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What Prevents Traders From Being Successful?

In this weekly video:
00:27 – 4 Live Webinars helping traders
01:12 – The Top 3 problems that traders have – #1 No Strategy
01:51 – How to create a strategy that works for you
02:37 – #2 Not understanding Money Management
03:37 – #3 Lack of time to trade
04:26 – Look at the close of a candle
05:00 – Trading D1 and W1 charts when I travel
05:25 – 1 Day Cyber Monday Sale on Monday 27th November – Register using the link below

I’m going to explain the top three problems that are preventing Forex traders from being profitable. Let’s get into it right now.

Hi traders, Andrew Mitchem here, the Forex Trading Coach. Video, and podcast number 251. I thought it’s such a beautiful day here, I would come outside and make a video.

4 Live Webinars helping traders

What I wanted to talk about today was the feedback that I received from a survey that I sent out recently to 35,000 Forex traders all around the world. Had a lot of replies back, and as a result of that, I‘ve put together over the last two weeks, four live webinars. They’re about one hour. Well, last night’s one was about one and a half hours, because we had so much information to cover. I’ll put a link to that last video below this video and podcast also, so you can go and watch that.

Also, on that webinar, I explained how I’d made a 3% gain, or just over a 3% gain in the last week on live account. I shared with the people on that webinar, some of the trades that I’d taken.

The Top 3 problems that traders have – #1 No Strategy

The important thing that I want to cover now, is to explain the top three problems that the people telling me that are preventing them being profitable.

Number one, was people do not have a strategy. As I said on the webinar, that’s really concerning. There’s all these thousands and thousands, hundreds of thousands of traders out there, small retail traders, putting hard earned cash into their Forex account, and most of you don’t have a strategy that is proven that all of you even believe in yourself. That’s really not good when you think about it.

How to create a strategy that works for you

I was explaining information about how to create a strategy that works for you, about how when I started trading, it took me four years of going around in circles before I really got somewhere. I stripped everything off my charts, I started with understanding candlesticks, and candle patterns. I mentioned that I just use five candle patterns right now in my trading today.

My trading style’s not changed in the last 10 years, because it’s profitable, and it works in all market conditions, or currency pairs, or time frames. It’s really important that you have something like that as well, something that you know will work through all conditions. Very, very important. It’s all well and good having something that works in trending markets, or range-bound markets, but you don’t know when the market’s going to do that. Understanding a strategy that works for you, is a vitally, vitally important.

#2 Not understanding Money Management

The second point that we talked about was the lack of understanding of money management position sizing. It’s crucial, because you can have, as I explained in the webinar, a 90% winning system. A 90% win rate. I said to people, “Look, if you come to me with a 90% win rate, would you say you had a good system?” Most people were saying, “Yeah, of course. 90% is fantastic.” Winning nine trades out of 10.

The problem is a 90% win rate doesn’t actually mean that much if you do not understand money management correctly, because the problem that a lot of people have is that one trade that loses every so often, will wipe out all the gains they’ve just made, plus more. Understanding money management for getting pips, understanding small risk per trade, and high reward to risk was really important, so we’d covered that as well.

#3 Lack of time to trade

The third issue that people say they have problems with is having a lack of time. Now, bad news is we all have the same time. We all have 24 hours in the day. Doesn’t matter where you live. It’s how you use that, and also when I ask the question of how much time people are spending on their charts trading, I had people on there saying, “Oh, four hours, six hours, eight hours a day.” It was like, “Really? That’s just crazy. That is not sustainable. It’s not enjoyable.” You have to have something that works sustainably, practically. Something that you’re going to enjoy doing. Do you really want to spend four, six, eight hours a day, every day, looking at charts? Not me.

Now, I used to do that, of course, like a lot of people, so I understand that people love looking at charts, and when you’re learning a strategy, or learning something, yes, but what I tried to explain to people.

Look at the close of a candle

Is if you look at the close of a candle, you can trade in 10, 20 minutes a day, and that’s it. That’s what I do. I look at the daily charts. At the same time that the daily charts close, I look at the four hours, the six hour, and the 12 hour charts at that same time. That’s 5:00 PM New York time.

Then throughout the day, I might look at a four hour chart, or a six hour chart close every so often on the close of a candle, so a couple times in the day. Then I’ll look at the 5:00 AM New York close of candle, and I can look at the one hour, the four hour, the six hour, and the 12 hour charts at that same time, and that’s it.

Trading D1 and W1 charts when I travel

If I’m travelling, I just trade daily charts and weekly charts, and you don’t need to trade anymore than that.

So three really important topics there. One was about strategy, two was about having an understanding of money management, and forgetting about pips, and number three was about lack of time to trade, and how you can practically trade as a full-time trader within only 10 to 20 minutes per day.

1 Day Cyber Monday Sale on Monday 27th November – Register using the link below

The other thing that came out of those webinars, is people said to me, “Look, Andrew, love what you do, love your course, or the sound of your course, but it’s a bit expensive for me.”

What I’ve done, is I put together a sale that’s going to go ahead on Monday, the 27th of November. It’s for Cyber Monday. That’s to explain, we don’t really have Cyber Monday here in New Zealand, but obviously, a lot of you in Europe and America, Cyber Monday’s a big deal. And me being online, it’s something that I said, “Yup, look, I can do something for you.” Normally I only have a Christmas sale, so I’ve decided to go ahead, do a one-day sale only. It’s Monday, the 27th of November. It starts at midnight New York time, so there will be a countdown clock to tell you what that is in your own time, but as a currency trader, as a Forex trader, you should probably know that already.

Have a look at the link below this video, register your interest, and then what I’ll do, is I’ll send you details about that sale. Monday the 27th of November. It’s going to start at an exceptionally low price. It’s going to be a dime sale, so the price will be increasing all the time, but it’s going to start at a crazy, crazy low price. It’s your opportunity to get on board with a successful trading system, at a heavily discounted rate.

Register your interest on the link below, and I look forward to helping you become a massively successful and profitable Forex trader.

This is Andrew Mitchem, the Forex Trading Coach, enjoying the outside. I’ll see you this time next week.

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How Many Forex Pairs Should You Trade?

In this weekly video:
00:22 – Survey results from 35,000 traders
00:58 – I focus on the main 8 currencies
01.24 – This week was a prime example
02:41 – Do not limit yourself to just one FX pair
03:25 – Give yourself the best chance of seeing a high quality trade setup
03:58 – Live and FREE webinars – 2 sessions this week for you to attend
04:34 – Click on the link below to register for a webinar

How many currency pairs should you look at trading? Let’s talk about that and more, right now.

Hi Forex traders, its Andrew Mitchem here, the Forex Trading Coach. Video and Podcast Number 250.

Survey results from 35,000 traders

I want to talk about how many currency pairs should you look at. The reason I want to discuss that on today’s video and podcast is because as you know I have surveyed over 35,000 Forex traders recently. One of the common themes that came through from peoples’ answers was,

• I’m not sure how many trades I should look at?
• How many currency pairs should I look at?
• Should I focus on just one currency pair and get that right, or
• Should I look at multiple currency pairs?”

For me, you definitely should not just focus on one currency pair. I think you should give yourself a good range of options.

I focus on the main 8 currencies

I’ve always focused on the main eight currencies, that is the US Dollar, the Euro, the Pound, the Aussie, the Kiwi, the Canadian, the Swiss Franc, and the Japanese Yen. Then combinations of those eight. For example, I might look at the Canadian/Yen, or I might look at the Aussie/Swiss Franc, or of course the major pairs as well. But combinations of those eight.

This week was a prime example

Why? Well, this week has been a classic example of why you should look at not just one pair. Let’s take the Australian Dollar for example. Go and have a look at your charts for the first three days of this week; so Monday, Tuesday, Wednesday of this week. The Aussie Dollar against the Canadian Dollar has moved 35 pips. That’s it. Absolutely awful trading conditions. Why would you focus, say, on just one pair? If you focus just on the Australian Dollar currency, well go and have a look at the Euro/Australian Dollar pair since last week. If you look at last Thursday, on the daily chart, the currency pair has moved down, up, down, up, down, up, down, up. Day after day. Every day through to today, which is now Friday the 10th of November. So have a look on the daily charts; it’s closed bullish, it’s closed bearish, it’s closed bullish, bearish, all the way through. It’s basically done this up, down, up, down since last Thursday, changing every day.

How can you trade currencies like that? You just cannot do that. There’s just nothing there setting up as a suitable trade example.

Do not limit yourself to just one FX pair

By limiting yourself to just one currency pair, or even just one currency, you’re really doing yourself, in my opinion, a big disservice. Go and have a look at around … For me I have about 27, 28 currency pairs that I scan through the charts. On a daily chart, or even on a weekly chart and daily chart, it really doesn’t take very long. It’s a five, 10 minute job once a day on the daily charts to scan through. You can very easily train your eye to see whether there’s anything there at all at the close of the daily chart 5:00 PM New York time. Then similar when you go down to shorter time frames, it’s very, very easy to scan through trades to see if there’s anything suitable.

Give yourself the best chance of seeing a high quality trade setup

Give yourself the best chance of finding something. Doesn’t matter where you live. I live in New Zealand, I don’t trade the New Zealand Dollar specifically. It doesn’t matter. I might trade the Canadian/Swiss Franc, as an example. Nothing to do with New Zealand. It doesn’t matter. If the Canadian/Swiss Franc is showing a good setup, take a trade on the Canadian/Swiss Franc. I don’t have to take New Zealand Dollar pairs because I live here.

So that was one of the topics that came through from those surveys.

Live and FREE webinars – 2 sessions this week for you to attend

Following on from those surveys, I held a live one hour webinar on Tuesday this week. We had almost 300 people on the session. I’m holding another one this afternoon, which is Friday afternoon in New Zealand time. By the time you get to watch this video and listen to this podcast, there are two sessions next week. Free sessions for you to log in and join. I’ll be discussing the top issues that the Forex traders globally have told me they’re having problems with, and giving you practical, useful solutions to those.

Click on the link below to register for a webinar

Free of charge, all you need to do to join one of those webinars is click on the link below this video. There will be a link there which will take you through to the last two remaining webinars which you can get on to next week by the time this video has been published.

Have a great weekend, I will see you this time next week. Hopefully before that I will see you on one of the two live webinars using the link below. This is Andrew Mitchem, the Forex Trading Coach.

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How I can Help Solve Your Forex Problems

In this weekly video:
00:22 – 4 Live Forex Webinars
01:04 – Specific trading information
01:14 – Surveyed 35,000 Forex trader
02:22 – My solutions to the top problems
02:52 – Take the survey and register for a webinar – click on the link below

I’m going to talk about how I can help you solve your Forex problems. Listen up, I’ve got some great news to share.

Hi, Forex traders, Andrew Mitchem here, the Forex Trading Coach video and podcast, number 249.

4 Live Forex Webinars

Got some really exciting news to share with you. I’m going to be holding four live webinars very shortly and on those webinars, I’m going to be doing everything that I can to help you overcome your biggest Forex problems. The webinars are two next week on the 7th and the 10th of November, and then two the following week. They’re going to be held at various times around the clock, so it doesn’t matter really where you live in the world, I’m sure one of those webinars will suit you to be able to give us an hour of your time and attend one of those webinars.

They are going to be live. They’re not going to be filled with lots of fluff and lots of sort of information about what trading is. We’re already assuming that you know that.

Specific trading information

It’s going to be specific helpful information showing live charts as well during the webinar to help you overcome your biggest Forex problems.

Surveyed 35,000 Forex trader

Now, last week I have surveyed 35,000 Forex traders and I’ve asked those people and you may be one of those people, now you’ve probably received my e-mail. What are your biggest Forex problems and to list them.

• The top problems are these, no particular order.
• I don’t have a proven trading strategy.
• I don’t know what are the best indicators to use.
• I’m not sure which currency pairs are the best to trade.
• I don’t have enough time in order to trade.
• I’m confused, I really don’t know how to trade Forex.
• I’ve been trading for a while but it’s just not working for me.
• I don’t understand money management and position sizing.
• I don’t know where to place my stop loss or profit target.
• I don’t understand which timeframe charts I should be trading.
• I’m at work when the markets are most active
• News announcements, how should I trade them.

Those are the topics that I’ve given people the option to say like which are your biggest problems and I’m going to help address those. As mentioned, these are going to be live webinars.

My solutions to the top problems

You’re going to have the opportunity to hear my solutions to those problems or some of the top problems during the webinar, and then at the end we’ll probably have 15-20 minutes to answer some questions and as mentioned, I’m going to be showing live charts on those sessions and doing my best to explain how you can realistically in a practical and easy to do manner, how you can overcome those top Forex issues.

Take the survey and register for a webinar – click on the link below

Now if you haven’t registered for one of those webinars or if you haven’t taken the survey yet, all you need to do is simply click on the link below this video and I look forward to helping you overcome your biggest Forex challenges and problems, and I look forward to seeing you on one of those four live webinars either next week or the week after. Have a great weekend. I’ll catch you this time next week.

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Making More Money In Less Time

In this weekly video:
00:32 – What you can do as a trader make more in less time
01:15 – Use Set & Forget and help remove emotions from your trading
02:50 – The great thing about Set and Forget trading
03:23 – The dangers with over-managing a trade
04:05 – I took 3 trades live on my webinar and they made great returns
05:23 – The best way to make more money in less

How to make more money in less time. Are you interested? If you are, listen up.

Hi Forex Traders, Andrew Mitchem here, the owner of the Forex Trading Coach and Video on podcast #248 and I’m gonna talk about how you can make more in less time. Of course everybody’s interested in that and that, as traders, is basically what we’re aiming for.

What you can do as a trader make more in less time

So there’s several things you can do initially that I’ll talk about and then I’ll talk about the main point.

As an example, you can trade the longer time frame charts, which is predominately what I do myself and what I teach. The other thing you can do is you can look at taking a trade only upon the completion of a candle and again, that’s the way that I trade myself. So when a candle closes, that’s when I’m looking at taking a trade. What that means is, you need less chart time because you know when a one hour chart candle’s gonna close or a four hour or daily chart candle. You know when that’s gonna close so those are the times that you need to be at your computer having a look at potential trade set ups.

Use Set & Forget and help remove emotions from your trading

But, the other thing you can do and that’s what I want I wanna talk about on this lesson is using something called “Set and Forget”. It’s very, very easy to do and it’s something that unfortunately a lot of traders do not do. If you want to make more in less time, set and forget is the answer. So let’s talk about that.

The way that I like to trade is I like to remove emotions from my trading as much as possible because psychologically, trading does affect you. If you’re on a demo, you probably haven’t experienced that too much yet but when you go live, it’s real money, it’s happening now, you’re making dollars and cents or pounds or yen, whatever you’re trading, but you’re making money now in real time. You can get very excited when you make some good profitable trades. You can get very down when you have some losing trades because it hurts. You’re losing money. The way to try and eliminate that is use what I call set and forget. You see a trade set up, you know exactly how you’re gonna enter the trade, whether it be a retracement order using viral sell limit orders like I do, you can use market orders, stop-orders, whatever it is that you want to do as part of your strategy. I can certainly help you with that but whatever you want as your strategy. You know what type of technical set up you’re looking for. You know when you’re gonna enter, where you’re gonna enter, and where you’re stop-loss and profit targets are so therefore you know your position sizing, you know you’re total risk. That’s all under control.

But the problem is, you still need to allow that trade time to do its thing. The beauty of set and forget is.

The great thing about Set and Forget trading

If you have all those things under control, the set amount of risk and you have a strategy that works, you know that probability suggests that if this trade is a good trade set up then the likelihood of the stop-loss holding and the profit target of being hit up quite high otherwise you wouldn’t have taken the trade in the first place. Set and forget. What that means is you put the trade on, you have confidence in your ability, you have confidence in your strategy, and you leave the trade alone. Less time, less emotions, less fiddling with the trades.

The dangers with over-managing a trade

How many times have you seen trades that you’ve sort of over managed and you come back later, you go, “Oh, if only I had left it. If only I had let the trade do its thing. Given it time. It got to my profit target but I decided to close out some of that trade way too early or closed the whole lot out or it started going against me so I just closed … Pressed that button as quick as I could and I got out with .1 of a percent gain instead of maybe a 1% gain. If I’d left it, it would’ve made another .9% more on that trade but I didn’t.”

Set and forget is so very, very important. It can really help make more gains.

I took 3 trades live on my webinar and they made great returns

To give you an example, I took three trades on my live webinar with clients just yesterday. One was a 12 hour chart trade, it lost. The other was a six hour chart trade, it worked beautifully and made full profit. The other was a one hour chart trade. Now I finished that webinar at 10 PM my local time, here in New Zealand, and after the webinar … I started uploading the webinar at et cetera, but I didn’t go back to the charts again. I’d taken the trade, I had all three of them. I had my known risk, which was under control. I had my stop-losses in. My profit targets in. I woke up this morning and two out of those three trades had made profit and I’ve made a really good overall net gain by having two profitable trades, one losing trade. I didn’t do anymore work in those trades. I went to bed and I woke up this morning and saw that I had made quite a significant amount of money from a webinar that I had taken and trades that I had taken at 10 PM local time. When I looked at my charts at about seven o’clock this morning, and I thought, “Fantastic.” I had my stop-losses in place, I had my profit target in place. I had my risk controlled. I made money.

Didn’t mean to say I was up at two o’clock in the morning fiddling with a trade and getting emotions involved or any of that type of thing. I didn’t need to do that because I have confidence in the strategy.

The best way to make more money in less

Set and forget is the best way for you to make more money with less time. As a trader, that’s all we want and that’s what we’re striving for. Set and forget is the way to go.

Hope this helps. This is Andrew Mitchem, the Forex Trading Coach. I’ll see you this time next week for more trading tips and information. Bye for now.

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Why I Am Not a News Trader

In this weekly video:
00:27 – The charts tell me everything I need to know
01:08 – News trading confuses many traders
01:40 – Real trading examples
03:00 – Daily charts from Wednesday 18th and Thursday 19th October 2017
04:20 – 10 hours after my trades were taken, the news was announced

I’m going to talk about why I’m not a Forex news trader. Let’s get into that and more right now.

Hey, traders, Andrew Mitchem here, The Forex Trading Coach at video and podcast number 247. I want to talk a little bit about a controversial topic.

The charts tell me everything I need to know

It’s all about why I am not a news trader. I’m a technical trader. The charts tell me everything that I need to know, and I’ve got some great examples to share with you. But first of all, news trading. Now, in the past I‘ve had some people, some well-known traders and some well-known trading companies, criticize me quite heavily for saying, I’m not a news trader, and I’m a technical trader only. Now, I’m aware of the news, I’m aware of the fundamentals, I’m aware of the news results, but I don’t trade specifically the news. And the news announcements, they don’t influence my trading. Why? Because charts tell me everything that I need to know.

News trading confuses many traders

And I believe that in many cases, news trading actually confuses people, whereas if you understand charts, you understand the technicals, what the charts are showing you and where the market is moving, that in my opinion is certainly for me and for my clients, is certainly the most profitable way for us to trade, and enjoyable trading method, because we’re not set watching the charts all the time, and we don’t have to sift through all this information of different fundamental announcements.

Real trading examples

And so I want to give you some examples. So, today is Friday, the 20th of October. Yesterday, the 19th of October, at New Zealand here, we had a new government formed, and it was formed last night my time. But ten hours prior to that announcement, I announced on my membership site, and also freely available on my website, so you can go and have a look at my daily post and daily analysis for Thursday, 19th of October. And you’ll see on there that I was looking at selling quite a number of the New Zealand dollar currency pairs. And I specifically said to clients, I’m selling the New Zealand dollar, Canadian dollar, and also we were buying the Euro against the New Zealand dollar. And the reasons have been purely technical. The charts were showing some fantastic trading setups. We had the entry and exit levels, and before that news announcement even came out, before that government formed coalition, partnership between three different political parties came out, we’d already been filled on those trades, and we’d already been taken out of those trades for full profit. Made a fantastic profit on both positions, Euro, New Zealand, and the New Zealand Canadian dollar.

Daily charts from Wednesday 18th and Thursday 19th October 2017

So go and have a look at the charts. Go and look at the setups, the daily charts of what it was showing, at the end of Wednesday, the 18th charts, because of course, that’s what we were looking at at the time. The big sell-off on the New Zealand Canadian and the big upward movement on the Euro New Zealand, the Euro New Zealand moved about 420 pips, and the New Zealand Canadian moved at about 190 pips. So we’d actually pick that in advance of that happening, and that’s the important thing. You know, it’s all well and good to say, “Yes, I know that the New Zealand Labour Party go in, and that’s bad news for the New Zealand economy.” And of course it is, for me personally as a national supporter, it’s really bad news. But it was reflected in the market that the market did not want labour party to get in, and therefore has weakened the New Zealand dollar. But don’t forget that that’s all well and good in hindsight. You need to be able to see that in advance, and to take action on that in advance. And that’s exactly what we did, and that’s why as technical traders we’re profitable as technical traders, because we can see what the charts are showing us in advance of any news announcement, or anything like that happening.

And we take the trades with the entry and exit levels that we use and we understand and I teach as part of my course, so my clients have that information, and ten hours later, the fundamentals came out.

10 hours after my trades were taken, the news was announced

So ten hours later, first of all you didn’t actually know when that announcement was going to come, because it wasn’t actually a timed announcement. You couldn’t look on Forex Factory or anything like that. And we knew sometime on Thursday afternoon or evening time it was likely to be announced. So, first of all, if you’re a news trader, you’d have to sit around and wait for it, but by the time it actually came out, the market had already affected most of that, and the New Zealand dollar crashed through most of its movement anyway. So it would’ve been very unlikely that you’re going to get good profit as a news trader at those announcements. Yet, ten hours prior, and something that took me five, ten minutes to do, and to type down and write, and to take the trades, we were already out of that trade or both of those trades for full profit.

So, you can see the difference there. If you are a news trader, I’m not saying it doesn’t work, I’m certainly not saying that. So don’t get upset or get offended, because people do. I’m not saying that. If news trading works for you, absolutely fantastic. Stick with it, well done. But for me as a technical trader, we’re making money from what the charts are telling us.

So I hope that helps. This is Andrew Mitchem, The Forex Trading Coach, I’ll see you this time next week.

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Trade what you see not what you think

In this weekly video:
00:23 – The traders’ problem
00:41 – Trade what you see and not what you think
01:35 – Information overload and confusion
02:21 – The charts tell me where the market is moving – 2 trade examples
02:58 – Trade makes 3.2:1 reward:risk in 5 hours on a live webinar – here are the trade results https://www.screencast.com/t/s2oFlIneC
03:37 – Fundamental news is trading what you think

Do find that once you place a trade, the market goes the other way? If that’s you, you need to listen to this.

Hi Forex traders, Andrew Mitchem, The Forex Trading Coach video and podcast number 246.

The traders’ problem

We all seem to have this problem, we place a buy trade, the market goes down. We place a sell trade, the market goes up. If you have problems with your trading, getting on the right side of the market, if you have that issue, you need to listen to what I’ve got to mention here.

Trade what you see and not what you think

To me, as a Forex trader and someone that’s been trading as a technical trader for 14 years, you have to trade what you see and now what you think. It’s a really important phrase. Have a think about that, trade what you see on the charts, and not what you think is going to happen. Because the charts tell you what’s actually happening right now. Whether I think the Euro or US is gonna go up or down, doesn’t really matter. What’s happening on the charts? Are we seeing bullish patterns, are we seeing bearish patterns? Are we seeing an uptrend followed by a pullback, and then an opportunity to get along again? Are we seeing the market moving flat? What’s the Euro doing against other Euro currencies. As an example, the Euro against the Yen, the Euro against the Pound, against the Aussie, against the Kiwi, against the Canadian, et cetera.

You have to put all this together, but it’s about trading what you see on the charts right now, is the important thing.

Information overload and confusion

People get very very confused with information overload. It happens in all forms of lives, but trading is no different. You have confusing and lagging indicators, people, in my opinion, read too much into the news and the fundamentals, and people get confused on different time frame charts with one time frame saying the market’s moving up, the other time frame saying the market’s moving down. It becomes analysis paralysis problem. What do you do?

A lot of people get complete confusion and they either random guess something, or they freeze, they don’t take anything, but in the end you can almost be certain that as soon as you press buy, the market will move down. That’s just an issue that so many people have.

The charts tell me where the market is moving – 2 trade examples

For me, the charts tell me what I need to know because that’s where the market is moving, that’s where the big players are pushing the market right now.

I’ll give you some examples. Just last night on my client’s live webinar, I took two trades, they were both on the 12 hour charts, which I have the ability to trade on MT4, sort of a clever bit of software that I got. One was a sell trade on the Euro New Zealand dollar, the other was a sell trade on the Euro Australian dollar. The Euro Aussie’s still open, behind me here, and it’s going really well, it’s up at around 1.8 to one trade, or .9% account gain, with half percent risk.

Trade makes 3.2:1 reward:risk in 5 hours on a live webinar – here are the trade results https://www.screencast.com/t/s2oFlIneC

The Euro New Zealand in five hours after I placed the trade had hit the full profit target. It made an amazing 3.2 to one, reward to risk. By trading half of one percent risk per trade, that was an incredible 1.6% account gain that I made, and so did all my clients who followed the same trade with half percent risk, and 1.6% account gain in five hours by just placing that one trade on the close of the 12 hour chart, which happened to be at 5:00 AM eastern standard time, New York time. It’s trading what you see at the time.

Fundamental news is trading what you think

With fundamental news, it’s trading what you think. It’s whether that piece of news, whether it be good or bad, it’s what you think it is. Do I think that employment information’s good or bad? Really, what I think again, doesn’t really matter, it’s what the market thinks is the most important thing, and that’s why again, I am aware of the news announcements, I’m aware of the results, but I don’t trade them. I don’t let them form an opinion in terms of which direction I’m taking a trade. It’s a technical trader, the charts tell me everything I need to understand, and everything I need to know. Once again, trade what you see, not what you think. It will really help you improve your trading decisions.

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

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The Importance of High Reward:Risk

In this weekly video:
00:32 – Understanding high reward:risk trades
00:55 – Letting losing trades to get even bigger
02:00 – Reward:Risk of 3:1 – what does that mean?
02:58 – Is a 90% win rate a good system?
04:00 – Growing your account
05:10 – Further trading help for you

I’m going to explain how understanding the reward to risk ratio of your trades can dramatically change around your trading results. Let’s get into that and more right now.

Hi, Forex traders. Andrew Mitchem here. The Forex Trading Coach, video and podcast number 245. I‘m gonna talk about a very, very important subject. It’s all about understanding how important it is to have correct reward to risk. High reward to risk trades. It is something as simple as this can dramatically change around your trading results.

Understanding High Reward:Risk Trades

If you do not have high reward to risk trades, the probability is you’ll be losing money. Let’s talk about that.

When you think about the psychology behind trading, why is it that so many traders, when they have losing trades, they’re happy to let those losing trades get bigger and from time to time.

Letting losing trades to get even bigger

People will move the losses further away even and allow that stock loss or that trade, that’s losing, to become even bigger loss. You flip it round the other way and why is it that so many times, when traders are in a profit, just a small profit, they want to start fiddling with the trade, they want to start closing the trade, partial closing, closing all of it, locking in profits, et cetera. It just doesn’t add up.

When you have a trade that’s losing, people are happy to let it lose and let the loss get bigger. When it trades the right way and you’re picking the market the right direction, everybody wants to click their mouse and close their trades early. When, in reality, you should actually let that trade get to its full profit target because you picked a good trade. It’s a very odd, but very common problem. Think of things this way, always understand reward to risk. Most people actually say risk to reward, whereas you notice I’m saying reward to risk.

Reward:Risk of 3:1 – what does that mean?

Let’s say for the ease of numbers, that our trades have a three to one reward to risk ration. What does that mean? It means, let’s say the trade is risking $100 but it’s making three times that if it gets to its profit target. It’s making $300. Think of it this way as well, let’s say I have two losing trades and one winning trade. I’m still profitable. I have a 33% success rate, which you would say, “Andrew, that’s terrible.” But think of it this way, I’m losing two trades at $100 so a total of $200 lost but my next trade hits the full profit target for a $300 gain. Net result, I’m $100 up.

Also, if someone says to you, “I have a 90% win rate,” it doesn’t mean to say they’re making money. You see, if you’re taking lots of small gains or break even trades, tiny gains.

Is a 90% win rate a good system?

We have one or two big losses, then those losses completely outdo all those small gains you’ve got. The win rate really is not that important. What is important is having high reward to risk trades.

For me, as a trader who prefers the higher timeframe charts, the higher timeframe charts and I mean something like over a one hour chart, four hour chart. If you’ve got non-standard MT4 charts like I can when I’m trading six, eight and 12 hourly charts, or daily charts or weekly charts or monthly charts, generally the higher the timeframe the trade that you’re taking, generally the higher reward to risk of that trade can be. Spread becomes less of an issue and various other things that you generally get somewhere between a two to even a five to one reward to risk ration across those trades. If you do that, you can see how by understanding probability, by understanding reward to risk ratios, how you can substantially grow your account.

Growing your account

It’s really important that you understand this. There is no point in having lots of small gains and big losses, just no point at all. Remember, when you pick a trade in the right direction and you see it heading in your direction, let the trade get to your profit target. Have high reward to risk trades. Try and aim somewhere between a two and a four, or even a five to one, depending on the setup of course. It’s really important you don’t just randomly pick a figure and say, “All my trades are gonna be three to one” because that’s not gonna work either. You have to have a system in place that allows you to do that and you have to have the specific individual trade set up with a stop loss of profit target that allows you to do that. Just assume for the sake and ease of numbers that all your trades are a three to one reward to risk. Two trades wrong, one trade right, still making money. It’s an important part of trading that you must understand and get right and get in your favour.

Further trading help for you

If you’d like any help with that, just contact me, Andrew@theforextradingcoach.com. Have a look through my website and there’s lots of information there that can help you. I hope that was useful. I’ll see you this time next week.

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How to become a good trader quicker

In this weekly video:
00:24 – How I can help you shortcut the learning process
00:44 – Brand new to trading Forex?
01:13 – Frustrated with Forex and it’s not working for you?
01:38 – Why my course will help you learn quicker
02:32 – A live 2 hour weekly webinar – watch me trade
03:28 – Watching and learning from a trader in real time is invaluable
04:03 – How much is that worth to you?
05:00 – Get on board with us and shortcut your learning process

How can you shortcut the learning process to becoming a good Forex trader? Let’s talk about that and more right now.

Hi Forex traders, it’s Andrew Mitchem here, the Forex Trading Coach Video and Podcast #244.

How I can help you shortcut the learning process

I want to talk about how I can help you to shortcut the inevitable otherwise long process of learning how to become a good Forex trader.

I get traders join my coaching course for a variety of reasons. I’ll give you the two ends of the spectrum.

Brand new to trading Forex?

I get clients who are brand new to trading. People who have not really had any experience in trading, but they want to learn the right way first time. They value their investment in themselves, they value knowledge, they value education, and really they want to learn the right way first time without wasting all these hours and all this money by going through the process that the vast majority of people take. That’s one end.

Frustrated with Forex and it’s not working for you?

The other side of the spectrum would be the frustrated people, people who join the course out of sheer frustration. They’ve been trading for a long time, bleeding money, pulling their hair out, and it’s going nowhere for them. They’re about to give up in trading, and nothing works. So you get those two ends of the scale, and everybody else in between.

Why my course will help you learn quicker

Let me give you some tips of why I believe my course will shortcut the learning process for you. Each day … This is real trading things, because on top of the strategy I’m talking here, you get the overall strategy, and you have to have a strategy that works across time frames, any time frame. Doesn’t matter where you live in the world, it doesn’t matter what currency pay you trade, et cetera. We have that. On top of that, each day of the trading week I post specific trades in advance of the market moving so you can look at your chart, using the software that I’ve got behind me here which you’ll have a copy of as a client, and see what I’m taking on the daily charts and why. In advance of the market moving. If the trade is profitable, fantastic. If it’s not, it’s not. But it’s about the process of learning to train your eye to see what we’re seeing and why.

A live 2 hour weekly webinar – watch me trade

On top of that, each week we have a live 2 hour webinar that you can attend. It’s basically a recording on one of my screens behind me here, and I’m trading on live accounts and you can see me trading, talking for two hours about what I‘m looking for at that time and why. To give you an example, I received an email just this morning from a client called Alf. Alf’s been with me just over one week. I’ll read you his email, it’s a quick email, “Andrew. Thank you for the webinar last night. I did not participate, but I sat in the background taking it all in. It soon became apparent to me as to why I am losing trades and money. I’m taking too many risks. It became apparent to me that everything had to line up before you would take a trade. It was a bit of an eye-opener for me, but I’ve taken it on board. Thank you once again, Alf.” That just came through to my email this morning.

Watching and learning from a trader in real time is invaluable

To give you some perspective there is that Alf has seen someone trading, going through the thought processes of what I’m looking for, looking through different charts, understanding what I’m looking for in real time for taking trades. That is so, so important. It’s understanding the process that someone thinks, the process that they go through. Why they’re going to take this trade? Why they’re not going to take that trade? That is such a vital part of learning to become a good trader, and how you can shortcut your learning process.

How much is that worth to you?

Because how much is that worth to you? How much is it worth to you to become a good trader? To become profitable? How much is it worth to you to stop that frustration and that tearing your hair out, because nothing is working? How much is it worth to you wasting all your time going through different websites, forums? Basically the blind copying the blind, because that’s what most forums are in all honesty. How much is that worth to you to stop bleeding your account and stop feeding your broker?

When you put all that together, and you gain knowledge and experience through learning from someone else and from following and copying someone else, and asking someone else and other traders questions, other like-minded traders … That’s the important thing. Everybody who is taking the course are like-minded traders, they’re people who want to invest in themselves, people who want to learn to become profitable traders.

Get on board with us and shortcut your learning process

If you’d like to be part of that and shortcut your learning process, then send me an email andrew@theforextradingcoach.com. Have a look through my website, there’s a free course there, there are free webinars, free trading tools. Lots of information to help you become successful. There are now 244 videos including this one to really help shortcut your learning process.

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

Check out my suggested Forex Brokers! Click here!

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Waiting for an “A” Grade Trade Setup

In this weekly video:
00:27 – Wait for the A Grade trades
00:44 – Too many trades over trade
01:21 – Be patient and wait
02:04 – There are no prizes for trading more
03:29 – Have probability on your side as a trader
03:52 – Freely available helpful trading information on my site

Why should you wait for an A grade trade setup? 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 243.

Wait for the A Grade trades

I want to talk about a subject that will almost certainly affect you and it’s about overtrading, and it’s about why you as a Forex trader should wait for an A grade trade setup. Whatever your rules, whatever your strategy, whatever your criteria, it’s really important that you wait for that A grade setup. Why? Well, I just see so many traders who overtrade.

Too many trades over trade

They feel that they have to be in the market all the time. They’re constantly watching their charts. They’re looking for new trade setups. They’re always feeling that itch, that mouse click, that computer keyboard button itch to take a trade.

A lot of people feel that if they call themselves a trader whether it’d be just a part-time hobby trader or more than that, they feel they have to be in a trade, have to be in the market otherwise they’re not doing anything. Unfortunately, it’s not good for your long-term longevity and your long-term health as a Forex trader.

Be patient and wait

You see, it is really important that you are disciplined and that you’re patient and you wait because if you don’t, all you’re doing is overtrading. You’re getting more and more stressed. Trades are likely going wrong. Your win rate is going to be low. You’re going to get angry at the market. You’re lacking that discipline, that self-control and then you start blaming other people. Things go wrong. You’re losing more money than you’re making. You then look for another strategy, another robot, another magic pill and the cycle just keeps going round and round and round. I’m sure you understand what I mean.

In order to do that, it is really important that you are disciplined and you do wait for your A grade setup because I have a phrase that I say to my clients.

There are no prizes for trading more

There are no prizes for trading more. What that basically means is just because you take more trades does not mean to say you’re going to make more money. In fact, it’s generally the complete opposite. The only thing that certainty about taking more trades is all you’re going to do is take more money out of your account and put into your broker’s account. Really, we don’t want that, do we? After all, as traders, we’re more interested in what’s in our account than we’re feeding to the broker all the time in entry fees and in spread fees, all that type of thing. It’s not good. You do not have to be watching your charts all the time. You do not have to be feeling like you’re taking trades all the time because long-term that’s not good for you. You have to have your trading that’s enjoyable and it has to be realistic to accomplish.

Sitting, watching your charts 24 hours a day, seven days or five days a week is not realistic. Sitting, watching your charts 8, 10 hours a day is not realistic. It’s not enjoyable that’s for sure. You certainly can’t travel. You certainly can’t do that over and over again. Almost certainly, you’ll burn yourself out. You just have to stop or you just lose your account and you’ll be forced to stop or you’ll blame the market. You’ll say that Forex doesn’t work. It’s a scam. It’s a gamble. The broker is against me, all these things that people will for whatever reason say and that will be your conclusion.

Have probability on your side as a trader

What I’m trying to get across, my point is be disciplined. Be patient. Wait for that A grade setup because if you do wait, you know that probability is on your side when you see that A grade setup. If you do wait, you will end up taking better quality trades, having high reward to risk trades and growing your account consistently and that after all is the key to Forex trading.

Freely available helpful trading information on my site

If you need my help on that, there’s plenty of information on my website on theforextradingcoach.com. There’s free calculators. There’s free webinars. There’s even a free course. There’s lots and lots of information on there. There’s 243 videos of trading information including today’s video, lots of information. There’s information about how I can help you with my full course. If you want to go that step further, enroll and join us on The Forex Trading Coach journey. If you do, it’ll be great to have you. Have a look at my website for further details. Have a great weekend. I’ll see you this time next week. This is Andrew Mitchem, The Forex Trading Coach. Bye for now.

Check out my suggested Forex Brokers! Click here!

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Learning To Trade Through Trial and Error

In this weekly video:
00:30 – Why do people learn through trial and error?
01:30 – It seems and easy and low cost way learning
01:45 – The best way to learn how to trade
02:20 – Feedback from 2 clients – amazing trading results
03:23 – Those who invest in themselves have a high chance of being successful
04:50 – Contact me if you’d like more information

Are you learning to trade the Forex market through trial and error? If that’s you, listen up; I’ve got some interesting news for you.

Hi Forex traders, Andrew Mitchem here, the Forex Trading Coach Video and Podcast Number 242. I want to talk about a subject that affects the vast majority of Forex traders.

Why do people learn through trial and error?

It’s all about why do people learn through trial and error? Because to me, it’s undoubtedly one of the best ways of losing money. Absolutely no question about it. We’ve all done, I’ve done it. I know exactly where you are and what your thought process is if you are going through various websites, forums, buying robots, buying trading systems, buying all sorts of different things, indicators et cetera. If you’re constantly buying new things looking for that answer, you’re constantly search for the next shiny object, the holy grail of trading.

If that’s you right now, you are without doubt doing your best to waste your money and your time, and to get massive, massive frustration and likelihood you’re not going to get to the result that you want. Why do people do it?

It seems and easy and low cost way learning

Well, I suppose people see it as it’s easy, or it’s a low-cost way of learning how to trade. What I can assure you is that the likelihood of you losing money, and quite a lot of money, is very very high.

The best way to learn how to trade

The flip side of that, the surest way of trying to become a profitable trader and to understand what’s happening in the market to make money, is to seek a mentor. If you look at that cost of investing in a course or seeking a mentor as an investment in yourself to save you time in the long run, and to save you lots of money, and to make you money and to save all that frustration and headaches and heartache and likelihood of giving up. If you’re trying to save all of that, then invest some time and some money into a good course. Because it really will help you.

Feedback from 2 clients – amazing trading results

I’d like to share with you two emails that I’ve received; one this morning and one yesterday. The one that I received this morning is from Branin, who lives in America. Branin said, “I wanted to let you know I’m now up 15% since I purchased your course.” Branin only started about a month ago, so 15% up already. The other email which was from John, who now lives in Katar. I think John’s originally from Australia. He said that his results since he joined me, and he joined me in 2014, “live trading results in 2015 I made 31.6% return. 2016 I made 22.3% return. So far 2017 up until September,” and it’s now the 15th of September today, “35.9% this year. It’s been a really good one for me so far.” 31, 22, and almost 36%. Live trade results there.

Those who invest in themselves have a high chance of being successful

When you get feedback like that, it’s really really good to see because what it’s doing is it’s showing that people who do invest … Yes some upfront money, yes they’re investing some cash into a course, yes they’re investing their time, but it really does work. There’s no better way of learning a proven strategy from a mentor who’s trading all the time. Just yesterday I had a live webinar for my clients. We were taking trades on there, there were people typing in trades that they’ve taken themselves. Some good, some not so good. That’s trading. But we were learning from those trades and taking trades in real time. Every day of the week, I post specific trades based off the daily charts. At the beginning of the week, I post trades based off the weekly charts. Each beginning of the month, I post trades off the monthly charts for clients to see and follow in real time.

I have a forum site and we type in there … Myself and other people write in trades that we’ve taken, so people can learn again in real time and see the charts, see what’s happening in the market right now, and learn from the right hand side of the chart. Not hindsight of what we did do and what we could have done and should have done, but this is what we’re doing right now. Whether the trade makes money or it loses, this is what we are doing right now, and the reasons for doing that. That’s how you learn how to become a successful Forex trader.

Contact me if you’d like more information

If you’d like more information, just drop me an email or go onto my website and go to the contact us form. Send me an email and I can send some information back to you that will help you to become a profitable and successful Forex trader. This is Andrew Mitchem, the Forex Trading Coach. Have a great weekend, I’ll see you this time next week.

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