the system.

So you have access to ourselves as full-time traders and mentors and coaches, but you have access to that wisdom of other people all around the world who are sitting at home just like you, who want to become good forex traders. Not everybody wants to become full-time, but people just want to master the art of trading forex. That is the wisdom that you do get access to as part of The Forex Trading Coach community that we have.

Get access to our wisdom and knowledge

When it comes to us as full-time traders, you’ve got myself who’s been trading 16 years, we’ve got Paul over in America who’s been trading since 2005, so 14 years, we’ve got Mikalai based in London who’s been trading since 2012. That’s what, seven years. So all up, 37 years between us. I’ve been coaching for over 10 years, but 37 years of knowledge and wisdom from just the three of us as traders. Then on top of that, all the knowledge and wisdom from active traders just like you.

So have a think about that conversation, that email where he says, “Courses don’t work, but they give you access to clarity, access to wisdom.” That is really, when you think about it, what you get when you join a well respected and well established trading course.

I hope that helps. Just a little bit of a different take on things this week. But just if it may just get you thinking about the actual value that you get, access to that knowledge and that wisdom, it’s really important. So I hope that helps.

Contact me with your questions

If you’d like any other topics discussed, just send me an email. Andrew@ForexTradingCoach.com. I’ll see you this time next week. Bye for now.

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#339: Where to Place Your Profit Target

Oct 14, 2019

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Where to Place Your Profit Target

In this video:
00:24 – Trading from Nelson, NZ
00:48 – We talk about stop losses but what about profit targets?
01:30 – What you should not do
02:10 – How do you know where to place your profit target?
04:14 – Trading the longer time frame charts
06:07 – Contact me for more details about how we can help you

Do you know where you should be placing your profit target and why you should be placing your profit target at that level? Let’s talk about that and more right now.

Hey, traders. It’s Andrew Mitchem here from The Forex Trading Coach with video and podcast number 339.

Trading from Nelson, NZ

Coming to you from Nelson in the South Island where we’re just setting up here. I’ve got a webinar tonight for clients, and just setting up in a new property that we’re moving into, and not quite there yet. We’ll be here properly in a couple of months from now, but just getting things set up in the office here. Hence the change in the background and just the two screens, not four.

We talk about stop losses but what about profit targets?

So yeah, we want to talk about profit targets. We talk a lot about stop losses. And stop losses, of course, are very important, because without a stop loss you’re not protecting your trade, and without knowing where you’re putting your stop loss, you don’t know the position size you need, the lot size you need to keep your risk equal.

But also another very difficult part of trading is where to put your profit target and why, and how do you decide where to put your profit target? What determines that? Does it determine by the currency pair, the timeframe, the conditions at the time? What is it that you do to determine that? And you can’t just sort of make it up on the go. You’ve got to have a bit of a plan about this.

What you should not do

And also, we talk a lot about high reward to risk trades, and it’s very important that you don’t just go, “I’ve got a 20 pip stop loss, so I need to put a 40 pip or a 60 pip profit target,” simply because you hear me talk about you need a two or three to one reward to risk trade. It’s important that you don’t do that.

Yes, you need high reward to risk out of your trade, but you need to also put your profit target at a level that’s a sensible level for a reason for that trade at that time. And that might be different depending on the currency pair or the timeframe, market conditions, et cetera. So how do you know?

How do you know where to place your profit target?

So it’s really important that we get this right, because, of course, it can make or break your trading performance. And the whole point of a profit target is is when the price gets there, the market closes you for a profit and you haven’t got to be at your computer worrying about the trade being open and those type of things. So it’s important that we do that.

So, how do we approach that? Well, because we’re technical traders, we’re always looking at price action and we’re looking at charts. It’d be very difficult as a news trader, I would imagine, to know exactly where to put your profit target, because it depends on the reaction of that news, things like that. Whereas technical traders, we’ve got a lot of things that’s actually in our favour. We can see, let’s say you’re taking a buy trade, of where the price last bounced. For example, where’s the next likely resistance level?

But the approach that we take at The Forex Trading Coach is two-fold. So if we’re trading, and we split our trading up. If we’re trading one-hour charts and shorter, which, to be honest, personally I don’t do a lot of, but if we were, we’re looking at current market momentum, we’re looking at what’s happening in the market right now, because on an hour chart or a 15-minute chart, you don’t want to be worrying about retracements and things like that. You want to get in at the market because you’re trying to ride the current momentum at the time.

So it’s very important with the market order that your profit target is placed at, let’s say, by trade, before a previous swing high or below the next round number. You don’t want to be sort of trying to have your profit target through the pivot point, let’s say, as an example. Things like that.

So you always want to bring your profit target for a buy trade on a hour chart or lower below the next likely stalling point, the next resistance level. Really important that you can do that. And, of course, we teach how to do that. On my webinar that I’m holding tonight, I’m sure there’ll be some trades I’ll be taking on hour charts or 15-minute charts, and we’ll be doing just that.

Likewise, of course, for a sell trade, make sure your profit target is before or above the last support level and/or round number. So that’s how we trade the shorter timeframes.

Trading the longer time frame charts

But when we’re trading the longer timeframe charts, so four-hour charts, daily charts, six hours, 12 hours, dailies, weeklies, monthlies, et cetera, longer timeframe charts, we’re using the momentum in the market at the time to help determine that. So we use FIB levels.

I have a way of using FIBs that’s quite different to the standard way of using FIBs. It’s very easy to use, very easy to understand, very easy to draw the FIBs, and also they give you your price projection. They are determined by the current market conditions.

As an example, if I’m taking a trade on the British pound U.S. dollar daily chart, my profit target on the trade that I might have taken last week may be very, very different in terms of the size of that profit target to where the profit target might be on a trade today. Same pair, same timeframe, but due to the actual size of the setup candle, the current market conditions, it might be very different in terms of the pip size of the profit target.

But of course, that’s very easy to use and understand and know exactly where those targets are when you use the FIBs the way that I have developed and teach. And because there’s no subjective, “Oh, I might move it there or I might put it there,” it’s very obvious this is where we put it.

It’s also remarkably accurate of how often the price gets to those levels, because our profit target coincides with support and resistance levels, and again, it’s all something that we cover and teach as part of the course.

But it’s amazing how often on all timeframe charts, whether it be a four-hour chart or a monthly chart, how often those profit targets get hit and then the price might turn around and retrace. But for us it doesn’t matter, because we’ve already taken the profit out of that trade and hit full profit. So, various ways of doing it, depending on the timeframe chart that you are trading.

Contact me for more details about how we can help you

If you’d like to know more, feel free to email me: andrew@theforextradingcoach.com. Have a look at the website, have a look at what we offer within the course. There’s so much information there. Like I said, live two-hour webinar I’m holding tonight for clients. We’ll have clients on there from all round the world, hundreds of clients on there, all learning together, all enjoying the same system, the same strategy. Different timeframe charts we’ll be trading, depending on what the market conditions show.

And these are weekly webinars, weekly, every two weeks. Sorry, every two weeks it’s with myself in the European session, and then the alternate week Paul Tillman, who works for me over in the U.S. trading the U.S. session. So lots and lots of information.

We’re posting daily trade information on our membership site each day, we’re posting information on our forum site all the time round the clock, so lots of very, very good information to help you becoming a successful trader.

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

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#338: You Must Have Patience as a Trader

Oct 7, 2019

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You Must Have Patience as a Trader

In this video:
00:23 – The importance of having patience
00:48 – Examples from this week
02:02 – Don’t take trades just to undo your good trades
03:06 – Less is more
03:46 – What will happen next week?

I’m going to explain the importance of patience as a Forex trader and why you should not chase trades. Let’s talk about that and more right now.

Hey, Forex traders. Andrew Mitchem here from the Forex Trading Coach with video and podcast number 338.

The importance of having patience

I want to talk all about having patience as a Forex trader. It’s really important. You see, we work in this business, this industry that’s online, that’s high paced, that’s open 24 hours a day, five days a week, and we’re always there looking for traits, or that’s what most people think they should do. In fact, it’s the opposite. You need to be patient, you need to wait for those high quality setups, and often doing nothing is the best thing you can do.

Examples from this week

I’ll give you a great example. Just this week, we’ve got leading into the US non-farm payrolls, which is the US monthly job release later today. But up until now, this week’s been quite a difficult week to trade, being a lot of quiet market conditions, not a lot of very good price action there.

And so for us personally at the Forex Trading Couch, we’ve had a fantastic week trading the weekly chats. We’ve got a pound year in trade that’s up 3.4 to one right now. It’s a 1.7% account gain. Trade’s still open, and we’ve closed on a weekly chart trade from last week, which was an Aussie US dollar trade, 2.8 to one or 1.4% account gain, and also we’ve got a New Zealand yen trade open at about a one-to-one right now. So just on those three trades, fantastic gains, yet we’ve done hardly any trading. We’ve had a few trades on the dailies and other timeframe charts, but it’s been particularly quiet, but we’re still in very good profit and that’s the important thing.

This week it’s been and last week it’s been the weekly trades that are done very well. Other weeks it’s different timeframes.

Don’t take trades just to undo your good trades

But the important thing is it comes back to that being patient, don’t … think of it this way. What’s the point in taking lots of trades this week that end up losing just to do and give back to the market all that good results that you’ve had from just two or three trades? Why would you do that? It just doesn’t make sense. And so patience is key. Wait for high quality setups. Don’t feel you have to be in the market all the time in order to be a trader and to do well. It’s about the high quality, A, A-plus grade setups, having all those things in your favour according to your strategy.

Like I said, you know, some weeks you’ll get nothing. A lot will happen. We’ve had indecision candles, we’ve had some very big moves, but not really good setups. Other weeks you’re just going to get trade after trade after trade, and when that happens, take them. That’s the thing. You’ve kind of got to make hay when the sun shines, to use a phrase like that from my early agricultural days. But it’s really important that you do that.

Less is more

But don’t go forcing trades. At the end of the day, if you can make two or three percent in a week, it doesn’t matter if you made those from a hundred trades or from four or five really good trades. It doesn’t really matter apart from I know that if I can make that on four or five really good trades, I’ve paid less spread, I’ve had far less work to do, far more enjoyable trading week, less stress, less time, everything else.

It’s which way you want to go. Do you want to be in the market all the time constantly being stressed, constantly looking for new trades all the time, just being constantly looking for new things, getting tied to the screens, getting tired, getting frustrated, or do you want to sort of look for just a handful of setups as and when they come?

What will happen next week?

Next week we might be getting trades on all sorts of different time frame charts. This week it’s been specifically the weeklies that have made us the good money. So again, be selective. Be careful with the trading. Don’t give away all your good work back to the market just because you feel you need to be in trades all the time.

Despite that noise in the background, I hope you can still hear me. This is Andrew Mitchem once again from the Forex Trading Coach outside, as you can tell, making this video, but yeah, have a great weekend. I’ll see you this time next week. Bye for now.

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#337: The Best Indicator to Use as A Forex Trader

Sep 30, 2019

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The Best Indicator to Use as A Forex Trader

In this video:
00:23 – Indicators and the best one to use
01:20 – The problem with traders and indicators
01:56 – What works for you?
02:23 – Starting with a blank chart and look at the price
04:00 – Use horizontal lines
04:40 – Send me your trading questions

What is the best indicator you can use as a Forex trader? 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 337.

Indicators and the best one to use

And I want to explain all about indicators and more importantly, which is the very, very best indicator that you can use to be a profitable Forex trader. So let’s talk about that. There’s a lot of information here.

And it all stems back to when we start trading. And when we start trading, and I did exactly the same, you put your charts up, you find a trading platform, let’s say MT4, it was MT3 when I started, or it may have been two. And you put the indicators on and you just get completely mesmerised by them. I was, I was completely mesmerised by how powerful these indicators were, how amazing they were. It’s like nothing I’d ever seen before.

And all I needed to do was follow this line and when that one crossed over that and it reached this certain level, then if I just followed those and did nothing else, then there was nothing sure that I was going to be a multi, multimillionaire from my trading really quickly. Absolutely guaranteed.

The problem with traders and indicators

You’re thinking there’s a catch and of course there’s a cash. The problem is that doesn’t happen and like I said, I’m just saying that I’ve been through this as well.

So if you’re in that position right now, believe me, I know exactly what you’re thinking because these indicators do look really cool. The problem is is that none of them really work by themselves and that becomes the problem. There is no one indicator that is the magic pill. Sorry to say it, but it’s true. You cannot find any indicator. They’ve all got some merits to some degree, but by themselves they’re all completely useless, the whole lot of them.

What works for you?

And so you have to work out something that works for you because most people will then go and think that they can alter the parameters of an indicator or make it more reactive or slightly slower. Or they’ll have some magical formula of all these combinations of indicators that’s suddenly going to tell them this magic secret answer when to enter and exit a trade that no one else has ever discovered before. And again, if you’ve been doing this for a while you know exactly what I mean, because I know you would have done the same yourself.

Starting with a blank chart and look at the price

So bring all that back to what changed things around for me. And it was when I actually got rid of all the indicators of my charts and I actually started to look at the price. You see the problem is, is when you have all these indicators together, everybody ignores the price on the right hand side column of your charts. How often do you actually look at what the price of a currency is? It’s probably hardly at all. It’s probably never for some people. And that becomes the danger.

So what I did is I eliminated all the indicators. I looked at the price and I looked at where the price was moving. I then started to study candles. But also when it comes to indicators, yes I do use them but for me indicators are generally horizontal level lines because a horizontal line is the same for everybody. It’s there set, when a price has hit a certain level or it’s bounced at a round number or it’s hit the pivot point or something like that for the day, then that’s a level that everybody can use. And I don’t have to be kind of like subjective by it because it’s an actual level. And that’s where I find, you know, those are the kinds of indicators that really are the best because then it’s about discovering well what part of the chart is the candle in right now?

Now you still need to understand candles and to be honest, they are probably some of the very best indicators you can get because they’re actual what’s happening right now. They don’t sort of manufacture themselves based on what happened hours and hours or weeks ago. Like most other indicators that all move beautifully, but they lag.

Use horizontal lines

So understanding horizontal levels, understanding price action, understanding candles, probably three together are the very best indicators that you can use. My honest opinion is that most indicators out there, you should probably not use on your charts. They will just confuse you, they will cause analysis paralysis.

Bring it back to basics and bring it back to what the professionals traders do. They look at what’s actually happening in the market. They look at strength and weakness, they look at all those type of things. Put those things together that will give you a higher probability chance of being a very, very good profitable Forex trader.

So I hope that helps. Once again, this is Andrew Mitchem, the owner at The Forex Trading Coach.

Send me your trading questions

Anything else you need like questions like this you’d like me to answer for you in future videos and podcasts, just drop me an email, andrew@theforextradingcoach.com. Thanks again and I’ll see you next week.

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#336: What’s the Best Time of Day to Place Trades?

Sep 23, 2019

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What’s the Best Time of Day to Place Trades?

In this video:
00:24 – When should I enter trades?
00:55 – How the FX day runs
01:20 – Do I have to trade the London and US Sessions?
02:12 – Is trading the Asian session a disadvantage?
02:32 – The way we trade at TFTC
03:04 – Look to take retracement orders
03:44 – Look at the close of a candle for a new trade
04:18 – The best time to place trades
05:14 – Ask me a question for a future video and podcast

What’s the best time of day for you to place your trades as a Forex trader? Let’s talk about that and more right now.

Hey traders, it’s Andrew Mitchem here from the Forex Trading Coach with video and podcast number 336.

When should I enter trades?

And it’s a question that I get asked very often, especially by newer traders. The question is this, is that, “Look, I know the market’s open 24 hours a day. I know that it’s open five days a week, but really what is the best time for me as a trader to go and enter my trades?” It’s a confusing subject because as I said, we know it’s a 24 hour market, but we also get told so often about different times of the day when there’s more price action than less.

How the FX day runs

So the day starts in the Auckland session and then which is in New Zealand and through to the Sydney session, and through to Tokyo that’s generally classed altogether as the Asian session, then as the markets then go through to the Middle East and then through to Europe, London and then across to the US with the New York market opening last.

Do I have to trade the London and US Sessions?

When you think about it, when it’s say middle of the day here in New Zealand, it’s the middle of the evening, the nighttime in London. So a lot of people think that that’s a disadvantage because a lot of people think that they have to be at their computer when there are certain trading sessions going on. In other words, a lot of people think they have to be at their computer during the London session, so for me that means evening time. If you’re in America, that means being up at two or three o’clock in the morning. Then also people leading on from that think they need to be there at the swap over between London and New York.

For me that’s two o’clock in the morning also, and I’m not doing that. You don’t have to do that. But you can see where the confusion comes because that’s what people think they have to do. They have to be there when there’s the most price action and volatility, and news announcements.

Is trading the Asian session a disadvantage?

Likewise, for people this side of the world, they think, “Well, it’s my daytime during the Asian session. Well, nothing happens during the Asian session. It’s usually pretty much dead.” The odd day something will happen, but most of the time, not a lot happens in the Asian session, and so people see that as a disadvantage.

The way we trade at TFTC

However, forget all that thinking and start again with the thinking. Because the way that we trade is that we only take a trade or look for a new trade upon the close of a candle.

It doesn’t matter what the candle length is. It could be a monthly chart, it could be an hourly chart, it really does not matter. But the beauty of trading that way is you know when to go and have a look at your charts. So we know that the daily candles close at 5:00 PM Eastern standard time, that’s New York time every day. So you know when to go and look at your charts.

Look to take retracement orders

Because of the way that we trade, we take retracement orders. We don’t even have to take a market order. You don’t have to, so you don’t have to be there bang on five o’clock New York time or five 30 you don’t have to be there right then. We’re taking retracement orders, and the great thing with a retracement order is we’re not even there at our computer when the trade gets filled because it gets traded, and entered, and filled when the price gets to the order level that we’ve already preset sometimes hours ago.

So it doesn’t really matter what the session is when that happens because I’m not there anyway. I’ve set my trades up, I’ve set my orders up, and I let the market do its thing.

Look at the close of a candle for a new trade

Now, as I’ve mentioned many times, if you are trading say four hour charts, you know when to go and look at your charts. You look at the 5:00 PM New York time, and then you could look at nine or one, or five again, or nine. It depends on which of those you can or want to look at your charts. If you’re trading 12 hour charts, you just need to look twice a day, 5:00 PM and 5:00 AM New York time, or just after that time. Again, entering with limit orders, retracement orders, you don’t have to be there.

The best time to place trades

So to answer you the question about when is the best time to place trades, the best time to place trades is when you see the best set ups according to your strategy.

It doesn’t matter what the day is, what the time of day is, what the timeframe chart is, or what the currency pair is. It’s what’s showing the best at the time according to your strategy. If that happens to be three o’clock in the afternoon, or 10 o’clock at night for me, it doesn’t matter. It’s when that set up’s showing. But again, I don’t need to be there three o’clock and 10 o’clock. I know exactly when I need to be at my charts. It’s just twice a day. I can look at the trades, look at the set ups, are there any yes or no, and place them with retracement orders, walk away. So you do not have to be there during the London session, or the New York session, or the crossover, or any of that in order to take good trades.

So therefore, conclusion is the actual time of day that you place the trades does not really matter. Unfortunately, most people think it does, but it really doesn’t. So I hope that helps.

Ask me a question for a future video and podcast

If you have questions like this that you’d like me to answer on future videos and podcasts just send me an email to andrew@theforextradingcoach.com, and I’d be glad to help you out. Bye for now.

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#335: What Makes a Good Forex Trader?

Sep 16, 2019

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What Makes a Good Forex Trader?

In this video:
00:24 – Characteristics of a good Forex trader
01:08 – Results from trading and travelling
01:56 – The Person, the Trader
02:31 – The amount of work behind the scenes
03:05 – What you need to become a good trader
05:15 – Don’t be scared to take a trade
05:58 – Forget the money, focus on the percentages
06:58 – Contact me if you have any questions

So you want to become a forex trader, but what makes a really good forex trader? Let’s discuss that and more right now.

Hey traders, Andrew Mitchem here from the Forex Trading Coach with video and podcast number 335.

Characteristics of a good Forex trader

And I want to give you some information about what makes not just an ordinary trader, but what makes a really, really good forex trader. What characteristics do they have that other traders don’t have? Because everybody has the dream when they start trading of flashy, fast cars, or beaches, or travelling, and all those kind of things. And look, it can be done because it doesn’t matter whether you want to be trading for the enjoyment of it, for the passive income, or for a full time career because you hate your job. It doesn’t really matter, any of those, because there’s characteristics that make good traders and bad traders.

Results from trading and travelling

And if you’ve been following me over the last few months, you would know that in July I had a family holiday, or vacation, if you’re in the U.S., over to the U.K. and Europe, and in that time I traded for 10 to 20 minutes once a day, took the trades that I placed on my membership site, and we made over 6% in the three weeks I was away and made another 6% in the two weeks that I got back. If you watched my video and podcast from last week, you’d know that we made plus 7.4% in the week on the membership site, all with low risk, by the way. And this week, we’re up by 1.7%. So it can be done, and the trades are there, the setting up; everything’s all able to make your money. That’s not the difficult part.

Results from trading and travelling

The difficult part really is about the person behind the scenes, the trader. You see, we all see sports people or musicians, people that we idolise, and we see them … whether you watch tennis or soccer or cricket, whatever it might be, or whether you watch your favourite band, your guitar player, your drummer, and we will idolise them. We all think, “Wow, wouldn’t it be awesome to be like them,” or, “I can be like them. Wouldn’t it be amazing to be up on stage playing guitar or be the lead singer and everybody just idolising you?”

The amount of work behind the scenes

The problem is, is that we fail to recognise all the work that goes into their lives, get them to have those skills to get to that stage where they are so good. And it’s a big failing, I suppose, that we see the instant answer everywhere with modern technology and social media, et cetera. And if you’re the sort of person that gets excited by the next shiny object, then trading really is not for you because it’s likely that you’re not going to end up having the right characteristics.

What you need to become a good trader

Now what you do need to be a good trader is a number of things, and I’ve made a list of them here, in no particular order. I put strict. You have to be strict. You have to be strict with your strategy and sticking to it. You have to be disciplined of trading sort of when your strategy suggests you need to be trading, and keep doing it. You can’t go, “Oh, yesterday I had a terrible day, I’m not going to bother trading today.” If the trades are there, you take the trades. You’ve got to be able to study. Like the sportsman, like the musician, none of this comes instantly. None of it’s like they took up singing lessons two weeks ago and now they’re on stage as a superstar. That’s not how it works. Trading’s no different. You have to study, you have to put the time in up front.

Consistency. You have to be consistent. You’d notice that the free information that I posted on my website, it’s there consistently everyday at consistently the same time. You’ll notice that these 335 videos that I have now consistently made on the same day and I notify you about them consistently on the Monday at the beginning of each next week. When I place my daily trades, it’s consistently on my membership site; it’s been for the last 10 years. It doesn’t matter where I am in the world, they are there every day. So consistency is very, very important.

There’s other things like that: the low risk side of it, the high reward, the risk, that’s the trading side of it. But there’s lots of other things about the characteristics. Don’t be too emotional. Sure, it’s great to celebrate great trades. 7.4% I had last week, I celebrated it. I talked about it on the video, but it’s not like this complete and utter: “Woo-hoo, let’s go stupid the next week.” The same is you have a losing trades or losing weeks; yeah, it’s not great. No one likes it, but don’t get too doom and gloom about it and then all of a sudden you’re just throwing your toys out of the cart because trading’s suddenly this horrible thing that’s against you. You cannot have those ranges in emotions to be a good trader; it needs to be slow and consistent and steady. To be honest, good trading’s actually quite boring and it needs to be that in order to keep trading well.

Don’t be scared to take a trade

Other things that I mentioned there about not being scared; don’t be scared of placing trades. I knew a guy once who was a fantastic theorist, he understood all the theories of trading far more than I’m ever going to know. But you know what? He couldn’t take a trade. He actually was scared to take a trade. He was actually scared to take a trade on demo, let alone live account. But this guy was an absolute genius in terms of understanding the markets. You also need to respect the markets, and just don’t expect that last week I made 7.4%, this week I’m going to go silly and I’m going to suddenly double my account. You have to respect the markets, the different conditions, et cetera, like that.

Forget the money, focus on the percentages

And also the last thing I want to mention is don’t look at the dollars or the pounds or the yen, whatever your currency. Forget that. Look at the risk that you’re taking and the gain that you’re making as a percentage, because a lot of people go, “Hey Andrew, it’s all really good for you saying you made 7.4%, but if I made 7.4% on $1,000, it’s pointless.”

That is very, very wrong. You shouldn’t look at trading that way. If you can make 7.4%, you can make it on $1,000 or $10,000 or $100,000 or $1 million; it does not matter. It’s still the ability to have those profitable trades with the low risk. So forget the monetary gain for now, especially if you’re new or you’ve got a relatively small account size. Forget that that’s not … The account size today doesn’t matter. It’s having the ability to learn how to trade is what matters. But also the characteristics, the discipline to be able to do it properly. And that’s what makes the difference between an ordinary trader and a very, very good trader.

Contact me if you have any questions

So I hope that helps. Anything you need me to discuss on future videos and podcasts just like this one, drop me an email, andrew@theforextradingcoach.com, and I’ll see you at this time next week. Bye for now.

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#334: Another +7.4% Gain This Week

Sep 9, 2019

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Another +7.4% Gain This Week

In this video:
00:28 – A large gain of +7.4% so far this week
01:01 – Trading different time frame charts
01:25 – Trades from this week
03:11 – Open trades still in profit of +1.2%
03:55 – Sticking to your strategy
04:38 – Your comments and questions
05:02 – Earning while you are learning

We’ve made a plus 7.4% account gain so far this week. I’m going to share with you those trades, and also explain the importance of sticking to your trading strategy. Let’s get into it right now.

Hi, Forex traders, Andrew Mitchem here from the Forex Trading Coach video and podcast number 334, and that’s right, you heard it right.

A large gain of +7.4% so far this week

We are up plus 7.4% so far this week still with a trading day to go on our close trades, and we’ve got open trades of another plus 1.2%, so almost at 10% just for this week. I’m going to share those trades with you, but also more importantly, remember the last couple of weeks on the videos on podcasts, I’ve talked about the importance of a second tier trading strategy and also having the ability to trade multiple timeframe charts? This week yet again has illustrated that importance.

Trading different time frame charts

The last couple of weeks I’ve said, “Look, there’ve not been too many high quality trade setups on the daily charts.” This week’s completely different, fantastic trade setups, and we’ve had some great profitable trades. I’d like to just share those with you. By the way, all of these have been taken live, and all of these have been posted in advance of the market moving on our membership site for all of our clients to follow, earn from, and learn from.

Trades from this week

So we had a sell trade on the Euro/New Zealand Dollar. Our market order obviously got filled because it’s at the market, but our retracement order got filled. Both were great trades overall with quarter percent risk on each. We made a plus 1.75% gain on our count from just that one position, two trades, one overall trade set up. We then also did exactly the same on the US/Swiss Franc. We had a sell trade on that. The market and retracement order both hit the full profit target for a plus 0.95%, so almost a 1% gain there.

We had a small loss on a market order on the Pound/Canadian dollar, and that lost us a quarter of 1%. We’re risking quarter percent at the market, quarter percent at retracement. We then had a fantastic trade at 2.1 to one trade on the market order on the New Zealand US dollar just yesterday, made us a half of 1%. Our retracement order failed to get filled by just one pips, so agonisingly close, but it didn’t, but we still took half percent on that. We had our breakout strategy that made another 1.5% gain this week. The Euro Pound weekly chart trade that I’ve been talking about for the last two or three weeks closed for a 3.3 to one reward to risk or in other words at 1.65% account gain. We’ve also posted on the membership site a fantastic six hour chart trade, and we discussed it on our live webinar just yesterday posted on our forum site in advance of the price getting filled, and that was a six hour chart trade Aussie/New Zealand buyer trade 2.6 to one, or in other words a 1.3% gain on that trade also.

Open trades still in profit of +1.2%

Also, on top of that, we’ve got an open trade on the Pound New Zealand, which is up half of 1% right now as I’m speaking to you. I’ve got two trades on the weekly charts, US/Yen and Aussie/Franc up 0.7%. So overall, put all that together, we’ve made 7.4% on close trades and up 1.2% on open trades, 9.6% gain just on those trades, just on the membership site, just for this week. The Euro Pound was a few weeks ago. We took it but it’s closed, and we profited from that full.

profit right now. That was the weekly chart trade, but all the others were actually posted this week as well, fantastic trading.

Sticking to your strategy

The lesson to take from that is sticking to your strategy and sticking to multiple timeframe charts as mentioned, it’s really, really important that you do both. Not every week like last week will the four hour charts be fantastic. Not every week like this week will the daily charts be fantastic, or the weekly charts, not every week will they be fantastic.

But you take a combination, and a blend of all those different timeframe charts, and you stick to your trading strategy, and you have high rewards risk trades like I’ve just showed you here, and you have low risk per trade, and it works. That’s pretty outstanding. We could easily talk on close trades this week, 10% gain in one week, shows what can be done. If there’s anything you’d like to know about those trades, or if there’s anything that you’d like me to talk out on future videos and podcasts, just send me an email to andrew@theforextradingcoach.com.

Your comments and questions

If you’d like to gain results like this. Don’t forget, this has nothing to do with any other trades that anybody might have taken themselves, and yes, it’s fantastic to have a 10% or close on 10% gain in a week on your account.

Earning while you are learning

That’s absolutely outstanding, but don’t forget it’s the earning whilst you are learning, really important that. It’s not just about “Here’s some trades, go take them”, or “Here’s some entry and exit levels that we just post like a signal service.” It’s not that.

This is you learning to understand, to be able to take the same kind of trade setups for yourself, knowing exactly where to put your entries and your exits, but training your eye to see the setups. Close on 10% in one week is not bad as it? We’ll see this time next week. Bye for now.

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#333: Why We Trade Different Time Frame Charts

Sep 2, 2019

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Why We Trade Different Time Frame Charts

In this video:
00:29 – The benefits of trading multiple time frame charts
01:14 – Being flexible as a trader
01:55– Looking at your charts
02:19 – Trading examples from this week
03:25 – High quality trading setups on the H4 charts
03:55 – Live trades taken on the webinar
05:05 – Great results from different time frame charts
06:02 – Trading like this doesn’t require much time in a day

I’m gonna explain to you today why we choose to trade a variety of different timeframe forex charts. How it helps us and how it can massively help you to improve your trading results. Let’s get into that and more right now.

Hey traders! It’s Andrew Mitchem here, from The Forex Trading Coach with video and podcast #333.

The benefits of trading multiple time frame charts

And I want to explain to you about the benefits to you as a forex trader of looking at and trading multiple timeframe charts. So take a step back. Think about the trading, think about the charts, think about the market. It’s little bit like people and the market has different characteristics, different mood swings. It reacts differently to different events. You can never really predicts what’s going to happen. Different forex pairs react differently depending on the time of the day, day of the weeks, sometimes the month, different years. And you never really know which timeframe charts or which pairs are gonna react when.

Being flexible as a trader

So, as traders, we need to adapt, we need to be flexible and one other best ways that we do that and also that’s gonna help you to do that. Is to have the ability to look at a few different timeframe charts. Different charts also pick up those different mood swings, different characteristics of the market. They give you the ability to identify high probability setup trades. That if you start to just one timeframe chart. You would often missed out on. So it’s very important that you have that ability to adapt and to look at different timeframes.

Looking at your charts

You’ll notice when you go through the charts. You might find that one timeframe just looks really flat and really boring. Other timeframes on the same pair at the same time will be showing really good setups. Again, it comes back to that characteristic of the pair and the time of day that you trading or whenever it might be the month, etc. So that’s why it is very very important.

Trading examples from this week

I give a few examples of how we adapt to those changes and how we profit and benefit from that so it can help you. So just last night, I held my live client’s webinar. Hold them every 2 weeks, 2 hour long, live trading room sessions. The alternate week, Paul over in America holds the US session, but last night it was my turn. Had a great session lots of people on it. I showed my clients over 20 charts setup just from this week. That I’ve either taking myself, I’ve seen people post on our forum site or clients have emailed me showing me the results.

Over 20 charts just this week, just from the 4 hour charts. Absolutely amazing the 4 hour charts have been this week. Go and have a look at your MT4 Charts, your trading charts and look at the 4 hour charts across the variety of different timeframe charts from this week. You will find if you have decent trading strategy there been a lot of very very good setups.

High quality trading setups on the H4 charts

So I went through those last night and they said at least 20 of them. They were absolutely amazing charts, high reward to risk, high quality setups and they work beautifully.
So the 4 hour charts for some reason work really well this week. And on that session, we talked about how other timeframe charts have not been quite not so good this week. They have not really showing on the setups.

Live trades taken on the webinar

So on that session I also took a 1 hour live trade on the EUR/NZD sell trade yesterday. It got filled out at the market and hit the profit target within the webinar session itself. Took about 1 and a half hours and made a 1.6 to 1 reward to risk trade. So I risk half of 1% on that trade. I made 0.8% gain on my account just in an hour and a half, not bad.

On that session, I also took 2 12 hour chart trades. One of them ended up losing and got stopped out. The other one made a 2.1 reward to risk that was taken on a CND/CHF. Taken live on the webinar. So 1 lost, 1 made. Also this morning when I woke up, I saw that I had a trade that I took myself 12 hours prior also in the 12 hour charts that I’ve explained and showed to clients on that live webinar that made a 2.8 to 1 reward to risk. So of those 3 12 hour charts, 1 lost 2 gain still up massive percentage.

Great results from different time frame charts

So you can see that we have taken a 1 hour and taking 12 hour charts. I’ve also got a weekly chart that I’ve explained last week’s webinar and podcast, from the EUR/GBP that still in. That currently is at 1.3 to 1 and I also took a 6 hour chart trade on the GBP/AUD a sell trade on the webinar last night and that’s still in the market as well. A little bit of profit but not much right now as I’m recording this.

So you can see there of what we’re doing. We take a variety of timeframe charts. This month, August I didn’t see any trades on the monthly charts. This particular week, I saw no suitable trades on the weekly charts. Yet, I still got one in the previous week. The daily charts had a few setup this week but not that many, but then we’ve gone to other timeframe charts like the 12, the 6 and especially the 4 hour charts and to a lesser degree, the 1 hour charts. Have had a great setups.

Trading like this doesn’t require much time in a day

So what is that tell you? It tells you that you need to have a variety of timeframe charts. The ability to look at them. The good thing is the way we trade. Is it still doesn’t that you mean taking very much time of the day. But because yesterday, when the charts changeover for the daily charts, 5pm New York time. I could also look at the 12 hour, the 6 hour, the 4 hour, the 1 hour charts.

When I was on the end of the webinar yesterday, when the 12 hour charts changed over. It’s 5am New York Time. We look at the 12, the 6 ,the 4 and the 1. So 2 trades on the 12 hour chart, 1 on the 6 hour. Already had the 12 hour chart on another trade previously and took a one hour chart an hour before on the webinar as well. So, no very much time taken up high gains, high reward to risk. Low risk trades, shows what can be done and you need to adopt to the market conditions. Cause you never know next week the 4 hour charts may not show hardly any setups. You just don’t know.

So having that ability to scan through real quickly, different timeframe charts. When they changeover, when the candle changeover is what really help you.

So once, again this is Andrew Mitchem from the Forex Trading Coach. Look at different timeframe charts, look at different timeframe charts, look at currency pairs, different timeframe charts, different currencies. It will massively help your trading. Bye for now, see you this time next week.

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#332: Will your trading strategy work in the future?

Aug 25, 2019

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Will your trading strategy work in the future?

In this video:
00:35 – Trading webinar question
01:30 – My strategy continues to work after 13 years
02:19 – Trading price action correctly
02:57 – The trouble with most trading strategies
03:25 – The way we trade
04:00 – The Daily charts
05:07 – Future proofing your trading
05:45 – Contact me for future podcast questions

Will your trading strategy still work in the future as good as it does today? It’s an interesting question, so let’s talk about that and more right now.

Hey, Forex traders, Andrew Mitchem here from the Forex Trading Coach with video and podcast number 332 coming to you from the beautiful town of Nelson in the top of the South Island here in New Zealand.

Trading webinar question

Now, I’ve been here for this weekend. On Wednesday night I held a webinar for non-clients for people who are interested in finding out more about trading and asking questions about my trading strategy. And a guy called Craig said to me, “Hey, Andrew. With the impending global financial meltdown, especially if the US dollar collapses, will your trading strategies still work?”

It was a really interesting question that Craig asked. Craig obviously doesn’t know my entire strategy, but it was an interesting question, I thought, and a very valid one, because what’s the point in looking at buying a course or a strategy that may not work in the future?

Now, Craig, I don’t know whether the impending global financial meltdown’s going to happen or if the US dollar’s going to collapse. Who knows? That was just purely Craig’s comments there.

My strategy continues to work after 13 years

But what I do know is this, is that 13, 14 years after I created the strategy that I still trade and teach today, it’s still working equally as well today as it did back then. And that’s a really important factor that nothing’s changed. We haven’t changed anything, we haven’t added anything. It still works equally as well.

And when you think about the last 13, 14 years globally, politically, economically, we’ve been through all sorts of ups and downs and turbulence within the markets, recessions, all sorts of things, and for a strategy still to work today as good as it did back then and has continued throughout those 13, 14 years gives me massive confidence to say that it will continue to work.

Trading price action correctly

When you think about this, is that when you understand good price action or how to trade price action correctly, if there’s nothing happening in the markets, then you generally don’t find there’s a great deal of trades or not good high quality trades showing.

Conversely from that, if there’s good price action, there’s lots of activity, then you generally find that that’s a day or a week that you see lots of price action in the market and lots of good high quality setups. And if you trade that way, you’re basically trading with what’s in front of you at the time. It’s what the conditions are at the time.

The trouble with most trading strategies

The danger is is if you’re trading a strategy that relies on a line crossing over another line and different things like that is that that can happen at any stage. So first all you don’t know when to trade, you can’t re-plan around that happening, and also that can continue whether the market’s flat or massively active, those sort of moving averages, let’s say, as a very basic example.

The way we trade

So the beauty of the way that we trade is that with using closes of a candle and using price action, we’re looking at only trading once there’s good momentum, good price action in the market that’s then giving us good setups.

Now, to continue on from that is that we never know in advance at the beginning of the week which timeframe charts are going to show us better or no trade setups, and that’s why we trade a variety of different timeframe charts. It’s why we trade a variety of different currency pairs.

The Daily charts

As an example, the last few weeks the daily charts have had just some amazing chart setups, great high reward to risk trades. This week the daily trades have not been that good. We’ve had a few setups. They’ve not been particularly like what I call A-plus grade setups, but they’ve been okay. And most of them have not worked.

However, our weekly chart trade this week is just going amazingly well. It’s a sell trade on the Euro Pound. If you go and have a look at the Euro Pound weekly chart setup, you will see that that’s worked extremely well this week. And the other timeframe charts, the shorter timeframe charts, and when I say shorter we generally go sort of four hour, six hour, eight hour, 12 hour charts, have worked particularly well, but for some reason the daily charts have not.

That’s the beauty of price action. If there’s nothing showing on one timeframe, you probably scale up or scale down and find something suitable on another timeframe. If one currency pair is not showing very much there then you’ll probably go to other currency pairs and find something is showing well.

Future proofing your trading

So, that is a really good way of trading. It’s a way of trading with the current conditions and it kind of future-proofs yourself in terms of what might happen in the future if Craig is right here with impending global financial meltdowns. Who knows? The US dollar collapsing. Who knows?

But what we do know is if we trade properly, we trade well, we trade with low risk, we trade with high rewards risk trades and we trade with the high quality setups only when they show, then when that happens the strategy works and you do very well from it. So I hope that helps.

Contact me for future podcast questions

If you have any questions like this interesting question from Craig, any questions, any comments you’d like me to talk about on future videos and podcasts, just send me an email: andrew@theforextradingcoach.com.

I’ll see you this time next week. I’m off to enjoy the beautiful sunshine here in the middle of winter here in Nelson. Glorious Day. And I’ll see you this time next week. Bye for now.

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