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Have you been trading too long to quit now?

In this video:
00:27 – Not making money but been trading too long to live up
01:00 – Trading journey
01:15 – The blind leading the blind on the forums
02:05 – Over reliance on indicators and robots
02:25 – The next big shiny object
03:18 – What can you do to fix the issue?
04:00 – Chopping and changing the way you trade
04:18 – You need a plan
04:55 – Get onto one of my free webinars to learn more

Do you find that your trading is just not working? You’re just not profitable, but you’ve been in this game too long to quit.

If that’s you, listen up, got some great news for you.

Hi Forex traders, Andrew Mitchem here, the Forex Trading Coach. Today is Friday, the 3rd of June.

Not making money but been trading too long to live up

I want to talk about an e-mail that I’ve had from a guy called Peter over in Australia, and it’s a big, big problem, and it’s a big issue that so many people have.

People are feeling that they’re just not making money, they’re unsuccessful within their trading, but the problem is that they find as they’ve been in the game, they’ve been trading or looking at trading, whether it be just as a hobby, or sort of part time, or even try to go full time.

They’ve been trying to trade Forex for just too long to quit now, you just cannot justify quitting now because it’s just a waste of time.

Trading journey

They’re in that time of their trading journey when they just don’t know what to do. Now, a lot of that comes back to the issue of so many people they rely on forums and quite honestly, the vast majority, not all.

The blind leading the blind on the forums

But the vast majority of forums are where you find the blind leading the blind because in most cases, the forums are basically populated by people who are not trading or they’re not successful trading, but they’re more than happy to tell other people who come into the forums either how easy it is or how to do it.

They’ve always got an opinion and you’ll always find that it doesn’t matter what thread it is, what forum site you go on, that you go back after several weeks or several months and the person who started that thread or forum is no longer contributing with this. Had their guts full of people just sort of taking over, of changing the whole logic of what they originally asked. That just happens all the time, always has done and likely always will. Be really careful with forums. Yes, they can be useful in some ways, but the vast majority of times, it really is the blind leading the blind.

Over reliance on indicators and robots

You then get people who have an over the lines on indicators. People who bought robots, people who bought e-books, who have bought news feeds, who have bought bot testing software.

The next big shiny object

All these type of things, people just get so consumed in the next shiny object and it is a big problem. Look, I’ve been there myself many years ago and I know exactly how you feel if you are in that situation right now.

The other problem of course comes when you think, “I cannot quit now. I know so much about trading, I’m almost there.” Yet, when you think of the real life what’s going on, you’re wasting so much time or spending so much time watching charts within your trading. You’ve spent so much money or wasted opportunity of not earning money elsewhere. You’ve probably either got a grumpy wife, grumpy husband, grumpy kids, whatever it is, because you’re just spending all this time just staring at charts moving up and down or waiting for that next news announcement. It is a big, big problem for yourself mentally, financially, relationship-wise.

It’s a big, big problem. Absolutely, it is.

What can you do to fix the issue?

What can you do about that? Really, that’s what it comes back to. For me, the problem with most traders that I see is that they don’t have a good strategy to start with, they don’t really understand the market, they don’t really understand themselves, what type of trader they wish to be, and they are very, very quick to quit. People just see that go live or that go demo, or live real trading. With a strategy, with a new idea, and all of a sudden it doesn’t work. Back testing it made me a million dollars, but in real time, three or four trades worked or this week I’ve had a loss. Whatever it might be.

Chopping and changing the way you trade

Then they start fiddling again and they go back and they start going back to the forums and seeking advice so they’re adding another moving average or some form of indicator, or changing the time frame of the chart, whatever it might be. That’s a big, big problem.
You need a plan

People are just too impatient so it really comes back to having a plan. Now, a plan in all sorts of life is so important and in trading, it’s absolutely no different.

You need to understand what type of trader you wish to be. You need to understand what time frame charts you are looking at trading. You need to understand what currency pays you’re looking at trading. When are you going to look at the charts, at what time frames are you going to trade, what’s your entry plan, what’s your exit plan, what’s your money management plan? All those type of things you need to have that plan. Although that sounds easy, obviously for most people it’s a very difficult thing for them to put together.

Get onto one of my free webinars to learn more

What you might be interested in doing is jumping onto one of the free webinars that I hold each week. I hold a webinar for people who are brand new to trading or people who have been trading for less than six months and another type of webinar for the more frustrated, more experienced trader who’s been trading for six months or maybe up to six years, and everything in between. It can really help you because if you’re new to trading, you’re going to have different issues, different problems to someone who’s been trading for a while who understands the market more, but who’s really frustrated with your trading.

Pick which type of webinar is going to best suit you, either a new trader or a more experienced trader. Jump on to one of those and I’ll be sharing heaps of really good valuable information to help progress your trading and take you to that next level.

This is Andrew Mitchem from the Forex Trading Coach, I look forward to talking to you this time next week.

I’ll be bringing you more Forex information on the video and podcast. Have a great weekend.

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What does it take to become a full time Forex trader?

In this video:
00:29 – Don’t expect to earn a living from trading if you have $100 in your account
00:58 – Anything that is good takes effort
01.10 – Coaching clients gives up his job to trade Forex full time
01:50 – Started my coaching course 5 years ago
02:45 – Feeling confident to take that next step after making excellent returns
03:30 – Analyse the charts at the weekend
04:00 – Take your time and get it right
04:30 – Don’t expect it to work straight away

What’s it take to become a full time Forex Trader? Let’s talk about that and more right now.

Hi traders it’s Andrew Mitchem here, the Forex trading coach today. It’s Friday the 27th of May.

I’m going to talk about becoming a full time trader. It’s a topic that so many people ask me about and it’s one of those things that’s a little bit frustrating because so many people come to me and say,

Don’t expect to earn a living from trading if you have $100 in your account

“Hey Andrew, I’ve heard about this trading thing. I’ve got $100. I think I can make it. I think I can become a full time trader.”

I never hear from them again. It’s one of those things that because Forex trading’s put out there on the internet to be, not a get rich quick scheme, but something that doesn’t take a lot of effort and you’re going to make a lot of money and solve all your financial problems. That unfortunately is the perception that too many people have.

Anything that is good takes effort

In reality, it’s like anything. It takes … Anything that’s good. It takes hard work. It takes dedication. It takes consistency. It’s really important that you understand that if you wanted to become a full time trader.

Coaching clients gives up his job to trade Forex full time

Just last week I had a visit from a client of mine called Stephen, who lives up in Auckland in New Zealand, about 2 hour drive from me. He came down to see me because he wanted to tell me that after 5 years of being with my course, he’s now packed in his job. He was actually in a tour of the area around me seeing some of his clients. He worked for a big finance company on a very good wage, I would imagine. He was actually seeing these clients saying, “I’m finishing and I’m going to be trading full time.” He just wanted to see them as a courtesy call.

He came to see me to say thanks for your course, for inspiring him into trading, but also for sticking with it.

Started my coaching course 5 years ago

That’s the important thing. For the last 3 years Stephen’s made absolutely phenomenal gains, but he didn’t jump into quitting his job and trading full time after having 2 weeks of having good gains. He’s consistently logged into my webinars. He’s consistently logged into my membership site and looked at trades, asked questions, phoned me, being to see me. He’s taken the effort and he’s not rushed into it and jumped in both feet or dived in head first. Whatever phrase it is you want to use. He’s not done that. He’s been with me for 5 years. He’s had 3 excellent, excellent years on a live account. He’s got it all tracked in terms of his performance. He’s been trading at very low risk exactly like he wants to continue now that he’s a full time trader. He’s taken that decision to go full time. I said to him, “Why have you done that?”

Feeling confident to take that next step after making excellent returns

Of course, the obvious of not wanting to work for someone else, not wanting to travel, etc like that, and being your own boss. He said he’s that happy with his trading that to him it’s now the natural progression. Yes, sure he wants to start trading for some other people over time and take his trading bigger and bigger and further and further. Right now he’s just happy to trade for himself, making excellent returns, taking very little time of the day. He mostly trades the Daily Charts and I think a little bit of the 4 Hour Charts, but not a lot, mostly Daily Charts. He’s really actually only going to be doing say half an hour of trading each day.

Analyse the charts at the weekend

And maybe at the weekend just looking at the markets, looking at the longer time frame charts, the weekly charts, etc and taking his trading from there. When people say to me, “Hey Andrew, what’s it take to become a trader.”

I say, “Number 1, you’ve got to give it time. If you want to have any skill in life then you’ve got to give it time.”

I started to learn to fly a helicopter 3 years ago. It took me a long, long time, more than most, to be able to pass my initial private pilot’s test. I didn’t want to rush it.

Take your time and get it right

I wanted to get it right. Now that I’ve been passed my license for well over a year now, I’m enjoying that hard work, I’m enjoying the rewards of that hard work and dedication up front. That dedication of money, dedication of time, of commitment, of learning, of doing lessons, doing exams, etc. The Forex market is absolutely no different. You have to accept that you’re going get ups and downs. It’s definitely not going to work perfect all the time, especially at the beginning.
Don’t expect it to work straight away

I suppose if one thing that does annoy me is when people come to me and say, “Hey Andrew, look I’ve taken your course and now after 2 weeks it’s just not working. I’m not profitable.”

Take your time. It really is not a rush. It’s a journey, trading. Ups and downs. Good time, bad times. Over time you’ll figure out what works for you. If you stick at it and you dedicate your time and your effort into it, it will work. I hope that helps. If you’re looking to become a full time trader take on board what I’ve just said.

Once again, this is Andrew Mitchem, the Forex Trading Coach, from the beautiful sunshine coast in Australia.

Talk to you this time next week.

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What Indicators should you use to trade Forex?

In this video:
00:29 – Selecting which indicators to use
01:02 – To the novice trader, the array of indicators is fascinating
01:48 – Leads to complete confusion and analysis paralysis
02:10 – The important thing is the price
02:40 – Don’t clutter your screen
03:05 – 95% of all Forex traders don’t make money
03:55 – Look at the strength or weakness of each currency
04:25 – No one system suits everyone
05:03 – Get out of your trading rut
05:55 – Everyone wants to be consistently profitable

What indicators should you use as a Forex trader? Let’s talk about that more right now.

Hi traders, Andrew Mitchem here, the owner of The Forex Trading Coach. Today, It’s Friday, the 20th of May.

Selecting which indicators to use

In this video and podcast I want to talk about something that’s so, so important and it’s all about selecting which indicators you should use as a trader. You see, the problem is as traders we are completely inundated with all number of technical indicators. Just go and have a look at any system out there, any e-book, any robot, any robot back testing software, any trading platform. Anything on the internet to do with a trading system or a Forex platform you will find that there are just so many indicators on there, completely overloaded.

To the novice trader, the array of indicators is fascinating

Now, for the novice trader that actually looks so cool, it’s really impressive. I remember about 12, 13 years ago when I started trading. I was going online, I was researching all these different indicators and names, who invented them, why, how they’re created, why those levels are used, why the optimization levels are used, what time frames they could be used on. I was getting printout after printout of all this informational indicators and I just was absolutely, just absolutely thought it was just so cool. I added them to my charts and I could see how when this line crossed over that line the price would then go up just as it said.

Then of course you go adding more and more indicators together and you get lines and dots and hash marks and you get all this stuff over your chart.

Leads to complete confusion and analysis paralysis

The problem is that you get complete confusion and now there’s this paralysis, think of it like that. You get lines everywhere. The problem is, what you end up doing is you see the price like this, this tiny little area at the top or the bottom of the chart is the actual price. What the indicators do is they take your mind away from what is the important thing.

The important thing is the price

The important thing is the price. Where is the price right now? What is the price of the currency pair? What’s the candle pattern looking like? What’s the overall strength and weakness of that pair? Where abouts within the chart does this price occur right now? Has it got room to move up even further to your profit target level? If I put my stock down at this level, is that a safe level for a reason. Yes or no?

Don’t clutter your screen

When you just clutter your screen with lines and charts and dots and wiggly lines it just takes your mind away from the real important thing. Just how to think about any different trading platform that you’ve tried, whether it be MT4, Trade Station, whatever it might be. Those platforms are completely inundated and overloaded with all these flashy looking indicators.

95% of all Forex traders don’t make money

Also think of it this way. Supposedly, the figures that we hear are 95% of all Forex traders lose money or don’t make money. Yet I can be fairly sure that probably 95% of all Forex traders out there use far too many indicators so you can see there’s a bit of a correlation there.

Do I use indicators in my trading? Yes I do, absolutely I do but I use a select few indicators. I mainly focus on the price. I look at where the price is right now, what’s it been doing? I look at horizontal support and resistance levels. I look at round numbers. I look at where the price is in relationship to where it might be able to move to before it finds its next form of support or resistance to ensure that my profit target has a good chance of getting there. My stop loss has a good chance of protecting the trade and not being stomped out.

Look at the strength or weakness of each currency

I’m looking at the strength and weakness of that currency. Is that currency looking strong against all other currencies? Is that pair looking strong or weak for this week, for this day? If you’re trading then on 15 minute charts, is the four hour chart or is the one hour chart looking strong or weak right now for that pair? Am I looking for a reversal signal or a continuation signal? Yes, I use some indicators.

No one system suits everyone

Now, I’m not saying that my system’s perfect because there is no one system fits all approach to trading, definitely not. There certainly are a lot of very wrong ways and incorrect ways of trading.

My message in this video and this podcast to you is if you’re finding yourself completely confused because on one time frame you’re seeing a buy signal, on another time frame you’re seeing a sell signal and you don’t know what to do and this line’s going up and this line’s going up, but these couple are going down. You’re thinking, “Well, where do I go because this is telling me buy, this is telling me sell?” You know what I’m talking about. If you’re either brand new to trading you’re probably in this situation right now.

Get out of your trading rut

If you’ve been trading for any length of time then guarantee you’ve been through this and may even still be in this bit of a rut right now within your trading.

Can I help you with that? Well, I believe I can because I like to simplify my trading. If you have not been on one of my webinars check out one of my webinars. On those webinars I give a really good introduction to how I trade and the advantages of Forex trading as a newbie trader but also how I trade and how I have been through all those issues as a trader. If you’re an experienced trader, jump on to that experience trader or frustrated trader webinar because I can help shortcut some of those frustrations and those experiences that you’re likely about to get into. I can shortcut that and get you to the level that enables you to understand the market and enables you to start being a consistently profitable Forex trader.

Everyone wants to be consistently profitable

After all, that is all we want, isn’t it? We want to be consistently profitable; otherwise, why are we trading?

I hope that helps. Remember, get rid of most of those indicators that are on your chart right now, they will not be helping you.

This is Andrew Mitchem, The Forex Trading Coach, hope you’ve enjoyed this session. I look forward to bringing you another webinar and podcast this time next week.

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Keep Your Trading Simple

In this video:
00:24 – The importance of keeping your trading simple
01:00 – Clients loving the logical, practical trading method
01.24 – Live trading room webinar feedback
01:40 – Many traders over complicate their trading – analysis paralysis
02:10 – The price will either go up or down
02:55 – Keep your trading simple and trade what you see
03:14 – A weak looking AUD$ – an example from this week
04:10 – What are the charts telling you?

As traders, we need to be using the K.I.S.S. approach. What is the K.I.S.S. approach? Let’s find out now.

Hi, Forex traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach. Today is Friday, the 13th of May.

The importance of keeping your trading simple

I want to talk about the importance of keeping our trading simple using the K.I.S.S. approach: Keep It Simple, Stupid is the acronym for K.I.S.S.

It’s really important that we do that as Forex traders. It’s important that we do that in so many things, but as traders, it’s something we should really, really focus on. I’ve just finished my 7th birthday sale. Had a lot of people sign up, some just over the moon people, really happy, ecstatic people that they’ve been able to jump onto the course at such a drastically reduced price, so well done, you, if you jumped onto the course and took advantage of that special.

Clients loving the logical, practical trading method

One thing that I’ve learnt from the feedback from people already is that they’re loving the trading approach that I have. They’re loving the simple approach, the logical, straightforward, practical, easy to understand approach that I have to my trading. You need to have that because trading needs to be enjoyable but easy to understand and something that you can do all of the time. It doesn’t need to be something that’s so complicated that you get a headache just thinking about it.

Live trading room webinar feedback

Just yesterday I held my first live, two hour trading room session for those people who jumped onto the 7th birthday special, of course, with all the other clients as well. The feedback was that people are just liking that simple, straightforward approach.

Many traders over complicate their trading – analysis paralysis

But also I’ve noticed from talking to a number of those new clients and seeing some of the previous trading strategies that people just seem to be over complicating things. After all, if the complicated method’s working, they wouldn’t have needed to come to me as part of that 7th birthday sale.

I’ve seen some of the screenshots that people have sent me and been talking to people, it’s just complete confusion. Analysis paralysis, people just over complicating what is and what should be quite a simple, straightforward thing.

The price will either go up or down

When you think about trading, what’s going to happen? The price is either going to go up or it’s going to go down. As a general direction, what are we looking for? Are we looking at the price to be quite tight in a range band market like we’ve seen this week, or are we looking for trends? Are the trends up or trends down? Really, that’s when you break it down into simplistic approach, that’s really all that can happen. The price, a currency pair is going to move up or it’s going to move down, or it’s just going to stay exactly where it is, and it doesn’t stay exactly where it is for very long. It’s going to go up and down in a zig zag, sideways approach, in a range band, or it’s going to have some big trends up, pull back, and go again, or down, pull back, go again.

Keep your trading simple and trade what you see

That’s all that can happen, so think of your trading in terms of simplistic approaches. It makes it far more enjoyable. Trade exactly what you see on your charts. I use a phrase of “trade what you see, not what you think,” and that helps to eliminate a lot of clutter in your mind. Keep your mind free, look at your charts, have a logical approach. What’s this pair doing overall? What’s this currency doing against all other currencies?

A weak looking AUD$ – an example from this week

As an example, is the Australian weak? Yes it is. Right now, as I’m making this video, the Australian dollar’s weak. Is it weak against the US, is it weak against the yen, is it weak against the Kiwi, the Canadian, the Euro, the Pound, the Swiss Franc. The answer is, right now, yes it is. Okay, that is great. We know the Aussie is looking weak. What’s looking strong? Okay, so maybe the US is looking strong, maybe the Kiwi is looking strong. Fantastic. Now we’re looking for short positions on the Aussie US and the Aussie New Zealand. Right now the British pound’s showing some strength, so I’m looking for buy positions on the British pound, Australian dollar.

What are the charts telling you?

I’m using that logical approach and then I’m breaking down, looking at the individual chart itself and I’m looking for either buying or selling opportunities in that direction of my longer term approach. Real simple, real easy, takes away a lot of the clutter. I’m not too worried about what’s happening in the fundamental news announcements, I’m looking at what’s happening on the charts. See the trade, take the trade. Keep it simple. It’s the best way of trading, I can promise you.

If you’d like to know more about trading, just send me an email, andrew@theforextradingcoach.com and look out for more videos, this time next week.

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The Danger of Complacency

In this video:
00:23 – Complacency can damage you as a trader
00:50 – You won’t become an overnight expert
01.25 – Don’t run before you can walk
02:03 – Start small and treat it as a business
02:35 – Trading will not solve your financial issues
03:28 – Don’t expect to double your account in a few trades
03:55 – I offer consistency for members
04:35 – Good trading is methodical and boring
05:30 – We are not invincible
05:46 – 7th Birthday offer starts tomorrow

One of the biggest problems facing Forex traders is complacency, so let’s talk about that and more right now.

Hi, traders. It’s Andrew Mitchem here, the owner of The Forex Trading Coach. Today is Friday, the 6th of May.

Complacency can damage you as a trader

I want to talk about a big issue that faces so many Forex traders, and it’s all to do with complacency.

You see, the Forex market is the biggest and the most volatile market in the world, and you really do need to take some time to get a good understanding of how it works, how you operate as a trader, and how the market as a whole operates.

You won’t become an overnight expert

Because I find that so many people think that they’re suddenly going to become market experts after a few weeks or a few months. Unfortunately, that’s just not going to happen.

Think of it this way. You wouldn’t just walk into a brand new industry and walk into an office or a factory, and after few weeks, expect to be the manager, or expect to be a consultant, or expect to be an expert within that field. Trading Forex is absolutely no different. It takes time and you must learn to walk before you can run, and don’t jump in head first. Two of the most common phrases that we use, but it’s so applicable in trading.

Don’t run before you can walk

I’ll give you an example. Just this week, I had a phone call from a gentleman in the US who’s looking at taking my course, and he said to me, “Andrew, I’m looking at investing a vast amount of capital into a Forex trading account, and I’ve just come out towards retirement. I’m looking at selling some properties, selling some businesses, and I want to put a large amount of money into my trading account.”

I said, “Okay, that’s fine. Your account, your money, but tell me this. How long have you been trading?” He said, “Well, I haven’t really traded. I’m just new to trading, but it’s what I want to do.”

Start small and treat it as a business

I had to be really careful with him and said, “Look. That’s all great, but let’s start small. Let’s start on a demo account. Once you’ve proven to yourself you can make money on a demo account, then move to a very small live account, and then slowly build up that account from that.”

It’s really important that you do that and start small. Treat it as a business and just remember that if you’re at that stage, you are new to trading. It doesn’t matter how much money you might have to throw at it, but you’re still new to the industry, and it’s really important that you understand that, and you then take the opposite end of the scale.

Trading will not solve your financial issues

I get many emails from people saying, “Hey, Andrew. I don’t have the money to pay for your course,” or, “I’ve got a $100 account. That’s all I can afford, but how am I going to make some money on that? What money can I expect to make on that account?” With that type of person, you got to be really careful because you can’t expect to solve all your life’s financial problems just by becoming a Forex trader if all you can afford is $100, and so you have to be realistic and you think, “Well …” If you got $100, so let’s say you doubled that in 1 year, that’s a fantastic achievement to make a 100% return.

They go, “Oh, but I’ve only now got $200,” but I’m saying, “Well, yes, you do, but that’s only because you have $100 to start with.” The fact is you’ve doubled that account … It’s more important to double that account over time.

Don’t expect to double your account in a few trades

Don’t expect to suddenly double that account in one trading or in a week because that only is going to lead to one thing, and that’s failure ultimately, so it’s really important to have that understanding of this is a big market. You are a very small fish. We all are a very small fish within a massive market, and we need to have an understanding of how it works overall in order to become a profitable trader.

Now, for some people, they might like to join a course. They might like to have a mentor, and that’s one thing.

I offer consistency for members

There’s a course I offer to help people, and it’s very important from my point of view that I offer consistency, and so every day of the trading year, I place daily market analysis, daily trading suggestions, strength and weakness analysis for my members to go and access at the same time every single day. Every 2 weeks, I hold live trading room webinars, so people can jump on to those live trading rooms, and watch me trade on a live 6-figure account, and see all the trades I’m taking, good trades and bad trades. For me, the consistency is within my trading, and the consistency is what I offer people.

As a trader, you need to be consistent. To be perfectly honest, to be a good trader, it’s actually …

Good trading is methodical and boring

You need to have almost like a boring systematic approach. A lot of people think trading is going to be wow, fantastic, and lots of parties and cocktails, and making all this money, and all the excitement like you see on TV or the internet tries to tell you.

The reality is you need to be doing almost … Once you understand the system and the market, you need to be methodical, quite boring in your approach, and just do the same things all the time. If you see a great set-up, then take that set-up. If you don’t see a set-up, then don’t take anything. Don’t go inventing things, and so it’s been an understanding of how you are as a person, how you are as a trader, and how that fits into the overall market.

We are not invincible

Complacency is a big problem. As Forex traders, we all think we know everything when we know not much or emotions start coming in like fear or greed, or you think that just because you’ve taken a couple of good profitable trades, you’re invincible, and then of course, that’s going to hurt you also, so it’s a really important subject to get a grasp of and to understand.

7th Birthday offer starts tomorrow

I hope that helps you. If you are watching this video on the 9th of May, don’t forget that my 7th birthday special starts today or the 10th of May, depending on where you are in the world. It lasts for 77 hours. Jump on to that because it’s a deal like I’ve never done before in 7 years as a Forex coach, so I hope that also helps you if you’re interested in getting started with some tuition, and some mentorship, and my help.

Once again, this is Andrew Mitchem for The Forex Trading Coach. Have a fantastic weekend.

I look forward to talking more Forex with you this time next week.

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How do you pay yourself as a Forex Trader?

In this video:
00:35 – How should we pay ourselves?
01:18 – You need to reward yourself
01:50 – How much to withdraw and how often?
02:40 – The balance between needing the funds and your trading account total
03:20 – How to trade with free money – withdraw the initial deposit
04:05 – Multiple accounts and are you protected?
04:50 – Client makes consistent returns
05:19 – The 7th Birthday sale coming soon – register your interest

How do you pay yourself as a Forex trader? Let’s talk about that subject and more right now.

Hi traders. It’s Andrew Mitchem here, I’m the owner of the Forex Trading Coach and in today’s video and podcast I want to talk about a subject that I’ve actually received two emails about just this week.

One’s from Stan over in Australia, the other’s from Alex in the UK. They both ask a similar question and they both also said, “Hey! Andrew can you just elaborate on the subject. About, how do we pay ourselves as Forex traders?”

How should we pay ourselves?

When do we withdraw funds from our trading account, how often, etc, because it’s something like, both of them said, it’s a subject that’s not very widely covered. You really don’t hear too many people talking about withdrawing funds from their account. You hear probably stories about bad brokers, about people finding it difficult to withdraw funds from their accounts and you definitely want to stay well clear of those sort of brokers, but you don’t often read or see videos or hear about, good ideas about how you can withdraw your funds.

Not all your funds, but just partial withdrawal of you funds in order to pay yourself because to me it’s something, to reward yourself is actually something that’s really important.

You need to reward yourself

You should reward yourself as a trader. You know, you reward yourself for your good learning, for your good trading, for the time and the effort that you put into your trading and for getting good results. You have to reward yourself for that.

How do you go about it? Well I suppose it depends on why you’re trading. If you are trading, let’s say a relatively large account and it’s something that you’re doing as an investment and you can afford to take funds from that account, then definitely do so.

How much to withdraw and how often?

You really need to decide how much you’re going to withdraw when, how often, etc., because you need to be really careful that you don’t withdraw funds too often otherwise you start accumulating bank fees and too many bank fees, you know, you don’t want to be paying the bank all the time just to try and get $100 back out of your account. That’s pretty pointless.

What you need to do is maybe when you make a certain amount of money, or a certain percentage on your account, whatever it is that you’re looking for, a certain amount that you need to live on, you then need to be withdrawing that as a reward for yourself and for your effort that you put into your trading.

The danger is, I suppose, if you withdraw too much or too much too often then any gains that you make, you’re losing out on that higher account size and compounding of that higher account size. It really becomes a balance of why you want to withdraw that funds and how much do you need to withdraw those funds.

The balance between needing the funds and your trading account total

Sometimes I prefer to keep my account growing in terms of it’s size and compound on those gains if I‘m not needing to withdraw funds. You know, it really depends on how much you have in your account, how much you are earning from other sources.

If you’re purely earning all your money full time as a trader, then definitely you need to be withdrawing funds more often to live on. Another way of looking at this is, let’s say that you had a $50,000 account and let’s say over time you’ve withdrawn $50,000.

How to trade with free money – withdraw the initial deposit

Effectively what you’re trading on now, if you’re still at $50,000 is basically free money because you started with 50K, let’s say over a year or however long it takes, you’ve withdrawn 50,000 and now you still have 50,000 left in your account but of course you’ve already withdrawn your initial deposit so you’re basically trading from now on with effectively free money.

Sure, it’s money that you’ve earned, but it’s effectively free because you’ve already taken back your initial deposit. You’ve already got that back so you can’t really lose from there on, so that’s a fantastic situation to be in.

The other thing to bear in mind also, like Alex says on his account, he said do I open accounts like with more than one broker or do I have multiple accounts with one broker, because like Alex said, in the UK the financial compensation scheme doesn’t cover beyond 45,000 pounds.

Multiple accounts and are you protected?

In other parts of the world, I think in Australia, New Zealand it’s $100,000.

The US I’m not sure about but make sure that you know what’s covered in case your broker goes belly up and things go wrong. You don’t want to be losing all your account if your broker should go out of business. You need to see there’s some form of insurance or compensation from your government for that. Just check that out as well.

Client makes consistent returns

The question from Stan was, he said, look he joined me several months ago, he’s been consistently profitable for a number of months, things have gone really well with his trading and he said, really I’m looking to withdraw funds as an income.

That’s fantastic but as mentioned, just be really careful that you don’t withdraw funds too often and end up paying bank fees unnecessarily. Hope that helps with that question, because as mentioned, it’s something that’s not covered very often.

The other thing I just want to quickly mention is you may have seen that on the 9th or 10th of May, depending on where you live in the world, I’m holding a 7th birthday sale.

The 7th Birthday sale coming soon – register your interest

It’s the 7th birthday of the Forex Trading Coach on that day, so for 77 hours starting at 7:00 AM my time on Tuesday the 10th of May, could be Monday the 9th if you live in Europe or the US, I’m holding just an incredible and crazy 7th birthday sale.

There will be a link on this page and on the text below there’s a video to enable you to find out more information. If you’re listening to the podcast, get onto the website, view the video and look at the text and you’ll find there’s a link there to find out more information about that sale.

Register your interest if that interests you and on the 9th or the 10th of May, depending on where you live in the world, I will be sending you an email with just an incredible chance to jump onto my course at a hugely discounted rate, never done this before, probably never, ever do this again. Find out by clicking on the link below this video.

This is Andrew Mitchem, the Forex Trading Coach. Have a wonderful weekend. Look forward to catching up this time next week.

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3 Quick Questions To Help You Succeed as a Forex Trader

In this video:

Hi Forex Traders, this is Andrew Mitchem here. I’m the owner of The Forex Trading Coach.

In order to help you further, I’d really love to get some feedback from you on this video and podcast. I’ve got three really quick questions I’d like to ask you, and I’d love to get your comments on the comments area below this video.

The first question is:

How would you describe yourself as a trader?

Are you a new trader or an experienced trader?

If you’ve been trading for let’s say less than six months either on demo or live, I’d classify you as a relatively new trader.

If you’ve been Forex for let’s say six months or more through to several years, then I’d say that you are a more experienced trader. Question number one, just leave on the comment below, are you new or experienced?

Question #2:

What’s the one thing that’s really holding you back within your trading now?

What’s your biggest challenge?

Let me know what that is, because if you let me know what your biggest challenge is, what’s the biggest issue that you have with your trading or your biggest frustration, whatever it might be. What’s the biggest, number one biggest challenge that you have in your trading? Leave that on the comments box below as question number two.

Question #3:

In a couple of weeks from now The Forex Trading Coach is going to be celebrating it’s seventh birthday, and it’s something that I’m really proud of that achievement. In order to help me give back to you, as question number three, type in what you feel I should help you with. I want to give you back and I want to help people.

Type in what you think I can do to help you.

Don’t type in things like, “Andrew, give away your coach for free or fly around the world and teach me for free,” because unfortunately that’s probably not going to happen. If there is something you think that I can do in order to help you as a Forex trader, then type that in this question number three.

Please feel free to interact with those questions below. If you’re listening to this as a podcast, when you get back to your computer watch the video and below the video you’ll find a comments box.

Just take a couple of minutes, type in those three questions.

Question #1: Are you new or experienced as a trader?

Question #2: What’s the biggest question that you have or biggest challenge that you have with your trading right now?

Question #3: What do you feel I can do to help give back to you and to help you as a trader?

I look forward to reading your comments, and I look forward to helping you as a trader. This is Andrew Mitchem, The Forex Trading Coach.

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The Importance of Trading Psychology

In this video:
00:25 – Understanding yourself
00:54 – Dealing with uncertainties and the emotions involved
01:30 – What type of person and trader are you?
02:20 – You need a good trading plan
03:01 – Review your trades
03:07 – Client makes 8% in the last 2 weeks
03:34 – Control your risk and eliminate fear
04:05 – Don’t revenge trade
04:30 – Leave your comments below

Do you have a problem with psychology and understanding the market and yourself? If you do, listen up, I’ve got some great tips and information for you.

Hi Forex Traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach. Today is Friday the 15th of April.

Understanding yourself

I’ve had a lot of e-mails over the last week or so from people asking me to explain more about psychology. To try and give them some tips and some information to help them understand themselves and to help them understand their own trading, because it’s an issue that so many people have a problem with. It’s also an issue that very few people actually discuss, but it’s one of those issues within your trading that can help make or break you as a trader. Let’s talk about some of the problems.

Dealing with uncertainties and the emotions involved

Trading, because we’re dealing with an unpredictable market and we’re dealing with maybe trading by yourself, you may be … The other people around you don’t maybe understand what it is that you’re doing and you’re trading with money. All of those things put together make trading quite an emotional business to be in, but everybody focuses on the good things, in terms of their profits, and looking at charts, and what news came out, etc. Nobody really focuses on having the emotions under control within your trading, but there’s several things you can do to actually help you with that.

What type of person and trader are you?

First of all, you need to understand what type of person you are and what type of trader you are. There’s no good trading five minute chart scalping the market if you really can’t stand the stress of watching every single pip move up and down. The other end of the scale, there’s no good taking weekly or monthly chart trades if you can’t stand watching a trade stay in the market for over one day. Understand what type of trader you are and then implement that and put that into the strategy that you trade. There’s no good if you are a believer in fundamental news announcements in just watching charts only. Likewise, there’s no good in just watching the news announcements if you are a technical trader and you like watching the charts.

It’s about finding what blend works for you of time frames, what style of trading, what time of day, etc. All those type of things come into it.

You need a good trading plan

The other thing that you really need to have a good trading plan and you need to review the trades that you’ve taken. Having a good trading plan, that means writing down the plan, what it is exactly that you’re looking for, for every new trade. Had you handled open trades? Had you handled losses? What is it that you do with your trading on a day-by-day basis? What set ups are you looking for? What type of trades, reversals, continuation patterns, pin bars, news announcements? What is it that you’re looking for to take in a new trade?

Review that daily. Look at it before you even turn your computer on and get your mind fresh in understanding what it is that you’re looking for before you even look at the charts that day.

Review your trades

Review your trades; what worked, what didn’t work, why did it work, why did it not work, and get an understanding of what happened there.

Client makes 8% in the last 2 weeks

A client of mine just yesterday sent me an e-mail saying, “Hey Andrew, loving your course, I’ve made 8% since I’ve gone live in the last two weeks and all I’m doing is exactly the same as I did on a demo account and what I’ve also done,” this lady said to me is she’s made a trading plan, which she reviews every single day before turning her computer on, exactly in the same way that I’ve just mentioned.

It’s proven that it works when you have a good trading plan, and also a good strategy and an understanding of the market.

Control your risk and eliminate fear

Have controlled risk within your trading. Don’t gamble within the trading. If you have controlled risk and you know that exact amount that you can lose on a particular trade if it goes completely wrong, that helps you with the fear within your trading. You’re not looking at closing early because you think you’re going to lose too much money, or you’re not scared to take a new trade because you think you’re going to lose, because you know the controlled risk that you have. Don’t go gambling, don’t place ridiculous position sizes in the hope that it’s going to outweigh all the losses that you just had.

Don’t revenge trade
In other words, don’t revenge trade. It’s not the market’s fault that you’ve lost in your trades. At the other end of the scale, just because you’ve had a string of winning trades in a row and you’ve made some good money, well done, but it doesn’t mean to say that you’re indestructible. Don’t then go placing stupid trades and give back some of those gains back to the market because you’ve done silly things thinking that you just can’t lose. Get all those things right and it will really help you with your trading.

Leave your comments below

Hope that helps. If you have any comments, please leave them below, there’s a video. This is Andrew Mitchem, The Forex Trading Coach.

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Fantastic Opportunities to Profit from Buying the Yen

In this video:
00:29 – This week’s charts and the JPY strength
01:00 – Rare to get a currency show such strength all week
01.23 – Did you know the JPY was going to move?
01:50 – Selling the GBP/JPY and USD/JPY – posted for clients on Monday
02:35 – GBP weakness continues and the JPY is strong – leads to an 800+ pip move
03:18 – You need to be able to see and take the trade before the big move happens
04:14 – Live trades on live webinars
04:38 – A good sound strategy and learn from a professional trader
05:03 – Get onto one of my free webinars to learn more

There have been some fantastic opportunities to buy the Japanese Yen this week. Have you made money from it? If you have, fantastic. If you haven’t, you need to watch this.

Hi Forex Traders, Andrew Mitchem here. I’m the owner of The Forex Trading Coach and I’ve been coaching Forex traders all around the world for almost 7 years now.

This week’s charts and the JPY strength

I want to talk to you what we’ve seen on the charts just this week. You would have noticed and you could have not failed to notice massive, massive movements across all the Japanese Yen pairs. Huge strength in the Japanese Yen across the board, across all pairs. What’s this done is it’s presented us with some fantastic trading opportunities, opportunities that you don’t see every week. Some weeks you’ll get a good day or maybe a good couple of days with some good movements.

Rare to get a currency show such strength all week

But very rarely do we see a currency like the Japanese Yen just shown massive strength and it’s continued the entire week. Quite often you’ll see a good bit of strength in a currency and you’ll see it retrace a bit and then go again. This week, Japanese Yen has just been the currency.

Did you know the JPY was going to move?

The interesting thing and the point that I’m wanting to make is at the beginning of the week, did you know that it was going to move either in which direction or how much it was going to move? The answer’s probably no. For myself, I had a fairly good understanding of which way it was going to move.

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

On Monday morning, at the beginning of the week, I posted on my website for my clients that I was looking at strength in the Japanese Yen. I said I was looking at selling opportunities in the week on the British pan, Japanese Yen and also on the US, Japanese Yen. I didn’t know at the time how much it was going to move because so far this week, the Pound/Yens moved 800 pips. The US/Yens moved around 450 pips which for that pair is a lot of movement. The good thing as I mentioned earlier is that it’s been pretty much a consistent movement. It hasn’t been a big move down, then a big pull back, and another go. It’s been pretty much a downward trend the entire week on the Pound/Yen and the US/Yen.

GBP weakness continues and the JPY is strong – leads to an 800+ pip move

The Pound/Yen has had a big move, 800 pips this week with just 1 day to go. When you think about it, for the past few weeks I’ve been talking about the weakness in the British/Pound. You put that together with strength in the Japanese Yen, so you’ve got weakness in the Pound, strength in the Yen, put the two together, it’s just been a perfect currency in strength and weakness terms. Also technically on the charts for that to drop like a stone and it has done that. 800 pips. How much have you picked out of that big movement so far this week? How many smaller trades have you seen with good selling opportunities?

This week, on Monday, I said to my clients, “I’m looking for short positions, Pound/Yen, US/Yen and throughout the week on the daily charts I’ve been looking at weakness on those 2 pairs.”

You need to be able to see and take the trade before the big move happens

The point I’m trying to make is that you need to have the ability, not to see this in hindsight because it’s very easy in hindsight. I could look at a chart behind me here and say Pound/Yen s dropped 800 pips this week. Fantastic. If you don’t make money on it or don’t have the ability to see that before it happens or the ability to know when to place trades on those pairs, it really is meaningless. Monday morning, I said to my clients, “This is what I’m looking for.”

On the membership side, I post where I’m seeing the weekly directions and then each day I post where I’m placing or seeing the overall ideally, the daily directions. Then I’m actually writing down specific trades everyday for my clients based on the day charts with the reasons for the entry, the direction. All the reasons that I teach in my course why I’m taking these particular trades and the exact entry and exit levels. Again, all that is taught in the course.

Live trades on live webinars

On top of that when I hold my live webinars, I’m actually taking trades in real time in front of clients. There are many ways in order to be able to see and understand and in real time what I am doing and why.

I’m not right all the time. Far from it. No one’s right all the time. If that’s what you’re looking for, then either myself or no one else out there can help you.

A good sound strategy and learn from a professional trader

If you’re looking for someone that can help you with a good sound strategy that has the vast majority of trades and directions correct and giving reasons for those trades and those directions in advance to the market moving. That’s what you need in order to help you to be able to trade in real time, to understand how the market moves and to able to make money from trading.

Get onto one of my free webinars to learn more

If you’ve not been on one of my free webinars, which are freely available to the public, I suggest you jump onto one of those next week. Either if you’re a new trader or a frustrated trader. 2 different sorts of webinars designed for whatever type of trader you are right now. Then if you wish to take that further, to my clients only live webinars where I’m trading on live account in real time in front of you, watching me trade, that’s a different level again. We can talk about that after, but the first thing you need to do is to hop onto one of those free webinars. If you’d like to go further than that, fantastic. If you like the webinar and you don’t wish to continue with my help afterwards, that’s your call and that’s also fine.

I hope that helps. Leave a comment below. If you’ve got some comments on this video and if you’d like me to discuss any topic that you have regarding the Forex market on future videos and podcasts just like this one, email me at andrew@theforextradingcoaching.com or leave your comment below this video. Look forward to talking to you this time next week. This is Andrew Mitchem, the owner of The Forex Trading Coach.

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How do you know the best Forex pairs to trade?

In this video:
00:25 – A common issue – what to trade, which direction and when to trade
00:54 – Unnecessary risk and confusion
01:15 – Trade with the daily direction
01:50 – Eliminate the common problems
02:20 – Free information posted daily on my website for you to use
02:50 – A trade example
04:30 – Client makes +8.51% on a live account this week
04:53 – The value of investing in yourself
05:30 – The ultimate goal is to make money from your trading

How do you know which currency pairs to trade, what time frame to trade, when to trade and which direction? So let’s talk about those problems and more right now.

Hi Forex Traders, Andrew Mitchem here, today is Friday the 1st of April.

A common issue – what to trade, which direction and when to trade

And a very common problem that so many people share with me is that they have such an issue with their trading of having a lack of understanding really, they are not sure which currency pairs to trade, when they should be looking at their charts, which pairs to look at, what direction the trade is likely to move in, which time frame to trade. There is quite a lot of issues going on there.

Unnecessary risk and confusion

All of those things cause a lot of confusion. They cause most people to probably take to many trades, over trade and therefore what that is doing is it’s causing unnecessary risk on your trading account. Now we know the issue, let’s see how we can address that.

For me I have like most things in my trading quite a simple solution to this issue.

Trade with the daily direction

What I do I tend to try and take my trades within a day in the direction in the direction that I see the longer time frame charts moving. To help people with that I post on my website, free of charge, each day the likely strengths and weaknesses of different currencies and also different pairs for each day and that is valid from 5:00 PM New York time through to 5:00 PM New York time the following day, so for 24 hour time frame.

Eliminate the common problems

What it helps you to do is to take trades using your own strategy on the time frame charts that suit you and to only take trades that are in that likely overall direction. What that does is eliminate a lot of bad trades setups and eliminates a whole lot of issues around confidence, about loss, money, whatever it might be, it helps to eliminate a lot of those current problems within your trading.

Free information posted daily on my website for you to use

I analyse the strength and weakness of all the currencies and all the currency pairs every day and so I suggest to do is have a look on my website every single day, just log into my website and get that free information. Of course for my clients they receive a whole heap more than that, they receive specific trades with the reasons for taking the trades, the directions, the exact entry point and exit point etc. that’s for clients, they pay for that information and it helps them to trade all different time frame charts within that day. If you are not a client then just log into my website and have a look under the latest daily directions because it really will help you.

A trade example

As an example let’s say the British pound, US dollar. They let’s say were to sell off, I’m looking for short positions ideally on the British pound, US dollar. I do that by looking at the British pound and I’m seeing lot’s of weakness throughout the British pound against the US, against the Yen, against the Frank, the Kiwi, the Aussie, Canadian, etc,. At the same time let’s say I’m seeing strength in the US and I’m seeing strength in the US against the Euro, against the Pound, all those, against the Yen, the Frank etc,. Put the two together and I’m saying “For today I’m looking for short positions.” What that helps me do is when I go to say one hour time frame charts, four hour time frame charts and I see short positions setting up, cell positions setting up on my charts. I know that it’s trading in that likely longer term direction.

What it also does is it stops me from taking buy positions or long positions on that pair today. Those long positions may or may not work out depending on your strategy and your approach to trading. However, I know that for today the likely overall direction is for the British Pound, US dollar to drop therefore why would I want to be taking buy positions? I’m much more likely to get high probability trades, higher reward through this trades by taking cell positions for today.

Make sure that you jump onto my website daily, have a look at that information, it’s free there for you to go and have a look at. Of course if you want to know more then you can jump onto my course but that’s a whole different level again for those people who wish to invest in their own education.

Client makes +8.51% on a live account this week

Talking about people who wish to invest in their own education. I had a fantastic email yesterday from a client of mine in Texas in The US who has made 8.51 percent on their account so far just this week trading just the daily charts.

The value of investing in yourself

It just goes to show what can be done once you have invested in yourself, you learn a good strategy, you have some backup help from a mentor and you understand what you are doing within your trading and you have that ability to then take trades for yourself. Imagine that 8.51 percent and that was only sent to me on Wednesday, or sent to me Thursday my time, but Wednesday in The US. This client still had another two days of trading, yesterday and today’s trades to take. Just shows what can be achieved once you have a good understanding.

I hope that helps you because ultimately what we are trying to do out of trading is to be profitable and to make money and to enjoy our trading.

The ultimate goal is to make money from your trading

In order for all that to happen you have to have a strategy, you have to have an understanding of the market, you have to stick to that strategy and people paid for losing trades but also when you do get profitable trades make sure that they are such great rewards to risk trades that they make up for any losses that you had plus more. If that helps, let me know, leave a comment below underneath this video and I look forward to bringing you more trading news and information, this time next week.

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