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How to trade a small account

In This Video:

00:52 John’s Approach to Small Account Trading
02:10 The Advantage of Starting Small
03:44 Choosing the Best Path Forward

In this week’s video I’d like to offer you some helpful tips if you’re starting out with your trading with a small account, so let’s get into that right now!

Hi traders, this is Andrew Mitchem here the Forex Trading Coach, and today is Friday, the 15h of May. And I’ve had an email here from John who’s a client of mine over in the UK and he’s been with me for around 12 or 13 months. And we’ve had a discussion about some tips to help with focus and determination for someone who is starting trading with a live Forex account, but only with a relatively small account. When I say small, I mean something around about, let’s say, a thousand dollars or thousand pounds, somewhere around that type of level.

John’s Approach to Small Account Trading

And John said to me it’s just really important to stay focused and keep determination within your trading because when you do have a small account, obviously if you have profits, then they are small and steady. But it’s really important to, actually, forget the monetary return and actually focus on the percentage return because, like John said, if you focus on the actual monetary return, it’s not that exciting to start with. But you’ve got to see the longer term picture.

Then, John said here, what tips would I give, because he said, in the past he’s been guilty of overtrading and trading short time frames and looking at scalping the market. So my advice there was, obviously, trade the longer time frame charts and to look at trades with higher returns.

And so John’s actually done that – he said, “I’ve been putting in a huge amount of time and effort and my motions have been tested but all the time I’m trying to better myself.” And you have to remember this is a longer term investment. He said, “It’s an investment in myself and in my finances. I started a few months ago with a demo,” after taking a break from his trading! He opened a one-thousand pound demo and after a few weeks, felt really confident with that because of results, and is now back live trading again.

The Advantage of Starting Small

So, in the last four-weeks, he’s up 12% on his live account by only taking half of one percent risk per trade. It’s a fantastic achievement! And as he said, “With starting small, it can be hard because you do not see your account growing a lot based on the small account size.” But like he also correctly mentioned, he said, “If I had 900 to a thousand pounds in the bank, there’s no way in the world I would have made 12% in a month.”

So, you know, you look at it that way and you think, “well, look at the percentage of what you are making because whether it’s a small account or it gets slightly bigger, or a large account – you know, 12% in a month is 12%!”

And he said, “I’m trading profitably, target of 2 to 2.5% per week,” and he’s also developed a longer term plan – a spreadsheet of projections which helps keep you motivated so you can track your results and see that over time, the results are going up and up and up and up, which is fantastic – it helps to keep you motivated and it helps to take your focus away from the actual monetary return.

And like he said here, he plans to top-up the account as and when he can, over the coming months, and use it as a retirement fund. And lastly, after our email conversation, John said, “Andrew, I think it’s important people appreciate it that you’re not going to get millions in a month, it’s not going to happen. But with small wins, they soon add up and with compounding, anything can happen!”

Choosing the Best Path Forward

And so, yeah thanks John! That’s exactly right. It is quite hard when you’re actually starting out with a small account and thinking, I’ve spent hours and hours looking at charts over the past week, the past month and I’ve made 100 dollars or a 100 pounds, but you know, that was a 1,000 dollar or 1,000 pound account – you’ve just made 10%, which is a massive return!

So, think of it that way, when you’re starting small. Don’t look so much about the monetary return. I know people think that monetary returns are important and I need to live, feed my family, etc. – I fully understand that! But from the longer term perspective of wanting to better yourself to be a better trader and a successful, profitable trader over time, I just urge you to look at the percentage return. Have a very simple percentage risk on your trades but look to make those longer term percentage gains, exactly like John’s done here.

You know, it may have taken him a year to get to that stage – that’s absolutely fine! But look where he can now move to with confidence of taking what he’s learnt in the demo, placing it into a live account; now actually achieving results in that live account, and now, slowly but steadily, building that live account. So, fantastic achievement John! You’re doing what 95% of the traders out there are not doing and you’re making money, so that’s the really important point.

So, you know, you’re making returns, you’re making money, and you’re enjoying it, you’re stuck at it, well done and wish you all the best of luck and of course, you’ve got my help there to back you up if you need it with things.

So, that’s it for this week. Hope that has been very helpful for you and if you do have any questions like John had here, feel free to drop me an email: andrew@theforextradingcoach.com or just click on the link on the text on this video, and look forward to helping you more with your trading, becoming a successful profitable trader, and I’ll bring you some more tips this time next week.

So, once again, this is Andrew Mitchem from The Forex Trading Coach!

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Trading Forex is all about Achieving Results

In This Video:
00:36 It’s been a Good Two Weeks of May
02:04 Struggling for Profits?
03:28 Take your Trading to the Next Level

Trading is all about results and making profits, otherwise why bother to trade. So let’s talk about that and lots more, right now.

Hi Forex traders, it’s Andrew Mitchem here, the Forex Trading Coach, today is Friday, the 8th of May and I want to talk about results!

You see, it’s just so important of course that as traders, why are we trading? You know, what’s the point in watching charts, reading news announcements; whatever it is – whether you’re a fundamental, technical, a bit of both – whatever it is, unless you achieve profitable results and your account’s growing the majority of the time in the right direction, what’s the point in trading.

It’s been a Good Two Weeks of May

So, I want to share with you some results that I’ve had on some live accounts. I’ve got two accounts running – last week’s results I’ve had 4.3% gain on one account and a 3% gain on a second account. And this current week, I’m not trading anymore today because the UK elections results could or should be out sometime today and also it’s the non-farm payroll. So I’ve closed for the week.

So this week on my first account – a 6.7% gain and 3% gain on the second account. So all up, my first account which I trade 12-hour charts, 8-hour, 6-hour and 4-hour, I’m up 11% for two weeks – the last two weeks. On my other account which I trade weekly and daily charts, and occasionally the hour charts – I’m up 6% in the last two weeks.

So, it’s been a really good couple of weeks of course – not only for the results but clients are sending through results and saying the same type of things – of course we’re seeing some good trends within the market and that definitely helps us when we’re taking position because if you can ride the trends and get good pull-backs and then look for the trend to move again, of course that definitely aids us with a high probability chance of our trades hitting profits.

But, 11% on one account and 6% on another account, in just two weeks just shows what can be achieved and as I’ve mentioned at the beginning, it’s all about results and all about making a profit.

Struggling for Profits?

If you don’t do that then, really, why bother to trade?

But the problem is that, you know, if you believe the statistics – 90 to 95% of all retail Forex traders, which is lots of you and me’s out there, don’t make money! And that’s a big issue – you know, people are just not profitable.

So, what is it that’s making people not profitable?

Why are people not making money?

Well, if you’re one of those people, if you’ve been struggling to trade and to be profitable, what I highly suggest you do is jump on one of the free webinars I hold twice a week.

You can access it on my website, it’s called the Frustrated Traders Webinar and How to be Profitable within the Next 60-Days. So if that sounds like something you’d like to jump onto and learn more about, take advantage of it. It’s free! If you can’t attend it live, just register anyway and I’ll get a link to the recording sent to you.

What I do on those webinars, it’s the same webinar, it’s the same type of webinar; there’s no difference between each week; it’s the same type of information. It’s not specific to trading right now – that’s only what my clients get – what it is, is giving away tips and information, you know some of the things that I do differently than a lot of other traders and probably educators also, which is why I believe I’m profitable and why so many of my clients are profitable.

Take your Trading to the Next Level

So if you’d like to gain some really good insights, some tips, information on how you can trade profitably and turn your trading completely around from being, maybe, not profitable or breaking even right now to, sort of, making really good steady profits over time.

It’s not a get rich quick scheme – it’s definitely not that – it takes time, it takes dedication – as I’ve mentioned so many times before but with very low risk trading and personally I’ve risked only half of 1% of my account. You can see with the results that I’ve mentioned how amazing results can be achieved with very low risk.

So if that’s sounds like something you’d like to know more about, jump onto one of those webinars, listen to what I have to say and it will help turn your trading around.

So that’s it for this week!

Like I mentioned it’s the UK election results should be out today and also the US non-farm payrolls, so I’m just taking the day off from my trading. Had a great couple of weeks, more than happy with those results – start again on Monday.

So that’s it for now, hope you have a fantastic weekend and if you do have any trading questions you’d like me to answer, all you need to do is either put them on the comments below this video or email me – andrew@theforextradingcoach.com and I’ll make sure I answer those questions for you on future webinars.

That’s it for now, take care!

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Are You Afraid of Losing Money with Your Trading?

In This Video:
01:29 Control always Overpowers Risks
03:25 What happens when People Understand this?

Are you afraid of losing money with your trading? If that sounds like you, listen up ‘cause I’ve got some great tips and help for you.

Hi Forex traders, it’s Andrew Mitchem here and I’m the Forex Trading Coach and I wanted to share with you some information about a survey that I held over the last couple of weeks on my website. You see, I asked people:

• What their biggest challenge was!
• What was their biggest concern with their trading?
• What’s holding them back with their trading

And I had some answers such as, a lack of understanding of the market, a lack of strategy; a number of people commented on – they were a little bit fearful of their broker – which broker to go for, what’s the broker going to steal from them, etc., and could they get their money back. But, without a doubt, the biggest reply in terms of number of replies was people were fearful of losing money from their trading.

And so what that does is it tells me a number of things – if you’re fearful of trading, there’s something wrong, isn’t there? You know there’s something that stopping you progressing from either a demo to a live or from a live to a bigger live-account. Whatever it might be but there’s definitely something wrong there for so many people to be fearful of trading.

And it tells me that most people out there don’t really have a strategy. They probably don’t have confidence in the way that they are trading. And so there’s other answers regarding lack of a strategy, etc, all come into play with the overall factor of the fear of losing money.

Control always Overpowers Risks

You see if you really don’t have a strategy, then you really are sort of guessing and gambling with your trading and I can see fully how people can have that fear of losing money. You see there’s so many people out there who hear horror stories, and you read or hear of other people who’ve lost huge amounts of money through trading. And it does put fear in so many people because obviously, you know, you just don’t want to be the next one.

But, more so than that, it tells me that a lot of people have a lack of understanding of money management!

You see, if you have controlled risk, then it allows you to take trades with more confidence. If you have a strategy you understand, it allows you to take trades with more confidence. You see really, and realistically, losing money and losing trades is a part of every trader’s day and week. You know, no one has a 100% win rate with trading – it just doesn’t happen – it’s not possible!

So, you have to accept that losing trades are just part of every day trading. But having controlled risk is a huge difference. You see, I know that when I place a trade, doesn’t matter what the currency pair, what the time frame, what the type of trade is, I know the very most I can lose on that trade is, in my example, half of one percent (0.5%) of my trading account.

So, what that does is it gives me confidence to place that trade because I know the very worst that I can do from that trade. You know I can’t lose 5% from that trade or 10% or half my account – whatever it is that other people are having the fear about. So it’s just impossible to do that because half of one percent (0.5%) is the very maximum, the very most that I ever risk on any one trade.

So, understanding money management, forgetting about pips, controlling your risks – that’s all part of overcoming that fear of losing money!

What happens when People Understand this?

And so, the opposite of that is when you have knowledge and education. And just a great example, just last night, I held another two-hour live trading room session for our webinar for my clients. And I had clients on there – one person had made 8% this week, in the first four days of the week; another had made over six percent; there were some at 3%; a couple at 2% for the week, and just people just typing in saying “I’m making good returns”, “making good money”. The week’s been very good of course with lots of strength in the Euro (EUR) and also some strength in the British Pound (GBP) – a weakness in the US (USD), a weakness in the Yen (JPY).

So, it has been quite a good, strong, trending week, which makes returns quite easily achievable. You know, 8% in a week, for a client, in just four days, in this week alone, just shows what can be achieved! So, you can see that once they have knowledge and education and controlled their risk, that fear of losing money almost disappears because you have everything under control and you know what you’re doing.

So, if you’d like to know more about that, just have a look through my website TheForexTradingCoach.com; send me an email – andrew@theforextradingcoach.com, and if you have any questions that you’d like me to talk about on future weekly videos and podcasts, just send that email through to me and I’ll do my best to answer it for you.

So hope you have a great week next week and look forward to talking to you this time, next week!

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Becoming a Great Forex Trader – Learning from Japanese Culture!

In This Video:

00:37 Why the Japanese are a Trader’s Benchmark!
01:51 Probable Cause for the Japanese to take up Forex Trading

In today’s video, I want to talk about what it takes to be a fantastic Forex trader, so let’s get into that right now!

Hi traders, it’s Andrew Mitchem here, the Forex Trading Coach and in today’s weekly video and podcast I’m coming to you from Tokyo, in Japan, where I’m on the last leg of a trip around the world. Had a fantastic time here and just learnt so much!

As I mentioned, in today’s video and podcast, I want to talk about what it takes to become a really good Forex trader and when you think about the Japanese culture, there’s so many aspects of it that just screams ‘Great Traders’!

Why the Japanese are a Trader’s Benchmark!
You know they’re very dedicated people, they’re hard working people; they’re willing to learn; they’re willing to invest in themselves; they’re not so much worried about the short-term gains, they’re more interested in longer term gains. There’s a great respect here amongst everybody. They are efficient; they are hardworking – everything that you need to be to be a great Forex trader you can see in the Japanese culture.

And as someone who’s practised Karate for the last seven years, and years ago as a child I practiced Judo, it’s just really exciting to be here and to see what an amazing city and what an amazing culture the Japanese people have here.

So really, to be a trader, you need all of those aspects that I’ve mentioned – you do need to work hard, you do need to invest in yourself, you do need to look for the longer term gain – don’t be worried about what’s happening on the very next trade or the next week – look for the longer term gains. You know, be dedicated, work hard, be disciplined at your trading.

All of those features, you put those together, and they go a long, long way to becoming a successful Forex trader and as I mentioned, it’s just a great aspect to see in the Japanese culture. I love it! Just really great people – so polite, so nice and friendly!

Probable Cause for the Japanese to take up Forex Trading
I suppose the only thing that’s sort of a slight downside when you visit here is you just realise just what appalling savings interest rates they have here. And it’s no wonder that so many people trade Forex here and, like I said, I’ve met so many people here who’re extremely good at it as well.

I’ve just got some figures here –I was just talking to someone yesterday – the highest savings rate I can find here is 0.06%. The highest term deposit I can find for three-year’s term deposit is 0.22%. So when you see those figures and you realise that the people who have money in the traditional investments in terms of banks and things like that, their payouts, their interest rates are absolutely awful!

And again, it just shows why so many people are turning to Forex as a way of being successful. You know, when I look at those figures, 0.06% and 0.22%, well almost every trade that I take, that’s profitable, is higher than any one of those and it shows why trading is such a fantastic business to be in.

But back to the main purpose of this video and podcast is just think about those aspects of the Japanese culture. You know – hard working, disciplined; looking for the longer term gains, not the shorter term gains; willing to invest in themselves; working hard, willing to learn – all those aspects just great, great traits to have if you want to be a successful Forex trader.

So hope that helps and this time next week I’ll be back home in New Zealand so look forward to bringing you more trading information then.

So this is Andrew Mitchem, the Forex Trading Coach, last time from Tokyo!

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Are you Trading the Right Pairs or Just the Ones Closer to Home?

 
In This Video:

00:28 Do you Trade Currencies based on Where you Are?
01:25 Let’s look at How I Pick my Pairs
02:31 Always Let the Charts Talk to You

In today’s video I’m going to talk about which currency pairs I trade and the reasons why. So let’s get into that right now!

Hi Forex Traders, it’s Andrew Mitchem here, the Forex Trading Coach and I’m on holiday in Paris. Sorry if I’m shouting but as you can tell there’s a lot of noise behind me. I’m actually at the Arc de Triomphe as you can see here – a magnificent part of Paris – absolutely love it over here.

Do you Trade Currencies based on Where you Are?
So let’s go into trading itself. Well, just because I am in Paris doesn’t mean to say I’ve been trading the Euro (EUR). It’s important to trade what you see on the charts, at the time. What’s looking strong, what’s looking weak? And so, I deliberately never get to worry about which pairs I am trading. In fact the only pair that I’ve traded this week on the daily charts, as I’ve been on holiday and I haven’t really traded as much as I should have, is the New Zealand Dollar/Canadian Dollar (NZD/CAD), on the daily charts, and that’s all I’ve traded.

So you think about the New Zealand Dollar (NZD) and Canadian Dollar (CAD), not exactly the most prominent currency pair out there but that’s what I’ve taken. And, I’ve just looked on my charts on my mobile phone just a couple of minutes before I made this video and I’m up over 1.2% for that particular trade. So it just goes to show that you trade the pair that’s showing the best setup at the time and that’s regardless of the currency pair.

Let’s look at How I Pick my Pairs
Personally for me, I look through the daily charts each day, I look through the strengths and the weaknesses; the likely strong currencies; the likely weak currencies, and then you put those two pairs together. So, for instance, I was taking a buy trade on the New Zealand/Canadian Dollar (NZD/CAD), so I was looking for strength in the New Zealand and weakness in the Canadian Dollar (CAD) – I put the two together. The pair itself, actually, showed a really good, strong buy-trade setup so I took the trade.

So, I’ve put part of the order in at the market and another part at the retracement at a retracement level that I use. So, as I was buying the pair, I was looking for the pair to move back lower first and get me in on the retracement order before then pulling away and moving up into the long position.

In the end, the retracement order never filled but of course the market orders’ in straightaway and I made really good profit on that market order. So, regardless of the time frame you trade, to me it’s really important to trade the technical setup that’s showing, the best at the time – regardless of what that is; regardless of where you live!

Always Let the Charts Talk to You
You know, like I said, I’m from New Zealand so it doesn’t mean to say I’m always trading New Zealand Dollar (NZD). I’m in Europe this week; I was in America last week – doesn’t mean that I’m taking the U.S. Dollar (USD). So I hope that helps you take what’s showing the best technical trade at the time. Do that and you’ll give yourself a lot better chance at making some really good money from trading rather than, maybe, concentrating just on one pair – on, let’s say, the British Pound/U.S. Dollar (GBP/USD) – just because you think it’s a high volatility pair.

It is but that doesn’t mean to say that all the time it’s showing the best setups!

As an example, you might, let’s say, have strength in the British Pound (GBP) and also strength in the U.S. Dollar (USD) on the same day. Well, put those two together, what are you likely to see? Well, potentially, not that much movement on the British Pound/U.S. Dollar (BGP/USD) that day and so, that’s how I view the market.

Looking for obvious strong currencies, obvious weak currencies and taking advantage of that for the upcoming day within the markets.

So hope that helps – this time next week I’m going to be coming to you on the video and podcast from Tokyo so it’d be interesting to see what’s been happening over there with the Japanese Yen (JPY).

So once again, this is Andrew Mitchem, the owner of The Forex Trading Coach, from Paris, Au Revoir and good trading.

Bye for now!

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Why chasing Pips can harm your trading

In This Video:

00:27 The Wrong Thing to Focus on in Forex Trading
01:22 An Example of a Sound Trading Strategy
02:36 Pips Really Don’t Make a Difference

In today’s video I’m going to explain why chasing pips in your trading can actually make you poor. So let’s talk about that and much more, right now!

Hi Forex Traders, it’s Andrew Mitchem here, the Forex Trading Coach, on holiday here in the South of France and having a fantastic time. Now, today I’m going to talk about why chasing pips as a Forex Trader can actually be to your detriment. It’s not always a good thing!

The Wrong Thing to Focus on in Forex Trading
You see a lot of people think that to make money in trading you have to make so many pips and I have people all the time coming to me and saying, “Hey Andrew, can you tell me how many pips you’re making per trade or per week or per time frame,“ whatever it might be.

And honestly, I have no idea! What I can tell you is how much I’m making in terms of monetary value and also, more importantly, a percentage. Because, if you’re making a percentage gain, it doesn’t matter what size your account is, you’re always making that same percentage gain. So for example, if you’re making, let’s say, 10% per month on a $10,000 account, there’s no reason really apart from maybe a few psychological issues why you can’t make a 10% gain on a $100,000 account or a million dollar account.

It’s purely, like I said, psychological issues of being a little bit more nervous with bigger dollar amounts but really, the actual percentage and the way that you trade, in theory, should be exactly the same.

An Example of a Sound Trading Strategy
But the problem is, most people don’t think like that! Most people think that to make profit in trading, they have to make ‘x’ number of pips. And, as I’ve explained a number of times, that to me that’s just a really bad way of trading. It’s likely not to be profitable overall.

I’ll give you a few examples – let’s say you’re taking trades on five-minute, fifteen-minute timeframe charts and you’re making lots of, say, five and ten, maybe twenty pips, so there’s trades all the time and then you happen to have a few losing trades and you happen to lose say thirty or forty or fifty pips on a trade then the problem is when you’re trading for ‘x’ number of pips as a gain is that one or two losing trades can quickly wipe out all the gains that you had from a number of profitable trades.

Whereas if you’re looking at making ‘x’ percent per trade, let’s say you’re risking half of one percent per trade, which is what I suggest that you risk – that’s of your overall account size the half of one percent (0.5%) – If you happen to make a profitable trade, let’s say you make two-to-one return, I can then say that I’ve made a one-percent account gain by risking half a percent on my account.

Pips Really Don’t Make a Difference
And that to me is far better – it doesn’t matter whether it’s let’s say, making 25-pips with a 12-pip stop or making 100-pips with a 50-pips stop – it really doesn’t matter. It’s a two-to-one return! And that, in my opinion, is a far better way of trading because then it doesn’t matter what time frame chart you’re trading, what pair you’re trading, what time of the day, doesn’t really matter how many pips you’re making because as long as the trade’s making two or three times on average, you know, of what you’re risking, then you’re going to make some really serious money from your trading.

So, you notice that all the way through that, pips really don’t count for a great deal. So hope that helps you with your trading. If you have any more questions like that, anything you’d like me to help you with, just drop me an email – andrew@theforextradingcoach.com – and I’ll make a video about it and help you guys out with your trading.

So that’s it for now and I look forward to talking to you this time, next week. 

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Achieving a consistent 2% account gain per week 

In this video:
00:33 Great Effort to be Trading 2% Per Week
01:21 Trading Software for Any Time Frame Charts
02:10 The Beauty of Trading

Hi traders it’s Andrew Mitchem here the owner of The Forex Trading Coach, coming from Union Square in beautiful San Francisco. I’m actually been on a helicopter flight this morning over and under the Golden Gate Bridge and if you ever get a chance to come to this beautiful city, it’s a must. An absolutely amazing trip.

So trading wise well, it’s Easter this week, it’s actually Easter Friday today and so expect the market to be flat for few days and that’s fine. That’s what happens during the public holidays and there’s plenty more days of the year to be trading.

Great Effort to be Trading 2% Per Week
Just before I left on Wednesday I held a webinar for my clients and had some fantastic news for my clients who’s been with me for only a few months and his objective and goal is to make 2% per week and it doesn’t matter if he makes it on a Monday or a Friday. Once he makes 2% he closes and he says, “I’ve been live for four weeks and I’ve made about 2% every week and made the 8% for the month of March.”

So just a fantastic effort and it’s great when people pass that information through and show you how they have done that. This particularly trader was mostly focusing on weekly charts, daily charts, 12-hour and 6-hour charts and not spending too long at computer just taking the trades, high return trades and that was it and making 2% a week and he was very, very happy with that.

Trading Software for Any Time Frame Charts
Now, I just want to let you know, I’ve got a great piece of software that I actually passed on to my clients that allows you to take trades on any time frame charts so for instance like the 6-hours and the 12-hours aren’t chart time frames that are readily available on MT4 but with this piece of software, it allows you to multiply time frames and to have those additional time frames and you can take like six and twelve minute charts if you really wanted to. But most of us prefer the longer time frame charts as it means less charts watching high return trades and more probability and likelihood of being profitable trades because generally the longer time frame the chart that you’re trading in general, the more reliable the data and the information within that time frame.

The Beauty of Trading
So that’s what I’ll be doing for the next couple of weeks while away and travelling between here and then Paris and Eastern Tokyo is looking at probably weekly charts, daily charts, 12-hour charts, maybe 6-hour charts if I get chance but still looking at making that 2, 3, or 4 percent per week while away and trading just for a total of maybe sort of 15-minutes per day.

Again it’s the beauty of trading unlike most of the jobs, you’re not giving up your time for so much per hour, and it’s the quality of your trading that’s the important thing.
So I hope that helps and look forward to talking to you this time next week where I’ll be over in France and hopefully another beautiful day luckily here in San Francisco. So once again this is Andrew Mitchem from The Forex Trading Coach trading not very much time but for some very good trades and if you’d like to join, let me know.

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Can the small trader really win at Forex?

In This Video:

00:44 Why do Small Traders feel Overwhelmed?
02:01 Small doesn’t mean Weak!
04:01 Bringing that Mindset into Trading

Can the small trader really win at Forex? Let’s discuss that and a lot more, right now!

Hi Forex traders, it’s Andrew Mitchem here.I’m the owner of The Forex Trading Coach and today is Friday, the 27th of March and I want to discuss the likelihood or the chances of you being a small trader and your probability of success as being a Forex trader.

Now, when I say a small trader I’m probably talking about most people would be under $100,000 and in reality, the vast majority of small traders out there are trading probably somewhere between about one and ten thousand US Dollars, if they are trading even live at all!

Why do Small Traders feel Overwhelmed?
And so, if you come under that category, then really, this information is designed for you because the problem that I see with most small traders is they think everything’s against them. They think the broker’s against them, they think the price of the market’s against them. You know, every time you place a buy trade the market goes down; every time you place a sell trade the market goes up!

And people seem to think that everything’s against them – the stop-loss hunting, they have lack of facilities, lack of all the other facilities and means that some of the big banks and institutions have. And you’re sat there at home, or in your office, wherever it might be on your laptop and you’re just small fry in a huge world of Forex trading.

So, people think that everything is against them whereas in reality, in my opinion, what’s against most people is they have a lack of knowledge, a lack of discipline, a lack of understanding and probably, with most people, when things go against them, they don’t stick to their plan. They become despondent, they start changing systems and strategies, looking for the next thing and that’s the problem that most small traders have – they just don’t stick to something that works for them!

Small doesn’t mean Weak!
Now, I want to share with you a story about something that I’m really passionate about and apart from trading and flying a helicopter, my other big passion is cricket! I absolutely love cricket. And so, I’m a big fan of New Zealand Cricket. Now, I need to tell you a story about New Zealand Cricket.

See, we have a very small population – four million people – we have very limited resources in terms of financial and, actually, facilities for people to play cricket. You know, not as good as, say like, England, which has millions and millions or hundreds and millions of pounds. We don’t have the population of India with 1.4 billion people – most of them absolute cricket-mad.

So, we have a lot of things against us – we’re a nation of Rugby followers and fans, with the All-Blacks.So cricket, although it’s our main summer sport, is very disadvantaged, I suppose you can say, in terms of on an international scale. Yet, the World Cup is on right now! Now, if you follow cricket you’d know this of course and New Zealand are now in the final, to play Australia this Sunday, in the final. And the thing that makes New Zealand so good right now, with their cricket, is they have a plan!

They have players in place that can implement that plan. They stick to that plan! They have done a lot of homework, a lot of knowledge, a lot of background; they have a will and a passion to win! You their belief and mindset is that they’re going to win. And they know that because of all the hard work and dedication and research and practice that’s gone into their sport and into their playing and their preparation. They’ve got raw talent, yes, but they’ve also got that mindset and that will to win.

So they’ve done all their homework. They’ve done their homework against different teams; they know their strengths, they know their weaknesses, they have their plan and they implement it!

Bringing that Mindset into Trading
So really, when you think about trading, New Zealand’s very, very small in terms of financial and population on the cricket stage – probably, if you’re watching this, you’re a small trader; you’re probably under the $100,000 live account, so really, anything under $100,000 I’d consider as a small trader. You think everything’s against you but discipline, a plan, knowledge, education, sticking to your plan, being disciplined, not being distracted in your trading, sticking to it – you know that’s the key – stick to it, believe you can win, understand your system! And it’s no different, whether you are New Zealand Cricket Team or whether you are a Forex trader trading from home.

And, by the time you watch this you’re going to knowwhether New Zealand are the World Cup holders or whether Australia beat us and we came second, but either way, amazing to actually be in the final and be in that position. So, you’re trading is absolutely no different! Go out there, take on the market; take on the big guys and you can do it. So, I hope that helps you.

Now, this time next week, I’m going to be in San Francisco so I look forward to bringing you a video from that lovely city and helping you more with your trading. So, bye for now, this is Andrew Mitchem from The Forex Trading Coach!

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How to trade Forex when you are short on time

In This Video:

00:38 Common Misconceptions in Forex Trading
01:46 A Little goes a Long Way in Forex Trading
03:32 How my Methods have Benefited Me

I’ve got some great tips for you if you’re really short on time but want to become a profitable Forex trader.

So let’s get into that right now!

Hi traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach. Today is Friday, the 20th of March and in today’s video and podcast I want to talk about how you can become a profitable trader if you’re really short on time.

Common Misconceptions in Forex Trading
And in today’s society everybody’s short on time. You know, none of us have enough time in the day to do what we want to do and the problem is, when you start out as a Forex trader, everybody thinks you have to be sitting in front of multiple charts and screens all day long, CNBC going in the background; newsfeeds coming up all over your computer, newspapers – whatever it might be and that, in reality, is not what needs to happen.

If you’re working in a brokerage or large financial institution, maybe you’ve got screens and newsfeeds going all over the place but for most of us, the benefits of trading are we can trade from anywhere, we can trade from home, a holiday, wherever it might be. And so the reality is you don’t need all of that!

And the other misconception is people think they need to be watching charts all day long, waiting for every pip of movement and they’re scared to miss a trade here or there. And again, you don’t need to do that!

A Little goes a Long Way in Forex Trading
So there are two ways that I’d like to quickly discuss how you can best trade, and successfully and profitably, if you’re short on time!

1. The first method is you pick, let’s say, one hour per day and trade. And you say, “Right, at this time I’m looking for trades, probably on the shorter time frame charts such as fifteen minutes, five minutes, even one minute charts”, if you really want to – but you’re dedicating, let’s say, one hour of time, at a certain time of the day, same time of the day if you can, each week! And you’re saying I’m looking for shorter time frame charts within this time period.

2. The other method of trading, if you’re really short on time, and this is what I do is that I much prefer to look at the longer time-frame charts and at the beginning of each week, I’ll look on the weekly charts. At the start of each day, I’ll look on the daily charts. And so my day-to-day trading over the last two weeks where I’ve been extremely busy with other projects, like learning to fly a helicopter, is I’ve been trading for no more than thirty minutes per day and I trade at 5pm New York Time and 5am New York time.

At that time, 5pm New York time, I can look at the one hour charts, the four hour, six hour, eight hour, twelve hour and daily charts. At 5am New York time, I can look at the one hour, the four hour, the six hour, the eight hour and the twelve hour charts. It takes me about fifteen minutes each time – fifteen minutes at 5am and fifteen minutes at 5pm New York time, Eastern Standard – look through the charts and, thirty minutes, done!

How my Methods have Benefited Me
That’s it! And that’s all I’ve been trading over the last couple of weeks. Last week’s video and podcast I mentioned about the results there. This week, so far in four days, I’m up 2.7%.

So you don’t need to be spending hours and hours and hours to make really good returns. I’ve got some great software that I’ve had written; that my clients all have, that allows us to trade those charts that MT4 don’t offer such as like the six hour, eight hour and twelve hour charts. But if you have the ability to trade those different time frames then, by all means, look at them!

But the great thing is, and the important lesson from this, is that less is often more! And the less time that you spend trading the less trading you’re actually doing but the higher quality of those trades, then the more the results will be at the end.

And so as proof of that, I had a webinar this time yesterday, with my clients – you know, people just making amazing returns. I had a client over in Australia who’s made 40% return since starting with me in November on a live account. And that’s from daily and weekly charts and then some shorter time frames like the twelve hour charts.

So just shows what can be done there without needing to give up your entire day and your entire week from watching every single pip move up and down because, really, that’s not much fun!

So that’s it for now. Hope that really helps you. So if you do have limited time, there are certain times of the day that are better or not for trading. Pick those times, try and fit them in around your schedule – stick to that, be consistent, make great returns and be a happy trader.

So that’s it for now. This is Andrew Mitchem from The Forex Trading Coach, look forward to talking to you this time next week.

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When is the right time to join the party?

In This Video:

In This Video:
00:35 Identifying the Right Time to Trade
01:50 The Euro has made the Markets Enticing
03:01 Jumping onto the Bandwagon

As a trader you need to know when it’s the right time to join the party, so 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 13th of March and I want to talk about the right time to join the party.

What do I mean by that?

Well, have a look at the conditions in the Forex market right now. There’re some amazing conditions and we don’t see that very often. And, from time to time, the market can go a little bit flat but right now we’re seeing some huge movements. So, it really is time to join the party!

Identifying the Right Time to Trade
Now, as a trader, you need to decide when the best time is to trade, you know, within a day to day basis, what is the best time or day to trade? When does it suit you? What time frame chart? What currency pair do you trade? Lots of different variables like that, but also the one thing you can never control is the actual current market conditions. And from time to time, we can see the market being a little bit flat. It can be up one day, down the next and those conditions are not ideal to be trading.

Of course, the shorter the time-frame you go, you’ll always find trends within the market, even though on, let’s say, the daily time-frame the market might be a little difficult to trade. If you go down to the shorter time-frames, say like five minute charts, there’ll always be trends within that but not everyone wants to sit watching that screen all day – I certainly don’t enjoy doing that.

So, what we’re ideally looking for are larger trends within the market. Now, just go take a look at your charts and you’ll also notice, if you follow my information that I post freely every day, that I’ve been calling, looking for Euro shorts, so to sell the Euro against almost all other currencies over the last three weeks.

The Euro has made the Markets Enticing
And, if you have a look on your charts, you’ll notice that the Euro against the US, which is the main Euro pair that everybody trades, is now at its lowest level since January of 2003. So, that’s over twelve years since we’ve seen a low in the Euro/US Dollar (EUR/USD) pair that’s at a price that we are, right now.

So, it’s a huge amount of movement there and we’ve seen over the last three weeks, the Euro/US Dollar (EUR/USD) move around 930 pips. We’ve seen the Euro/Yen (EUR/JPY) move about 850; we’ve seen the Euro/British Pound (EUR/GBP) move about 420, which is a lot for that pair – it’s not a very fast moving pair; we’ve seen the Euro/Canadian (EUR/CAD) move about 940; the Euro/Aussie (EUR/AUD) about 970 and the Euro/New Zealand (EUR/NZD) about 930.

So, within the last three weeks, there’ve been some amazing opportunities to short the Euro; to take sell positions on all those pairs that I’ve mentioned, whenever you see a great opportunity. And like I’ve mentioned, I’ve been talking about that – freely available on my website and on Facebook – for the last three weeks saying look at selling these Euro pairs.

Jumping onto the Bandwagon
So, as a trader, when we see conditions like this, it really is time to join the party because conditions like this don’t happen all of the time! We’re in a pretty amazing little run right now, over the last three weeks. It really is time to take advantage of that and to cash in on it because at other times of the year, you won’t see conditions quite as favourable as they are right now.

Personally, I am at four and a half percent (4.5%) for the week so far, still got all of Friday to go, on one account; and three and half percent (3.5%) on another account, with many trades still open, so I’m hoping to get those figures up to around, say, 6% on one account and around 5% on the other account, on my second account, just in the one week – and that’s just this week. So you can see what amazing returns can be achieved once you have the strategy, you have the understanding of the market, you have the good conditions to trade in and you take those trades when they show.

And of course that’s the important thing – it’s all well and good having the conditions but it’s no good looking at that in hindsight. You have to be there real time, able to read the market and understand what it’s presenting and take advantage of that.

So, if you’d like some help with that, have a look at my website, theforextradingcoach.com. If you need some personalised help, send me an email: andrew@theforextradingcoach.com.

Have a great week and I look forward to talking to you this time next week and let’s see where the Euro is in a week’s time.

Hopefully you’ve made a lot of money!

Bye for now!