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Why Round Numbers Work

In this weekly video:
00:33 – What is a Round Number?
01:10 – People move to the market
01:45 – The NZD/USD chart example with the price at 0.7000
03:54 – The EUR/AUD reacts at 1.6000
04:30 – Get my Round Numbers indicator – Link is on this page

I’m going to talk about why round numbers work in the Forex market. They just do. Let’s find out more about that right now.

Hey Forex Traders, Andrew Mitchem here. The Forex Trading Coach video and podcast number 271. This is all about the importance of round numbers, how to use them, and why they work. Really, really important video so listen up.

What is a Round Number?

Round numbers, what are they? Well I call a round number a price level that ends in a 00 or a 50. Two very powerful levels. Think about it this way, when you go to a shop you will buy something for $19.95 or $19.90, but you won’t buy at $20.00 or $20.05. You’re buying a house, you’re looking at a nice big house. Would you a pay $1,500,000 for it or would you pay $995,000 for it? It’s all about that strong level. When the price gets to a certain level, people react.

People move to the market

Because after all the market is moved by people and emotion and reactions, whether it be to news events or price levels. It’s people that move the market. Even with algorithms in the market, of which there’s an enormous amount, they’re still coded to look for certain events and certain reactions. You can look through your charts, all over charts, and see how round numbers react; or the price reacts at round numbers, I should say. It’s more that way around. The price stalls or changes directions at round numbers.

The NZD/USD chart example with the price at 0.7000

I’ll give you an example. I had a phone call this week, on Wednesday my time, from a client who lives locally … I’m sorry from a contact, not a client. He wanted to become a client. He lives locally. He said to me, “Hey Andrew, you’re talking about Strength and Weakness and daily directions and all this sort of things. How do you pick them?” I gave him an example and because he lives in New Zealand I said, “Look, go have a look at the New Zealand dollar against the US dollar.”

You can do the same right now. Have a look at last week and the Kiwi dollar’s been falling for quite a while against the US. By the way that fall started at a round number, it was 74, 0.7400. I said to him, “As the price is falling, everybody’s going to be selling the New Zealand dollar but,” I said, “be careful because strength and weakness. Yes it’s falling but be careful of the next big round number of 0.7000, the $0.70 level.”

Go have a look at your charts. Right now the price came down to just below that level, it hit a perfect high, which by the way was from the 9th of November, just below the 70 level, so it took out a whole heap of stops, got people in on sell trades going further down, and it’s reacted at around that 70 level and right now it’s pulled back. Right now, as I’m recalling this being Friday here in New Zealand, it’s at 70.50, so 0.7050. It’s now stalled at the next round number. No surprises there for me because these numbers are so powerful.

I was able to say to him, “Yes, Strength and Weakness says the Kiwi’s dropping, definitely.” But be careful. Look at where it is in the chart, look it’s at bottom Bollinger Band area. It’s at a previous support and resistance level and it’s at a very, very strong psychological bounce level. Do not just sell it because you’re going to sell it. Think of reasons why, look for proper reasons to sell it. Don’t just go ahhh, the Kiwi’s weak, I’m just going to sell. That’s not going to make you money. Look at where the price is. Okay, it’s at 70, oh it’s bouncing. Okay, well maybe it’s going to retrace back now, maybe it’s completely reversing. But 70 is holding right now.

The EUR/AUD reacts at 1.6000

Paul, over in America, he gave a great example on my US webinar yesterday of the Euro Australian and how it reacted at 1.6000, this week. There were some great trade set-ups. He was explaining to clients the perfect set-up on the one hour chart. They had a down trend, a pull back to 160, it was at middle Bollinger Band, there was a trend line break, there was divergence, there was everything we’re looking for. And guess what happened? It reacted there, price fell away beautifully. Use round numbers in your trading. They’re very, very powerful.

Get my Round Numbers indicator – Link is on this page

If you’d like to get a copy of my indicator that plots those on your charts, just download my free Engulfing Candle course and there’s an indicator there called Round Numbers. Really simple. It just plots all the numbers ending, the price levels ending in 00 or 50. It’s very, very useful. Like most good things, they’re quite simple, but they’re useful. It’s important that you use these additional tools as part of your trading because it dramatically will increase your profitability. Absolutely no doubt about that.

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

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Why The Longer Time Frame Charts Can Help Your Trading

In this weekly video:
00:38 – Being able to trade and travel
01:05 – Interview with a Full Time Forex Trader
01:43 – Trading the Longer Time Frame Charts
02:22 – Trade in a way that allows longevity
04:18 – Do the professionals trade 5 minute charts
04:45 – Celebrating 9 years of The Forex Trading Coach helping traders
06:12 – Now it’s your turn to join us

I’m going to explain to you why I love trading the longer timeframe charts and how they could help you in so many ways. Let’s get into that right now.

Hi, Forex traders. Andrew Mitchem here, The Forex Trading Coach video and podcast number 270 coming to you from beautiful Queenstown in the South Island of New Zealand. School holidays here in New Zealand and we’re at our holiday home here in Queenstown having a great time.

Being able to trade and travel

Just got me thinking about so many things to do with trading because part of trading is being able to travel. It’s being able to not be glued to your computer. It’s being able to do things like this, come to places like this and still continue to trade. I love trading. I don’t want to stop trading. I trade every day. But while I’m here, I don’t want to be glued to my charts all day. It will mad. There’s just no point in being here.

Interview with a Full Time Forex Trader

It also got me to think about last week when I interviewed Imre Gams, who’s a client of mine in Canada, who’s now a full-time Forex trader, and Imre was looking at the longer timeframe charts and going down from the weekly charts and matching the strengths and weaknesses of the weekly charts with the data charts, et cetera, and basically pulling things together to give a higher probability chance of success, and that is what the longer timeframe charts give you.

Before you start thinking, “Andrew, I can’t trade the longer timeframe charts because my account is not big enough.” That’s not actually quite true, but we’ll talk about that on another video.

Trading the Longer Time Frame Charts

The longer timeframe charts are available for anybody to trade, regardless of your level experience or your account size. In fact, the newer you are to trading, I’d actually suggest that you just look at the longer timeframe charts anyway, because everybody gets involved in wanting to look at the shorter timeframe charts, looking at every pit movement up and down, scared to miss trades, being glued to their charts. Yes, while you’re learning, understanding how the charts move and how price moves is really good. It’s very important, and we’ve all been there, been really excited to see our account move up and get disappointed when it moves down. But long term, that’s not a good way of trading.

Trade in a way that allows longevity

Long term, it’s got to be something that’s practical, that it’s something that’s enjoyable, and when you think about it, the bigger the higher timeframe chart you trade, the more information is contained within that one candle or that one bar. Therefore, the more reliability that candle or that one bar has. That’s why I like trading … See, this week I traded the weekly charts on Monday. I’ve taken six trades on the weekly charts. I took two trades on Monday on the daily charts, one yesterday Tuesday, and one today Wednesday. I’m recording this bit early, because I’ll be on a plane on Friday when I’m normally recording the weekly videos. So far, those daily trades have worked beautifully, and a couple of the weekly chart trades are in as well.

On top of that, I look at the 12 and 6 hour charts just twice a day and that’s it. You can do that from being on holiday, and that’s the great thing about it. It’s all about having something that’s reliable. The bigger the timeframe chart, the more reliable the information and the data within that timeframe. Just think about it, logically. You can’t have a five minute chart having equal strength as a daily chart. It’s just impossible. Look at those bigger pictures. Look at the longer timeframe charts. They’re certainly more reliable. They also have higher reward to risk and of course the amount of time that you need to trade them is considerably less. So put all that together, why would you trade shorter timeframe charts?

I trade 30 minute charts and one hour charts, but I’ve got robots I’ve created that do that for me. I don’t want to be sitting there 24 hours a day watching every 30 minute chart or every one hour chart change over. Why would you if you can create a robot or expert advisor to do that for you? That has those shorter timeframes covered as well. Manual trading, definitely get onto those bigger picture, longer timeframe charts.

Do the professionals trade 5 minute charts

How many full time traders do you know of, ever heard of, that trade five minute charts? Probably, I can’t actually name any, but probably not very many. Think about what the professionals do. Think about what the people who have been trading, like myself, 15 years. What do we do? We trade bigger picture timeframes because that’s why we’re still trading today. It works and it’s far more enjoyable.

Celebrating 9 years of The Forex Trading Coach helping traders

That leads onto another thing. Next week I’m holding a 12 hour sale to celebrate the 9th birthday of the Forex Trading Coach. It’s going to be 12 hours and that’s it. I’m really, really proud of our longevity, of the amount of people that we’ve helped, people like Imre last week, who I interviewed. Full time Forex trading, given up working. He’s worked for Google and Apple, I think it was. Now, working from home as a full time Forex trader. How good is that? And from my point of view, how incredibly rewarding that is, that someone who’s taken my course, and there’s a number of people like Imre who are now full time trading. Others are just increasing their passive income and their enjoyment of trading. Some are full time. It’s a good mix of achievements, but from my point of view, massively, massively rewarding to have so many people, and to help so many people globally, over the last nine years.

Nine years after starting, we’re still here helping traders throughout the world every day. That’s massively rewarding from my point of view. We’ve got an incredible group of traders that attend my webinars and on the forum site, and just really, really pleasing. Go back and have a look at how many companies, whether they be brokers, education, signal providers, whatever they might be in the Forex market. How many of them were there nine years ago? Not very many, will be the likely answer.

Now it’s your turn to join us

If you’d like to join, I’m going to put a link to that 12 hour sale below this video, on this post. It would be great to have you on board with us and to share with you what we do. If you’d like to join the … This is your opportunity. Obviously, being a birthday sale, it’s a once a year thing. Don’t miss out. It’s going to be 12 hours and that’s it, but you need to register first in order to get notified of the sale next week.

I’m off to enjoy this amazing place called Queenstown. If you’ve not been here, South Island of New Zealand, it’s absolutely stunning. One of the most amazing places that I’ve ever been to. We’re here many times a year. Absolutely love it here. To do things like this, get onto those longer timeframe charts. They really will help you in so many ways. It’s not funny how many ways the bigger picture trades can help you.

Once again, this is Andrew Mitchem, the Forex Trading Coach, off to enjoy this amazing place called Queenstown.

Thanks again, and hopefully I’ll see you after you join the birthday sale next week. Bye for now.

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Becoming a Full Time Forex Trader

In this weekly video:

00:25 – Living the dream and becoming a full time Forex trader
01:10 – Client becomes a full time Forex trader after seeking a mentor
02:10 – A lot of dedication and back testing to prove the system to himself
02:52 – Making 5% return on trading account per week
03:46 – Watch the interview with Imre
04:21 – Be realistic about your trading expectations
05:25 – The hard work pays off

Would you like to quit your job to become a full time Forex trader? If the answer is yes, this video is for you.

Hey, traders, Andrew Mitchem here, the owner of The Forex Trading Coach, video and podcast number 269. Got some really exciting news to share with you.

Living the dream and becoming a full time Forex trader

Would you like to live the dream? Would you like to work from home and work from anywhere, quit your job, become a full-time Forex trader? Because that’s what most people who get into Forex want, don’t you? That’s what most people really aim for. And it can be done.

Now, I know it can be done because I’ve had many clients do that, but just this week I’ve interviewed another client who has taken that step to becoming a full-time Forex trader. He’s quit his job, his name is Imre Gams, he lives in Toronto in Canada, a real, nice, smart, intelligent, young man. He’s worked for Google, he’s worked for Apple, so he’s right up there with being a very smart guy.

Client becomes a full time Forex trader after seeking a mentor

He took my course back in August of 2017, some eight months ago, and I interviewed him, and I asked him what the process was that he went through. He’s been through Brazilian jiu-jitsu, he’s been a fencer, as in the sport fencing, he’s done many things in his life that he’s always sought a mentor for, because he’s seen it as a shortcut to success with a good mentor.

So, he did some reviews, he found my course a while ago, joined last August and basically has been very thorough with everything he’s done. You can hear the interview. It’s on my homepage. I’ll put a link below this video. It’s 38 minutes long. It is highly, highly recommended if you watch the entire thing. There is so much you can learn from that video, even if you just want passive income from Forex, but just watch the entire video. Take your time, grab a coffee or a cup of tea or something and sit and watch the whole thing.

A lot of dedication and back testing to prove the system to himself

Imre started back in August 2017, went through the course, he’s been dedicated, he’s asked questions, et cetera, like a lot of people. But he’s done extensive backtesting on the course, he had huge confidence after doing extensive backtesting, and then a few months ago he decided to quit his job and go live.

Now, a few weeks ago he started sending me emails of some of the money withdrawals he’s taken from his account, from his live trading. Very, very, very impressive figures. Not going to reveal how much. That’s private information for him. But it’s well into the six figures that he’s withdrawn just this last quarter.

Making 5% return on trading account per week

And as he said to me, “I’ve made more in the last quarter than I made in the entire last year.” And he’s now, as he said, living the dream. He’s working from home, he’s making around 5% return on his account per week with very low-risk trading, very low drawdowns, and only about one hour of actual trading per day.

He is spending more time with his continued learning, his self-development, his self-education. His whole knowledge-base is constantly growing, and he puts time and dedication into that. He’s spending a lot of time each day with backtesting, looking at different ways of trading my strategy, different timeframes, et cetera, so he’s constantly learning, constantly evolving, but actual trading no more than one hour per day. A 5% return per week on average. It’s quite outstanding.

Watch the interview with Imre

So I highly recommend you watch that because the whole approach, the mental approach, the dedication, the commitment, all these things that you need to put in if you want to become either a good trader or an excellent trader or a full-time trader, people that just sort of rock up thinking they’re going to put in no effort and no time commitment and just press a few buttons and make a fortune, it’s not going to happen. It really is not going to happen. Don’t kid yourself that that’s going to happen.

Be realistic about your trading expectations

I had a guy just today who called me and he said, “Your trader copier, it’s only making about 3% return per month. Why would I do that when there’s others that are claiming to making thousands of percent per year?” And I said, “Well, go join them. Don’t take my trade copier, go join these other ones.” But I said, “The problem is is that you don’t know what their risk is, you don’t know what their drawdowns are, and I can almost guarantee that you’re going to blow your account with them.”

So you’ve got to compare apples with apples when you’re doing these types of things. It’s not just about the end result for no effort, it’s about putting in the hard work, the hard yards, the dedication upfront and then the results will come. That’s what you do if you want to become a good trader. If you just want to pay $97 for some random expert advisor, it’s probably going to end up like all, when I say all, the vast majority of market expert advisors. It’s not going to end well.

The hard work pays off

So, coming back to Imre, here’s a guy who sought out some mentorship, some dedication, sought help, has done the work, continues to do the work, and now is just, as he said, in his words, he’s “living the dream”. He’s trading Forex full-time. Only eight months ago he started my course. Wow, what an investment that is in himself and in his future for a guy that’s made six figures, withdrawn six figures from his live account in the last three months. Have a think about that. It can be done.

I’m going to put a link to Imre’s video on this post and you can go and watch it. I strongly suggest that you watch that whole interview. So if you’d like to become another success story, then get in touch with me and I’ll be glad to help you.

This is Andrew Mitchem from The Forex Trading Coach. I’ll see you this time next week.

Click here to watch the full interview with Imre Gams

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Which Time Frame Charts Should You Trade?

In this weekly video:
00:29 – Understanding which time frame chart to trade
01:14 – What can you do to select the right chart to trade
01:56 – Examples of how to select the best time frame
02:52 – Live webinar with my clients
03:53 – I took trades live on the webinar for excellent profit of +1.5% gain
05:15 – Don’t always trade just 1 time frame chart as you’ll limit options
06:45 – Live Webinar – Free to attend for non-clients

How do you know which currency timeframe you should be trading? Let’s talk about that and more right now.

Hi Forex traders, it’s Andrew Mitchem here, owner of the Forex Trading Coach with video and podcast number 268. I want to talk to you about a really common problem that almost all currency traders go through

Understanding which time frame chart to trade

It’s all about understanding which timeframe chart you should be trading. You see, a lot of people get really confused by this. They think that they must be needing to trade short timeframe charts because that’s where the price action is, right? That’s what everybody tells you, you need to be trading five minute charts and scalping, looking for all these small movements within the overall flow of the day. A lot of people also get confused with thinking that I can’t trade longer timeframe charts because the stop loss needs to be too big, and I don’t have a big enough account size. So there’s all these misconceptions there; both of which, by the way, are completely wrong. There are ways around all of these things.

What can you do to select the right chart to trade

What can you do to select which timeframe chart you need to trade? Well, a lot of it comes down to having the ability to be open and flexible and to basically see what’s happening in the market right now, because no one really knows like next week what’s going to happen. No one knows. You can have predictions and economists and all these type of things going on, but really nobody knows what’s going to happen. All we can do is see what’s happening right now. So to give you a great example. Today is Friday … It’s Friday the 13th. It’s Friday the 13th of April, 2018, when I’m recording this right now.

Examples of how to select the best time frame

This last week has been very, very poor for trading the daily charts. There have been very few set ups. I love trading the daily charts, and I post daily chart set ups to my clients on our membership site and there have been very few this week. So it’s not to say that everybody has missed out, it’s to say that the daily charts for whatever reason, and it’s quite rare, but for whatever reason have not produced very many high quality set ups this week.

Also, the weekly charts this week on Monday there were no suitable, in my opinion, weekly chart set ups. Now the weekly charts are less surprising, because last week was Easter and then on last Friday we had the US monthly job report, so not a lot happened last week. So I can understand the weekly charts for this particular week not showing a great deal. However, it’s been quite an unusual week in that the daily charts, the longer timeframes, have not shown much also.

Live webinar with my clients

However, I took a webinar last night … I had a live, two hour webinar with my clients like I do every two weeks. By the way, every week in between Paul Tillman holds the US webinar sessions. So clients get a weekly two hour webinar. But last night I held a webinar. Two hours long, and on that webinar I showed many, many great examples from just this week of the six hour chart trades showing some very good quality set ups. Also in general it was the commodity currencies, the New Zealand dollar, the Canadian dollar, the Aussie dollar, this week for whatever reason showed more high quality set ups than most of the other … Like the Euro and the Pound and the Yen and the Franc, all those sort of currencies didn’t really show as many good set ups. So this week it was definitely a week to be trading the commodity currencies.

But of course, earlier in the week you wouldn’t have known that. It’s only what you see at the time right now that you can then take those trades.

I took trades live on the webinar for excellent profit of +1.5% gain

Also, on that webinar I took a fantastic buy trade on the New Zealand/Yen on the four hour chart. It hit the profit target within under one bar, so in under four hours, and it made it 1.8 to 1 reward to risk. Or half percent risk on that trade, 0.9% account gain. It happened while I was on the live webinar. I also took a sale trade on the Euro/New Zealand dollar on a 15 minute timeframe chart, and that made a 1.2 to 1 reward to risk, or in other words half percent risk, 0.6% account gain.

On that webinar, in front of my clients live while they were watching, we had two trades close for profit. The 0.9 and the 0.6% gain, half percent risk on each. Made us a 1.5% account gain, just on those two trades. The 15 minute chart trade took I think it was 25 or 28 minutes to hit the full profit from when I took it live to when it exited for the full profit. So 1.5% account just on those two trades. Now that was a four hour chart trade and a 15 minute timeframe chart. Both involving New Zealand dollar by the way, which as I already said was showing good trades … The commodity currencies showing particularly good set ups for this week.

Don’t always trade just 1 time frame chart as you’ll limit options

So it shows what can be done when you’re selective, and when you don’t force yourself to stick to one timeframe chart. Don’t just say, “I’m going to trade the one hour charts.” Well, maybe the one hour charts aren’t showing particularly good set ups? “I’m going to trade just the daily charts.” Well, again, this week you wouldn’t have taken very much. If that’s all you want to do that’s absolutely fine. When I’m travelling, I trade just the longer timeframe charts and that’s it. But this week, I’m at home and I saw that great set up on the four hour chart and the 15 minute chart whilst on the live webinar. Two excellent trades, two worked out beautifully. So it’s all about understanding what’s happening in the market right now, which currencies and which timeframe charts are showing good set ups at the time. Really that does come down to having the ability to scan through different timeframe charts.

The way I trade, I only look for a new trade at the close of a candle anyway, so with the four hour charts for instance there was really simple … I wasn’t even at my computer when the four hour chart closed. As I was preparing for the webinar, I saw that the price had pulled back to my retracement entry level, and I just simply took a market order whereas normally on the close of a candle I would have taken the retracement order. Both would have got filled at the same price, obviously. Both would have hit the profit target. It’s just that on that particular occasion, I was taking the market order because the price had already pulled back on a buy trade.

Live Webinar – Free to attend for non-clients

So, if that interests you, you need to be on my live webinar this coming week. It’s going to be on Thursday the 19th of April, or Wednesday the 18th of April if you live in Europe or the US. I will put a link below this video and podcast. It’s going to be a live webinar with myself and Paul Tillman. Make sure you’re on it; it’s going to be a great opportunity. I don’t do these very often, just free-for-the-public webinars. It’s a great opportunity to ask questions and see how we trade.

So once again, this is Andrew Mitchem, owner of the Forex Trading Coach. I’ll see you this time next week with some more Forex news, tips, and information. See you then, bye.

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Join me on a LIVE Forex webinar – Ask me anything

In this weekly video:
00:29 – I’ll answer your Forex question on a live webinar
01:22 – Not your usual Forex webinar
01:53 – What is your question?
03:08 – Don’t miss this opportunity
04:11 – Fill out the form on the link below

Would you like to have the opportunity to join me on a live Forex Webinar where I answer your personal question? If you would, listen up, we’ve got some great news for you.

Hi Forex traders, Andrew Mitchem, the Forex Trading Coach, a Video and Podcast Number 267 and something different for this week.

I’ll answer your Forex question on a live webinar

For the last 266 videos and podcasts I’ve been explaining information about how I trade and how I can help you but for today I’d like to change the roles a bit and ask you a question. You see, I’m looking at holding a live webinar really shortly and I’m going to be joined on that live webinar by Paul Tillman who’s a client of mine. Paul joined me just over three years ago, he lives in North Carolina over in the US.

Due to Paul’s amazing trading success after he took my course, he’s now joining me at the Forex Trading Coach. He takes my live US webinars, helps on my forum site as a moderator. I’m going to be joined by Paul on the live webinar but what we’re going to do on that session is answer your Forex questions.

Not your usual Forex webinar

On that session we’re not going to have PowerPoint presentations, we’re not going to have slides, we’re not going to have all this background about us, you kind of already know that already or you can find it out. We’re not going to do 20 minutes of waffle, it’s going to be only Forex related questions and answers and suggestions using just our cameras and our screen, that’s all it’s going to be, no PowerPoints at all.

It’s going to be quite different to any other Forex webinar that you’ve been on because what I’m going to do is answer your question.

What is your question?

Below this video you’ll find, or somewhere on this page below here, you’re going to find a link through to a survey form and it’s just one question only. It’s not a big, long survey that’s going to take you ages, it’s one question. All I’m asking you is this. What is that number one, single biggest issue or biggest problem that’s holding you back or preventing you from being a profitable Forex trader?

Now, it could be any number of things but try and think of what the biggest thing. You can put several if you want but try and think of what would be the main factor. It could be a number of things. Give you some examples, it could be a lack of a good strategy, a lack of understanding the market, do you want to be a technical or fundamental trader? You’re feeling all alone with your trading, you’ve got confusion, you don’t know what timeframes to trade, you don’t know where to put your stock loss or profit target, you don’t know how to trade the news, you don’t have enough funds to trade, all sorts of different things.

Tell me on that questionnaire your number one problem and what will then happen, once you submit that questionnaire, I’ll then send you a link to the live webinar.

Don’t miss this opportunity

Look, I really don’t do this very often for the public. Of course I hold live webinars for my clients weekly but for just general public, general traders who are not coaching clients, I don’t do this very often so take advantage of this opportunity to join myself and Paul live. We will answer every question on that webinar
.
It’s going to be an incredible webinar, an incredible experience and an opportunity for you to gain not just the answer to your question but to listen and to understand the questions and the answers and the solutions that we give to all the other questions that we get asked as well. It’s going to be a one off webinar, live webinar. Register for that webinar after you’ve filled in the quick survey for me and then you’ll get that unique link.

I’m not going to put that link anywhere else, you have to want to be there and give me your feedback first to get hold of that but it really will be a great opportunity that you really shouldn’t miss.

Fill out the form on the link below

Once again, that link will be on this page somewhere, likely below this video. Fill it in, register, and I look forward to seeing you on that webinar.

This is Andrew Mitchem, the Forex Trading Coach. Have a great weekend, fantastic week next week, and I’ll see you for video and podcast number 268 this time next week. Bye for now.

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Why You Should Never Use a Fixed Stop Loss

In this weekly video:
00:26 – Where should I put my stop loss and profit target?
00:53 – Every trade is different
01.26 – Each currency pair has different characteristics
02:10 – What time frame chart, what time of the day?
02:44 – Put your stop loss and profit target according to the market conditions
03:40 – How I trade
05:17 – Teaching and helping traders for 9 years at www.TheForexTradingCoach.com

I’m going to explain why you should never use a fixed stop loss, or even a fixed profit target, on every single trade. Let’s get into that and more right now.

Hi Forex traders, it’s Andrew Mitchem here, The Forex Trading Coach. Video and podcast number 266.

Where should I put my stop loss and profit target?

Now a question that I get asked so many times, every single day; it’s all about, “Hey Andrew, where should I put my stop loss? Where should I put my profit target? How many pips should I risk on each trade? I like to risk 15 pips and therefore how can I trade the daily charts?” All sorts of really interesting questions like that. Generally it comes back to people’s misunderstanding of market conditions and how to trade properly.

Every trade is different

Because you see in my opinion, you should never, ever, ever think about using the same stop loss or the same profit target on all trades, because every trade is different. Every trade the market conditions change all the time. When people come to me and say, “Hey Andrew I want to risk 15 pips on a trade,” it’s like well, why would you do that? What is the point? What’s the relevance? What’s the reason? Why not 17 pips or 12 pips? But either way, don’t use a fixed stop loss because it’s meaningless. Let me explain why.

Each currency pair has different characteristics

Each currency pair has different characteristics. For example, if you looked at the average range on the Euro/New Zealand or the Pound/New Zealand, let’s say. Maybe several hundred pips per day it might move. But you then look at a pair like the Euro/Franc or the Euro/Pound, and it might move 50 pips in a day. But 50 pips on the Euro/Pound could be quite a big move. Whereas 150 pips on the Pound/New Zealand in a day could be quite a small move. It’s a relative to the currency pair that you are trading.

But it’s more than just that. Of course, you need to be aware that different currency pairs pair at different amounts per pip also.

What time frame chart, what time of the day?

Take that a step further; depends on what timeframe you’re trading. It depends on the time of the day, possibly. Is it in the Asian session when generally not much happens? Is it in the European or US session? What month is it? What time of year and the conditions are right now? If it’s Northern Hemisphere Summer season, the market might be a little bit flat. Now this week, heading into next week, we’re coming up to the week before Easter. Conditions may be very, very flat, or they could be very, very volatile. We just don’t know.

Put your stop loss and profit target according to the market conditions

The only real way you can do this is to put your stop loss and your profit target according to the market conditions right now. Because I can’t say that I’m going to put a 25 pip stop on a Euro/US dollar one hour chart next week, because next week it could be really, really flat or it could be really volatile depending on all sorts of news events. As I said, leading up to Easter all sorts of things that right now I don’t know what’s going to happen.

But what I do know is that when I see a technical set up on a chart, if I put my stop loss at a set level it’s irrelevant. If I put my stop loss at a level that’s applicable for that trade on that timeframe on that currency pair with the market conditions as they are right at that time, I have myself a very safe stop loss. Same with a profit target; you have to use current market conditions at the time.

How I trade

To give you just a quick overview, the way I trade is I split my trading up into two slight variations when it comes to stop losses and profit targets. That’s according to the timeframe of the chart. If I’m trading what I call the quicker timeframe charts, which personal I don’t do a great deal of because I don’t need to, but if I’m on a live webinar with clients then I will look at one hour charts or lower. If you like those shorter timeframes go for it. But if I was trading say a one hour chart or 30 minute or 15 minute, I’d look for my candle set up first. If I was taking a buy trade, I would look to put my stop loss below the set up candle low, unless there was a reason to go lower. That reason to go lower may be a round number nearby or a pivot point or a previous swing low, et cetera like that. But in general, it’s at the low of the set up candle for a buy trade if I’m trading a shorter timeframe chart. Profit targets are all worked out again according to previous highs and round numbers, et cetera. I can help with more of that and teach more of that in my course.

Now, with the higher timeframe charts, four hours and higher which is what I generally prefer myself manually, I’m using fib levels; I’m using fib extensions and fib retracements. A really easy to use way in real time, not the traditional look for swing highs and lows and guess which is the high and low and draw fibs and all that’s great in hindsight, but in real time that’s very, very difficult to use. A little bit like Elliott wave theory. But I have a very simplified way of using fib levels to help me with stop losses and profit targets that becomes relevant for the market at the time, what the market conditions are doing right now.

Teaching and helping traders for 9 years at www.TheForexTradingCoach.com

If you’d like more help with that, what I suggest you do is have a look at my website. You’d also find that I’ve been doing this teaching for nine years. You’ll find on the Forex Peace Army website on the review website, I have nine years of client’s reviews. Not too many other educational companies can say that.

Nine years is a long, long, long time. I’ve been trading the same way, the same strategy, and helping thousands and thousands of traders all throughout the world. If you’d like to join us, it’s a great time to get on board. It would be great to help you trade successfully. Just understand market conditions and things like we’ve just been talking about, about how to best use stop losses and profit targets to give yourself a high probability chance of being a really successful Forex trader. Use our help to help you to take that next step and to get there.

Once again, this is Andrew Mitchem, The Forex Trading Coach. Have a great weekend, I’ll see you this time next week.

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Copy My Trades, Automagically!

In this weekly video:
00:28 – Have your own account traded from my personal FX account
00:56 – Our aim is to be profitable traders
01:38 – My manual strategy traded by an algorithm
02:23 – 100% traded automatically on your account
02:56 – All months have been profitable to date
04:06 – Using 4xSolutions to copy my trades
05:27 – How to find out more and to join

Would you like to have my personal trades copied onto your account auto-magically? If you would, listen up. I’ve got some very exciting news for you.

Hi traders, Andrew Mitchem here, The Forex Trading Coach video and podcast number 265, and I’ve got some exciting news to share with you.

Have your own account traded from my personal FX account

I’m wanting to give you the opportunity to have your own personal account traded auto-magically by using my own personal trades. In other words, without having to do absolutely anything at all, no placing trades, no getting text alerts, nothing at all like that, you can have your own MT4 account traded with the identical trades that I have myself.

Our aim is to be profitable traders

Let me explain more. So as traders, of course, all we want to do is to be profitable. That’s the whole aim of being a Forex Trader, and we have the option of being manual trading or automated trading.

Automated trading means having an algorithm or an expert advisor or a trading robot. It’s all basically the same thing – different names for the same thing. I’ve been trading Forex for 15 years, and over that time, I have just been inundated like I’m sure you have been with lots of expert advisors, Forex robots, promising absolute everything. Not one of them, have I ever seen that’s been commercially available, has ever made money.

My manual strategy traded by an algorithm

However, what I’ve done over the last number of year is I’ve worked really hard to have my manual trading strategy put into an algorithm so it’s being coded with my manual trading strategy logic. I don’t want to be up 24 hours a day trading the Forex market. Also, I’m not personally a fan of trading the shorter timeframe charts. I much prefer with my manual trading to be trading the longer timeframe charts because it means I don’t need to spend very much time looking at the charts. For me, my full-day trading involves no more than about 30 minutes of actual looking at charts. It’s great because I can trade full-time like that, but what I’ve done is I’ve actually got my system and strategy automated to scan the shorter timeframe charts.

100% traded automatically on your account

That’s what I’m offering you, a 100% fully automated robot trading algorithm, which can auto-magically be traded on your account for you.

I’ve been extensively back-testing and live-testing this strategy for a long, long time now, and in November 2017, I took the strategy on a live account, and it’s been published. The results have been published on my FX book, which is a 100% fully automated and verified trading system. In that time, so we’ve now had 4 completed months, 4 full months of so far being profitable. The strategy until today, which is the 16th of March has been averaging 3.3% account gain per month, and so who knows what’s going to happen in the future? You just cannot tell, but with extensive back-testing and now some forward-testing and live-testing, the strategy is performing extremely well. It’s having about a 70% winning success rate, so around 7 out of 10 trades that it takes are profitable, and we’re averaging 3.3% account gain.

It’s important to understand that for some people 3.3% per month sounds really, really low for Forex, but it’s really important to understand that you need to minimise your risk as a Forex trader. I could quite easily triple the risk, and I could say, look, it’s making 10% or 9.9% per month, but I’ve kept the risk low deliberately so it’s making 3.3% on a live account per month to date.

Using 4xSolutions to copy my trades

What I’ve done is I’ve teamed up with a fantastic company called Forex Solutions. Now, Forex Solutions allows you to link your account to my account, and it’s a 5-minute setup. It really is 5 minutes, and you’re completely done, completely setup, ready to trade. You don’t have to do anything at all from there on.

All that happens is your MT4 account gets linked, and it can be with any MT4 broker by the way, gets linked to my account through the Forex Solutions software, and within milliseconds, my trades get automatically placed onto your account at the same risk that I’m taking. It’s all proportionate depending on your account size and the account denomination, et cetera of your account.

I recommend you’d need about ideally somewhere around about a $5,000 account to do this properly at all or bigger, but around a $5,000 minimum ideally because ultimately, there is a fee for Forex Solutions to use their software, and by the way they have a 24-hour live chat support, and there’s a fee for using my information, and you need to make money on your account after paying those fees obviously to justify doing it. That’s why I’m thinking around a $5,000 minimum account sizes was needed.

How to find out more and to join

If you’d like to know more, I’ve put a link to my page on my website that explains more. You can go and have a look on my FX book. You can look at the results. You can see the trades there, 100% verified results, and I’ve also, on that page, there will be a link to the Forex Solutions joining page if you’d like to take advantage of this. It’s a brilliant opportunity to have your account completely 100% hands-free. You don’t need to do anything. You’re not going to get any email alerts or text alerts in the middle of the night. You don’t have to even go and place a single trade yourself, not one.

Once you’ve set the system up, like I said, it’s a 5-minute job. Set it up. Leave it. Have your account completely 100% automatically and auto-magically traded using my own trades. It’s a great opportunity.
If you’d like to take advantage of that, use the link below this video.

Once again, this is Andrew Mitchem, The Forex Trading Coach. Have a wonderful weekend, and I look forward to bringing you many profitable trades and more trading tips and information this time next week.

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How Divergence can help identify high quality trade setups

In this weekly video:
00:29 – Divergence can help identify great trade setups
01:10 – There are so many ways to trade
01:35 – What is Divergence?
02:44 – 2 types of Divergence – Standard and Hidden Divergence
03:12 – You cannot take divergence signals by themselves
04:18 – Indicators are just an aid to alert you
05:02 – Contact me if you need more help

I’m going to talk about divergence and how spotting divergence can help you identify high-probability trade setups. Let’s get into that and more right now.

Hi, Forex traders. It’s Andrew Mitchem here, the owner of The Forex Trading Coach. This week, we’re into video and podcast number 264.

Divergence can help identify great trade setups

I’m going to help you understand and explain to you all about divergence and how it can really help identify high-probability trade setups. It really is this amazing occurrence that you see on your charts, and it can really help identify great setups, but like all technical analysis, you cannot use divergence just by itself. You have to basically blend it with a really defined group of other indicators and tools to help you become a good trader and help you have a good strategy, but in this video, I want to talk just about divergence because it really is very powerful if you understand how to use it correctly.

There are so many ways to trade

As traders, there are unlimited ways of trading, and really, all we’re trying to do is add as many factors, as many occurrences together showing at the same time to say, “Hey, this is a high-probability setup. Technically, this is looking good. It has all these things, A, B, C, D, E, F, G, in its favour. Yes, it’s looking good. Let’s take the trade.”

There are so many ways to trade

What does divergence do? Well, divergence occurs on your charts, and mostly, you see it when you’re using oscillators like RSI, or stochastic, or MACD. I use it only on stochastic myself, but it can be used on a variety of oscillating indicators, and what it’s doing is showing us a difference between what the indicator is identifying should be happening in the price and what the price is actually really doing. When you get a conflict, say you get the indicator going one way and the price actually going the other way, so it’s that conflict, which creates the divergence, and when you, for example, get the price making higher highs, and the indicator is suggesting the highs, and the indicator are going lower, that gives us a higher probability chance of a reversal from that uptrend.

Of course, you need candle patterns and you need it to occur in the right part of the chart. That’s all additional material that I cover in depth in my course, but just understanding divergence and saying that a price is going up, the indicator is going down, the likelihood is that the price potentially now should start to reverse.

2 types of Divergence – Standard and Hidden Divergence

So you have what you call “Standard Divergence”, positive and negative. I also use something that’s called “Hidden Divergence,” so hidden positive divergence and hidden negative divergence. They help me identify continuation patterns far better. Again, I cover all that in detail if you’d like to know more in the course, but you use divergence with a number of other factors, and it really can help identify high-probability setups.

You cannot take divergence signals by themselves

As I mentioned at the beginning, you cannot use divergence just by itself. Don’t just go out there looking for divergence and go, “Here’s divergence on my charts. Therefore, I’m taking a sell trade or a buy trade.” You can’t do that. You have to blend it in with your overall big bucket basically of technical knowledge and put all these things together, but once you understand divergence and the difference between Standard Divergence and Hidden Divergence, it’s a great way of identifying likely changes in direction from reversing a big uptrend, or reversing a big downtrend, or continuation patterns, which is more when you can have an uptrend and a pullback, and then the uptrend is likely to continue again or reverse with the sell trade.

I hope that helps. Have a look about divergence. Get to understand it. Put it on your charts if you … or put an oscillator on your charts and see divergence showing. I’ve got a software that identifies it all for me and my clients anyway across all currency pairs or timeframes, which makes life a lot easier, but you can still see it with the eye in real time. It’s just like most of these things.

Indicators are just an aid to alert you

Indicators are just an aide. They’re not to say you have to buy or sell here. They’re an aide to say, “Hey, look. There’s something showing on this chart. It’s a candle pattern or it’s a divergence. What else is there on the chart like where in the chart are we showing this pattern? What part of the chart are we in? Do we have a number of other factors together? Have we batched it, support resistance, or a round number? Do we have the pivot point in our favour?”

All these other things need to be added to divergence, but when they all occur together, you have yourself a very high-probability trade setup that can really help increase your win rate, your profitability, you’re getting high reward-to-risk rate. Everything that we’re looking for to be successful traders.

Contact me if you need more help

If you’d like more details about how I can help you and all about my Forex coaching course that’s been running nearly nine years now, help thousands of traders throughout all parts of the world, if you’d like more details, click on the link below this video or send me an email to andrew@theforextradingcoach.com.

I’ll see you this time next week with more trading tips and information. Bye for now.

Click here to contact me NOW!

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Why do so many fail as a Forex trader?

In this weekly video:
00:24 – We all want to become a good Forex trader – but most fail
01:11 – How much do you want to succeed?
01:35 – It’s easy to quit
01:50 – Trading success stories
03:10 – What makes these traders successful?
04:40 – It takes real dedication in order to succeed
06:10 – Good Forex coaching is a must

What do you need to do in order to become a better Forex trader? Let’s talk about that and more right now.

Hi traders, Andrew Mitchem here, the owner of The Forex Trading Coach video and podcast number 263.

We all want to become a good Forex trader – but most fail

You see, almost everybody who starts trading Forex wants to become a good Forex trader. Obvious, right? But very few people actually achieve that so why is that? You have a look online and you’ll hear the figures, somewhere people estimate between 90-95% of all people who trade Forex don’t actually make money. It’s an appalling statistic but I can see that it’s quite likely to be very accurate and after trading the markets for close on 15 years now, there’s a number of traits that I see when it comes to people who become successful as opposed to people who are not.

I’ve been coaching for almost nine years, so you know, over those years, you kind of get to work out what works and what doesn’t.

How much do you want to succeed?

A lot of it comes down to how much do you really want it and dedication. It’s very easy to go, “Oh, Andrew, look, of course I want to be a trader. I’m going to do anything possible. I’ll be completely dedicated to being a trader because I want it so much and I hate my job and I want to work from home.”

It’s easy to quit

Whatever the reasons might be and I hear that all the time, but the problem is it’s very, very easy to quit. You know, t’s very easy to blame the market, blame someone else. “This didn’t work. I’m quitting. I’m changing systems.” All the rest of it, but let me tell you and share with you a couple stories and these are great examples.

Trading success stories

Now, these are both from just yesterday. These are both clients, so I had an e-mail here from Emery who lives in Canada and Emery said to me, “I’m at the point where I’m now trading full time quite comfortable. I take trades on the weekly, the daily, the 12 hour, and the 8 hour time frames, and it’s been wonderful. Thanks a lot for everything you do. Since becoming a client, my confidence in trading has only increased and since graduating six months ago from a demo to a live account, I’ve not had a single losing month. I think perhaps maybe only two losing weeks in total.” That’s from Emery.

Again, it just shows what can be achieved. Another post here on my forum site again, just yesterday from Sean who lives in Australia. Sean said, “I took this trade on the US/Canadian dollar last night before going to bed, woke up for a nice profit. Had a two to one reward to risk. Been very selective with my trades lately and only taking A Grade setups, getting only two to three trades a week, but I’m up 6.5% for the month.” That’s just an amazing achievement. That was for February, 6.5% for February.

It just shows what can be achieved. Now the interesting thing is I’m not just plucking out two sort of people.

What makes these traders successful?

I’m picking out two people who only yesterday told me their results and how they’re doing, but not only that. Those two people are very, very dedicated so first of all, they sought some good professional coaching, so that’s the first thing. They’re dedicated, wanted to invest some money into themselves to become good traders.

The second thing is I’ve got thousands of coaching clients but the second thing is about Emery and Sean, plus lots of others, but those two we’re talking about right now, is that they’re dedicated because they always log in to view the membership site daily, to view my daily suggestions. They’re always on the live webinars. If they can’t get to a webinar, they watch the recording. They’re always asking questions. They’re always posting trades and contributing and helping themselves and helping other people on my forum site.

It’s about not just buying a course and doing nothing with it, it’s about buying a course, using it, dedicating yourself to the strategy and the understanding of it, and seeking help when needed, sticking to the rules. Like Sean said, he’s only taking two or three trades a week. You know, that’s very, very selective, but if you’re making 6.5% return on a live account per month, it’s working, isn’t it?
You know, that’s what everybody wants, so I suppose not so much the answer but to help you with the question of is what does it take to become a good trader?

It takes real dedication in order to succeed

It takes real dedication. It doesn’t just say, “Oh, I’m wanting to become a good trader.” You actually have to do it. You know, so many people make so many excuses in life. You know, you’ve got to seek good training.

A couple examples for me personally, if you’ve been following me, you’ll know this, but I’ll just quickly repeat it. You know, four years ago I wanted to learn to fly a helicopter. A very, very dangerous thing to do if you don’t know what you’re doing. You have to get good professional tuition, but not only that, is you’ve got to be very dedicated yourself.

Lots and lots of work to do, lots of new things to learn, lots of exams to take. You know, a whole new basically industry to learn and skill to learn. Massive dedication but if you want to do it, you’ll find a way of doing it. Just last year I learnt or started to learn to play squash, so what I’ve done now is I’ve taken up some one on one coaching with a professional squash coach.

Why? Well, because I don’t want to be an average squash player, I want to be a good player. You know, I want to be far better than I should be after a year because one, what’s the point in bothering otherwise? You know, I wanted to do it, yes, for fitness and enjoyment, meet people, etc., but I want to become a damn good squash player and so therefore, in order to shortcut that learning process and to keep the enjoyment and dedication, I have sought some professional tuition. I can tell you after six lessons, it’s making an incredible difference.

Good Forex coaching is a must

So when it comes to trading Forex, it’s absolutely no difference. Yes, I sell a Forex course and I’m going to promote a good Forex course. Of course, that’s going to happen, but it depends on what you want out of it. I can trade, you know? I can trade. I’ve got thousands of traders around the world who have helped who can trade also, but it depends on what you want to do, so you’re the one ultimately responsible for what you do in your life and if you want to trade, great. If you want help, professional help, to becoming a good trader and to probably shortcut that whole learning process, then become like Emery and Sean. Not only purchase a good course, but also become dedicated to it once you join.

I hope that helps. This is Andrew Mitchem, The Forex Trading Coach. I look forward to seeing you at this time next week. Bye for now.

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How to deal with good and bad trades

In this weekly video:
00:26 – Trading phycology and the mental aspect of trading
01:19 – The good and the bad side
01:35 – When trades go wrong
02:30 – Fantastic when your winning
03:31 – What can you do when you are losing trades?
04:31 – 6 out of 7 winning trades on the Daily charts this week
05:38 – Consistency is key to success
06:15 – Control your risk per trade and control your emotions
06:55 – Look at the bigger picture
07:49 – Contact me if you need further help

Trading psychology is a really important part of trading. How do you deal with good and bad trades? Let’s talk about that and more right now.

Hi, traders. It’s Andrew Mitchem here, The Forex Trading Coach, video and podcast number 262.

Trading phycology and the mental aspect of trading

Now, trading psychology, all about the mind, it’s a really, really underrated and overlooked part of trading. You see, everybody wants to get into the nitty-gritty of the actual trading strategy and how to make money, but the reality is that good trading, a large part of it comes down to your mental approach because after all we’re talking about emotions. We’re talking about making and losing money, real money and it hurts or it’s fantastic depending on which side of the trade you’re on.

Let’s talk about the two different approaches, really, and also with the bad side, how I can give you some help and information from my personal experience to help you overcome that.

The good and the bad side

When you have losing trades, all of a sudden, everything feels terrible and you know what I mean because you’ve certainly been there. All traders go through it. I still go through it after trading for years and years. But there are some things I can help you with.

When trades go wrong

When trades go wrong, you start to have doubt in your system, doubt in your own ability, and it just all feels horrible. You see what you think are good setups and trades just go wrong because after all trading is not an exact science. It’s about probability. Not all the time are your really nice set up is going to work 100%. You start having doubt and some people then, especially new traders, they start having anger, frustration, fear, all those types of things. Some people want to just get back at the market and they start doing really stupid things. They’ll take silly position sizes. They’ll start doubling up a position. They’ll take a trade just because I want to take a trade and get my money back, all those kind of crazy things. Especially when you’re new, that is something that is very easy to fall into.

Fantastic when your winning

Take the opposite side of that scale and you take a series of winning trades and, all of a sudden, life is fantastic. You’re making money. You’re seeing lots of profit whether you’re using MT4, lots of green lights. You’re hitting your profit targets and your cash is growing beautifully. The danger then is you can become very blasé about your trading, almost like indestructible, almost like that teenager mentality where I can drive a car really fast because I know what I’m doing and it never happens to me and it’s a thrill, all those types of things. We’ve all been teenagers and many of us have teenagers as children and you know that little bit of knowledge can be very, very dangerous, that kind of approach and that can become a problem when you have some winning trades is that the whole mental part goes out the window because you just think that every trade you take is going to be a great trade. Of course you know the answer. You’re going to get hit really badly.

What can you do when you are losing trades?

Going back to the losing side of things, what can you do? Well, first of all, it’s important to be mentally focused. It’s important to be disciplined, to be trading at the same times of the day, to be trading the same set ups, the same timeframe charts. Whatever it is that you do in a good run, do the same because the market will always come back. It will always change. Maybe your strategy requires the market be trending really strongly and right now the market is not trading strongly. Well, what can you do? You may not see very many trades so you reduce the number of trades you take. You keep your risk portrayed very low. You might want to look at different timeframe charts. As an example, I sometimes go down to a four hour chart. If the one hour charts aren’t producing very much, maybe go to a 6 or 12 hour chart because different timeframe charts will show different type of set ups and trends depending on the market conditions.

6 out of 7 winning trades on the Daily charts this week

Likewise with winning trades, well, this week, I’ve had an amazing week. On my daily trade suggestions that I make for all of my clients on our membership site, we’ve had six out of seven winning trades. That by risking only a quarter of 1%, 0.25% risk on each of those seven trades, my clients this week, and we still got one day to go, are up 2.8% with extremely low risk, only a quarter of 1% risk per trade, 2.8% gain. All I’d done is spend probably 10 minutes in the first four days of this week just by looking at the membership site and copying exactly what I’ve taken and why. It’s a learning process there. Winning trades, yes, it’s fantastic and really well for this week. I’m up almost 5% for the week in total daily trades plus other timeframe charts. It’s great and I’m feeling really good about it, but it doesn’t get to my head because I know that there will be weeks around the corner, maybe next week that things aren’t quite as good. You have a smaller winning week or you have a losing week.

Consistency is key to success

Consistency is the key. With my daily trades, every since 2009, I’ve posted on my membership site everyday almost without fail unless I’ve been away or ill or something. But almost everyday since 2009 I have posted the daily trades at exactly the same time because I work off the 5:00 p.m. New York close of day. It’s consistency. I make a massive effort. It doesn’t matter where I am in the world or what I’m doing, I will always post those daily trades on that membership site because I like to take my trades base of that 5:00 p.m. New York close of day chart. Consistency is important.

Control your risk per trade and control your emotions

The amount of risk you take is important. The type of setups. I’m only really looking for two types of setups on the daily charts. I’m looking at continuation pattern or I’m looking at a reversal pattern. It’s really, really simple. If I don’t see those, if I see just the market going sideways, indecision candles, et cetera, move on to the next currency pair because there’s nothing to take. Don’t trade just for the sake of trading. It’s really important that you have consistency. Keep your emotions under control. Don’t get too excited when things go really well. Don’t get too down when things don’t go well because the market will always change and have confidence in your ability and in your strategy.

Look at the bigger picture

Look at the bigger picture. Don’t just think, “Oh, what happened this week? Oh, no. I have an awful week.” Or, “Fantastic. I have a great week.” Because it’s more about what happens to this month or what happens to this quarter, what happens this year because you will get ups and downs. It doesn’t matter how good or bad a trader you are.

You might think you’re the best trader on the planet. You’re still going to get losing times. It’s really important to have consistency, control of your emotions and of course like a lot of things come … Going back to driving the car analogy, it comes with experience. You can’t expect to be a brand new trader and have all these emotions under control and things because it takes time like anything good in life takes time to master. But stick at it and you will find that with consistency and confidence in your system and yourself, you’ll have fantastic gains.

Contact me if you need further help

If you need help with any of that, just email me andrew@theforextradingcoach.com or use any of the links, the contact links on my website and I’ll be pleased to help you.

This is Andrew Mitchem, The Forex Trading Coach. Have a great weekend. I’ll see you this time next week. Bye for now.

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