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How to trade in 10 minutes a day or less

In this video:
00:29 – On holiday in the South of France and made +2.2% account gain this week
00:39 – 10 minutes trading per day and clients can copy the same trades
01:23 – You don’t need to be glued to the screen all day
01:43 – The USD/CAD has fallen well this week
01:55 – GBP weakness continues. How to look for suitable opportunities
02:48 – Continuation and reversal patterns
03:40 – High reward:risk trades
04:30 – A bigger gain in 1 week than the French banks will pay in 1 year

If you’d like to know how to trade in just 10 minutes a day or less, find out more. I’ve got some great tips for you.

I’m Forex Trader’s Andrew Mitchem, The Forex Trading Coach. Today is Friday the 19th of August and I’m on holiday in the beautiful South of France, as you can see behind me here. Beautiful villages, great place to look around.

On holiday in the South of France and made +2.2% account gain this week

Now I‘ve been here for the last week and this week I’ve made 2.2% on my accounts so far and that’s from just 10 minutes work once per day, trading just the daily charts.

10 minutes trading per day and clients can copy the same trades

For my clients they could copy exactly the same trades or have copied exactly the same trades and done just as well, plus, of course, they could be taking trades on other time frames as well. The 2.2 is just from me taking just 10 minutes work once a day in the evening over here, which is the 5PM close of New York charts. It shows what can be done. You don’t need to be glued to your charts all the time. You can travel, you can be here on holiday. For me, on the other side of the world with my son, having a great time looking around, and in the evening looking through the daily charts, placing a trade and then just letting the market do its thing.

You don’t need to be glued to the screen all day

From there, what can we learn? Well on the chart, first from that we can learn, as I’ve mentioned, you don’t have to be glued to the screen all day, because so many people think that they have to be tied to the charts. That’s fine if you like those shorter time frame charts but you don’t have to do that all the time. Far less stress by trading longer time frame charts as well.

The USD/CAD has fallen well this week

On the charts we’ve seen the US/Canadian dollar falling this week. We’ve also seen a little bit of strength in the Aussie dollar and the New Zealand dollar, so the commodity currencies have shown a bit of strength.

GBP weakness continues. How to look for suitable opportunities

One thing I did want to mention is earlier in this week or the last few weeks, as you know the British pound’s continuing to fall and fall. It keeps dropping. However, earlier this week I actually took a buy trade-in. I suggested to clients a buy trade-in and I suggested freely available on my website to look for buy trades on the British pound pairs earlier in the week. In particular I took a trade on the British pound/Australia dollar. It made fantastic profit and it was a kind of a reversal trade because the pound/Aussie and the pound against all currencies has been falling quite a lot.

It looked like it was bottoming out and I took a reversal trade, as in after the downtrend had occurred, looking to buy it back again. Because it was against such a massive previous trend I was aware that it was a slightly higher risk trade but it was also a reversal trade against, I suppose, the longer-term trend.

Continuation and reversal patterns

By exiting the way that I teach and the way that I trade, it meant I was out of the trade full profit. Now as I’ve looked at the charts just before I made this video, the pound/Australian dollar’s now starting to fall away again and all the pound pairs are now starting to turn around. Later tonight my time, on the close of the daily charts, I’ll probably be looking at a sell trade on the pound/Australian dollar, so that’s a continuation trade.

A continuation trade is what I’m looking for now, after we’ve had the downtrend or pull back and then continuing the downtrend again. Earlier in the week, the trade that’s already been in and hit profit, that was a reversal. Big downtrend looking for that trade to bottom out and then looking for the reversal back again. Because it was a reversal, wasn’t looking for that to go on for days, and days, and days.

High reward:risk trades

It was just unlikely for that to happen so the exit target meant I was out of that trade. I think it was about a 3.2 to 1 reward to risk trade. In other words, on a half percent risk that’s 1.6% account gain. That’s the difference between a reversal trade and a continuation trade with both of them are showing really good setups just in this 1 week.

I suppose the lesson of this video is, 1, look for reversals, look for continuations. If you do have a strong trend and you’re looking for a reversal, don’t expect it to go on forever and be the magic trade every time. If you don’t like reversals, wait for a pull back and then, in the case of a sell trade, look to ride the trend down again after you’ve had confirmation that the reversal’s finished. Of course the other lesson is you can be places like this, you can be on holiday, you can trade just once a day and, like I said, 2.2% account gains so far.

A bigger gain in 1 week than the French banks will pay in 1 year

I’ve had a look around some banks here in France. Their interest rates are terrible, they’re sort of less than 1%. Even bonds, I’ve seen people here with government bonds. They’ve got to hold them for 5 years and they’re only paying about 2%.

2.2% just in this week so far just shows how great the Forex market can be. When you look around at other investments out there there’s very little investments that come to remotely close, to be honest.

Enjoy the rest of your weekend. I look forward to talking to you this time next week when I’ll be back in New Zealand again.

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The advantages of using the Weekly charts

In this video:
00:42 – Helping you gain an overall longer term perspective
01:43 – Overall strength in the JPY and NZD, with weakness in the USD, EUR, GBP and CHF
02:08 – Adding probability by having the W1 and D1 charts showing the same direction
03:05 – Interest rates dropped to 0.25% in the UK
03:42 – Took trades live on my webinar for a +2.15% net gain
04:45 – The Weekly charts take just a few minutes to place
05:28 – #1 Engulfing candle strategy available for free

I would like to share with the advantages of using the weekly charts. How you can use them, how you can profit from them. Let’s talk about that and more right now.

Hi Forex trader, Andrew Michem. The Forex Trading Coach to day is Friday the 5th of August. I want to talk about using a longer term perspective and what I do for long term perspective is, I use the weekly charts. They are a fantastic time frame to look at, to give you an overall longer term gauge at what’s happening, what’s likely to be coming into the next week.

Helping you gain an overall longer term perspective

What I do is at the beginning of each week I look at all my different character pairs, look at the weekly charts and then I post them on my membership site for clients. Trades that I’m looking at, specific trades bases on the weekly charts. Buy and sell trades and having the entry and exist levels there for people to use. Also trades that I can’t see, or currency pairs that I can’t see a trade on, but where I see a likely movement up or down for that week.

What I mean by that is that some currency pairs are showing really good technical setups, some are showing strength or weakness, but maybe they’re not perfect trades in themselves based off the weekly chart. Longer term for that week, I‘m seeing strength or weakness in a currency pair.

I post all that for clients to use. Now how can we use that, well this week as an example. I have been looking at strength in the Japanese Yen, strength in the New Zealand Dollar.

Overall strength in the JPY and NZD, with weakness in the USD, EUR, GBP and CHF

Little bit of strength in the Aussie Dollar also. I’ve also been looking for weakness this week in the US Dollar, the Euro, the British Pound and the Swiss Franc. When you get that longer term perspective, it really helps you when you trade down onto the shorter time frame charts.

As an example, if I see the weekly chart and a daily chart all setting up in the same direction, in the same week, then fantastic, that really adds to my probability.

Adding probability by having the W1 and D1 charts showing the same direction
Likewise, when I go down to anything shorter, say like twelve hour charts, four hour charts, one hour charts. If I can have the weekly direction and even maybe the daily direction and a shorter term direction, all showing at the same time. Then fantastic, it adds again to probability, because the longer term, medium term and right now on the shorter term. They’re all showing same currency pair, same direction. Fantastic when that happens.

What I’ve done this week, I’ve mentioned twice this week on the daily charts. I’ve been looking for sell trades, Euro, Yen and Franc Yen. I’ve also got weekly charts showing with the same thing and so again it just adds to probability. Those trades have been fantastic. Go and look at your charts, you’ll see the Euro Yen, the Franc Yen, has just falling fantastically well.

Interest rates dropped to 0.25% in the UK

Likewise, I have been looking for sell trades on most of the British Pound pairs. You note that yesterday, Thursday the interest rate out of Britain dropped. They half their interest rates down to 0.2/5 percent from 0.5 percent, so from half a percent to a quarter of one percent, so actually halved the rate.

It’s historical lows and that’s great, but how can you profit from that. Well at the beginning of the week, I was looking for sell trades on most of the British Pound pairs longer term on the weekly charts. Just as an example yesterday I held a live webinar for clients. This was before that interest rate announcement, several hours before.

Took trades live on my webinar for a +2.15% net gain

I took four charts live in front of clients on a live account on what our charts, all four of them hit their proper targets. I also took one twelve hour chart trade that got stopped that, but overall from those four trades that I took live with my clients. In European session just yesterday, if you’d taking half of one percent risk on each of those five trades, we made 2.15 percent net gain.

One losing trade, four profitable trades, 2.15 percent. If you’re over in the UK now and I’m guessing your interest rates have dropped even lower as the main cash rates dropped. Well how many weeks, months and years is it going to take you to make 2.15 percent on your bank savings rate. Yet we made that in just a two hour session, just yesterday.

Again it’s using the longer term perspective, medium term and then scaling that down onto one hour charts and seeing what’s showing setting up right now and taking those positions. That’s really what this lesson is about. You see the longer term charts are fantastic, because you can put the trade on and then you can basically put them on and leave them.

The Weekly charts take just a few minutes to place

You can get through news announcements and spikes and widening spreads and end of day widening spreads and all those types of things, by having that longer term perspective. It also means that you’re trading far easier, yeah because you’re not stressed and worried about what’s in the charts all the time. Especially if you’re trading those weekly chart trades as an example.

Lots of information here to get through. Use it to your advantage, go and look at the weekly charts in the beginning of each week and look at where you see likely new setups and where you see likely strengths or weakness or movements for that upcoming week. It really helps give you that overall perspective and gauge.

#1 Engulfing candle strategy available for free

The other thing I want to mention is the Engulfing Candle Strategy, my number one trading strategy course that I’m giving away for free. If you haven’t got your own copy yet, get it below, the link below, there’s a video. It’s free to access, huge number of people have signed up for it last week in the first week. Fantastic feedback, people are loving it, people are logging in to my website. Looking at the daily strength and weakness, so this is for non-clients. You do not have to pay anything for this particular strategy. It’s something you can profit from immediately. Click on the link below, get access to it. I look forward to catching up with you this time next week.

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Get Free Access to My New Forex Course

In this video:
00:22 – Get free access to my brand new Forex Trading Course
00:35 – Amazing survey results, so many people do not have a good strategy
01:05 – I’ve put together a free course – click on the link below the video
01:50 – Selling the GBP/JPY and USD/JPY – posted for clients on Monday
02:08 – A new Forum site launched for my coaching clients adds real time learning
03:18 – Quiet trading conditions due to Northern Hemisphere summer holidays
03:50 – Flat trading conditions and how to deal with this kind of market
04:48 – Recapping the 3 main points from this video

Would you like to get access to my new, free, forex trading course? If you would, listen up, got some great news for you.

Hi, forex traders. Andrew Mitchem, here, The Forex Trading Coach. Today is Friday, the 29th of July.

Get free access to my brand new Forex Trading Course

I’ve got some fantastic news for you, if you would like to get access, for free, to my brand new trading course which has been made available just this week. Now, I want to explain a little bit about this, first.

Amazing survey results, so many people do not have a good strategy

You see, a few weeks ago, I surveyed over 15,000 active forex traders and the results that I got just completely blew me away. There are so many people out there who do not have other strategy that they trust or a strategy that’s making money for them. There’s just so many people. I think the figure was like 84% of people who replied to the survey, said, “I don’t have a good forex trading strategy,” so I thought, “well, I need to do something about that. There’s obviously a lot of people out there, needing some help.”

I’ve put together a free course – click on the link below the video

What I’ve done is I have put together a free course. You can get access to it by clicking on a link below this video, and that course will give you access to one part of my forex course. It’s a strategy that will work fantastically well. It will give you an understanding of technical trading. It will give you an understanding of the way that I trade, and the way that I teach. It won’t tell you everything that’s in my overall course. I’m not going to be giving that away for free, of course, for obvious reasons, but this strategy will help you understand technical trading. It will help you to make some money out of the trading, and it will give you an idea of technical trading and how I use strength and weakness each day of the trading week to profit from the forex.

Selling the GBP/JPY and USD/JPY – posted for clients on Monday

You can get that for free, right now, just by click on the link below this video. There’s no credit card required. There’s nothing at all. Just enter your details and you’ll have access straight away to that free course on my membership site.

A new Forum site launched for my coaching clients adds real time learning

Now, the other thing that I want to let you know is that another great bit of news this week; after quite a long time of putting this together, I’ve just launched a forum for my clients. This is a forex forum for my coaching clients only. What it means is, we now have a place where we can interact with each other, talk with each other, all my clients can talk together over different trades that they see in real time. Like I have my membership site where I post trades, specific trades, myself everyday of the trading week plus strengths and weaknesses and currency directions. That’s something that clients can get already, and every two weeks, I hold a live trading room webinar which lasts for at least two hours.

There’s all that going on anyway, but what I’ve done now by entering and introducing the forum is that is gives people real time communication between each other and you can say, “Hey. Look. I’m seeing a chart set up on the,” let’s say, “the Australian US dollar on a four hour chart, and I’m taking this trade based on A, B, C,” and people can look at that and follow along and help along. They can help from my learning, they can help with each other as well. It’s a forum just for my clients, and so I’m really excited to have introduced that as well.

Quiet trading conditions due to Northern Hemisphere summer holidays

Really good week. Trading wise; trading is a little bit quite this time of the year. I always find towards the end of July through to say most or August sometimes, because it’s the northern hemisphere summer holiday season, which obviously effects North America and effects the UK and Europe, the vast majority of the forex market, that sometimes this time of year can be a touch quiet and you can get some irregular action. On the charts this week, we haven’t seen some great trading conditions, to be honest.

Flat trading conditions and how to deal with this kind of market

It’s been a little bit flat, a lot of indecision. That’s to be expected. As a trader, you need to understand that. You could look at that and say, “Well, maybe I’m just going to reduce my risk throughout August.” You could say, “Maybe I’m just not going to trade throughout August,” or, “I’m only going to take the real top, A-grade, setups. I’m going to be really picky and really conservative with my setups. Unless everything’s showing perfectly aligning at the same time, I’m not going to trade anything that’s sort of a bit more marginal throughout August.”

That’s something that you need to decide for you as a trader, but I can tell you that history has proven to me over the last twelve years. I’ve always personally found August a tiny bit harder to trade, probably for that reason of that Northern hemisphere holiday season. Again, just be aware of that. That, in itself, just by not trading could help you throughout August. It’s far better to not trade or trade very little than to get to the end of August and you’ve taken all these trades and they’ve just been a disaster. You know, you need to avoid that.

Recapping the 3 main points from this video

Three points there:

1. If you’d like to see more about my course, and you’d like to get my number one trading strategy, and you’d like that for free, make sure you click on the link below this video.

2. If you do decide to become a client, and clients watching and listening to this, you’ve not got access to a fantastic forum area.

3. Just be careful in August.
That’s it for now. Look forward to catching up with you this time next week. This is Andrew Mitchem, the forex trading coach.

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Is Forex Trading Right for You?

In this video:
00:26 – Very few people talk about this subject
00:50 – You have to do the ground work first
01:50 – Trade for 20 minutes once per day – but only once you know what you are doing
02:29 – Don’t force yourself to make money from day 1
03:01 – Are you right for this?
03:33 – I want to help the right type of person – the committed person
04:40 – 3 x H12 trades taken on my live webinar
05:12 – Daily trade suggestions at +25% for the year
05:35 – Weekly trade suggestions at +22% for the year

It’s important to make sure that Forex Trading is right for you. Let’s talk about that and we will right now.

Hello, Forex Traders it’s Andrew Mitchem here the owner of The Forex Trading Coach, today it’s Friday the 22nd of July.

Very few people talk about this subject

I want to talk about a subject that very few people talk about especially people online. I want to talk about the importance of making sure that you are the right kind of person to become a Forex Trader. You see everybody out there tell you that Forex is the best thing, and you can make a fortune, and you just need to plug and play a robot and all your problems are solved. That’s not true.

You have to do the ground work first

Forex is an amazing market to trade, but you have to do the grand work first. It’s a slightly, and I suppose a harsh reality, a boring but true type of podcast and video this week, but it’s highly, highly important. Let’s get into some truths. Forex trading is not for everybody. Definitely it’s not you have to be the right type of person. You have to want to learn to trade Forex, you have to get a buzz or a thrill out of trading, out of watching charts, out of seeing why the charts are moving, what’s behind it, what are the reasons. It’s not just about thinking that you’re going to sit back, plug in a robot or an expert adviser, and it solves all your problems. It’s not about sitting on a beach with a laptop and taking a trade and forgetting about it, it’s just not that at all.

Sure, when you understand trading, and you get into it more and you like to trade those longer time frame charts.

Trade for 20 minutes once per day – but only once you know what you are doing

Sure you don’t need to be sitting there watching charts all day long. I certainly don’t do that. In fact, if I’m just trading daily and weekly charts, when I’m away on holiday, I trade for probably for 20 minutes once a day, and that’s it, but it doesn’t start like that. If you’re at the very beginning of trading, you have to put the time in, put the hard work, put the foundation into understanding trading, and it’s really important that you do that. Even if you have done some of that, you still need to be the right type of person. You have to have a control over your emotions.

You must not be trading just simply because you want to solve all your life’s financial issues. You can’t do that.

Don’t force yourself to make money from day 1

The amount of people that come to me and say, “Hey Andrew, I need to make $5,000 a month or $10,000 a week,” whatever it might be. People come to me daily with these kinds of things “How much can I make out of this?” “I’ve heard that it’s the best thing that I can make a fortune. How much can I make?” The thing is I don’t know how much you can make. I can tell you how much I make and I can tell you how much the vast majority of my clients make, but I cannot tell you how much you are going to make because I don’t know anything about you.

I don’t know your personality, I don’t know if you’re going to be the sort of person to throw all your toys out of the cot if a couple of trades go wrong.

Are you right for this?

I don’t know how committed you are to learning a system. Are you going to want to pay for an investment in yourself, are you going to want to pay for your education or you just think that someone’s going to hand you everything for free. It’s understanding what type of person you are. It’s really, really important and as I said very few people will talk about those actual, honest truths because everybody’s out there is trying to sell you something.

People say to me, “Hey Andrew why are you not doing that?” Well, the thing is for a coach like myself.

I want to help the right type of person – the committed person

I only want the best people who are going to give themselves the highest probability of success. Someone that’s committed, someone that’s saying yes I want to commit, and I want to invest in this course, I want to give it some time, I’m going to stop with all the other bits that I’ve learned in the past which haven’t worked, and obviously they wouldn’t be coming to me otherwise, and I’m going to give you a course a real good guide, I’m going to attend webinars, I’m going to jump on your webinars all the time or watch recordings if I can’t get there.

I’ll log into your website every day and look at your daily trades and that suggestions that you make. I’m going to commit to your course; I’m going to commit to doing this correctly with low risk and getting it right it’s really what it comes down to. Giving it a go. Not all the time is it going to work straight away from day one really is not going to do that, but you give it time, you commit, and you’ll find that for the vast majority of people if you’re the right type of person that after taking my course you will do very well. No doubt about it. That’s the story for the week. Let’s look under some facts here about what’s actually happened.

3 x H12 trades taken on my live webinar

Well, I held a live webinar for my class just last night.
On that webinar, I took 3, 12-hour chart trades. One of them did not fill unfortunately didn’t quite retrace to the entry level although it’s done very well and it’s moved in the right direction it was a sell trade in New Zealand. It’s done very well, but it didn’t quite get to my entry level. I’ve deleted that one. Two other trades; I took the Australian-US dollar and an Australian-Canadian-dollar trade both 12-hour charts, and they are both doing extremely well on my charts behind me right now.

Daily trade suggestions at +25% for the year

The other thing that I discussed with my clients if you did nothing else than just copy my daily trades suggestions for this year.

We’ve now gone through January through to pretty much the end of July now at half of 1% risk per trades a very, very tiny risk. You’ll be up over 20% for the year so far that’s without compounding that’s 25%.

Weekly trade suggestions at +22% for the year

If you took all my weekly chart trades. Each week on a Monday I suggest trades on a weekly chart trades you’d be up over 22% for the year so far. That’s just doing nothing else than just logging in once a day, seeing the trades, ideally going to your charts and seeing why I’m taking the trades but here’s the entry, exists, et cetera.

Putting that on your chart with only half of 1% risk per trade and letting the trade do its thing. It’s either going to hit a stop loss or profit target. In reality, we can do more to help the trade. As in we can partially close, we can move stock losses, et cetera like that. If you did nothing else and just put the trade on and left it and then if it’s still open at the end of the week and closed just before the end of the week if you did nothing else 25% so far this year on daily trades and 22% on weekly chart trades so very happy with that.

The market at the early part of the year especially was not that easy to trade. It just shows with just some commitment and logging in once a day, viewing that information and then on top of that information like my webinars like I mentioned those 12-hour chart trades and any other time frame chart trade that you see and learn and take for yourself on top of that. The right type of person there’s definitely a great opportunity there. I hope that you enjoyed that.

Once again this is Andrew Mitchem from The Forex Trading Coach have a great weekend. Look forward to catching up with you this time next week.

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Future proof yourself and why it really matters

In this video:
00:29 – Watching Brett McFall’s video showing social trends
01:01 – How debt and baby boomers are affecting the economy
01:45 – Baby boomers now retiring – less people paying taxes
02:16 – Sources of employment are drying up – A.I and Automation are taking over
03:18 – Retirements funds are not big enough to live on for the majority
04:09 – You cannot stop or change what’s going to happen
04:30 – How Forex trading can help to future proof yourself
05:10 – Start small and learn “how” to trade
05:30 – The amount you can earn is not directly related to how many hours you work
06:20 – Get away from the x hours work for x payment mentality

It’s time to future-proof yourself, and invest in your own education. Let’s talk about that and more, right now.

Hi, Forex traders. Andrew Mitchem here, The Forex Trading Coach. Today is Friday, the 15th of July. I wanted to talk about why you need to invest in yourself, and why you need to future-proof yourself.

Watching Brett McFall’s video showing social trends

You see, I’ve been watching a video by a guy over in Australia, called Brett McFall. I’ve been following Brett for many years, probably ten, twelve years, or so. He’s released a video that shows some very interesting, but also, some very worrying social trends that are out there. He lists three main concerns that people need to understand, be aware of, and also, you need to have a plan in place, so that these trends don’t affect you too much.

How debt and baby boomers are affecting the economy

The first thing he talks about is these three dangerous trends. The first dangerous trend is how debt and baby boomers are affecting the economy. It’s a really interesting thing. He’s talking about Australia, but this same principle can be applied to most of the western world. He’s talking about how debt is strangling the economy in all countries, as a result of interest repayments, and this can be personal repayments, right through to government repayments. The amount of money being wasted on interest repayments severely affects the lack of infrastructure that can be built, because everybody’s getting into more and more debt.

Baby boomers now retiring – less people paying taxes

You add on top of that, the number of baby boomers that are now retiring. You’re getting all these people who have been earning money, coming out of the work place. Now they’re getting to an age where they’re going to start to take money, in terms of health and retirement funds, etc. There’s a real issue there, because now there’s less people paying taxes, but more people taking or needing those tax payments. That becomes the first social worrying trend.

Sources of employment are drying up – A.I and Automation are taking over

The second one is that sources of employment are severely drying up. You look around the world, the amount of automation, the amount of artificial intelligence that’s happening. It’s a really exciting thing, and we can really benefit. You can take advantage of this artificial intelligence and automation that’s going on, to help run a business better, to save time, save cost, countries all around the world, etc. All that is fantastic, but as an employee, it can be quite dangerous, because artificial intelligence is going to take away so many jobs in careers that right now, traditionally, have been very good and safe careers. This is not quite in place, yet, but it’s something that’s coming. As artificial intelligence becomes a higher reliability, it’s something that could create a lot more unemployment. You add that to the first scenario, and you’re now getting even more people without jobs, which means there’s even less people paying taxes.

Retirements funds are not big enough to live on for the majority

The third worrying trend is that the amount of people who have a good retirement fund or superannuation, or whatever it is you call it in your country. In other words, money that you have invested, to retire on, to live on, when you’re retired. The amount that people have, is not sufficient for what the vast majority need, for when they do retire. Again, it becomes an issue, because you’re then going to get a lot of people who can’t afford housing, that can’t afford their health to be looked after, etc., when they retire. Then again, it puts more stress on the people who are working, who are paying taxes. It becomes a vicious cycle.

You can see, these three trends are developing more and more. Like Brett says, you cannot stop what’s going to happen.

You cannot stop or change what’s going to happen

It’s going to happen. You have to face that that is actually going to happen. You cannot change what’s going to happen. What you can do is invest in yourself and future-proof yourself, to ensure that these changes don’t adversely affect you.

How Forex trading can help to future proof yourself

As a Forex trader, I’m looking at that, thinking, there’s just an amazing opportunity for people out there to trade Forex, and to future-proof yourself to supplement your earnings, or to supplement your retirement fund, by trading the Forex market.

It’s all well and good to say, “Let’s go trade Forex,” but you have to understand what you’re doing, because if you’ve been trading Forex for any length of time and you’re not making money, you’ll know that it’s a lot harder than most people say it is. It comes around to the fact , again, that you need to invest in yourself. You need to future-proof yourself. You need to get an understanding of how to trade. If you’re not at retirement age right now.

Start small and learn “how” to trade

Start really small with your Forex account, and get to understand how to trade. Then slowly build into it, and get bigger accounts, and you know what you’re doing by then. It’s something you need to make a decision on starting now.

The amount you can earn is not directly related to how many hours you work

What I love about Forex … There’s so many things I love about Forex, but one of the main things I love about Forex is that the amount that I can earn from trading, is not directly correlated to how hard I work. Sure, I’ve done thousands and thousands of hours of research, and time studying charts, etc., over the years, and continue to do so. The thing is, if I’m taking a trade and I make a 1% gain, let’s say, that 1% gain, really, the amount I make, is dependent on my account size. 1% gain on a thousand dollars, the actual work involved, is still a 1% gain on a hundred-thousand-dollar account, or whatever size the account you have, is. By trading, it gets away from that mentality of, “I need to work X number of hours to get X amount of money.

Unfortunately, that’s how most traditional-based jobs are. You can see with Forex, , it has the advantage of not having that limitation.

Have a think really carefully about what I’ve said, because this really does affect most people out there. Have a think of those three points. You’ve got debt increasing and more baby boomers retiring. You’ve got sources of traditional employment drying up, and you’ve got most people out there, reaching retirement age without sufficient funds to fund their retirement. Do something about it. Start now. Invest in yourself. I believe that the Forex market is probably one of the best places you can invest in yourself.

If you believe that I can help you, what I suggest you do is to jump onto one of my webinars, send me an email, and let’s see if I can help you, and you can come on board with my course, and help to future-proof yourself by being a really profitable Forex trader.

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Amazing trading conditions with big trends

In this video:
00:25 – Huge trends and conditions like this not seen for many years
00:53 – Kick started by Brexit conditions, selling the Pound
01:18 – Selling the GBP/NZD pair on H1 and H6 charts
02:03 – Great trades with high reward:risk on H6 and H12 charts
02:30 – Buying the NZD pairs
03:00 – GBP/NZD dropped over 4000 pips since the end of May
03:50 – Big trends so take advantage of them right now
04:10 – Close out of positions before the US Employment news
04:35 – Enjoy riding these big trends and make money from them

We are in the middle of some amazing trading conditions. If you’re not making money you need to listen to this.

Hi Forex traders, Andrew Mitchem, The Forex Trading Coach. Today is Friday the 8th of July and we just have some amazing trading conditions in the Forex market right now.

Huge trends and conditions like this not seen for many years

It’s just an absolute wonderful time to be a Forex trader. There’s just some huge trends in the market and the conditions are something like I’ve not seen for many years. Back in so, 2010, 11, 12, through those times there was some excellent, excellent trends. Some great movements on the charts. Then we’ve seen a couple years where it’s been a little bit sort of harder to trade and now we’re getting those big moves back into the market again.

Kick started by Brexit conditions, selling the Pound

Of course things like Brexit have certainly helped contribute to that over the last few weeks. Really when you think about what’s happened to that since 2 weeks ago when we had the Brexit decision there’s just been some amazing opportunities selling the British pound pairs.

Most of the pairs have moved but the British pound ones in particular have just been fantastic pairs to trade, looking for the pound to weaken all of the time. To give you some examples:

Selling the GBP/NZD pair on H1 and H6 charts

I took a trade just yesterday on a live webinar with my clients. We had a couple hundred people on their live and I took a trade on the 1 hour charts selling the British pound/New Zealand dollar. It fell away and it made a 2 to 1 trade in, I think it’s about an hour and a quarter. A 2 to 1 reward to risk that is, so let’s say risking half of 1% to make 1% in an hour and a quarter. It was a tremendous trade. A little bit later on the 6 hour charts, and they’re offline charts that I use using a bit of coding that I have that allows us to us charts such as 6 hour charts and 12 hour charts on MT4. They’re nonstandard time frames on MT4, but I use the 6 hour charts quite a lot.

Great trades with high reward:risk on H6 and H12 charts

I took a 6 hour trade also on the British Pound/New Zealand dollar live on the webinar yesterday and right now that’s at a 3.4 to 1 reward to risk. Again, a half percent risk, that’s a 1.7% account gain. I also took a trade on the New Zealand/Canadian dollar and that was on the 12 hour chart and right now that’s up 3 to 1 reward to risk, or a 1.5% account gain.

Buying the NZD pairs

Because there’s been strength on the New Zealand dollar as well. Have a look at your charts, see the strength that’s in the kiwi dollar right now. Likewise on the longer term, on Monday I suggested a bi-trade to my clients. On the weekly charts, on the New Zealand/US dollar. Right now that trade’s up at around a 1 point, no that one’s just moved up to 2 to 1 trade. Again a 1% gain for a half percent risk so far and the trade is still open. You can see what tremendous opportunities there have been.

GBP/NZD dropped over 4000 pips since the end of May

The British pound/New Zealand dollar as an example since the end of May has dropped over 4,000 pips.

Since Brexit out of the 9 completed days on the data charts, 8 of them have been bearish. They’ve ended up being closing lower than they’ve opened and out 28 days since the end May only 6 of those days has the British pound/New Zealand dollar actually gone up within the day, closed up as a bullish candle. Only 3 of those days were good moves, the other 3 were pretty much indecision days. You could pretty much say that out of the last 28 days on the British pound/New Zealand dollar almost 25 of those days have been either indecision or bearish sell trades or sell off days.

Big trends so take advantage of them right now

You can see just great opportunities, big long, trends, riding the trend down, looking for slight pull backs and then getting in short again. Tremendous, tremendous opportunities and you have to take advantage of market conditions when they are like this because they don’t happen all that often but when they’re there you have to take advantage of them.

Close out of positions before the US Employment news

One other thing to note, just be careful of US non-farm payrolls later today. Just always careful with your trades around that time. I like to close out pretty much all my trades, especially the shorter time frame trades before that news announcement. That’s it for now.

Enjoy riding these big trends and make money from them

Just go back and look at your charts, see the opportunities there have been but also continue to look out for new opportunities. Riding these big trends that we’re seeing in the market right now. Great trades, great opportunities, great high reward risk trades. Just a wonderful time to be a Forex trader.

Enjoy it, make heaps of money out of your trades. If you need any help, send me an email. andrew@theforextradingcoach.com. I’ll talk to you this time next week.

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The Brexit and Trading News Events

In this video:
00:29 – Britain leaves the EA – surprise Brexit news
00:50 – Safer not to trade that news, big spreads and uncertainty
01:30 – GBP pairs retraced then stalled
01:50 – Selling the GBP/AUD and the GBP/NZD
02:20 – Confirmation following indecision
02:40 – Lessons from the Brexit news
03:08 – Trade what you see, look for opportunities
03:50 – Strength in the commodity currencies
05:07 – Watch out for the EUR pairs if more Countries follow the UK

Did you enjoy watching the Brexit news unfold last week? If you did, and you’d like to know more about that, and also how to trade any major news event, listen up, I’ve got some great news for you.

Hi Forex traders, its Andrew Mitchem here, The Forex Trading Coach today. It’s Friday the 1st of July.

Britain leaves the EA – surprise Brexit news

A week ago, we heard the Brexit news out of the UK. Quite unexpectedly, Britain decided to leave the EU. Just before that happened, the British Pound/US Dollar reached a high for the year. Then, of course, as the news came out, and because it was unexpected that Britain was to leave, then, of course, the British Pound crashed against all currencies.

Safer not to trade that news, big spreads and uncertainty

It was a real roller coaster. It just crashed. It tumbled. The brokers prior to that event had given us plenty of warning to say, “Look. Leverage. It spreads.” Et cetera. It’s going to be hard to trade, and it was safer not to. Personally, I didn’t trade on Friday at all. Then, on Monday, when the market opened, we had some huge opening gaps. That is to be expected because, of course, there’d been even more fallout over the weekend. I didn’t personally take any of those trades. Spreads were massive. It was just too difficult, and too uncertain to trade at that time.

GBP pairs retraced then stalled

Then, what we‘ve seen recently over the last couple of days, is we’ve actually seen the British Pound retrace. It’s actually pulled back again. Then, just a day or so ago, it then pretty much stalled. It pulled back and retraced, and it was showing a lot of indecision, as in the pull back, the retracement doesn’t look like it’s going to go any further.

Selling the GBP/AUD and the GBP/NZD

In fact, right now, behind me, I’ve got two trades open, selling the British Pound, Australian Dollar, and also the British Pound against the New Zealand Dollar. Both sell trades, both looking very good, both in excellent profit right now, as I’m making this video and podcast.

What I’ve seen there, is the British Pound crash against the Aussie and the Kiwi, and as mentioned, has then pulled back. The British Pound’s done this against all currencies, but it’s this pull back, and it looks like its then, not going to pull back any further, at this stage.

Confirmation following indecision

I’ve then got confirmation to go short, as in to sell again, and that’s the new ride that I’m on right now, the new trades that I’m on, looking to take that British Pound/Aussie, and British Pound/Kiwi further down, again, back towards last week’s lows.

Lessons from the Brexit news

That gives us … I suppose there’s a few messages in there. One, you don’t have to trade all the time. Two, if the market’s not showing favorable conditions, don’t trade. Three, wait and be patient. Wait for the good set ups, don’t force trades to happen. Don’t, because everybody else is jumping on a big sell trade, don’t just take a sell trade because of everybody else is doing it. Don’t have that sheep following mentality.

Trade what you see, look for opportunities

Trade what you see. What for retracements, and then, if the trend looks like it’s going to continue, as in this current trend now, it looks like it’s heading down again, then find the opportunity to get in a sell trade at a better price. No good selling way down at the low. You’re far better off in leaving that, let that move do its thing. Let it pull back, because all the time, we’re finding retracements. Doesn’t matter what the circumstance is. Let the retracement happen, and then, in my example, that’s why I’m going short. Then, look to ride that short again.

That can be applied to any major news announcement, when you get a reaction after that news.

Strength in the commodity currencies

What else is happening on the charts this week? Because I’m looking at strength in the commodity prices, I’m looking at the Aussie, the Kiwi, and the Canadian. I noticed silver’s also gone up, but Aussie, Kiwi, Canadian strength, and so when you put the weakness of the Pound, and the strength of the Aussie and the Kiwi together, looking for that pair to fall. It really comes back to the basics again. It comes back to watching the charts, waiting for the set ups. Don’t rush. Make sure you’ve got controlled risk. Make sure you’re trading with the overall likely strengths and weaknesses.

When you put all those things together, then, you give yourself a very high probability of having a successful outcome to your trading. Hope that helps. If you’re in Britain, or the UK, I hope that the vote went the way that you were looking for. Obviously, because there was such a close vote, there’s going to be a lot of people who are very happy, and a lot of people who it went against the way that they were thinking. If you are over in that side of the world, I hope that your vote was the one that won for you.

It’ll be interesting to see, now, how Britain continues without the backup of Europe, and likewise.

Watch out for the EUR pairs if more Countries follow the UK

Keep an eye out on the Euro pairs, because my personal feeling is, is that, if any of the mainland Europe countries ever start a referendum, and if they ever get close to pulling out, especially one of the major countries like France, or Germany, or Netherlands, one of those countries, or in Italy, let’s say. Any of those start, then that could be the snowball for potentially the end of the European Union. That could be a long way off, but it’s just something to bear in mind, and to keep in mind. As currency traders, keep in mind those Euro pairs, as well, because, just because Britain’s left, it doesn’t mean to say that the Euro has escaped. There potentially could be a lot more to follow, and Britain could just be the first country to leave. Time will tell what happens there. Keep an eye on the charts, because that’s always the best way to see what’s happening.

Hope you’ve enjoyed this video and podcast. This is Andrew Mitchem, The Forex Trading Coach.

Have a great weekend. I’ll talk to you this time next week.

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Consistency is Key to Your Forex Success

In this video:
00:35 – The Brexit Decision playing out right now
01:20 – Consistency is the key to your Forex success
01:50 – I post Daily trades at the same time every day
02:30 – What times do you trade? What charts do you look at – they all need consistency
03:03 – Do you change your risk?
03:53 – Don’t revenge trade
04:16 – Consistency as a trader and as a person
04:55 – Exit positions prior to Brexit as it’s going to be a choppy ride

Consistency is key to becoming a good forex trader. Let’s discuss that and more right now.

Hello Forex Traders, Andrew Mitchem here, The Forex Trading Coach. Today is Friday, the 24th of June, and in this video and podcast, I want to discuss a very, very important aspect of what makes a person a good forex trader.

The Brexit Decision playing out right now

Just before that, I also want to let you know that today is the Brexit vote decision day, and right behind me on the charts now, the pounds gone from being very, very strong, to all of a sudden it’s just crashed and in fact pound yen has already crashed 1,300 pips so far today, and the new day’s only 3 hours old. That says some of the early votes have come in out of the UK.

I would think that looking at the longer term charts, the remaining vote is likely to remain … UK is likely to remain within Europe. That’s what the chart’s telling me on longer term, but of course, anything could happen. By the time you watch this video, or listen to this podcast, you will know the result out of the UK.

Consistency is the key to your Forex success

Back to the topic for today, which is all about consistency. As a trader, of course it’s important that you have a strategy, a good strategy, one that works, one that suits you. Of course money management is important as well. Of course controlling your emotions is an important part as well. Consistency in how you trade is also a very, very important part of becoming a good trader.

I post Daily trades at the same time every day

What I mean by that is just think of a few things, for example, every day for the past almost 7 years now, between 5:00 and 5:30 pm Eastern Standard Time (EST), that’s New York time, I’ve posted on my membership site the trades that I’m looking into taking to my clients, specific analysis. It’s there every single day of the trading week. It doesn’t matter whether I’m at home, I’m traveling, I’m flying, I’m overseas, everyday between 5-5:30, I have that consistency of looking at the daily charts and posting for my clients.

Every Friday for almost probably 4 or 5 years now, I’ve made these videos and podcasts. That’s consistency.

What times do you trade? What charts do you look at – they all need consistency

Consistency within your trading is no different. If you have consistency, then things work out well. You need to have consistency in the times that you trade, the time of days that you trade, the pairs that you like to look at, the time frame charts you like to look at, the technical set-ups, or if you’re a fundamental trader, the set-ups that you’re looking for.

That type of consistency, when a trade is open, are you consistent with the way you manage a trade? Are you consistent with the position size you take, or the risk that you take?

Do you change your risk?

That type of consistency is a very under … I suppose it’s a part of trading that people don’t think about enough. It’s not thought that it’s that important, but it really, really is important.

A mand of people that come to me and they go, they’ll go “Andrew, my trading’s going really well, but all of a sudden this 1 trade wiped out all of these good trades.” Well, that’s not consistent is it, because something’s gone wrong, whether it’s position size, you’ve suddenly doubled up in your position size. I have people write to me and say, “This 1 bad trade wiped out a whole big chunk of my account,” and then they tell me they didn’t put a stop-loss in, but all their other trades, they have a stop-loss in, but for some reason they weren’t consistent. They didn’t put a stop-loss in, and of course that’s the trade that goes wrong. People add to positions when normally they don’t add to positions. Again, that happens to be the trade that goes wrong.

Don’t revenge trade

People have revenge trading. “I suddenly took this trade, it was a perfect trade, and it went against me,” so now they’ll then go and trade the other way, or people do some crazy, crazy things and it all comes back to consistency. Of course controlling your emotions, your fear, your greed, all that type of important things come into trading as well.

Consistency as a trader and as a person

Consistency within your trading, consistency as a person is really, really important.

How many times do you go and look at something that you’ve done silly in your trading and you realize that those bad trades have only occurred because you’ve broken your rules. It wasn’t the type of set-up that you’re looking for. You did something silly in terms of you added too big of a position size, or you closed the trade way too early for some emotional reactionary reason, not because your plan was to close then.

All of those things come back to consistency. Consistency is the key to becoming a good forex trader.

That’s it for this weeks’ video and podcast. Hope you’ve enjoyed that session. Take some key points out of that.

Exit positions prior to Brexit as it’s going to be a choppy ride

If you are trading right now with Brexit going on, I’d suggest get out of your trades. I just think it’s too risky to be trading right now with this news going on. It’s only like 1 or 2 days of the entire year not to trade. Start again next week, once all the news had settled down, and we have a decision whether Britain is staying or not.

Have a great weekend. I look forward to talking to you this time next week.

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Are you limited on available time to trade?

In this video:
00:29 – I don’t have enough time to trade
00:55 – The solution is to trade the longer time frame charts
01:20 – The stop loss size does not matter
01:39 – How to trade a Monthly chart
02:05 – Don’t worry about the number of pips you need as a stop loss
02:30 – Trades hit profit with a 12.2% account gain with just a 1% account risk per trade
04:08 – The 3 trades took just a few minutes to place
05:14 – Huge benefits to trading the longer time frame charts
05:40 – More reliability in the longer time frame charts

I have got a great way for you to be able to trade Forex, if you are really short on time. That sounds like you, listen up. I’ve got some great tips for you.

Hi Forex Traders! Andrew Mitchem here and today is the Friday, the 17th of June. I want to talk about an issue that so many people have.

I don’t have enough time to trade

People come to me all the time and they say, “Hey Andrew, look. I really want to get into trading, but I’m just too busy. I’m just short on time. I don’t have time to commit to trading. I don’t have time to watch the charts all day, to read and understand the news. It’s just too much going on in my life. I’d like to trade, but I’m just to busy, whether it’s a work or family commitment. Whatever it might be. Just don’t have the time.”

The solution is to trade the longer time frame charts

There’s a really really simple solution. It’s just that most people don’t know that that solution is there. The solution is this: the best way for you to trade with Forex market if you’re short on time, is to trade the longer time frame charts. It’s quite a simple solution, but most people just don’t understand or think they can do that. The problem is that most people see the longer time frame charts as something they cannot trade because the stop-loss needs to be too big.

The stop loss size does not matter

That’s completely incorrect. It’s actually irrelevant how big the stop-loss is, because it’s all relative to the size of the profit target, and the size of the chart that you’re trading.

How to trade a Monthly chart

I’ll give you some examples. People have said to me, “I can’t trade out a monthly chart trade because the stop-loss needs to be 200 pips, or 300 pips. Wherever it needs to be.” What you need to do, is you need to treat that monthly chart trade, exactly the same as you would if you were trading a daily chart or a 4 hours chart. It’s just that it has bigger stop-losses and bigger profit targets, but your risk on that trade, if that trade were to get stopped out, is still the same.

Don’t worry about the number of pips you need as a stop loss

Rather than worrying about how many pips the stop-loss is, what you need to do is calculate your position size, your lot size that you take on that trade. Then if that trade were to hit the stop-loss, then you’d lose ‘x’ percent of your account. Whether it’s half a percent, or 1%, whatever it is that you risk on a trade.

I’ll give you some examples. Just this morning, I’ve woken up and I’ve had 3 trades.

Trades hit profit with a 12.2% account gain with just a 1% account risk per trade

2 on monthly charts, and 1 on a weekly chart that have all hit the proper target this morning, and made a tremendous amount of money and profit for myself, my account, and also for my clients. Those trades were … 1 was taken in March, and we’re now June. Was taken on March on the monthly chart. It’s just that the full-profit target this morning for 943 pips, and a 3.8:1 reward to risk. The second trade was taken in May, and again on the monthly chart it’s only a month ago. That’s made 650 pips, and a 4.2 reward to risk. The third trade that’s closed today is on the weekly charts, taken 4 weeks ago, that’s made 425 pips and also a 4.2:1 reward to risk.

I add all that up and just quickly here, I don’t even know how many pips that is, but that’s roughly 50, it’s probably about 2200 pips, just as a guess. It’s completely irrelevant. What I look at is the reward to risk of those trades. Let’s say I risk 1% of my account on all of those 3 trades. If all 3 went wrong, I lost 3% of my account. That’s the maximum I can lose out of all of those 3 trades. Yet, all 3 were profitable, and in that same scenario with the 1% risk per trade, I just made 12.2% on my account. Now that’s an enormous account gain.

The 3 trades took just a few minutes to place

Sure you can do that with intraday charts and taking multiple positions all day and night on 4 hour charts, and 1 hour charts and you can get to that kind of figure, but there’s a lot more work involved.

Don’t forget the whole subject about this video podcast, is about how to trade Forex if you’re really short on time. Let’s look at that again. That’s a 12.2% account gain. I took those trades 4 weeks ago, 1 month ago on the monthly chart, and 3 months ago, but I placed the trades … I saw the trade setup, I placed the trades, I had my risk controlled, I had my stop-loss in, I had my profit target in place, and I’ve done nothing with those trades since. Absolutely nothing. No more work has been involved.

On a weekly chart, it means you just need to look at the weekly chart just once per week. On a monthly chart, you just look once per month. It really is very very simple. It requires so little time. Those 3 trades would have taken me less than say, 5 minutes to see and place. Yet, I’ve just made, if I was risking 1% on each of those 3 trades, I’ve just made an incredible 12.2% on my account and I’ve done nothing since.

Huge benefits to trading the longer time frame charts

You can see the benefit of trading those longer time frame charts. Now, sure, myself and a lot of my clients, we trade those longer time frame charts and other time frame charts, such as dailies and four hourlies, and one hourlies, etc, but you don’t have to, and that’s the point. If you are very short on time, look at longer time frame charts. They offer tremendous reward to risk ratios.

More reliability in the longer time frame charts

The longer the time frame chart, the higher probability, the technical setup because there’s more information contained within that chart.

As an example on monthly chart, you’ve obviously got a whole month worth of information of price action contained within that chart. Yes it does, and it can take longer to get to your profit target, but you just have to accept that if you’re going to be placing trades on those longer time frames. Also don’t forget that once you place the trade, there’s no more work to do. It’s not like you have to do work every single day while that trade is open for a number of week. You have to do nothing. 12.2% gain, 3 trades, 5 minutes work.

It adds up, doesn’t it. I hope that helps. I look forward to bringing you more trading news, tips and information this time next week.

This is Andrew Mitchem from the Forex Trading Coach.

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Structuring Your Trading Day

In this video:
00:28 – Do you randomly place trades?
00:50 – Create a structure if you wish to be successful
01:40 – My personal structure
02:10 – Start with the weekly charts
02:35 – Then move onto the daily charts
03:00 – Looking for bullish NZD$ trades this week –the charts tell me everything I need to know
04:45 – The news release was in the same bias as the technical were showing long before
05:30 – Look at the charts at the close of a candle
06:01 – The importance of a trading plan and structure

Do you need some help with gaining a structure for your trading day? If you do, listen up, I’ve got some great information for you.

Hello Forex Traders, this is Andrew Mitchem here, the owner of “The Forex Trading Coach.” Today is Friday, 10th of June. I want to talk about the importance of having a structure within your trading day.

Do you randomly place trades?

Are you one of those people who just haphazardly just places trades randomly, places, buys and sells and different position sizes, different time frames, looking through forums, getting ideas, trying that, it doesn’t work, move on, all those sort of things, are you one of those people?

Create a structure if you wish to be successful

If you are, it’s really important that you change away from that kind of mentality if you want to continue trading properly as a longer term investment. You see, the problem is with that is that when you have no structure you have no plan. When it comes to trading Forex with real money it is emotional, there’s no question about it. Because you’re trading with money, you see your account moving up and down, and you see positive trades, you get the enjoyment and the emotion and the greed comes into play. You see losing trades, you then get doubt, you’re losing money. All those problems, both good and bad problems, come into your trading because you are trading with real money. It’s important to have a structure in your trading day.

My personal structure

The way that I like to work with my personal structure is at the beginning of the week I start by looking at the weekly charts. Now, you can do this on a Monday depending on where you live in the world, maybe Sunday evening. You can look on the weekend because the weekly charts don’t change. From when they close on a Friday they do not change over the course of the weekend so you can look at any time, it doesn’t really matter.

Start with the weekly charts

When the market opens at 5 pm New York time on a Sunday, which for me is Monday morning, I look at the weekly charts.

What that does it that gives me an overall opinion of where the market is likely to move for this coming week. It’s a likely direction. It’s not to say it is but it gives me an overall buzz. Which currencies are looking strong, which are looking weak? Which currency pairs have got room to move this week? Which ones are looking strong, which are looking weak, et cetera? It gives me an overall general opinion.

Then move onto the daily charts

Then when it comes to each day I then go to the daily charts, during the similar type of thing but for the daily charts. That gives me an overall opinion, an overall bias for the upcoming 24 hours.

Now, of course if the daily structure and the daily direction looks the same as the weekly, then even better. I’ll give you a great example.

Looking for bullish NZD$ trades this week – the charts tell me everything I need to know

This week on Monday, the beginning of the week, I mentioned on my membership site for my clients that I was strongly looking for a bullish movements throughout in the New Zealand dollar pairs. It was strong against the New Zealand dollar, it was strong against the US, against the yen, against the pound, against the euro, against the Canadian, the Swiss franc, and the Aussie, everything. It was strong against everything.

I mentioned that on the membership site and I mentioned specific trades that I was taking on the weekly charts. Plus, an overly bias on all of those pairs I’ve just mentioned for strength and the Kiwi dollar. Now, yesterday being Thursday, there was the interest rate announcement out of New Zealand. They kept the interest rate stable, it’s didn’t increase, it didn’t decrease. It was exactly as was expected. There was no fantastic announcement. It wasn’t an unexpected news announcement. Everybody was predicting it was going to stay the same and it did. The day before on Wednesday, I mentioned to my clients, “Specifically, I’m taking buy trades on the New Zealand US dollar pair,” and so have a think about what I’ve just mentioned earlier.

We now have the weekly showing huge amounts of strength in the Kiwi dollar and Kiwi against the US dollar. We then have the daily. This was Wednesday, this was 24 hours prior to that news announcement, looking for buy trades. I said, “I’m looking for buy trades plus a specific trade on the daily charts on the New Zealand US dollar.” Now we’ve got the weekly and the daily all showing the same direction strength. Then when it comes to the news announcement, straight after the news announcement the Kiwi dollar spiked up and it just carried ongoing. Prior to that I’d already taken the buy trade and was already out of the trade anyway before that news announcement.

The news release was in the same bias as the technical were showing long before

It was really interesting there to see how the charts and the technicals are showing us what’s likely to happen. The news announcement comes out and all the fundamental people think they can jump on the buy trades. I’d already taken the buy trade 24 hours prior and a closed trade for full profit before that news even came out. Then from then on, because the news ended up in the same direction as the charts. Now, I’m still looking for buy trades on the New Zealand dollar, US dollar, so that’s the structure. Have a weekly opinion, have a daily opinion, and then use that to help you with your structure, with your plan, and with your trading strategy throughout the day when you’re trading with shorter time frame charts.

Look at the charts at the close of a candle

For me, I then like to look at specific time frame charts and I look at the charts at the close of a candle. For instance, if I’m trading a four hour chart I will only go and look at a four hour chart at the close of the four hours. Same with if I was looking at a one hour chart or up to a 6 or a 12 hour chart. I’ll only look at the close of the candle and then I can make an opinion of whether I’m looking to take a new trade, yes or no.

I hope that helps. There’s lots to take on board there but, just remember.

The importance of a trading plan and structure

The importance of a trading strategy, a trading plan, and a structure throughout the day. It stops this randomness, it stops the emotion, and it stops the haphazard gambling mentality that so many people have in their trading. Getting that right it will certainly help you to become a really good trader and a profitable Forex trader.

Hope that helps. This is Andrew Mitchem on “The Forex Trading Coach.”

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