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Focus on being a good trader and forget the money

In this video:

00:34 – Why it is important you focus on being a good trader

01:20 – Don’t run before you can walk
01:56 – Learn how to become good and get training
02:22 – Don’t focus on the money
02:55 – How do you learn how to trade well?
03:33 – You must start at the beginning
04:26 – Taking a course can short cut the learning process
05:25 – A large account size does not matter

I’m going to explain today why you need to focus on being a good trader, and don’t focus on how much money you’re making. Let’s explain more right now.

Hi, traders. It’s Andrew Mitchem here, from The Forex Trading Coach with video and podcast number 321. A really, really important lesson for you today, especially if you’re new to trading.

Why it is important you focus on being a good trader

It’s all about why it is so important that you focus on becoming a good trader. I’ll explain more about what I mean.

Each day, and it’s many times a day, I receive emails from people saying, “Hey, I’ve heard about Forex. I want to get into it, make some money.” “I’ve lost my job. I’m desperate for money.” “I need some passive income.” “How much do I need in my trading account because I need to make $1,000 a week?” “How much am I going to make?” “How long is it going to take me so I can make lots of money in trading?” All those type of questions, really, really, really dangerous, dangerous questions.

Don’t run before you can walk

The reason I say they’re dangerous is because these kind of questions are from people that are trying to jump the gun. They’re trying to run well before they can walk. Unfortunately, and I can say this with honesty with experience because I’ve seen it so many times over the last 15 years since I’ve been trading and the last 10 years, especially since I’ve been coaching is that if you come into trading with that kind of mindset, that type of mentality, unfortunately, the truth is it’s not likely to end well.

Learn how to become good and get training

You think about it, you could go into any other profession. You want to become a lawyer or a doctor or a mechanic or a farmer or whatever it might be, you have to get some training, some tuition, and start at the beginning. You have to build those foundation blocks. If you don’t have a good foundation, the rest of it is going to crumble, and trading is exactly the same.

Don’t focus on the money

Rather than focusing on how much money you’re making or losing, focus on the traits, focus on becoming a good trader, focus on you, your ability to trade, the strategy that you’re trading, your mindset. All those type of things are far more important at the beginning of your trading journey than worrying about how much money you’re making or you want to make. You see, it’s so important that you learn the strategy.

How do you learn how to trade well?

And how to do that when you’re starting out because, unfortunately, the Internet is absolutely full, like, you know, of hype, of all these people driving around in flash sports cars, of taking private jets everywhere, sitting on beaches, drinking cocktails with their laptops, all those kind of crazy pictures that you see.

Now, the reality, of course, is far different from that. Yes, you can make some incredible money from trading. I’m not suggesting that you cannot. Absolutely, you can. Once you master it, there’s very little that beats it.

You must start at the beginning

However, you need to start at the beginning. We’re kind of in this age of mentality where it says instant fix. You want something, it’s on your phone, it’s on Google. You want to take a picture, you can instantly do it, send it to people, all those type of things. It’s kind of made our mentality when it comes to learning something, not that good. Trading is something you have to put the time and the effort in.

How do you go about doing that? Well, you can find coaching courses. I’ve got a coaching course that’s been running for 10 years. Now, I get accused of making these videos and people go, “Andrew, you’re just making these videos so you can sell your course.” That is not right. I’m making these videos to help you. If you choose to wish to join my course or another course or learn by yourself, that’s your call. I’m just giving you the honest facts.

Taking a course can short cut the learning process

Taking a course like going to college, like going to university to have a specialist skill can shortcut the time and the funds it takes to become where you want to get to. You want to become a sportsman. It takes time, dedication, and routine to get there. Same as a musician same as a doctor, a lawyer, whatever it might be. Trading is exactly the same.

One thing that is absolutely for sure is we all have limited time. When you decide how you go about taking a course or self learning, don’t forget that we’re all limited on time. If you can shortcut the process, does that not just make so much sense? That’s where I see the benefit of a good coaching course with support and with a proven strategy makes so much sense.

A large account size does not matter

Coming back to the actual topic itself, if you focus on “I need to make this amount of money,” that will not work. If you focus on learning how to trade properly, then the money will follow. You see, you could have a million dollars in your trading account right now, and it’s almost certain that you’re going to lose money. Having the funds upfront when you’re starting out, does not matter. Having the ability to trade, the mindset, the will to want to learn to trade and to put the effort in, that is how you will become a good trader over time.

If you like, I’ll help with that. You know where to find us. We’re at theforextradingcoach.com. If you have any questions, all you need to do is contact me via my website, and I will answer those emails for you, personally.

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

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Trading with High Reward:Risk Trades

In this video:
00:34 – Reward:Risk is often overlooked
01:15 – Don’t worry so much about win rates
01:57 – Trade makes a massive 9.2:1 R:R
03:30 – A 2.3% account gain with a 0.25% account risk
03:56 – Live Webinar and 4 trades close for full profit

I’d like to share with you the importance of achieving high reward to risk trades in your trading, how it can help you so much, and also let you know about a massive trade that we took last week. Closed profit this week for 9.2 reward to risk trade. Listen up. I’ve got some great tips for you.

Hey traders, Andrew Mitchem here, the owner of the Forex Trading Coach video and podcast number 320.

Reward:Risk is often overlooked

Now reward to risk, sometimes not the most exciting part of Forex trading. It’s often overlooked, but it’s something that you should not overlook and it’s something that you should really strive very hard to achieve high reward to risk trades in your trading. Why? Well, if nothing else, when you achieve a high reward to risk trade, not only does it make good profit in your bank account, but it gives you a massive boost. It gives you a huge amount of confidence, because what it then allows you to do is have maybe a few losing trades, but your profitable trade that you’ve just had eats up those small losses plus lots more, and that’s why it’s good.

Don’t worry so much about win rates

You see people get too caught up in talking about win rates, and I get it all the time. People say to me, “Hey Andrew, how many trades do you get as winning trades? What’s your win percentage?” And I’ve seen people, true story, I’ve seen people with a 90% win rate who lose money because they have lots of small trades, and then one big losing trade. Lots of small trades, one big losing trade. So they might have lots and lots of gains, 90% gains, 90% winning trades, but they are still losing money, and that’s not good. Dents your confidence cause that one big losing trade smashes through all those good trades that you’ve just slowly built up.

Trade makes a massive 9.2:1 R:R

Let’s flip that in reverse and look at it the other way. You need to have high reward to risk trades, so the trade that I suggested on my membership site to my clients just last week on the 1st of May was a sell trade on the New Zealand dollar Japanese yen based on the monthly chart.

So go and have a look at the monthly charts for the close rate for 2019, and you’ll see the setup that we took. Now, we enter our trades with a part of our position at a retracement and part at the market order, so I split up a half percent risk and total quarter percent risk at the retracement if it gets that quarter percent at the market. Now unfortunately our retracement order didn’t quite get filled by just four pips. That missed being the perfect retracement by four pips. If it hadn’t made profit, it would have made a 214 pips, and it would have made a 3.2 reward to risk trade. Still really nice, however our market order, which obviously it was in the market at the beginning of the month, had a very small stop loss. Only 22 pips stop loss because that’s where it needed to be, and it had a huge 214 pip profit target, which it hit yesterday on the 9th of May, so we ended up making 214 pips.

That doesn’t matter. What does matter is that we had a small stop loss, and again the small stop loss is not even the point. The point is we made a massive 9.2 to one reward to risk gain out of that trade. That is absolutely huge.

A 2.3% account gain with a 0.25% account risk

So with our quarter percent risk on that one trade, it still made us a massive 2.3% gain on our account. So think of it that way. Quarter percent risk, real tiny, tiny risk, but a huge 2.3% account gain. Very, very important you see that happen on your charts and you see those gains. It really is a huge boost to your confidence.

Live Webinar and 4 trades close for full profit

So one more thing to share with you, apart from the high reward to risk trade is that last night on my live webinar, we hit full profit on our daily chart, which is the Aussie US dollar, and that was on our membership site. We also hit full profit on a 12 hour chart trade Aussie Canadian, which was mentioned on our forum site, and I took two trades in front of my clients behind me here on my chart’s live account on the Aussie- sorry, on the British Pound New Zealand dollar, the first trade on the one hour chart, and an hour later at the close or the next handle, I took a sell trade on the British pound Canadian dollar and both hit for profit. Good reward to risk in those trades. No where near as high as 9.2, but that was a monthly chart as opposed to a one hour chart, but the aim is to have high reward to risk trades on all of your trades. It will massively help you becoming profitable as a Forex trader.

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

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Do you the lack time to trade correctly?

In this weekly video:
00:29 – The biggest problem – a lack of time
01:10 – How we can help you at TFTC
01:31 – Trader from Noosa, Australia on Weekly charts
02:45 – A massive +5.3% gain in the last week
04:30 – Details are below

Do you find that you just don’t have enough spare time or energy to trade the Forex market properly? If that’s your issue, listen up. I’ve got some really great information to help you.

Hey Forex traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast #319.

The biggest problem – a lack of time

Last week I sent out some forms and I said to people, “Just let me know what your biggest trading problem is?” Without doubt, one of the biggest issues that many of you face is you just don’t feel like you have enough time. Like there’s just not enough hours in the day to do the things that you need to do. Time you’ve been to work, time you travel, time you got home, time you looked after the kids and fed them and put them to bed. Other commitments; sports, clubs, whatever it might be. That really the last thing that you feel like or having the energy to feel like doing is sitting down and watching the charts for hour upon hour upon hour just waiting for that set up to occur. It’s a common problem and I really understand it and I really get it.

How we can help you at TFTC

So the great thing is about that is that I can definitely help you there. How do I know I can help you? Over the last 10 years I’ve helped so many people who have been in similar positions to you. Now with my strategy, the good thing about it is it works across all currency pairs. But more importantly, it works across all timeframe charts.

Trader from Noosa, Australia on Weekly charts

Now I’ll give you an example. My very first client over in Noosa in Australia, beautiful part of the world. The guy that I taught ended up owning a running a five-star restaurant over there. He was the owner, one of the head chefs, just fully on commitment seven days a week. He had two young kids at the time as well. He ended up trading just the weekly charts and doing exceptionally well. Now I caught up with him on a Skype session about six months ago. He’s now spent the last two years with his wife and his two kids travelling around Europe. He’s just loving it; he’s travelling from country to country and they are just absolutely having a fantastic time. He’s still trading, but all he’s doing now is he’s trading the weekly charts like he used to plus he’s adding the daily charts. So it means he’s trading for 10 minutes once a day on his laptop. Shuts the laptop down, does his travelling, has a great day. Next day 10 minutes, move on. Really, really great way of trading.

You can apply that whether you’re travelling around the world with your wife and your kids or whether you just have so many commitments and lack of time at home doing what you’re doing right now.

A massive +5.3% gain in the last week

To give you another example, in the last week with the daily trades we’ve made a 3.5% gain with only risking half of 1% on each trade. So 3.5% gain. Also on the weekly charts… I’ve just closed out a weekly chart trade just yesterday, made a 1.8% gain on the Pound/Australian Dollar. We’ve got two trades still open on the weekly charts right now as I’m making this video with a open position of 1.5% gain. But on the closed trades, the daily chart trades and that one weekly chart trade, we’ve made a net of + 5.3% gain so far in the last week. So 5.3% and that’s taken us 10 minutes a day, if that.

The other benefit is if you become a client, all of those trades with the exact entry and exits and the reasons for taking the trade, more importantly the actual reasons, were posted on our membership site for people to follow along, copy and earn from but also to learn from. So 5.3% in the last week from 10 minutes once a day and that’s it.

If that sounds like something that you really want to get involved with, if that appeals to you… Of course you’ve got other timeframe charts if you want to do that. But for this particular lesson, this is all about if you lack time. 5.3% in a week for 10 minutes… Under one hour in the week total for 5.3% gain. That’s quite impressive. Not only is it the earning ability, it’s what you learn from it as well.

Details are below

So what I’m going to do is underneath this video I’m going to put a link to let you know more details about how we can help you here at Forex Trading Coach. Look forward to helping you further and I’ll see you this time next week for more trading tips and information.

So once again, this is Andrew Mitchem. Bye for now.

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What is missing from your trading?

In this weekly video:
00:27 – Something different this week – what is holding you back?
01:16 – Everyone has different trading issues. What is yours?
01:41 – Complete the form on this page
02:17 – Let me help you
02:38 – Feel free to share this video

What is it that you need the most help with in order to turn your trading around? Let’s get into that and more, right now.

Hi Forex Traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 318.

Something different this week – what is holding you back?

So something a little bit different today, normally I’m explaining how I trade and different things that I’m looking for to help you with your trading, but today I figured let’s change that around, and I going to ask you the question. I want to ask you what it is that I can do to best help you. What do you need the most, help with what’s holding you back, what’s your biggest concerns, biggest frustrations with trading in general. So, why don’t you ask me the question, and I’ll use my 15 years of knowledge and my wealth of experience as a full-time trader of 15 years and a coach for thousands of traders worldwide for the last 10+ years. Let me share some information with you, but let’s make it specific for what you have a problem with.

Everyone has different trading issues. What is yours?

‘Cause everybody has different stages to the journey, everybody has different issues. It might be a lack of finance, it might be a lack of time, it might a lack of support from a partner, it might be you’re too reactive, it may be all sorts of manner of different things, but what I want to know to best help you is let me know the problems that you have.

Complete the form on this page

So on this page you’ll find there’s a form. What you need to do is let me know your biggest training problem on that form. It’ll come through and then I will get back to you with some suggestions. If you’re watching this video on YouTube, you’ll find a link below this video, which will then take you through to a page with the form on it, and if you’re listening to me on a podcast, and you’re not watching a video, all you need to do is just email me directly, andrew@theforextradingcoach.com and I will then get back to you as well.

Let me help you

Come back to me, let me help you, and like I said, just use the information and I’ve gained over the years as a full-time trader, a fund manager, someone that’s created algorithms, and someone that’s done the coaching as well. If there is anything at all that I can help you with, I’ll be glad to do so.

Feel free to share this video

And if you know anybody else that is interested in trading, feel free to share this video. Feel free to share the link through to the form and so I can help them as well. My aim as a coach is to help as many people do well out of this amazing industry as possible. We’re all here, we’re all in the same boat or in the same position as individual Forex traders all wanting to make money out of the Forex market and enjoy it and better ourselves and better our lives for us and our families.

Fill in your details on the form that will be on this page, and I will get back to you as soon as I can with some helpful tips and information.

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Trading the FX market when volatility is low

In this weekly video:
00:30 – A topical subject – a lack of volatility
01:00 – Do not have a strategy that requires massive trends
01:27 – You need patience to trade these conditions
02:10 – Looking at several different time frame charts
03:00 – Hardly any strong trends right now
03:48 – Get your account auto traded at AMForexCopier.com
04:44 – Making sure your trading strategy is a good one

How do you trade the Forex market when volatility is low, exactly like we’ve seen so far this year in 2019? Let’s discuss that and more right now.

Hi Forex traders, it’s Andrew Mitchem here from the Forex Trading Coach with video and podcast number 317.

A topical subject – a lack of volatility

I want to discuss a really important subject because it’s topical for right now. It’s been emailed in from Raphael, and Raphael said, “Andrew can you talk about the Forex market and the volatility or the lack of volatility that we’ve seen over the past three months?” So here we are in April, 2019, and pretty much since the beginning of the year since January volatility has been quite low. There’s not been a great deal happening on the markets in general. There’s different ways to approach that, and we’ll discuss those shortly.

Do not have a strategy that requires massive trends

Now what I did need to say to you is that if your trading strategy requires there to be huge trends, like day after day after day or week after week of big up-trends and big down-trends, if that’s what your strategy requires in order to be successful, I’m picking that right now here we are in April, 2019, I’m guessing your year has not started well. Maybe that’s the issue that Raphael is having.

You need patience to trade these conditions

So there’s different ways of looking at it. To me, you need to have patience in your trading. It’s really, really important that you have patience. Don’t just go taking trades just for the sake of trading. If there’s nothing there, don’t take anything. As an example, this week on the weekly charts I’ve suggested there are no trades to my clients. Yes, I’ve suggested some strength and weaknesses based on the weekly charts, but no specific trades. Last week there were three. When I hold my live webinars and I discuss the trades that we’ve seen, the good set-ups according to our strategy over the past week, sometimes I’m finding that the four hour charts would have tremendous setups and then another week the four hour charts have very few setups.

Looking at several different time frame charts

So it all comes down to when you get these low volatility trading conditions is having the ability to look at several different timeframe charts. That’s why we use offline charts and we have the ability to look on MT4 at charts like six hours, eight hours, 12 hour charts as well as the normal standard MT4 charts.

Because when we have the ability to look at different timeframe charts, that’s what gives us the edge and that’s what gives us the flexibility to look at what’s happening in the market and only picking those very top quality A-grade setups. Really important that you do that.

If you are trading say the daily charts and you need to have strength after strength after strength, then right now you’re not doing well. So it comes down to trading what you see on the charts at the time.

Hardly any strong trends right now

Using some strength and weakness as well. Really important that you do that, because the market is kind of all over the place. It’s not a really obvious trend in hardly any currency pairs right now. Even the Euro and even the Pound with all the Brexit news going on. When you would expect the Pound to be dropping sometimes it’s going back up again. So really important that you use what you see on the charts right now. Use strength and weakness. Use my guide if you want. I publish free analysis every single day on my website for where I see particular strength and weakness in different currency pairs.

Also, apart from being patient, have the ability if you can to look at two or three different timeframe charts. It’s going to really increase the probability of you seeing good quality trade setups.

Get your account auto traded at AMForexCopier.com

If none of that works for you, all you need to do is jump onto my copier service. Jump on to amforexcopier.com and it’s my 100% automated strategy that means that you can have your account completely 100% auto-traded using my algorithms. It’s a five minute process to get it set up and even throughout the last few months of this quiet volatility, with the market as we’ve just discussed not doing a great deal, we are currently up 59% in the last two months since the system has been running live on myfxbook. I’ll put a link to that copier service below this video.

Whether you want to take the auto-trade route, or whether you want to take the manual trade route, both have a great ability to work in all conditions once you know what you’re doing.

Making sure your trading strategy is a good one

So it comes back again to making sure your strategy is good. If you’d like our help with a strategy, have a look at my website and what we offer with our online video course. We also have the ability to have you be taught one-on-one online as well, plus if you live in the US or Canada you have the ability to catch up in person with Paul Tillman who lives in America and be taught in person. So three different ways of learning our strategy. If that’s for you, fantastic, just let us know and we can help you with that. If you’d like the automated trading route, also look at the link on this page.

So once again, this is Andrew Mitchem from the Forex Trading Coach. If you have any trading questions that you’d like me to discuss on future videos and podcasts just like this, just drop me an email, andrew@theforextradingcoach.com. I’ll see you this time next week. Bye for now.

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Using Historical Highs & Lows

In this weekly video:
00:28 – Trader asks a question about using previous highs and lows
01:08 – Highs and lows are set, not subjective
01:38 – Bouncing at a round numbers
02:13 – Factors creating highs and lows
02:38 – How I trade and use highs and lows
03:33 – Using these levels to help us trade better
04:28 – Where to put your profit target?
05:35 – Email me with your questions

I’m gonna explain how to use historical highs and lows in the price action to aid you with your Forex trading entry and exits. Let’s get into that more right now.

Hi traders, it’s Andrew Mitchem here from the Forex Trading Coach with the video and podcast number 316.

Trader asks a question about using previous highs and lows

I’ve received an email here from Colin. Colin said to me, “Hey Andrew, can you talk about historical prices? Highs and lows, support and resistance, and how they correlate with aiding entry and exit levels within the market.” Colin that’s an excellent question.

Quite simply, we use those levels all of the time. Why? Well, what I love about historical highs and lows is they’re actual levels. You can see them on your charts. Everybody can see them. It doesn’t matter where in the world you are, what timeframes you’re trading, doesn’t matter what trading platform you’re on. All those type of things.

Highs and lows are set, not subjective

Everybody can see where the price is stored, highs and lows, where they are. They’re not subjective. When you start drawing trend lines … Now, we do use trend lines but when you start drawing things like trend lines, and you’re looking at other levels, and certainly when you can’t start adding indicators on your charts, they become quite subjective. The settings will be different depending on your price fee, depending on the timeframe chart you’re on, depending on your broker. All those type of things, they can be different but highs and lows are there. They’re set.

Now, when you go a little bit further into them, and delve a bit deeper, you’ll probably find that when you look at them, and look at the actual price itself, you’ll quite often find that historical highs and lows.

Bouncing at a round numbers

It’s remarkable how often they do bounce at what I call a round number. It’s a price level ending in a 00 or a 50.

You know, they happen all of the time when you look at your charts. Why? Because that’s where the big players are pushing the market. That’s where they reverse the market. All those type of levels, the 50s and the 00s, historically become very good high and low levels, bounce levels.

Factors creating highs and lows

Those highs and lows that you see on your chart may also be caused by other factors. They could be caused by news events suddenly changing the market or they could become like fib levels, Fibonacci levels, all those type of things. When it comes to it though, the actual reality is, sometimes you actually really don’t need to know why they’ve occurred, all you need to know is that they have, and you need to seed them, and be able to use them.

How I trade and use highs and lows

The way that I like to trade, as you know, I look at individual candle shapes and patterns, where they’ve occurred and why. The where and why, we now start to add historical highs and lows into that. Let’s say that you’re buying a currency pair. Let’s say you’re buying the British pound, US dollar, let’s say. It’s come down to what was historical low? It may be a low that happened just yesterday, it could be a low that happened last week, last month. Who knows? Depends on the timeframe chart that you’re on but you’ve seen the price come down and it’s bounced at a level that, on your chart when you look to the left hand side you can see that it has bounced there. When it last hit that level it pushed up quite substantially.

Using these levels to help us trade better

Now, when it’s hit that level, plus you’re then combining that with a candle pattern and it’s likely to then say, “This level’s likely to hold.” How can we then use that to help us? Well, first of all, we know that in the past it bounced there so when we get the candle pattern, it’s likely to move in the same direction because price historically does that. Also, if we put our stop-loss below that level, we know that last time the price got there, it didn’t go any lower obviously because it went to the low that you can see on your chart. This time the likelihood, especially if it’s like a round number as well or it’s bounced there a couple times previously not just once, is that if we put our stop-loss below that level that’s likely to say to us, “Do you know what? This is a really good strong protective level.”

If the price turns around, and goes south, and breaks through that level, and you get stopped out, that’s just too bad. You know, that’s trading. Probability would suggest that your stop-loss, down below that level, is extremely safe because history has proven that.

Where to put your profit target?

Likewise, when you’re looking for your profit target, don’t go an put your profit target above a level, on the same trade, that the prices failed to break through recently. Why? Well, because the chances are it might get up to it’s previous high, and then potentially stall there, and then turn back again. By putting your profit target way above that historical high, is not doing yourself any favours. Again, probability starts to get smaller and smaller.

Now, it’s not to say of course the price won’t break through that and get up to that level but why would you risk that? Why would you not look for a safer trade and say, “Well, historically the prices got to this level, and a couple times in the past, and then it’s dropped again. Let’s make sure that we’re out of this trade before we need to break through that same level again.” It’s giving yourself a great reason to enter the market, it’s giving yourself an excellent stop-loss protection and it’s given yourself a really logical, high probability chance of your trade hitting your profit target. You take the money and you say, “Thank you very much.”

I hope that helps. This is Andrew Mitchem from the Forex Trading Coach. If you have any questions that you’d like me to talk about on future videos and podcasts just like this.

Email me with your questions

Just either reply on this page somewhere or send me an email, just like Colin did, to andrew@theforextradingcoach.com.

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Creating your Dream Lifestyle using Forex Trading

In this weekly video:
00:26 – Creating the dream and the lifestyle
01:07 – Are you serious about wanting to trade?
02:04 – Teaching you a skill
03:00 – Your account size right now does not matter
03:32 – Comments and videos from trading clients
07:06 – We’re not about selling a course
07:39 – 10th Birthday this week – don’t miss out on this opportunity

Wanted to talk today about creating your dream lifestyle by using forex to aid you in that. So let’s get into that and more right now.

Hey Forex Traders. Andrew Mitchem here, The Forex Trading Coach video and podcast number 315.

Creating the dream and the lifestyle

I want to talk all about what it is that you’re after out of your life, creating the dream, creating the lifestyle that you’re after, and how trading can help you do that. Now, if you’re watching this video, you’ll see that down here, here’s one of my best mates. My dog called Pip, and appropriately enough, she’s called Pip as a forex trader.

But here’s Pip off to go and get a ball probably, but I’m working from home. This is my house there. Sat by the pool here today, filming this for you, because trading has allowed me to create the lifestyle that I’m after, and I’d like to help you do that as well. When you think about it, with The Forex Trading Coach, we’re helping people create dreams. We’re helping people create lifestyles.

Are you serious about wanting to trade?

If you’re serious about changing the way that you’re currently doing things, and you like trading to be a part of that, then you’re the sort of person that really should be with us, on board with us.

You see, we’re not about creating multimillionaires overnight. We’re not about unrealistic dreams and expectations. That’s not us at all. We’re real people, real traders. You see, what I think the best thing for a lot of people to do is to … When they join with The Forex Trading Coach, it’s not to give up your day job straight away. Don’t do that. That’s silly. That’s unrealistic. Don’t expect to retire next year from trading straight away.

Teaching you a skill

But what we’re about is teaching you a skill. We’re about teaching you the ability to be able to make money through trading, and you don’t even need money straight away. That’s the other thing.

A lot of people come to me and they say, “Hey Andrew. Look, I can’t afford to have a decent enough live account to make a living from.” Now of course you’re not, because most people don’t have that kind of disposable income. Even if you did, you’d be absolutely stupid to put that into a trading account straight away if you don’t know what you’re doing. So we’re about teaching you the ability to be able to trade. I can help you in many ways by getting you to become a good trader, and then you can sell trading signals.

You could sell your system through having a good record on places like Myfxbook and gain passive income. Plenty and plenty of ways to grow your account if your account size is the issue right now.

Your account size right now does not matter

But to be perfectly honest and perfectly blunt, your account size right now does not matter because it’s understanding how to trade that matters right now. So, get that right, and then you can create that lifestyle that you’re looking for. You can eventually get to a stage where you say goodbye to your boss. You’re spending more time at home with your family or travelling, whatever it is that you want to do, and that’s really what we are about creating.

We want to help people create that lifestyle and not be glued to the charts either. So, lots of lots of different ways we can help you.

Comments and videos from trading clients

Now, I wanted to … I’ve got a group of printed out sheets here. I wanted just to read through a couple of these emails that I’ve received over the last sort of few weeks. But first of all, if you haven’t seen a video that I did a couple of weeks ago, or last week I think it was actually, with John Alberghini who lives over in Doha in Qatar. John’s been with me six years. All six years had been profitable, and I want you to go and watch that video and listen to the comment he said about how taking the courses helped change his life and improve his family’s life. Really, really touching when he said that.

To be honest, have a watched the video. I had no idea he was going to say that. I was shedding a tear that I don’t mind telling you that because it meant so much to me that here’s a guy who said, “Look, I’ll have a chat with you. We’ll talk about the course, talk about my trading experiences to help people,” and they actually said, “Andrew, what you’ve done has changed my life.” That was just really powerful stuff. So, go and have a watch of that as well. But a couple of more here. I’ll just read these out to you.

One here from Steve. Steve said, “I’ve had a good week and for the first time since I started trading live 18 months ago,” and Steve’s only been with me for about a month. “I’ve won seven trades all in a row, less than two days, strict money management, and 0.25%. This has never happened to me before. I’ve always had been very sporadic with other paid strategies I’ve been introduced to. Sometimes I would sit at my computer for days and not take a trade due to the entry and rules such like. This is definitely good for me. For my confidence this week, I’m very pleased. I purchased your course. I feel your strategy fits my personality.”

Another one here, “Hey coach, check out this trade. It’s seven to one, reward to risk, Lincoln.” So I’m doing this one-handed and holding the camera one-handed and trying not to blow these papers in the pool. You can see them all here. I’ve just highlighted the comments on here to share with you. Another one from Michael. “I wanted to share with you another statement from this week. Wow, what a week of kicking ass. 15.6% gain. I hope others did the same. I focused on the hourly charts this week, but all time frames were great opportunities. I started off the week losing but quickly recovered by the end. I went to 17:1, 17 wins, one loss. It’s weeks like this that truly do put a smile on your face and give me the confidence to become a professional forex trader. I hope to have many more like these.”

Thanks again for you share with us. Again, sorry. I’m trying to do this one-handed. Another one here from Ivo. Now, Ivo has created a company called EventIn Forex, and this is another thing you can do. If you learn how to trade properly, you can create your own forex company. Ivo said, “Amazing feat, Andrew. Congratulations on the 10-year anniversary for The Forex Trading Coach.” This came through just yesterday. “I’m so grateful I found you seven years ago. It’s changed mine and my family’s life and allow me to trade for a living.”

Then Ivo says more information there about how the strategy definitely has an edge to his competitors with many other strategies that he’s tried to automate and mine has the edge. Another one here from a different John, John W. “I’m up for 10% for the month, and last month, 8.7%.” The other one here. Let me try and read that last one before I lose it on the floor here. Chris, “Thanks for a great webinar. Very informative. Happy to report after going through your course and having a one-hour private session. My account is up 12.5% and the money is nice of course, but the best thing is knowing I’ve found a genuine teacher and I’m learning a solid trading strategy, so thank you for this.”

We’re not about selling a course

So there you go. We are not just about selling a course. We’re not about leaving you in front of a computer all day by yourself or getting bored or completely confused. We’re about helping people create a passive income, grow their account, and eventually if they want to, they have that ability and that desire, dedication to become full-time traders. Doesn’t mean to say sitting at the computer all day full-time as well. It’s about getting out of trading what you want out of it and that’s what we’re about helping individual people achieve.

10th Birthday this week – don’t miss out on this opportunity

So you’re probably aware that we are holding our 10th birthday sale this week. 3rd of April if you live this side of the world, 2nd of April if you live in America or Europe is when it starts. It’s a 24-hour sale. A dime sale’s going to start at the very lowest price that I’ve ever offered the course ever in 10 years. Look, we can’t wait to see what the next 10 years brings and how things change and Ivolve and develop. But if you’d like to be part of what we’re doing here at The Forex Trading Coach, we’d love to have you on board.

I’ll put a link below this video to the 10th birthday sale just to really encourage you. Look, if you’re interested, just register. Do some research online. Go and have a look at what people have said. 10 years is a long, long time online and in the forex market as you well know. We’re here to help people. We love doing what we do, and we’d love to have you on board. If this is what you’d like to achieve out of your life and out of your trading as well.

So once again, this is Andrew Mitchem signing out now. I’ll see you at this time next week with more information and videos and podcasts. Bye for now.

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Why Our Trading Strategy Works

In this weekly video:
00:25 – Why does your system work?
00:43 – Issues so many traders have
01:35 – A trader who traded 5 minute charts
02:20 – My strategy is realistic to trade
02:58 – Why does my strategy work?
04:30 – You don’t need to understand all candle patterns
05:50 – Our 10th birthday at The Forex Trading Coach

I want to explain why I believe my trading strategy works so well. So let’s say I talk about that and more right now.

Hey, traders, Andrew Mitchem here from The Forex Trading Coach with video and podcast number 314.

Why does your system work?

And I often get asked questions, people say to me, “Hey, Andrew, why is it that your system works, or why do you believe it works? How does it help so many people?” And there’s a number of reasons, but I just wanted to share with you probably issues that you may be having as a trader. You see when people start trading.

Issues so many traders have

They think they need to clutter their charts with indicators all over the place. They need to either think that they need to be an expert in fundamentals. They think they need to trade all of the time.

Now, most people when they start off, because trading’s exciting and you want to take lots of trades, otherwise why be a trader, they think they need to take trades all the time. So most people put a whole jumble of indicators, and lines, and arrows, and squiggly bits all over their charts, they use supposed great combination of indicators and everybody thinks they’re going to get the perfect combination of indicators. They’re going to add this one, and add this one, and overlay that one, and only take when this one gets to 50%, and overboard, and all these type of things, and they want to do this on one minute and five minute charts at least to complete confusion.

A trader who traded 5 minute charts

Now, I actually knew a guy, who actually lived not far from me here in Hamilton. A number of years I went to see him, and he actually traded really well and made a lot of money, this guy made a lot of money off five minute charts. Trouble was, he got completely burnt out and he doesn’t trade today. And I went to his office, and he had this beautiful house, lovely house, but it was all darkened rooms, he had screens everywhere, completely it was his own office, no kids allowed in it, no wife allowed in it, and it was just purely trading, that’s all he did. But the trouble is, he spent all day trading, he spent all evening trading, he spent all night trading, and yes he made a lot of money at the time, but he completely burnt out, it wasn’t real.

My strategy is realistic to trade

And I think that a big part of trading and why my system works, and it works for myself and so many other people, is because it’s real, it’s practical. Now I started trading 15 years ago, I started coaching 10 years ago in April, so we’re almost up to our 10th birthday. Now I’ve been teaching the same way, and I’ve been actually trading the same way now for 12 years. Nothings changed with the way I’ve traded. So after two years of working really well The Forex Trading Coach started, but it took me three years up to that to get to that stage. But 12 years with the same strategy, nothings changed, and it’s been through all different market conditions, et cetera.

Why does my strategy work?

So why does it work? Well, first of all, it works on all pairs and all timeframes, and it allows you to have a lifestyle, and I think that’s really important. That’s why we’re still going all these years later, because it is real, but it doesn’t require you to sit at the computer all day. So the reasons why it works will be this.

We’re only looking to potentially taking new trade on the close of a candle. So because I’m a price action based trader, I’m not looking at candle flags, and triangles, and ellet wave and all those things which sometimes look really, really good when you see them in hindsight, but they’re real difficult to trade in real time. I’m looking at the close of an individual candle, just one candle, so the last completed candle. So I know exactly when I need to look at my charts, is only at the close of a candle. So if it’s a four hour chart, I just need to look at the end of a four hour chart, I don’t need to look right midway through a candle. And because I’m taking mostly retracement orders, I don’t even need to be there at the exact time that the candle closes.

But when looking at the individual candle, what is that telling us? What’s happening in the market right now? Are there more buyers in the market? Are there more sellers? What happened to the candle before? Was it like a previous uptrend, then an indecision, and now we’re looking at tipping over? If that’s the case, is it a reversal, is it a continuation? What part of the chart is it in? How does it balance to a certain price level? All those things, you can that picture in your mind about where the market’s likely to go and why, only by looking at what’s happening on those candles. Once you understand them, that is.

You don’t need to understand all candle patterns

Now, you can go do candle research online, and you’ll find there’ll be, let’s pick a figure, 50 different formations, let’s say. We only look at about four of them, keep it real simple. You don’t need to clutter your charts up, you don’t need to clutter your mind up with what’s happening, you can get that information real quite simply. And then, once we’ve got an idea of, yes this potentially could be a trade, or no it’s not, if it is potentially a trade, okay, what’s backing the trade up? What’s suggesting that we might get an upward or a downward movement price here? What’s helping the trade? Has it balanced there before? Has it had a trendline break? All those type of things.

Once we decided, yes we like the look of this trade setup, do we have room to move for the profit target before any sort of either support or resistance, depending if we’re buying or selling? Do we have anything to secure the stock loss? Do we have it placed on a sell trade? Do we have it placed above a round number to add for protection? All these kind of things is what we’re looking at, but the actual basics comes down to when the candle closes, looking at that candle where it occurs on the chart. So a real, real simple way of doing things, but simple is good. Don’t forget, once you understand it, it’s really good. But the beauty is, you can trade at all timeframes, all pairs with this exact same strategy.

Our 10th birthday at The Forex Trading Coach

Now, I mentioned earlier that we’re heading towards our 10th anniversary, our 10th birthday at The Forex Trading Coach. Real proud to be at that level, helped thousands and thousands of traders right around the world. The only thing that’s changed this side, is I’m getting slightly grayer and a lot less hair, but apart from that, everything’s fantastically well. So I’m going to put a link somewhere on this page, probably below this video, to express your interest in the 24 hour sale that we’re having on the 3rd of April, it could be the 2nd of April depending on where you live in the world. If you’re in Europe or US, it’s likely to start on the 2nd, if you’re in Asia through to Australia and New Zealand, it starts your morning on the 3rd of April. 24 hour sale, really going to be an awesome sale, going to be the lowest price ever in 10 years, so that’s where the price starts at.

So if you are interested in joining us here at The Forex Trading Coach, five star rated course on Forex peace army, and 10 years of proven to helping clients worldwide, if you’d like to join us on our journey for the next 10 years and help improve your trading, click on the link that will be on this page, and we’ll be absolutely pleased to have you on board, and to help you become a successful and independent Forex trader.

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Making Sense of the Mass of Forex News

In this weekly video:
00:26 – Trader from Russia says the news is confusing
00:55 – A Fundamental trader or a Technical Trader
01:35 – Real time examples
02:18 – The news impact is likely to be very low
03:28 – Simplify your trading and don’t worry about the news events

How can you trade Forex realistically when there’s so much happening in the news around the world on a day-by-day basis? Let’s talk about that and more right now.

Hey, traders. Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 313.

Trader from Russia says the news is confusing

I want to explain about an email that I’ve had sent to me from a trader in Russia, and he said to me. He said, “Andrew, I can’t trade Forex because it’s too much to consider. It involves two countries with their politics affecting currencies and so many things going on in those currencies that it is impossible to keep up with everything. Can you help me?” The short answer is, “Absolutely. Yes.”

A Fundamental trader or a Technical Trader

When you think about it, as traders, you’ve got two different options. You can either go to be a fundamental trader or technical trader, so as a fundamental trader, you’re really concerned with news events, and what the event is, and what the impact is on the currency. Things like that, and you see a lot of images online of people watching TV screens, and news channels, and all those type of things.

My simple advice to you is to ignore that and ignore most of that inclination because quite honestly, you don’t need it. My suggestion is that you look at Forex Factory at beginning of the week and maybe on each day, and just have a look at the high impact news announcements.

Real time examples

To give you an example of how little there is actually happening there in the market, today, Friday, the 15th of March, 2019, if you have a look on Forex Factory, there are only three high-impact news announcements for today scheduled for Friday. All three of them affect the Japanese Yen.

Now, the likelihood of them actually making any significant movement in the Japanese Yen is quite … probably quite small. The likelihood of it happening is quite small, and even if it does affect the Yen, how is that really going to affect you if you’re trading other currencies or even if you’re trading the Yen? It’s likely not to affect you because if you’re a technical trader like I am and as I teach, it’s all factored into the charts anyway.

The news impact is likely to be very low

But let’s say you are trading pick a currency, the Canadian against the Swiss Franc, let’s say, or even the Euro, US.

The impact of that Japanese Yen, those three high-impact news announcements for today, it’s not going to affect you so it really doesn’t matter. Yes, it’s nice to know what’s happening in Japan or what’s happening in different countries, but when you think about it, as a trader, even if you focused on that and just understood what was happening, is the news good or bad, just to get a gauge on what’s happening, you’ve only got eight main currencies anyway. It’s not like you’re sort of looking at them, stocks and shares, and worrying about different companies and what is happening with different boards, and chairmans, and dividens, and all those type of things. It’s happening all the time with thousands and thousands of companies.

We’re just talking eight currencies, so really, it’s very, very easy to do in fact, and you haven’t got to worry about those big events, and as I mentioned, when it comes to the way that we trade, the news announcements don’t affect us anyway. It’s all taken into account, and the charts tell you everything that you need to know.

Simplify your trading and don’t worry about the news events

So I hope that helps. Simplify your life. Simplify your trading. Don’t make it difficult. Don’t get too confused by it. At the end of the day, you find the currency pair that’s showing you the good technical setup. It doesn’t really matter what the pair is. I live in New Zealand. Do I trade the New Zealand Dollar day after day? No. It doesn’t matter. If the New Zealand Dollar is showing a good trade setup against say like the US, or the Yen, or the Franc, or Canadian, or the Aussie, absolutely I’ll trade it, but it doesn’t matter about where you live or what currencies are having news events. It doesn’t really matter. Trade what the charts are telling you. Technical trading will make your life a lot easier and your trading a lot more profitable.

So, once again, this Andrew Mitchem from the Forex Trading Coach. I see you this time next week. Bye for now.

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How to Trade my Strength & Weakness Analysis

In this weekly video:
00:29 – Daily Strength & Weakness Analysis
00:55 – Trades posted free by 6pm EST New York Time
01:29 – The likely direction for the upcoming day
02:20 – How to best trade the analysis
02:55 – Why trade with the trend?
04:40 – If you don’t have your own working FX strategy
05:30 – What happens if the price goes the other way?
06:33 – We’re not perfect!

I’m going to explain how you can best take advantage of the free posts that I put on my website each day, where I explain the likely daily directions and strength and weakness analysis. So let’s get into that and more right now.

Hey Traders, Andrew Mitchem here from the Forex Trading Coach video and podcast number 312.

Daily Strength & Weakness Analysis

Want to talk about the strength and weakness analysis, that post on my website each day. If you got into the trade section or the Forex Trading Coach and on the right hand side each day you will see that I update it at about six o’clock eastern standard time, that’s New York time each day. The likely directions, the strength and weakness analysis of various currency pairs for the upcoming day for the next 24 hours.

Trades posted free by 6pm EST New York Time

Now the trading day is for 5:00 PM New York time to 5:30 PM New York time. And at that time I’m posting trades like specific trades from my class and then by 6:00 PM we had the free analysis, which you can get if you’re not a client every single day.

Now the free analysis, of course it’s free but because it’s free, it is a very basic form of what my clients get like you don’t get the specific trades, you don’t get the specific reasons for trades, you don’t get the intranets for trades and don’t get the bigger picture weekly and monthly trades either.

The likely direction for the upcoming day

But what you do get is the likely direction for the upcoming day and the currency strength and weakness of where I see potential bullish currency pairs and where I see potential bearish currency pairs. So as mentioned only clients get the next level, but there’s lots and lots of analysis and useful information there for you to take advantage of if you’re not a client. Around it’s probably six or seven years ago, Forex Peace Army, the well known and respected review company, picked up on my free analysis and asked if I could post on their site each day, which I have done ever since.

And then leading on from that, a whole range of forex companies throughout the whole world, all over the Internet pick up on that daily analysis because they see it as valuable information for their readers. That sort of now available for you every single day to log in and take advantage of.

How to best trade the analysis

Now I had an email from a trader called Henry who said to me, “Hey Andrew, can you just talk about it, make a video about it, and explain how we can best make use of that analysis that you post there each day.” How many trade should we take, when should we enter? All those kinds of things. So the important thing to understand that these are not specific trades, they are likely trends, they’re likely directions. And what you should be doing is you should be using your own analysis to take trades that are in that same direction as those likely trends that I’m seeing.

Why trade with the trend?

And why would you do that? Well, you think about this logically. If I’m seeing lots of strength in the Australian dollar, let’s say as an example, and I’m seeing lots of weakness in the US dollar and against the Yen again, as an example, I’m likely to be saying for this day, I’m looking at bullish trades buy trades on the Australia in US dollar and the Australian Yen. So what that means is when you’re taking your own trades using your own strategy, if you see sell trades like potential good setups that are sell trades on the Aussie Yen, you might think twice about that. You might reduce the risk on it or you might not take them at all because they’re trading against the likely bigger picture. I flip that around and if on your own strategy, your own analysis, you see a four hour chart set up, let’s say, and it’s a really good strong buy trade on the Aussie US or the Aussie Yen for on that particular day, then what you’re doing then is you’re seeing a good shorter term bullish set up and it’s in the same direction as the Aussie strength, the US weakness or the Aussie strengthen the Yen weakness.

So therefore we’re looking for those pairs to be rising anyway. Bigger picture, scale that down onto your four hour chart or one hour chart or let’s say as an example. And if you’re seeing a bullish set up in the same direction as to where we’re seeing that bigger picture then that surely has to add probability and add more weight to the chance of your trade, if the setups good being a successful trade, therefore being more profitable and helping you gain more from your trading. So that’s how you should best use it.

If you don’t have your own working FX strategy

Now, of course, if you don’t have your own strategy, then you can certainly come to us and look at what we offer. We’ve been doing this for almost 10 years, we’ve got a fairly good understanding of what works and how to help different people with different sort of strengths and weaknesses with people with different experiences throughout people, we’ve taught people have never traded ever, ever before.

Through to people who have been trading for or trying to trade for 10 years and I’ve failed. So we’ve taught all sorts of people from all different countries. The great thing is the strength and weakness analysis that we post. You can use that throughout the whole 24 hours from the 5:01 let’s say, so when the new day starts to the end of that day, because that analysis is valid for the entire day.

What happens if the price goes the other way?

The other thing I’ve heard people go is they said, Andrew, I’ve looked at your strength and weakness and the pairs gone the other way. So as your strength and weakness, no good? And the answer clearly is no, that’s not how you should be looking at it. Let’s say, let’s go back to our example of the Aussie US dollar and let’s say that I’m calling buy trades and bullish directions and all that happens for that day is the Aussie US dollar just drops and drops and drops and drops.

And that can happen. But what is to say is if you’re only looking for buy trades for that day, the chances of using a good quality bullish setup if the pairs just dropped or are virtually zero. So therefore my analysis might not be correct for that day and where I’m looking at the likely direction, but on the same hand, no damage done. Because if you’re only looking for buy trades and the market just drops, then the likelihood of you finding buy trades or good quality buy trades it’s not going to happen. So therefore you don’t actually lose anything. It’s not like you’re taking lots of losses.

We’re not perfect!

So it really important point there also because as a real trader and that’s the comments that so many people write back to me and say, “Hey Andrew, let you tell it as it is.”

And that’s because here I am at home trading. You can see charts behind me here trading every day because that’s what we are we’re real people. We’re not some corporate, we’re not some flash company in London or somewhere like that. Well that’s not us at all. We’re real everyday traders trading from home kind of living the dream and working hard, but enjoying our trading and the rewards that come from it. And so that’s the reality, some days we get it wrong, but the thing is if we get it wrong in the market goes the other way, the likelihood of taking losses is virtually zero because we don’t see any quality setups anyway. So I hope that makes sense. You’ve got to look at things both ways, when we pick it right, and when we don’t pick it right and that’s the reality of trading.

So hope that helps and if you have any questions exactly like Henry did last week when he emailed me about this particular topic, just send me an email, andrew@theforextradingcoach.com. See you this time next week. Bye for now.

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