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Knowing when NOT to take a new trade

In this weekly video:
00:25 – Learning to reject a trade
00:53 – Less is more
01:14 – Live 2 hour webinar and examples shown in real time
01:50 – I took 1 trade and rejected others
02:51 – The AUD/NZD H6 trade
04:32 – The trade hit the full profit for a 2:1 reward:risk ratio, or a 1% account gain

As part of being a good Forex trader, it’s important to understand when not to take a new trade. Let’s talk about that and more right now.

Hi, Forex traders. It’s Andrew Mitchem here, The Forex Trading Coach with video and podcast number 261.

Learning to reject a trade

An important part of being a very good Forex trader is having the ability to reject trades, to see good, technical setups, but you may also see a reason why not to take that trade. You see, as a Forex trader, I’m sure that you want to take new trades. It’s the excitement, it’s the buzz of identifying new setups of taking new trades because that’s what we do. We’re looking for trade set ups all of the time.

Less is more

Part of being a good Forex trader is also using the less is more philosophy. You don’t need to keep taking trades in order to do well. You need to have the higher quality trades in order to do well, not the volume of trades. It is important to understand what to look for when not to take a new trade.

Live 2 hour webinar and examples shown in real time

As an example, just last night I held a live two hour session with my clients, so traders from all over the world on this session for two hours in the European session, and we were looking at trade setups that I’d taken over the previous week, looking at some really good technical setups. Most those trades worked. A few didn’t. That’s just part of trading, but in real time, I was finding that yesterday, which was Thursday, the 15th of February, the market in the European session was just a little bit quiet and there wasn’t a lot there. Then towards the end of the session, there was some very nice technical setups showing.

I took 1 trade and rejected others

But I only took one trade. What I was finding was there were good technical setups, but I was also finding a reason not to take the trade, and it could be, as an example, as a buy trade, it means that we’re buying into a round number. We may be just a few pips below a round number, like a 00 or a 50 level. We don’t want to be doing that. You don’t want to be buying directly into a middle Bollinger band or a pivot point or as a buy trade, you don’t want to be buying and knowing that you need to get your profit target through a previous resistance level or previous high. Those type of things. That’s what you want to avoid doing.

I was looking at a number of good technical setups, and I was saying to clients, “Look, I really like this. It’s got a great candle pattern. It’s in the right part of the chart. It’s got a trend line break, all the things we’re looking for. Oh, but this trade’s against today’s ideal strength or weakness, or this trade’s buying directly into a round number of 00. There’s reasons why not to take those trades.”

The AUD/NZD H6 trade

Then towards the end of the session, I found a great technical trade on the Australian dollar, New Zealand dollar on the six hour chart, and I took the trade. Had everything I was looking for. It had the great candle pattern, it was in the right part of the chart. Yesterday, you can go and look on my free analysis for Thursday, the 15th of February. I was suggesting looking for sell trades on the Aussie Kiwi Cross, and that’s exactly what I was doing on the six hour charts. I had a round number in the pivot point to protect my trade, as in protecting the stop loss. We’d just broken through some recent lows, and my profit target was before the last major swing low, so it had everything in its favour, so I took that one trade.

Although I identified during that session probably about five trade in total, I only took the one because those other four I could see reasons why, yes, they’re okay, but there are also good reasons why not to take the trade. One of them actually had a very low reward to risk, so I said, “Look, I love this trade setup.” It was the New Zealand Yen buy trade, so it’s looking really, really good, but the reward to risk was not there because I couldn’t justify putting my profit target above a round number, and there was some previous highs. All reason like that, we talk about in real time as the market’s happening, and that is why live trading with a mentor in real time every week is so good for you. That’s why my clients do so well because they attend live sessions like this. They’re listening to me talking about why, yes, I like this trade, but there’s a reason why I’m not taking this trade. That’s really, really important.

The trade hit the full profit for a 2:1 reward:risk ratio, or a 1% account gain

So, going back to the Aussie Kiwi sell trade six hour chart trade, absolutely beautiful trade. It retraced up to my entry level absolutely perfectly. It went about two pips over, but it didn’t matter because I wasn’t there at the time. I place the order, I finished the webinar. I woke up this morning. The trade retrace got me filled on the sell trade, and in one candle, within one bar of six hours, it had hit my profit target, and it made me a two to one reward to risk trade. It wasn’t two to one just because I picked two to one, it’s where the profit target and stop losses needed to be just happened to work out at exactly a two to one reward to risk. I risked half a percent of my account on that one trade, I wake up in the morning and I’ve made a 1% gain in my account for that one trade, just by being patient, just by rejecting some of those other trades for reasons. It’s just a few dents there, even though technically they looked okay. So less is more, take the higher quality trades, high reward to risk. You’ll do really well from that.

I hope this helps. This is Andrew Mitchem, the owner of The Forex Trading Coach. Look forward to catching up with some more training tips and information. This time next week.

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Trading with the Daily Direction

In this weekly video:
00:27 – How to increase your win rate
00:53 – Trading is all about probabilities
01.25 – Looking to buy or sell trades
01:46 – Taking setups that are in the direction of the daily trend
03:15 – Don’t take trades that are against the bigger trend
03:38 – I post daily trend analysis to help you – link below

Trading with a daily direction can give you such a great advantage when trading for shorter time frame chance. Let’s talk about that and more right now.

Hi, Forex traders. Andrew Mitchem here, The Forex Trading Coach video and podcast number 260.

How to increase your win rate

I want to give you a really useful piece of advice that will substantially increase your win rate. It’s all about trading with the likely overall daily direction, trading with the bigger picture. You see, if you can trade where the bigger trends are likely to be going, then it stands to reason you’re giving yourself a higher chance of having a profitable trade, providing, of course, your technical setup is correct in the first place.

Trading is all about probabilities

Trading is all about probabilities. That’s really all it is. It’s about seeing technical setups and knowing that if a certain setup, a certain candle pattern, a certain price has been hit, a certain support and resistance level, whatever it might be that you’re looking for, you know that, given history, when that setup shows, you know that the probability is that the trend or the pair will move in this direction. You know that because you’ve analysed that. That’s how you have your strategy in the first place.

Looking to buy or sell trades

Of course, when we’re looking for trades in the Forex market, we can look for buy trades or sell trades, to go long or short, to go up or down, and that’s the beauty with the Forex market, and that’s one of the reasons, one of the many reasons why we love trading the Forex market, the ability to buy and sell and make money on both directions. It’s a fantastic benefit of trading Forex.

Taking setups that are in the direction of the daily trend

However, when you think about it, if you see within the course of a day … Let’s say you’re trading one hour charts. You see five trade setups and you see sell trade setups. Which ones are likely to work for that day? No one really knows, of course, until after the facts happen, but when you think about it, if you see on the daily chart, let’s say a big up trend and you see strong, bullish candles on the daily chart, but it stands to reason that if, within that day on a one hour chart, you see strong buy setups, good, strong, technical, buy, trade setups, it means that you’re trading with the bigger picture.

They could be continuations on the one hour chart or they could be right after a pull back, which, by the way, you’ve probably seen the sell trade and you’ve ignored it because, for today, you’re looking for buy trades. You’ve ignored that little pull back and now you’re seeing a good, strong, bullish candle pattern, ready to ride the bigger picture of the daily chart, and now it looks like the one hour chart’s ready to resume. It’s up trend after a pull back.

Again, it’s probability, stacking as many favourable items in your favour as possible. This could be, sort of, the candle pattern. It could be the trend line breaks. It could be bounced at round numbers. All these type of things that we’re looking for, and now on top of that it means that if we’re trading in the likely daily direction, that has to have more weight to our trade, and that’s to give you a higher overall win rate.

Don’t take trades that are against the bigger trend

You just think about it. Why would you take sell trades on that day if the likely bigger picture is for the market to move up? Yes, you might catch some little retracements and some small pull backs, yes you might, and yes, you might miss some good reversal trades, but wait for them to be over, then look to ride the trend up again if the bigger picture is up. That has to add probability.

I post daily trend analysis to help you – link below

To aid you with this, for my clients I post specific trading daily information on our membership site, but if you’re not a client, what you can do is log in and see a free, basic version of what I post for my clients every single day on my membership site, sorry, on my website.

What I’ll do is I’ll put a link below this video and podcast so you can go and have a look. It’s called daily trades on my website, daily trades and analyses. You can go and have a look at that every day. It’s to say that over the course of the next 24 hours from the start of the 5:00 PM eastern standard time New York close and open of a new day, these are the likely directions we’re looking for, bigger picture. When you’re trading the shorter time frame charts, that then means that if you see trades in the same direction, that has to add weight to your overall probability, and therefore increase your chance of a successful trade.

Hope that helps. It’s a really useful tip. This is Andrew Mitchem, The Forex Trading Coach, have a great weekend. I’ll see you this time next week.

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Do you lack the time to trade?

In this weekly video:
00:26 – Most people don’t think they have sufficient time to trade
01:07 – New traders want to watch the charts all day
01:45 – Are you ready to trade or is the market ready?
02:09 – Scared to leave the charts?
02:39 – Less is More
02:58 – Trading examples from Monthly charts and Daily charts
04:00 – You don’t need to be on your computer all day long
04:30 – Look at a new trade only on the completion of a candle
05:05 – Trading must be realistic and enjoyable

Do you find you don’t have enough spare time in the day in order to trade the Forex market properly? If that’s you, listen up, I’ve got some really good news.

Hi Forex traders, Andrew Mitchem here, The Forex Trading Coach with video and podcast number 259.

Most people don’t think they have sufficient time to trade

Today’s video and podcast is all about having available time in order to trade. You see, most people will find that they don’t have sufficient time in the day. I had an email just this morning from a guy called Brian. Brian said to me, “Andrew look, I don’t think I’m gonna do your course because I don’t have enough time to dedicate to trading. Time I go to work, come home, help the wife, help with the kids, try and do something for me, some sports, leisure, music, there’s just not enough hours in the day to then go and sit and watch charts all day.”

It’s a common problem that so many people have, and you see the problem is that so many people think that they need to be staring at the charts all day. In reality you don’t.

New traders want to watch the charts all day

You see, the problem is this, when most people start trading, they want to be looking at the charts all day long. They’re looking at every pip of movement, they’re looking at every news release, they’re adding indicators, they’re trying to make this special combination, this nice concoction of magical indicators that’s suddenly gonna tell them all these perfect trading signals, to buy here and sell here.

Unfortunately it just does not work like that. Most people then start to go down to shorter timeframe charts because they want to look at five minute charts or 15 minute charts, and they’re trying to pick every single movement, every swing, every upward movement, every downward movement.

Are you ready to trade or is the market ready?

When they place trades, they’re placing them because they are ready, not the market is ready. It’s like, “Well, my clock says I’ve got an hour to trade, I’m gonna find a trade and I’m gonna find something suitable to trade.” So they’re forcing themselves to go shorter and shorter timeframes, and just placing a trade for almost like the need to want to place a trade, not because it’s the right thing to do at that time.

Scared to leave the charts?

Then, when they place a trade, they’re scared to leave the charts because they might miss out on a one or two extra pips on that trade, or it might pull back against them and, “Oh my goodness, what am I gonna do now?” You’d understand what I’m saying because we’ve all been there, and I’ve been there myself so I know exactly that’s the reality for most new traders.

I can tell you that after 15 years as a full-time Forex trader and a coach, I’ve kind of seen it all by now, I’ve been through it all, and I’ve seen it all, and I’ve heard it all. I can honestly tell you this.

Less is More

The phrase ‘less is more’ is absolutely, perfectly suited to becoming a good Forex trader. What I mean by that is this, the less you trade, the less time you spend looking at your charts, the less you’re fiddling with trades, the more you’ll make, the better you’ll be.

Trading examples from Monthly charts and Daily charts

I’ll give you example, today is the 1st of February, and so I’m making this video and podcast a day earlier, I usually make it on a Friday, but I’m away tomorrow so I’m making it on Thursday the 1st of February. Now I’ve just taken two trades on the monthly charts because we’ve just turned over from January into February’s monthly charts, and I’ve taken two trades. Now that’s taken me probably five to ten minutes to look through the monthly chart trades, just once a month, that’s all you’ve got to do. I’ve seen two trades there, I’ve placed the trades. Within ten minutes, I’ve seen the trades and I’ve placed the trades, and that’s it, I’ve got my position size, my entry, my exits, my profit target, my stop loss all in place, leave the trade alone.

At the same time today, I’ve taken one trade on the daily charts. Yesterday I took four trades on the daily charts. It took ten minutes, absolute max per day to look through the daily charts. Today was less, there was hardly anything there apart from one trade.

You don’t need to be on your computer all day long

So, you do not need to be staring at your charts all day long. Now I also try to look at twelve-hour charts and six-hour charts. I’m holding a webinar tonight in the European session my time, my evening time, European morning, for my clients. On that, I will look at some shorter timeframe charts as well, but I don’t normally do that, I only do that when I’m on the live webinars because we’re looking for trades on a shorter timeframe. But even then, we generally don’t go much shorter than a one-hour chart.

Look at a new trade only on the completion of a candle

The key is this, look at taking a trade only on the completion of a candle, so I know if I’m trading let’s say a four-hour chart trade, I only need to look at the completion of a candle. If I can’t look because I’m doing something else, I’m at work I’m doing things with the family, whatever it might be, doesn’t matter, I accept that I miss out on looking for trades and I’ll look four hours after that if I can. If I’m asleep, it doesn’t matter, there’s always another trade somewhere. So don’t force yourself into looking at short timeframes, don’t force yourself into having to be at your computer at a certain time.

Trading must be realistic and enjoyable

You’ve got to remember that if you’re gonna become a good trader, it has to be something you can do realistically, so it needs to be something you can do that suits you and it needs to be something that is enjoyable, because when you get those right, then it becomes profitable. You start scratching around on five-minute charts, getting scared to leave the charts, scared to leave the computer, you’re gonna burn out and you’re family’s gonna not like you because you’re spending all day looking at this thing, looking at charts.

So go to the longer timeframe charts, look at the close of each candle, at whatever timeframe that you want to look at, take the longer timeframe chart approach, less is more, you’ll do far better.

Hope that helps, I’ll see you this time next week.

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

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How Was Your Trading Year in 2017?

In this weekly video:
00:25 – Were you profitable in 2017?
01:00 – Look back at your trading year and make a good analysis on your performance
01:45 – Use the quieter market and the benefit of hindsight to improve your trading next year
02:25 – Have a look at my 255 videos and podcasts over the holidays
02:50 – Strength and weakness analysis and free trading strategy
03:16 – 2017 in summary and helping create independent and profitable traders
04:10 – If you want my help in 2018, just contact me and I’ll be glad to help
04:25 – Merry Christmas and Happy New Year

How was your 2017 trading year? Was it a good one? Let’s talk about that and more, right now.

Hi Forex traders! Andrew Mitchem here, The Forex Trading Coach. Video and podcast number 255, and this is the last video and podcast of the year 2017.

Were you profitable in 2017?

So it’s a good chance and a good time right now to reflect on your trading year of 2017. How was it? Was it a good year? Have you been profitable? Have you lost money? Have you broken even? How was it overall? Were there certain months, were there certain times that were good, that were not good? And certain types of trade patterns that you took. Are you a news trader? Are you a technical trader? What kind of timeframe charts do you trade? What has worked for you? What has not worked for you? It’s a really good time.

Look back at your trading year and make a good analysis on your performance

It’s an important thing to do right now is just to look back at that year. With the benefit of hindsight, what would you do differently? What did really work for you? What didn’t work? Where’s the consistency? Is there consistency? Is your trading all over the place? Are you getting a high win rate but still losing money? Different things like that. Have you had a few big terrible trades that have wiped out lots of gains? And I think it’s a really important time to reflect and to go back and look at your trades, look at them on the charts, and just use that benefit of hindsight. Was that a silly trade to take? Did it break all my rules? Was it a great trade? Why was this a good trade, and what did it have as the setup?

Use the quieter market and the benefit of hindsight to improve your trading next year

What can you learn from that? Use this quieter time now on the market, because really the market from next week is going to be fairly quiet. I’m going no longer than Friday the 22nd of December, probably even maybe a day or so finished trading before that, and I’m not going to start trading until at least Wednesday, the 10th of January. I really want to get into that first full week of the year, and the Monday and Tuesday the 8th and 9th are quite likely to be a bit slow, so Wednesday the 10th at the absolute earliest for me before I start trading again into 2018.

Have a look at my 255 videos and podcasts over the holidays

So what can you do over this holiday period? Well, I encourage you to go and have a look through a lot of my past videos and podcasts. This is video and podcast number 255, so there’s a massive amount of information there for you to go and look through. Do you want to look at trading daily charts? Do you want to learn about different timeframes, reward and risk? Low risk per trade? All those different things. There is so much information freely available on my website.

Strength and weakness analysis and free trading strategy

You can go back through my strength and weakness analysis, have a look on the daily charts. How could you best use that with your own strategy? If you don’t have a strategy I have a freely available strategy available on my website for you to download and to learn from. I have a risk calculator there available. There’s lots and lots of freely available information. Very valuable, good, honest, practical trading information for you to benefit from.

2017 in summary and helping create independent and profitable traders

Overall in summary, we’ve had a great 2017 here at The Forex Trading Coach. Had some amazing results. Clients are just achieving tremendous, tremendous results. I’m absolutely thrilled and pleased and absolutely so pleased to be helping so many forex traders all around the world becoming profitable. It’s profitable, but also importantly, it’s independently profitable forex traders that I’m helping create.

You see, I’m here for my clients all the time. I’m posting information all the time. But longer term, bigger picture, I’m wanting my clients and they are wanting themselves to become independent traders, and that’s the important thing. That’s what we’re trying to create here. People that can see the trade, take the trade for themselves. Lots of information and help and support and backup along the way, but ultimately most people want to be able to do this themselves and that’s what I can help you to achieve.

If you want my help in 2018, just contact me and I’ll be glad to help

So if you want my help in 2018, you know where to find me. I’m all over the Internet. Have a look at my website, ForexTradingCoach.com. You can email me. I will still be replying to emails over the Christmas and New Year break.

Merry Christmas and Happy New Year

But have a fantastic Christmas. Have an amazing New Year. A safe, happy one. And let’s make 2018 an amazing trading year. I look forward to seeing you then for video and podcast 256 which will be in January 2018. Merry Christmas. See you next year.

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Amazing Trading Results

In this weekly video:
00:32 – We all want the results – but do you put in the effort to succeed?
01:20 – Live webinar with my clients – amazing results
01:45 – 10.96% gain in 4 weeks
02:55 – Dedication and commitment pays off
04:10 – Trade Copier Services starting in 2018
05:23 – Learn how to trade or have your account traded for you

I’m going to share with you some amazing Forex results and how you can also benefit from them. Let’s talk about that and more, right now.

Hi, Forex traders. Andrew Mitchem, here, the owner of the Forex Trading Coach, video and podcast number 254. I want to talk about some amazing results, and how you can also have the opportunity of benefiting from those results. More about that shortly.

We all want the results – but do you put in the effort to succeed?

As Forex traders, we all want results, don’t we? We all want to profit. That’s why we’re doing this, after all. But the problem is, with the learning process, is really, how many people put the dedication in, and the effort in, to learn? A lot of people spend a lot of time on charts, on forum sites, basically messing around, thinking they’re getting somewhere, but in reality they’re probably not. Does that sound familiar?

I know when I first started trading, you know, when I look back all those years ago, like 14 years ago, that’s what I was doing a lot of. I was sort of jumping round, adding different indicators, optimising things, going along on to the next shiny object, but not really doing dedicated and committed work to one strategy. That’s the problem that most people find.

Live webinar with my clients – amazing results

Last night, I held a live two-hour webinar with my clients. It was an amazing webinar. I was so pleased with the information that was shared with me during that session, unexpected information. During the webinar, I took two trades, as well. One trade on the Euro Canadian Dollar in one-hour chart, in front of everybody, in 17 minutes hit the full profit target and made an amazing return.

10.96% gain in 4 weeks

But during the webinar I shared with clients my results. And in the last four weeks, I’m up 10.96% on my account, my live account. It’s the same account that I have, that I manage funds for. 10.96%, still with today to go, being Friday. Although it is non-farm payroll day, so I’m not expecting too much. But almost 11% return on a live account in four weeks with very low risk.

I thought I was doing really well, which I am, but when I heard some of the results that some of my clients are achieving, as well, that’s just blown me away of how good the results are. That was consistently coming through, from different people typing in. Some had emailed in advance. In fact, I had one guy who lives locally, here in New Zealand, call me yesterday and said, “Look, Andrew, can you show some of my trades on your webinar tonight? I’m trading just the four-hour charts.” And he’s just having some amazing success.

Had other people that are trading one-hour charts, some that are trading just daily charts. Some were trading the offline charts that I provide, like six and 12-hour charts. Some are trading just weekly and daily. It depends on what suits the individual. But the amazing thing is.

Dedication and commitment pays off

And the really pleasing thing that I like, is that after the dedication, and the work that these people show, and they commit themselves to becoming a good trader and learning, using the tools that I offer, you know, logging in daily to my daily trades recommendations … which, by the way, are doing really well … attending the live weekly webinars, being on the forum site, asking questions, all those type of things to ensure that, over time, they become excellent Forex traders, and that’s what I was seeing.

I was just getting some amazing results. People were typing in. A guy called Ashley said, “Andrew, I’m up 9.46% for November.” Another lady, called Lucia, over in Australia, she was typing in, you know, she made, like, five point something percent yesterday, and three point something percent the day before. It was just constantly, people were just typing in, sharing trades that they’d taken, and sharing the results, which, for me as the coach, is … there’s nothing more rewarding.

The funny thing was that I thought that my 10.96% in the last four weeks was doing really well, and then I saw some of the results that clients were typing in, I thought, well, that’s just blown my results out of the water. But coming back to that 10.96% …

Trade Copier Services starting in 2018

Something really exciting that I’ve decided to do, starting in 2018, is offer some trade copier services. The results that I’ve just mentioned, that account, that will be traded, and you will have the opportunity to follow along and to have those trades auto-copied on your own account, if you wish to.

If you’d like to know more, what I’m going to do is, I’m going to include a link below this video. There’s going to be a link there and you can enter your name and email address, and just let me know that you are interested in finding out more. It doesn’t commit you to anything at all, of course. It’s just to say, “Hey, Andrew. Yeah, I like the sound of a trade copier. I’d love you to trade on my account for me.” Of course, I have no access to your account. It’s just going to be purely a subscription-based service, that you can have your account traded by me, auto-traded. You don’t have to do anything once you’ve set the account up. If you would like to know more, please just enter your details in the box below, or the link below that I’ll provide under this video. Yeah, that’s what’s coming forth, 2018.

Learn how to trade or have your account traded for you

You’ve got two options, really. Either, one, you want to learn how to do the trading yourself, and if you do, fantastic. I’m definitely here to help. If you’re not at that stage, yet, you just say, “Look, hey, Andrew, I’d love you to do it for me,” then that’s what the trade copier is for. Basically, doesn’t matter which side of the spectrum you’re on, if you want to make money from Forex trading and you’d like my help, I’m here to help you and to help you succeed.

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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Walk Before You Can Run

In this weekly video:
00:21 – Our goal is to be profitable
00:58 – Start slowly and then your trading will be better long term
01:40 – Begin with a demo account
02:50 – When you change to a live account, trade the same way
03:16 – Trading account up +7.4% in 3 weeks
04:50 – Forget making money when you start trading

You need to be able to walk before you can run as a Forex trader. Let’s talk about that and more right now.

Hi Forex traders, Andrew Mitchem here, the Forex Trading Coach video and podcast number 253. Now as a trader, our aim, our bigger picture and goal, is to be profitable, is to make lots of money from our trading. Okay? That’s obvious.

Our goal is to be profitable

State the obvious first. But the problem is that a lot of traders have that goal in mind right now and try to achieve that right now, even though they’re just starting. And it’s a big problem and almost everybody does it. But if I can give you some help and some tips and advice from my experience both from myself and all the people, thousands of traders all around the world that I’ve taught over the years, it would be this. Learn to walk before you can run. You’ve obviously heard that phrase in so many different aspects of life and in trading unfortunately it’s exactly the same. It really is important that you do that.

Start slowly and then your trading will be better long term

It’s important that you start small. You see everybody wants to make money and everybody wants to pay the bills, give up their job, go and live remotely and work and create an income from their trading. And yes you can do that, but you are not going to do that at the beginning or near the beginning of your trading career. It’s gonna take you several years to get to at least that level. So don’t try to do it earlier because almost certainly not gonna happen.

And you need to start small and you need to start on a demo account. You need to understand your strategy that you’re trading, the methodology behind it and be methodical with your trading.

Begin with a demo account

Don’t just think, “Oh it’s a demo account and therefore I don’t really care if it takes a loss or I don’t really care it’s still open over the weekend” if your plan is to shut trades before the weekend. Don’t do that. Use your demo account to make mistakes that you’re gonna make with money management and placing stock losses and profit targets and position sizing wrong, all that type of thing. And then once you’ve understood that, get onto a live account but make it a small live account.

By the way your demo needs to be a small demo account as well. Don’t go opening an account of 50 or 100,000 dollars of a demo account, because that’s what the brokers want you to do but that’s what you should not do. You should open a small demo account because when you make that transition to a live account, you’re likely to be opening a small live account. Most people that open an account maybe 5,000, maybe 10,000 dollars. But probably not a lot more as your initial starting balance. And so make sure that your demo account’s similar. Make sure it’s quite small.

When you change to a live account, trade the same way

So when you go to live. What are you gonna do different? if you’ve been profitable on a demo? The answer is nothing. You should continue to trade the same way. Continue to trade small risk and have controlled risk. But it’s really important that you get this right because if you get this right and you do take your time and you do almost become a bit boring with your trading, long term it will pay off completely.

Trading account up +7.4% in 3 weeks

Give you an example. About a month ago Pepperstone, the broker, closed down in New Zealand. And three weeks ago I opened a new Blueberry live account which is a broker in Australia who I use. Very good by the way, so I highly recommend Blueberry. And with the Blueberry account it’s been open just under three weeks now and I‘m up 7.4% on the live account. 7.4% gain. And it just shows what can be achieved after some time.

Now I’m doing this with a really really low risk because I’m managing through a fund managing company that I partially own. I’m managing a lot of money behind the scenes, so we’re keeping risk and draw down very very low. I could quite easily double the risk and still be very very low risk and that be up sort of what 14.8%, but I’m not, I’m up 7.4%. And I’m up very good consistent gains with very very tiny draw downs, and that’s all on a live account in under three weeks. So it shows what can be achieved once you put that effort in upfront and that time and that dedication upfront, it does work.

So I hope that helps, it really is … In some ways a lot of people don’t like a lesson like this because unfortunately it’s truthful and it means you do need to spend some time upfront but it really is worth it longer picture. And after all, like I said at the beginning, we’re all in Forex training to make money out of the markets.
Forget making money when you start trading

It’s no good having a million dollars in your account right now not knowing how to trade, you’re gonna lose money. Absolute certainty. So forget the money that you’re making right now, look to have a small account and make a small consistent percentage gain on that account over time, because if you can do that on a small account, absolutely you can do that on a bigger account. And then the money will follow, but don’t think about your monetary gains and right now at the very beginning if you’re new to trading.

So hope that helps. This is Andrew Mitchem, the Forex Trading Coach, and I look forward to talking to you this time next week with some more trading tips and information. Bye for now.

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Market conditions are changing all of the time – so must you

In this weekly video:
00:23 – Why you need to adapt to the current market conditions
00:51 – Does your system only work in trending markets?
01:27 – A very quiet week – Thanks Giving Day in the US
02:05 – Candlesticks and candle patterns
02:35 – Live webinar with clients
02:55 – Account is up +2.21% for the week so far in 4 days
03:23 – Cyber Monday Sale – 24 hours only on Monday 27th November

You need to adapt to the current market conditions to be a good trader. Let’s talk about that and more right now.

Hi, Forex traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach video and podcast number 252.

Why you need to adapt to the current market conditions

This video and podcast is all about the current market conditions and why you need to adapt to the current market conditions to be a good trader. Why? Well, market conditions are changing all the time. I’ve been trading for 14 years, and I’ve seen all sorts of conditions, but the problem that you have is you don’t really know what market you’re in right now until a little bit later, until hindsight. The problem is with people, and it’s a common problem.

Does your system only work in trending markets?

The problem is, with a lot of people, is they rely on a system that relies on only working on trending markets.

To give you an example, a lot of systems that use moving average crossovers, let’s say. A lot of those, when you see pictures of systems like that online, you’ll see massive up trends or massive down trends and line A crosses over line B. You see this enormous trend, and everybody goes, “Wow, fantastic. Look at all that money we made.” That’s really good, and that does work in the strong trending markets. The problem is you never know when that trend’s going to begin or end.

A very quiet week – Thanks Giving Day in the US

Have a look at the current market conditions that we’re in right now, just this current week. We’ve had a very, very quiet week so far, and today’s Friday, so I’m not expecting a great deal to happen today. Why? Well, it’s thanksgiving day in America, and the market is very, very quiet. Yesterday, there was a public holiday in Japan, and going into Friday in America, it’s black Friday, so again, not expecting too much to happen. If you have some form of breakout system, if you have some form of trend strategy, right now, you will be struggling because more than likely, your system will be taking lots and lots of trades that are getting stopped out more than likely.

Candlesticks and candle patterns

That’s why I always comes back to candlesticks and candle patterns to me as a trader, which is why I love trading them, as simple as that.

Now, not every trading pattern and not every candlestick has equal weight and value. That’s why you need to analyse they’re all at, what part of the charter are you in right now. Certainly, when you understand candle patterns, when you get range band markets and the candles are going sideways, then, there’s nothing there to trade.

Live webinar with clients

Another example. Yesterday, I held a live two-hour webinar for my clients in the European session on the Thursday morning session, Europe time. There were no trades. I couldn’t see a single trade in the entire two hours that I took. That is part of the lesson. Don’t trade just for the sake of trading. There were no setups. I couldn’t take anything.

Account is up +2.21% for the week so far in 4 days

This entire week, the first four days of the week, I’ve not posted my Friday trades yet, but the first four days of the week, I’ve only taken three trades on the daily charts. However, going down to the shorter timeframe charts because it has been quite a quiet week on the shorter timeframe charts, I’m up 2.21% for the week so far in four days because I’ve taken a lot of shorter timeframe one in four-hour charts trades this week.

Cyber Monday Sale – 24 hours only on Monday 27th November

If you would like to know more, when this video and podcast gets posts, it will be Monday, the 27th of November, and the Cyber Monday sales starts that day. It’s a one-day sale. There will be a link below this video and podcast. If you’d like to get on to my course, they’re heavily discounted, right? This one-day sale starts at a crazy low price. The price will be increasing second-by-second over the 24 hours. If you’d like to join us, it would be great to have you. A link will be below this video. I hope to see you then. Once again, this is Andrew Mitchem, the Forex Trading Coach. Have a great weekend. I’ll see you on Monday.

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