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The Best Way To Learn How To Trade The Forex Market

In this video:
00:24 – The best way to learn how to trade Forex
00:56 – Limitations with most methods
02.54 – The value of live trading webinars
03:49 – You get to see everything on a live account
04:45 – Learn the reasons to trade or not take a trade
05:30 – Daily on-going education to help you trade
06:10 – Trading across all time frame charts
06:40 – Interact with a professional trader in real time

What’s the best way to learn how to trade the Forex Market? Let me share that and more with you right now.

Hi, Forex Traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach, today is Friday, the 18th of March.

The best way to learn how to trade Forex

I wanted to share in this video and podcast, the way that I believe is probably the very best way that you can learn how to trade the Forex Market. Let’s look at the options of what you currently have.

You could attend live seminars, you could look at forums online, you could read books, you could attend local trading groups, or you could just do it alone, and you can figure out what works and what doesn’t work for yourself.

Limitations with most methods

All of those have some limitations. The problem is, when you go to a seminar, is that it’s generally all over within a day; possibly a weekend, if it’s taught to you during a weekend, then of course you can’t trade live. That becomes a problem with a seminar.

When it becomes an online forum group, they generally get taken over by the people who think they know more than everybody else, and who like to express their opinion, and the other thing I’ve noticed over the years with forums is that they very quickly go off topic, or someone adds some new indicator or changes the whole original look and feel of the forum. The person who generally starts that forum or that thread up, generally gets fed up and leaves. That’s the common issue with forums.

You could go to a local group of traders, and the problem is with that is that people may be trading different markets. They may have got different ideas. Some have got longer-term traders, some like scalping the market. The other problem is, is that depending on where you live, the market may not be in the best conditions for trading live. Everybody has different ideas and opinions. You generally find that those groups that most people don’t like to give away all their secrets. The few live trading groups that I’ve ever been to, I’ve found them not that useful. Nice people, great to talk to other traders, but not that useful, as in trying to learn what works for me.

The other way, of course, is going alone. Doing it yourself. Trial and error, trying to figure out what works for you. Can be very, very lonely, and quite frustrating. You generally find that most people, friends or family, have no idea what it is that you’re trying to achieve, and therefore, you’re stuck at home or in your office, trying to understand how to trade by yourself, really with little support and backup.

Those are the issues that I see with most ways that people learn to trade.

The value of live trading webinars

One of the things that I think is so important and why I believe that so many of my coaching clients do extremely well, is because I hold live trading room sessions. I held one just last night for my clients. Around two hours, fifteen minutes, in the European session. The beauty of the live trading room sessions is that you get to see me trading. You can see one of my accounts here, with hopefully those green lights you can see. We just had a great trading room session last night. Lots of profitable trades that I took during the session, and many of them actually closed out for profit during the session also.

The benefit of that is you actually get to watch and hear, and be able to interact with a full-time trader. Someone who’s trading right now, in the market, as the session’s happening.

You get to see everything on a live account

The way that I like to run my webinars is that I show you my whole account. You get to see everything. All the dollars and cents moving up, the account balance, you see my previous trades, good and bad. You see live trades, you see me taking the trades in real time. It’s not just me saying on a demo account, “I’m taking a trade here.” You actually see it on a live, six-figure account, with me placing the trades, the reasons for placing the trade, the entry, the exit levels, etc. You see the whole thing, nothing’s hidden.

Whether that trade ends up being a winning trade or a losing trade, you actually see it developing and being placed in real time. There’s no better way of learning how to trade then seeing someone do that in real time. There’s no cherry-picking, just the best ones. “I’m now going to show you all my winning trades from the last month,” there’s none of that. It’s real trades taken in real time.

Learn the reasons to trade or not take a trade

The other good thing about that, the feedback that I get from people, is that you actually get to understand the reasons for taking a trade, and also reasons for not taking a trade. You may see several really good trading setups, they look good, and you think, “Yeah, this fulfills everything that I’m looking for, or most of the things I’m looking for.” Then I might say, “I’m not actually taking this trade, because of reasons one, two, three.” Whatever they may be. To actually see that in real time, there is nothing better than being able to understand that and see that.

Apart from the actual video course that I have, which actually explains the whole strategy, the video course is great in terms of you can go and actually see the course, understand the course, and be able to learn in your own time. Then of course on top of that, you need followup information.

Daily on-going education to help you trade

That’s why I supply my membership site daily trades strength and weakness analysis, etc, to help people with their ongoing education. It’s no good just having a one-off, let’s learn a strategy. You need real time followup. You need to have day by day, look at the market, to understand what’s happening in the market, and then you need the trading rooms on top of that to be more specific with actual, real trades.

Those sessions are just invaluable. The feedback is tremendous. I have people from all over the world attending those live sessions. It’s just the best way in my opinion of learning how to trade.

Trading across all time frame charts

As I mentioned on the session, just last night, we had some brilliant trades. I also took trades on the four-hour and six-hour charts. I had trades open on the daily, the weekly, and even the monthly charts. We go and look at all different time frames. We even went down to five minute chart trades, and looked at those yesterday. In fact, a client made a fantastic trade, about a two to one reward to risk on a five-minute chart trade when I was on the session live yesterday.

Interact with a professional trader in real time

Join those sessions, we have question and answer sessions also so clients can interact and ask me any questions they like. They can send me trades they’ve taken, both good trades and bad trades. The main thing is that we look to trade in real time during those sessions.

If that sounds like something that you’d like to know more about, or something that you think could help you with your trading, because I genuinely believe that that is the very best way of learning how to trade. If you’d like to know more, send me an email. Andrew@theforextradingcoach.com.

If you’d like to know more, you can also look at jumping onto the webinars that I hold each week for non-clients. They’re for new traders or for frustrated traders. Just choose the type of trader that you are, whether you’re brand new to trading or you’ve been trading for a while. Hop on to one of those webinars.

Don’t forget, it’s the actual clients only sessions where I’m actually trading on the charts in real time. That’s the best way of learning.

This is Andrew Mitchem, from the Forex Trading Coach. Have a fantastic weekend and a great trading week next week.

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How to protect your open trades

In this video:
00:30 – What do you do when you have a run of bad trades?
01:14 – Accepting the rough with the smooth
02:38 – It’s frustrating and hard to deal with
03:11 – Client makes 11% last week on her trading account
04:09 – Losing weeks are a part of trading
04:55 – Don’t go changing your system
05:24 – Stay away from the forums, control your emotions

How do you best protect your open trades to ensure that your winning trades don’t turn into losing trades?

Let’s talk about that and more right now.

Hi, Forex traders. Andrew Mitchem here, the Forex Trading Coach. Today is Friday the 11th of March. I want to talk about a really important subject, because there’s nothing worse as a trader than seeing your trades in really good profit, you’ve got lots of trades on, let’s say multiple trades all open, really good profit, you’re doing well, you’re happy, and then all of a sudden you might go off to work, or you might leave them open over night, or whatever happens.

Your winning trades have all turned into losing trades

You suddenly find that their all turned into losing trades or being completely stopped out. Really it’s quite a gutting feeling. There’s nothing worse as a trader, but unfortunately that does happen.

What can you do about it, because it really is quite an important subject? Really when you think about it you’ve got a few different type of options there.

Using partial closing

One of the options you have is called partial closing. It means closing a part of your trade, a proportion of your trade, when your trade gets to a certain level. It’s one of the methods that I prefer myself. When I see a trade in profit and I see it get to a certain level, I can then look to say, “Well, I’m going to close part of that trade out,” so you might look at closing a quarter or a half of that trade and let the rest of the trade move up towards its profit target. The great thing with that is you capture some fairly good profit out of the trade.

At the same time, you then have options of course. What are you going to do with the stop loss? Are you going to leave it exactly where it is? Are you going to move it to protect the trade to make sure that it’s a smaller loss if it gets stopped out? Are you going to move it to even? Are you going to move it to a guaranteed profit? Now, depending on the time frame of the chart that you’re trading, and the actually length of the trade, and the profit target.

Moving the stop loss to lock in profit

One of the very nicest things you can do is to move the remaining position up into guaranteed profit. Even if the trade comes back and gets stopped out, you still make profit. When you think about it, mathematically wise is that the best thing to do? It’s a little bit like people who always move to break even. It might be a feel good thing to move to break even, but really is it the very best thing to do? We’ll come to that shortly.

First option is a partial closing. Second option is to close the entire position. Certainly we just close it early. You can do that if you wish to.

Should you use a trailing stop?

The other thing you can do is to use what’s called a trailing stop. Now, a lot of people think a trailing stop’s a really good thing, because it means that you’re trading as your profit is moving up and up, you’re bringing your stop loss with it. Again, it could be one of those feel good things. The thing I don’t like about trailing stops is you’re not actually moving your stop loss for a technical reason. You’re just moving it up by a set number of pips as the profit moves further and further up.

The downside to closing trades early

The downside with all of these things when you start closing trades early is that quite often you can then close out really good trades way too early. You might make a small profit, or break even, or a small loss in what otherwise might have turned into being a very big profit and a very big gain if you’d have let the trade alone and let the market do its thing.

It’s the catch twenty-two situation there. Which way do you go? Do you go for the feel good of locking in some profit and almost like …? Really it’s about which option are you going to go for? Are you going to go for the feel good factor of closing some of the trade and locking in some profit, which feels really good, or are you going let the trade go into really good profit, potentially come all the way back and stop you out, or in other instances it might just come back a little bit, retrace, and then go again and hit full profit? That gives you the maximum reward towards trade. It’s really something that you need to decide for yourself.

Have a set rule that works for you

One thing I would say is try to have a set rule. What they does is it takes emotion out of play. It takes that, “Aw. It’s nearly there. I’m going to take it,” when it’s really … you shouldn’t take it in that situation. If a trades going really well, and you picked the right directions, in many instances you should just let it continue to the full profit target, rather than just manually closing early, just for a feel good factor.

Decide what works for you. Sometimes it will work in your favor and other times it won’t. As a good example.

NZD and EUR Interest rate cuts this week

This week we’ve had the New Zealand interest rate cut and also the Eurozone cut, both quite unexpected. I got affected by it with a few trades that I had open that were in really good profit and then ended up getting stopped out. Some I did partially close, some I didn’t. Sometimes whatever system or whatever strategy you use is not always going to work all of the time, but you need to decide the method that works the best for you.

Controlling your emotions as a trader

Decide what feels the best, what you’re comfortable with, and which really helps to control your emotions the best within your trading.

A lot of trading, when it comes to these type of things, with stop losses, and profit targets, and seeing really good profitable trades or seeing losing trades, it all comes back to emotions and how you can best cope with that as a trader. If you can cope with those emotions, keep your risk low and look at your trading as a bigger picture, not just worrying about one or two trades, or even one or two weeks. If you can do that bigger picture thing, then that will really help your trading and take it to the next level. If there’s anything I can help you with regarding your trading, any problems that you’re having, send me an email, andrew@theforextradingcoach.com, and I’ll talk to you this time next week.

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How to cope with losing trades

In this video:
00:30 – What do you do when you have a run of bad trades?
01:14 – Accepting the rough with the smooth
02:38 – It’s frustrating and hard to deal with
03:11 – Client makes 11% last week on her trading account
04:09 – Losing weeks are a part of trading
04:55 – Don’t go changing your system
05:24 – Stay away from the forums, control your emotions

What happens when you have multiple losing trades and you’re having a really bad trading week? Let’s talk about that and more right now.

Hi, Forex Traders, Andrew Mitchem here, the owner of the Forex Trading Coach. Today is Friday, the 4th of March and I want to talk about something that you won’t find many people talking about this subject.

What do you do when you have a run of bad trades?

What happens when you have a losing streak? What happens when you have bad days and you have bad weeks? The reason I want to talk about that is because this week, I’ve had one of my worst trading weeks for many, many months, if not years. It’s just been one of those weeks and so I want to address that because how you react to that is actually really important to your longer term success as a Forex trader.

Now, as a trader we have to accept that losing trades are a part of trading and of course, most people understand that, but what happens when you get multiple losing trades all in a row and you had a bad week? That just happens, yes, but it’s not that easy to deal with sometimes.

Accepting the rough with the smooth

As traders we need to accept that losing trades are a part of trading, but also accept the rough with the smooth. As an example, the vast majority of my weeks I make profit and make some really good profit, but this week I’ve made a reasonable loss.

How do you cope with that? Firstly, of course you can control the loss that you take per trade. What you don’t want to do is have one or two really bad trades that make massive losses and then have small gains that just claw back a tiny bit, but you still end up with a loss. I like to have controlled risk and equal risk on every trade. Even so, I’ve had many losing trades this week and overall I’m in a loss. Why’s that? It’s just been one of those weeks.

I’ve had retracement trades that have almost retraced to my entry level but they haven’t quite, but then they’ve turned around and gone and hit the full profit but I’ve not got anything out of the trade because I’ve not actually been filled into the market. I’ve had trades that have moved almost to my profit target and then almost hit that level and I haven’t been there to watch the trades that have happened overnight, let’s say, and by the time I wake up in the morning, look at my charts, it’s got within a few pips of my profit target and it’s come all the way back down again. I’ve taken either a small profit or a loss.

I’ve had other trades that have gone almost down to my stop loss, have just stopped me out by a pip or so and then they’ve turned around and gone to the profit target. It’s very, very frustrating.

It’s frustrating and hard to deal with

There is no doubt about it. It’s frustrating, and it’s annoying, and it’s quite hard to deal with from time to time. When that happens, you just tend to find that that happens trade, after trade, after trade, which is what I’ve experienced personally this week.

Like I said, longer term, you’ve got to look at trading as a bigger picture, as over several months, quarters, half years, yearly, et cetera. Don’t just get too stressed and too worried on what’s happened just today or just this week.

Client makes 11% last week on her trading account

As an example, I had a fantastic e-mail from a client last week who said, “Andrew, I’ve made over 11% on my account.” Now, I’ve not heard from her this week, so maybe her week’s been not quite so good. I don’t know, but if you had really good weeks like that you can afford to losing weeks.

She made 11% last week, let’s say … I don’t know, but let’s use my example, she’s down about 4% for the week. While not good, she’s still … If you take the longer term approach, she’s still up for the last two weeks 7%. I’m just making those figures up in terms of her losses there but she actually did make 11% in the last week. Again, look at the longer picture, the bigger picture. Don’t just get too worried about what’s happening just right now. The same also when you have great trading weeks.

Don’t get all excited too much because you had a 11% gain that week. Fantastic, really good, pat yourself on the back, well done but also accept that from time to time you are going to get losing weeks.

Losing weeks are a part of trading

That great week of 11% will get brought down on an average day but providing that overall the longer time frame … Or the longer term, you are making consistent gains, that’s the most important thing. You just have to accept that longer term, your equity term would not just keep going up in a straight line.

You will get dips and then it will hopefully then raise again, and then you’ll get another week that you’ll have a bad trading week. It will pull back again, and then it will go up again. You have to accept that as part of the traders, no different to any other investment. You can’t go and buy a house and accept that it’s just going to keep going up, and up, and up, and up in value. Sometimes there will be pull backs and with any investment, that’s just a part of the nature of the game that we’re in.

Don’t go changing your system

One thing you should definitely try to avoid is don’t go chopping and changing your system just because this week you’ve had a run of losing trades. Accept that your system won’t work perfectly all the time but have faith in your system, have faith in your own trading ability because you know that longer term, you’re going to have a good week again that’s going to make up for more than this week’s losses and you’re going to continue back on the right side.

Stay away from the forums, control your emotions

Also, don’t just suddenly throw your arms up in the air and say, “Oh, it’s all gone wrong. The system is rubbish.” Or, “I need to go back to the forums to find the next latest, greatest system.”

I don’t need to go rushing out buying a $97.00 robot all of a sudden or some new indicator just because I’ve had a few losing trades. Unfortunately, people do that from time to time. It’s quite important to try and keep your emotions out of your trading as much as you possibly can and as I’ve mentioned, come back to accept the fact that losing trades, or losing days, or losing weeks … Sometimes even losing months are just part of trading. When you understand that and accept that, it will help you for when you do have those times where things are not going quite so well.

I hope that helps. As I’ve mentioned, it’s probably not a story that many people will talk about and most people always out there willing to share with you their success stories. I’m here as a trader openly telling you I’ve had a bad week. It’s part of trading, it’s part of life, get over it, get on with it, let’s look forward to next Monday and hopefully there’s a really good week just around the corner. I hope that helps you because it is a really important aspect of trading that some people do struggle with and not many people talk about.

If there’s anything else I can help you with, drop me an e-mail Andrew@TheForexTradingCoach.com and I look forward to talking to you at this time next week.

Bye for now.

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Forex Tips to Help You Enjoy Your Trading

In this video:
00:25 – Trading remotely using the longer time frame charts
01:00 – Look at the daily charts once a day
01:35 – Trade for a few hours only if you wish to trade 5 min charts
02:20 – Trade a realistic amount of time
03:25 – Use the New York Close of day
04:20 – Trading the British Pound crash
05:10 – Still looking for GBP/JPY short trades
06:20 – Trade what the charts are telling you

Would you like some tips on how you can really enjoy your Forex Trading? If you would, listen up! I’ve got some really good tips to share with you right now.

Hi Traders! This is Andrew Mitchem here, The Forex Trading Coach. Today is Friday, the 26th of February.

Trading remotely using the longer time frame charts

I’m here on the beautiful beach of Oneroa, which is on Waiheke Island just off the coast of Aukland, New Zealand. I want to share with you some tips about how you can invest and enjoy trading. What I’ve done today, because I’ve taken trades on the daily charts, and also I’ve looked at 12 hour charts, and 6 hour charts, means that I can be here. Sit down in a café, had a coffee and some breakfast, taking my trades, and now I’ve got the rest of the day to enjoy this beautiful place before I need to go back and look at charts again.

Look at the daily charts once a day

The reason for that is several things. One, when I’m trading the daily charts, it means I mean to look at the charts just once a day. There’s so many people I hear from that are saying, “Andrew, I’m doing okay at trading. I might be making some money.” Most people actually say they are losing money when they come to me. The problem is that so many people think the best way to trade is to stare at 5 minute charts all day. They all get together on forums and are all texting each other. That’s fine, if that suits you. It’s absolutely fine.

Trade for a few hours only if you wish to trade 5 min charts

I’ve got a number of clients who do extremely well by trading those shorter time frame charts. If you are to trade those short time frame charts, what I would strongly suggest you do is just dedicate an hour or two per day at the same time, if you can, and just look at those shorter time frame charts for a certain time every day. You get use to what that market is doing at that time.

Really, if you want to be trading and to enjoy it as a longer term thing to do, as a job let’s say, then realistically, you are far better off … Excuse me, I need to put these on. That’s better. It’s so bright here that I need sunglasses on.

Really what you need to be doing is looking at longer timeframe charts. You need to be looking at daily charts, twelve hour charts, six hour charts, etc.

Trade a realistic amount of time

Realistically, that is going to give you something you can trade day after day, week after week, year after year without being a burden to you. That’s one of those things that if you are trading 5 or 10 hours a day staring at charts, just think of it this way: Would I want to be doing this in six months time? Would I want to be doing this in a years time? If your answer is yes, well that’s fine, but how do you then go away and enjoy the places like this and trade at the same time? The beauty of looking at those longer timeframe charts is I can plan my day around what I’m doing around my trading. I can come here and enjoy the scenery and trade daily charts.

The great thing about the daily charts is that at exactly the same time as the daily charts closes, which is 5pm, New York time. I can also look at the 4 hour, 1 hour charts if I want to or 4 hours, 6 hours, 8 hours, or 12 hour charts.

Use the New York Close of day

There’s multiple different timeframe charts I can look at exactly the same time and look at those trades. As an example, today I‘ve taken two trades on the daily charts and I’ve placed two on the twelve hour charts also. I put those trades on and I’ve got my risk allocated and I’ve got my stop/loss, my profit target all in place. I’ll come back and just check on those charts during the day, but I’m not going to be spending hours and hours just watching the screen.

I believe that’s the best way of enjoying your trading, of trading with less emotion in your trading. Also, the longer timeframe charts generally get the higher reward to risk out of those trades. Spread becomes less of an issue. News events becomes less of an issue. There’s many, many benefits to looking at those longer timeframe charts. Also, those timeframes become more reliable. You can see a trade; take a trade. It becomes far better where trading.

Trading the British Pound crash

The other thing I wanted to mention is over the last week or so, we’ve seen the British Pound crash. I’ve had some people say to me when I’ve been placing sell trades. Whether it’s Pound/Yen or Pound/US, whatever it might be. Let’s say the Pound/Yen as an example. People will say to me, Andrew, why are you still taking sell trades when things like we’re at the bottom of Bollinger band or Stochastic are oversold or the RSI is doing this or is doing that. Whatever it might be, people are saying, why are you still taking sell trades? The reason is because I’m still taking sell trades is because the charts are telling me the British Pound is still weak. When you put it with a stronger currency, such as the Japanese Yen, then looking for sell trades is the obvious thing to do.

Still looking for GBP/JPY short trades

If you’ll have a look at last week’s video, I mentioned Pound/Yen sell trade even back then. Here we are, one week later, and I am still looking for sell trades on the Pound/Yen. They are still there. Sure, the indicators are saying that pair’s all oversold and their starting to turn off. Therefore the Pound/Yen must rise, right? No, not necessarily because the candle patterns, the weakness in that pair, the weakness in the Pound, the strength in the Yen are all saying continue to look for short positions on the trade, On that pair. So, that’s what we’re looking for.

Just because an indicator, which is a lagging indicator, it’s not something to be overly relied on. It’s only telling you what has happened in the past. People who get too caught up on indicators are seeing an oversold situation. Don’t forget that the price can continue to still move down. Ultimately, it’s the price that’s important. That’s the two things I wanted to share with you today.

One, really consider those longer timeframe charts.

Trade what the charts are telling you

Two, study what the charts are telling you. If you’re thinking, well this has to move back up; it doesn’t mean it has to. The charts, the fundamentals, everything from the longer timeframe charts, the immediate short timeframe charts: if they are saying sell, just keep selling. That’s not only going to give you higher probability trades. Right now, on those particular pairs, it’s trading with the trend. Sure, there will be upward movements. Let them happen. It’s quite dangerous in some ways to trade those fall backs and those replacements because you are trading against that longer timeframe charts. So, let them happen. Let the buyers push the trade back up if that’s what it’s going to do. Then, look for a great opportunity to ride it down short again.

I hope that really helps.

I’m off to enjoy this stunning beach behind me here. If you ever do come over to this part of the world, this is called Oneroa. It’s on Waiheke Island, one of my favorite places in the world. I love it here and I’m off to enjoy it for the day and check my charts later.

This is Andrew Mitchem from The Forex Trading Coach. Take care, have a great weekend, talk to you this time next week.

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What to look for when choosing a good Forex broker

In this video:
00:23 – Are you looking for a good Forex broker?
01:00 – What makes a broker different?
01:30 – The brokers I personally use and why
02:00 – Who to use if you live in the US
03:01 – Ensuring your funds are safe
03:15 – Use a 5pm EST start of day chart
03:50 – Tight spreads are needed throughout the entire day
05:02 – It’s your decision, your money – choose wisely
05:40 – The JPY strengthened all week
06:04 – Live trading webinar with my clients – great trading results achieved.

What qualities should you look for when choosing a good Forex broker? Let’s talk about that and more right now.

Hi, Forex Traders. Andrew Mitchem here, the Forex Trading Coach. Today is Friday, the 19th of February.

Are you looking for a good Forex broker?

I’ve had a lot of emails come through this week, people are looking for a broker to use and coming to me saying, “Andrew, can you make some suggestions of some good, reliable, Forex brokers? I keep reading reviews about these brokers, I’m a little bit concerned about where I should put my money, who do I trust my funds with, and my Forex future with in terms of a broker. Who do I choose? How do I choose one?”

Well, I’ve just come back from the IFX Expo in Hong Kong and at that event, there were a lot of brokers.

What makes a broker different?

When you look around at brokers, to be honest, a lot of them offer much the same type of thing in terms of similar type of platform, let’s call it, MT4, Meta Trader 4 Platform.

They offer a couple extra little gadgets and little incentives. Maybe cash bonuses, whatever it is, to try and get you on board. Basically, a lot of them from the ad side seem very, very similar so how do you determine who to go for and who to trust your money with?

The brokers I personally use and why

Well, for me personally, I only ever recommend four brokers. Three of them I use personally, and they are AxiTrader, Pepperstone, and Go Markets. I’ve had a relationship with all three of them for many, many years. I’ve referred a lot of people to them and I’ve got no problems. The odd time you get one little question here or there but almost no issues whatsoever, and if there have been issues they get dealt with real quick. I personally have quite substantial funds with all three of those brokers and I have no hesitation in recommending those three brokers.

Who to use if you live in the US

The other broker that I also recommend, and this is mostly for my US based clients, and that’s ATC Brokers. All four of those brokers, they have very similar things in common. They have good regulations. I have a good rapport with their staff, I’ve found them very useful, very friendly in terms of looking after clients, good to deal with if you ever get an issue.

The three Australian brokers, they’re all ASIC regulated, Australian Securities Investment Commission. Now, if you’re in Europe or US, you may think, “Well, why does an Australian broker really appeal to me?

Well, the good thing is with those three brokers in particular, that they all have European and UK servers, they have branches over there, offices over there as well. You can have your accounts in Aussie dollars, Kiwi, Canadian, Franc, Pounds, Euros, so multiple currencies that you can trade in. I believe also ATC Brokers have a branch in the UK, I believe.

Ensuring your funds are safe

As a broker, you need to make sure that your funds are safe with that broker. As far as I can tell, all four of those are about as good as you can get.

The other thing, they also have what I call the correct chart time.

Use a 5pm EST start of day chart

They start the day at 5 PM, New York time, Eastern Standard Time. That means that on the daily charts your day starts at 5 PM and ends at 5PM, 4:59. On the daily charts, there are five full, complete days within one week. Really important thing when looking for a broker also in terms of natural charting package and when they start, so that’s another important thing.

Micro lots also. You need to have the ability to have very accurate position sizing. Being able to go down to 0.01, lots of increments of that, is also, in my opinion, quite an important aspect for people to be able to have as part of their charting package.

Tight spreads are needed throughout the entire day

Also of course, tight spreads to chart the entire day. All having good tight spreads when the markets quietly, but you want to have tight spreads throughout the entire 24 hours of the market being open. It just helps you, regardless of your trading strategy. Those are some of the things that I’m looking for.

In terms of those brokers, I put a link to all four of those brokers on this post. You can also find a link to all four of those brokers on my website. Go to the Products page and then drop down. There you’ll see recommended brokers I think it’s called, and you’ll see a link to all of those brokers. Those are the important things that I look for with brokers. As I said, I personally have funds for those. I get inundated from various brokers daily, daily basis. Say, “Andrew, will you promote us? Will you put this on your website?”

I’m not interested in any of that. I’m purely making this video to help you if you’re looking for a broker that someone’s suggesting. There are so many brokers out there, you get some absolute horror stories.

It’s your decision, your money – choose wisely

It’s really important to try and have a broker that you’re comfortable with. Ultimately, it needs to be your decision regardless of what I say. I can only recommend what I’m comfortable with, with my own money. It needs to be your decision, your money. But if you want a suggestion I would strongly consider, if you want a metatrader 4 broker, Pepperstone, AxiTrader, Go Markets. If you’re in the US, ATC Brokers.

Have a look into those four brokers, use the links that I’ve got on here and you’ll find that will go straight through to their page. You can find out more about those brokers.

Any questions about that, come back to me, andrew@theforextradingcoach.com. If you’d like me to talk about more trading tips and information, I can do that on weekly videos for you.

The JPY strengthened all week

Chart-wise this week just very quickly, the Japanese Yen has strengthened quite considerably this week in the end. I had a few days where it was just pulling back and weakening. Now it’s back into its strength again. Just got off the phone with a client and taking some great trades. British Pan, Japanese Yen is looking very, very bearish. A lot of weakness in the Pound or round a lot of strength in the Yen. When you put the two together, Pound – Yen is just selling opportunities time after time.

Live trading webinar with my clients – great trading results achieved.

Lastly, I had a webinar with my clients yesterday. I had a fantastic webinar, two and a half hours it lasted. Took a few trades live and just some of the results that people are achieving it’s just outstanding, so really pleased with that.

This is Andrew Mitchem from the Forex Trading Coach, have a wonderful weekend. Look forward to talking to you this time next week.

Click here to my view recommended brokers

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Do you measure your Forex success in Pips or Percentages?

In this video:
00:30 – Money management and Risk
00:50 – How important are Pips?
01:30 – Percentages are the same regardless of your account size
02:15 – The problem with counting success in Pips
03:20 – All trades should have equal risk
03:52 – Download my Forex Calculator and use it – It’s Free!
04:30 – I’ve taught people from all over the World how to trade Forex
05:20 – A +2.3% account gain this week
05:50 – Help eliminate emotions and stop blowing your account

How do you measure your success as a Forex trader? Do you look at the number of Pips you make, or do you look at the percentage return on your account you make? Let’s talk about that and more right now.

Hi traders, it’s Andrew Mitchem here, The Forex Trading Coach. Today is Friday the 12th of February. I want to talk about a really topical subject.

Money management and Risk

I’ve had quite a lot of emails this week from people asking about money management and risk. I’ve also had quite a few emails from people saying, “Andrew, look, you know, I’ve made my account go from $1000 to $5000 and then I’ve blown it all in one day. I get that type of email quite often. What it shows me is that there are so many people out there who don’t understand correct money management.

How important are Pips?

Unfortunately, when you look around online the vast majority of people tell you to measure your success of any strategy or years as a trader in terms of the number of Pips you make. I personally believe that that is not correct. I’ll give you some examples of why. Just to quickly read out an email here that someone sent to me. “Hey, Andrew, can you tell me why I express my success in percentages and why I think that’s better than Pips?” This person says, “Percentages depend on the account and, actually, say nothing about your success whereas Pips show you what’s going on right now. That’s from Jera Flow.

Percentages are the same regardless of your account size

I’m not sure that it’s quite right, because for me a percentage is a percentage. It doesn’t matter, regardless of your account size. As an example, this week right now I’m up 2.3% on my account right now. If I had a $10,000 account that means I’ve made $230 this week. If I had a $100,000 account it means I’ve made $2300 this week.

It’s still the same amount. It’s the same amount risked. It’s the same amount in terms of percentage gain made. The only thing that makes the difference between actual monetary value is the size of the account, but I’m still risking the same amount on each of the two accounts, and I’m still making the same amount on each of the two accounts. To me that’s a far better way of being profitable than by looking at the number of Pips you make.

The problem with counting success in Pips

The problem is, let’s say you took many trades on shorter time-frame charts, say like one-hour charts, 15-minute charts, and you made lots of small profitable trades, let’s say. You made 10 Pips, and 15, and 20, and 30, etc., those sort of smaller amount of Pips. The thing is then you go and take a trade on say a daily chart and it loses 100 Pips, so that one trade that goes wrong completely outdoes and takes away from all those gains that you’ve made on all those shorter time-frame charts on lots of really good successful trades. You may have 80-90% win rate within your trading in terms of your profitable trades, but that way of trading in terms of looking at the number of Pips you’ve actually gone backwards and lost money.

Whereas, if I had an equal risk on each one of those trades, regardless of it’s profit target and regardless of its time-frame chart, for instance, then if I can make let’s say half, or let’s say I’m risking half of 1% on each of those trades but I’m making somewhere between 1, 1-1/2, even 2% gain if it’s a full profitable trade.

All trades should have equal risk

You can see how those smaller time-frame trades and the bigger time-frame trade, as in the daily trade that had 100 stop-loss, all of them become equal. Each of them, it doesn’t matter what the currency pair is, what the time frame of the chart, they all have equal risk and, therefore, if they hit their profit targets, depending on the reward-to-risk of those trades they will make a percentage gain on my account regardless of the number of Pips. It’s really important to understand that point.

Download my Forex Calculator and use it – It’s Free!

If you struggle to understand that what I strongly suggest you do is download my free Lot Size calculator that’s available on my website. Get hold of it. It’s a brilliant tool, brilliant tool. It’s been downloaded tens and tens of thousands of times over the last probably five years that it’s been available. Just the feedback that I get from it is just absolutely wonderful because people suddenly realize that what they were doing before and what their sort of internet world of forums and get-rich-quick schemes tell them in terms of make X-number of Pips, most have realized that once you understand correct position sizing, and money management, and wealth risk, the number of Pips you make really is pretty irrelevant.

I’ve taught people from all over the World how to trade Forex

That’s the way that I trade myself and I‘ve traded very successfully for the last eight years or more, and I’ve also taught people from all around the world for the last six years using that exact same money management method. Believe me it’s one that really does make a huge difference to trading because it helps you to try to eliminate as much as possible the emotional side of trading, because you know the very worst that you can risk on one trade, and you know that each trade is equal. What you don’t want to do in your trading is suddenly be fearful of a trade that’s on there. Let’s say you’re working the Pips method and this one trade has a 50 Pip stop-loss yet most of your other trades have a 20 Pip stop-loss, and you’re fearful of what this one with a 50 if it loses it’s going to outdo two or three of the other trades. That’s the problem when you’re looking at measuring your profits in Pips.

A +2.3% account gain this week

A percentage applies to any account, any size. Think of it this way, 2.3% account gain just in this one week and I still have Friday, today, to go. That’s probably as much as any bank in the world’s going to pay you right now for a standard interest rate on a saving account. It just shows that with controlled risk, high reward to risk trade, and risk your account and your new trades in terms of percentages.

Help eliminate emotions and stop blowing your account

Do it that way and it will really help you from having bad emotions in your trading, and it also helps … There’s too many people out there that are blowing their accounts, that are just risking too much on one trade, or making a fortune and then blowing it all. It’s not a great way of trading. It’s a very unprofessional way of trading. Think about that slightly differently. Go and get that Lot Size calculator, if you don’t have it already. As I mentioned, it’s on my website. I really encourage you to do that. It’s free of charge and it will help change your trading around.

Once again, this is Andrew Mitchem, from The Forex Trading Coach. Have a wonderful weekend and I look forward to talking to you this time next week.

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This is why having a trading plan is so important

In this video:
00:35 – Client makes +6.82% return in 2 weeks by sticking to his trading plan
01:20 – Trade specifically the way that suits you
02:02 – Create rules around your trading
02:45 – Trade results show consistency and profit
04:00 – 12 trades taken and 11 were winners
05:15 – Get on my free weekly webinars

Have you ever wondered if a trading plan really does work? Well, I’m here to tell you it does, and I’ve got proof right here. Let’s talk about that and more right now.

Andrew Mitchem: Hi Forex traders, this is Andrew Mitchem here, The Forex Trading Coach, Today is Friday the 5th of February. I want to talk about trading plans and trading goals again, because a couple weeks ago I covered that at the beginning of the New Year, and I expressed how important I believe it is to have a trading goal and a trading plan.

Client makes +6.82% return in 2 weeks by sticking to his trading plan

Now, it just so happens that this morning I opened my emails and I’ve had an email from Paul who’s been a client for just over two weeks. He said to me a number of things and it just backs up why having that plan is so important. By the way, before we get into it, Paul has made, on two accounts 6.82% in the first couple weeks since he’s been with me, so we’ll talk about those specific trades shortly.

Just to read and quote some of the information that Paul said. He said, “Look, I’m taking it really slowly, only putting on trades that I have a high level of confidence in. I can tell you right now that I’m a one-hour chart trader. I use the lot size calculator, and I’m extremely strict with money management.” That’s the first outline. No specific plan here, but just the outline.

Trade specifically the way that suits you

He then goes on to say and explain about he’s only taking trades initially on one-hour chart trades. He’s leaving the trade on for an hour, seeing how they’re going, and then after one hour he’s then making a decision about moving stop-losses if the trade’s moved up into profit. He’s telling me exactly about what he’s also looking potentially to add to a position if the trade’s already in good profit, of what factors need to be in place to justify adding to a position, or just moving the stop-loss up, protecting the trade, and riding it to the full profit target.

He also mentioned that over time he’s looking at, and this is probably in about three months time, going to add weekly charts, daily charts, and four-hour charts to the existing time-frames, which is just the one-hour chart trades.

Create rules around your trading

He also mentioned here some rules that he’s sticking to, and as an example, “I’m never gonna trade anything lower than a one-hour chart,” so that’s one-hour chart and above are the time frames that suit Paul. “I’m never gonna risk more than 1% of my total capital on a single trade or on a correlating trade,” and “Under no circumstances will I enter a trade based on hype, gut feeling, or news.”

Now, there’s some other rules that he’s got listed here which are more specific to my course on trading strategy so I won’t actually mention those right now in the video. Just to really let you know to outline really what Paul’s done as he’s got specific rules and he’s sticking to them.

Trade results show consistency and profit

Now, what he’s got down here he essentially mentioned in terms of Pips, not so much the return from the trade, but just to read out from one account here. He’s taken a sell trade, Canadian – Yen, 82 Pips, another buy trade Euro – Aussie 26 Pips. Another trade here 32 Pips, 12, 8, and another sell trade Australian dollar – Japanese Yen, currently running 114 Pips. I’ve moved my stop-loss up and I’ve locked in 50 Pips of the trade. In total I’ve placed six trades. They’re all winners on this account, and I’ve increased my account by 5.3%. That’s one particular account.

On the second account here, he’s placing half of 1% on that particular account and, again, 68 Pips, 24, 3, 24, 14, so quite small in terms of the number of Pips, but, actually, it’s the return that he’s taking from the trades which are the best thing. On the second account six trades, five winning trades, one loss, increased my capital by 1.52%.

What does that tell you? Well, really it tells you that with very low risk and with a controlled amount of setups in terms of like … All up here we’ve got six on that account and another six on that.

12 trades taken and 11 were winners

So 12 trades in total is all he’s taken over the two weeks, but he’s actually selected them. They have everything stacking up in terms of high probability at the time of taking the trade. They’re all on one-hour charts. He’s monitoring the trades for up to one hour. He’s then saying, “Well, is this trade actually gonna continue in my favor or not? Yes, do I move the stop-loss up? Yes or no? He’s having a plan, and rules, and sticking to it. It’s just outstanding to see that happen.

That’s it in terms of the trading information. Today we’ve got the non-farm payrolls, the monthly U.S. employment figures out of the U.S., so it will be interesting to see what’s happening there. As I’m looking at my charts right now to make this video and podcast, the U.S. is looking very weak. It will be interesting to see if that then comes through into the performance from the non-farm payroll figure. I’ve just returned from two weeks away. I’ve been over in Hong Kong, as you’d have seen on last week’s video, and also I spent the last week in the Philippines. Just returned from a 28-hour trip to get back to New Zealand. Although it’s not that far on a map, it’s taken a long, long time to get back here.

I’m back into trading now, so if you have any questions for next week’s video and podcast, email me andrew@theforextradingcoach.com.

Get on my free weekly webinars

Don’t forget, if you’ve not been on my free weekly videos there’s a video for new traders and also one for the more experienced trader. If you’ve not been on them, definitely jump onto one of those next week.

Have a great weekend, and I look forward to bringing you more trading news and information this time next week. This is Andrew Mitchem from The Forex Trading Coach.

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Andrew Mitchem interviews client making 24% per year

What’s it take to become a profitable Forex trader? Let’s talk about that and more right now.

Hi, traders this is Andrew Mitchem here, the Forex Trading Coach. I’m coming from the iFX EXPO in Hong Kong where I‘ve been here for the last three days at the expo. I gave a speech yesterday talking about Forex within the Asian region. You can see that on my Facebook page if you want to have a look at that.

What I wanted to do is talk about a person I bumped into here at the expo. His name is Alex. Alex is from India. He came up to me and said, “Andrew, I’ve been wanting to meet you for a number of years, and I’m glad to finally meet you.” Alex is a client of mine. He joined my course back in 2012. Alex started my course back then not knowing anything at all about Forex trading. Here we are, three and a half years after he joined, he’s noq managing funds for people for over four hundred people and he’s now a full-time trader. He’s made twenty-four percent per year for the last two years. This year he’s aiming to push that up to around thirty-six percent return for his clients.

Not only was it an absolute thrill for me to meet him, because I’m so pleased to meet someone who’s doing so well, and meet him in person, but the interesting part that I got out of the conversation with Alex was that it shows that anybody can become a good Forex trader if you put the time and the effort in, and the dedication. Alex, came to me, as I said, three and a half years ago not knowing anything at all about Forex. He was brand new. He said, in his own words, that he’d spent about a year to year and a half going through my course, watching videos, attending webinars, logging into my website daily, using my help, emailing me. It took that length of time. Now he’s achieving something that’s beyond his wildest dreams. His business is growing and growing, as you would expect with a twenty-four percent return for two years running. Bear in mind he’s only risking a quarter to a half of one percent in trade. He’s extremely low draw downs and making massive gains. It’s just fantastic to see that.

What I wanted to let you know with that is that this can be achieved, and it can be achieved with very low risk, but first of all you need that time and the effort into the trading before that happens.

Apart from meeting Alex, I’ve also met a lot of great people within the industry. I’m not knocking trade shows, but it’s very noticeable how a few people here that I’ve met actually are traders. Unfortunately it’s a fact. It’s a lot of brokers, it’s a lot of people promoting software, promoting all sorts of things. That’s fine. It takes all sorts of people within the industry, but there’s very few people that are actively trading. It’s one thing that was nice for myself to meet other traders, and of course, Alex himself. It just goes to show really how valuable education is.

It’s one of the things I took from this session, because it’s not an easy thing to trade Forex. There’s lots of people that have tried, lots of people that have failed. The story just repeats itself. The people who put the effort in, the people that sought good education, are the people that make the money from Forex and last at it, and it helps change their lives just like Alex’s life has changed.

If it’s something that you’d like to know more about, what I encourage you to do is have a look at my website and go and look at Alex’s interview. He was kind enough to spend about five minutes with me, and we had a chat on film. I recorded the session. It talks about his background and how he joined my course and how things have changed for him.

If that’s something you’d like to know more about, what I encourage you to do is have a look at one of my free webinars that I hold each week, whether you’re a new trader or experienced trader, get in touch with me and see how I can help you become another Alex.

This is Andrew Mitchem the Forex trading coach coming from Hong Kong. Catch up with you next week when I’ll be back in New Zealand.

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What trading information do you need to know? – Andrew Mitchem talks Forex

In this video:
00:28 – What’s happening in the world right now and how you can use that information
00:43 – Another recession on the way soon?
01:06 – The charts tell me all I need to know
01:30 – Have a look at your Forex charts and see these trades
02:35 – Big moves, reversal trades and some excellent trades
04:10 – A technical trader watched the charts and acts upon that information
04:44 – I’m speaking in Hong Kong at the iFX Trading Expo 26-28th January

As a forex trader, there’s so much information to try and understand, so how do you know what is the best information to read and how do you understand it? Let’s talk about that and more right now.

Hi forex traders, it’s Andrew Mitchem here, the Forex Trading Coach, and in today’s video and podcast.

What’s happening in the world right now and how you can use that information

I want to talk about what’s happening in the world right now within the news, the whole global economy, and how you can read and understand that information, absorb it, and then take that through to your trading and make some money out of the currency market. It’s quite difficult, there’s so much information out there. From what I can gather right now, there’s a lot of doom and gloom out there.

Another recession on the way soon?

They’re talking about another recession coming, oil’s getting lower and lower, it hit $30 and it’s now gone down lower. Potentially 20 is now the next level. Commodity currencies like the New Zealand dollar, the Aussie, and especially the Canadian dollar are getting an absolute hammering. You’re just trying to read all that information, absorb it, and think “How can I best trade?”

The charts tell me all I need to know

For me, as a technical trader, I like to trade what I see on the charts and I’ll give you some examples why, because so many people out there say “Andrew, you need to understand these fundamentals, and you have to use that information.” Yes, you can use that information, but you’ve got to be really careful that it doesn’t overtake what you think becomes the absolute. You’ve got to actually see what’s happening rather than just thinking this is going to be happening.

Have a look at your Forex charts and see these trades

The examples that I wanted to share with you are some trades that I took just yesterday on Thursday. Go and have a look at your charts for Thursday the 21st of January. I shared some of these trades with my clients on the membership site and I also discussed them on my live webinar with clients just last night. As an example, the euro Canadian dollar has moved to over 2000 pips since the beginning of December. I took a sale trade on the euro Canadian dollar yesterday, it’s gone up and up and up. Just have a look at the charts, it’s a massive upward movement.

Most people would look at thinking “Yeah, the Canadian dollar’s getting absolutely hammered, so why on Earth would you want to be taking a sale trade on the euro CAD, which is effectively saying weakness in the euro and some strength in the Canadian dollar.” That is exactly what happened. I only took that trade because I saw the setups showing on the charts. I’m not to say that I’m taking complete reversals against 2000 pip movements all the time, I’d much rather wait for a pullback and then ride it back up again, because long-term it still looks like it’s about to go up further.

Big moves, reversal trades and some excellent trades

However, there was a great reversal trade setting up, and there was a great opportunity to make some money on that pullback or on the retracement because, as you know, a market cannot go up and up forever. At some point, there has to be a time where the market pulls back and retraces. If you understand how to trade as a technical trader, you can find those opportunities to ride the market back down again and get out. Yes, I’m trading against massive 2000 pip movement, yet I still made a great 3.61 rewards risk trade yesterday, or a 1.8% account gain with only 0.5% account risk against that massive trend.

Some other examples from just yesterday, the Canadian dollar against the Swiss franc. That’s gone down over 1000 pips in the last month, yet there was a great buying opportunity there. The Canadian Japanese yen, that’s moved over 1400 pips in the last month. Then you go to a longer term example, the US Canadian dollar has moved over 5300 pips in largely one big straight upward movement since around April of 2011. 5300 pips, now of course, it didn’t do that in a straight line. It’s had pullbacks and gone up again, but when you look at the longer time frame charts, it’s been that massive big movement upwards, yet there’s been a great opportunity to sell the US Canadian dollar.

Again, I’m not looking for that to move 1000s of pips, I’m just looking for it to move over one day or maybe over a couple of days and then be out of the trade. Then look for buying opportunities again later on that same pip.

A technical trader watched the charts and acts upon that information

Moving on from there, it really comes back to the fact that as a technical trader, you need to see what’s happening on the charts right now. Understand them, read how to use them, and try to get your mindset away from what’s out there on the news and oil’s dropping and gold’s dropping and everything else is dropping and the recession’s coming and therefore commodity characters, as an example, are going to just weaken and weaken.

Yes, they probably will longer-term, but certainly there are opportunities when you have retracement, so that’s the important information I wanted to get across to you is to trade what you see on the charts.

I’m speaking in Hong Kong at the iFX Trading Expo 26-28th January

Elsewhere, I just wanted to quickly remind you that if you are in the Hong Kong region, try and get along to the IFX Expo in the Hong Kong convention center, it’s on next week. I’m speaking there on Wednesday and I’ll be on a panel, so you can come along and say hi, meet me, and see me speak. I’d love to catch up with you.

This time next week I’ll be bringing you my weekly video and podcast from Hong Kong and look forward to sharing the information that I find out at the show and at the expo with you this time next week.

This is Andrew Mitchem, the Forex Trading Coach, have a fantastic weekend and a great trading week next week.

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Andrew Mitchem’s tips for trading successfully in 2016

In this video:
00:37 – How was your trading last year?
00:55 – What are your plans for trading in 2016?
01:10 – My trading plan, download your own free copy
03:00 – A +3.1% account gain this week, a good start to the year
03:16 – I’ll be speaking in Hong Kong at the iFX Trading Expo 26-28th January

Do you have yourself a trading plan for 2016? If you don’t, then you really need to watch this video.

Hi, Forex traders. Andrew Mitchem here, the Forex Trading Coach. Welcome back to the first video and podcast for 2016. Today is Friday, the 15th of January. I want to talk about having a trading plan for 2016. I’ll share some reasons for you really shortly.

How was your trading last year?

First of all, how was last year? How was your trading year? Was it a good year? Was it not so good year? Are there things you can improve on? What did you do well on? What was not quite so good? Were you spending too long trading? What was it that you found good and what was it you found not so good about 2015?

What are your plans for trading in 2016?

Take those points and use that to help build your plan for 2016. Where do you want to go with your trading this year? What are you trying to achieve out of it? Is it something that you want to do as a full-time income? Is it something as a passive income? Are you just learning at this stage? Have all that information jotted down or have it in your head, but then create a plan.

My trading plan, download your own free copy

Now to help you out I’ve created a plan here which I have my own version written and printed out. What I’ve done for you, at the bottom of this video you’ll find a form where you can just enter your name and email address. I’ll give you access to my trading plan template so you can then go and go through the plan, look at the headlines that I suggest that you complete.

Fill those details in, print it out, and then use that not only to think more about your trading, but every day before you start trading, have a quick look through that plan and make sure that you’re sticking to that plan, because it really will help you develop as a more refined trader. It helps to take your emotions out of your trading. Don’t forget to download a copy of that. It’s freely available just by entering your details below this video. I hope that helps.

I’ve got things on here such as when am I going to trade, what times of the day, what pairs, what time frames am I looking at. What type of trading setups am I looking at? Does that vary for different time frame charts? Where my entry and exits will be, where my stop loss is going to be. Again, does that vary for different time frame charts or different trading setups? Same with profit targets.

My trade management: how am I going to approach open positions? They’re almost at full profit. am I going to take that early or am I just going to leave it there? am I going to close part positions? Am I going to move stop losses up before news announcements? Am I get to close before the weekend? All those things, etc., I have in here.

I’ve got a section on risk management. How much risk am I going to take per trade? Is that in PIPs or is that in percentages? Whatever suits you. How many trades am I going to take per day. If I’ve reached my trading goals, am I going to stop trading for the week? All those type of things here. Just have that written down. Then also print that out and have it next to your computer and go through it each day. I think it will really help you.

A +3.1% account gain this week, a good start to the year

For my own trading, so far this year I’m just about to complete my first trading week of the year. I’m already up over 3%, 3.1% at last count, with some trades still open here. I’m really pleased with that as a really good start so far to the year.

I’ll be speaking in Hong Kong at the iFX Trading Expo 26-28th January

The other thing I wanted to quickly mention is that I’m heading over to Hong Kong between the 26th and 28th of January to the IFX trading expo over there. If you are in the Hong Kong region or you’re looking to attend that event, it would be great to see you there. Just drop me an email and let me know that you’re going to be attending that session. It’s going to be a really good one. I’ve been asked to go there and speak on one of the panels at the IFX expo.

It’s at the Hong Kong Convention Center. I’ll be speaking on Wednesday the 27th of January, but the event’s the 26th to the 28th of January. If you are going, it would be great to know that you’re going. It would be great to meet you there.

Just to finish off, have a really good think about how you want your trading to go this year. Don’t forget to download that free information on the trading plans below this video.

This is Andrew Mitchem, the Forex Trading Coach. Have a great year and wish you the best of luck for your trading in 2016.