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How much are you worth per hour?
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How much are you worth per hour?
In this video:
01:55 Income benefits from trading FOREX
05:00 2.2% gain without any extra work
07:11 NZD – big mover of the week!
How much are you worth in your job per hour?
It’s something that as FOREX traders luckily we don’t really need to worry about and I’ll share more with you right now.
Hi traders it’s Andrew Mitchem here, the FOREX Trading Coach – and today, is Friday the 11th of July.
And I want to talk about the differences between most people – having a job where you get paid so much per hour and FOREX traders. Because we’re a little bit more like self-employed people where the hourly rate is not such a big issue. When you have a normal let’s say 9:00 – 5:00 job, you get paid so much per hour and that hourly rate can depend on certain things like what type of job you do, how far up let’s say the corporate ladder you are or whether you’re doing a technical job or a manual job, how much experience you have. It could be to do with what part of the country you live and what part of the world you live as there are different hourly rates for the same job but in different parts and so it’s very much dependent on that.
The good thing as I suppose you know, you work X number of hours, you get X number of dollars or pounds or Yen or whatever currency you’re paid in. The downside is of course and that with most jobs is that if you want to increase your wages and have more money, if that is what your goal is, then you generally have to work either more hours to get more money per hour or over the course of a week or you have to work yourself up through to a higher paying job which can very often mean more stress, more time away from your home and your family and that type of thing. And so having a high paying job is not always the very best thing in terms of a high hourly rate.
The beauty that I’ve always been attracted to the FOREX market:
In terms of the benefits of the income side of things from trading FOREX is that the quality of the trades that you take are the thing that really makes the difference. It’s not so much how many hours you spend staring at screens and charts, reading through forums or anything like that. That really doesn’t have very much of a bearing at all once you understand how to trade. You know it’s not to do with, “Oh, I’ve spent 10 hours today staring at charts therefore I’m likely to make X number of dollars or percent.” That doesn’t have any relevance.
I’ll give you some examples from a webinar that I held for my clients yesterday.
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It was almost about a 2 ½ hour webinar. It was a very long webinar. Really good one with a lot of great questions asked and some trades taken. There are just brilliant ways to learn to trade in real time. It’s the live webinar where I trade on my charts here behind me in front of my clients on a live account and take trades in real time.
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I had a client who took a trade on the 30-minute charts. It lasted for 3 bars, that’s 1 ½ hours and he made a 4.4 reward to risk trade on a 30-minute chart. So that if you let’s say you’re risking 0.5 of 1% per trade – that’s a 2.2% return. Now it lasted 3 bars which is an 1½. It doesn’t mean to say he was sat there watching it for 3 bars or 1½ hour. But you know it’s just put the trade on potentially leave it. You might want to monitor it but even if he sat there for the whole 1½ hour which he didn’t. But even if he did it, you know that’s a 2.2% account return just in that time. Now there maybe a number of hours or it could be several days between a quality setup like that again. Who knows? It just depends on the current market conditions.
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I had a trader on a one-minute chart say to me, “Hey Andrew I’m taking a setup. It was a sell trade on the British Pound/US Dollar (GBP/USD) on the one-minute chart.” He made a 1.75 to 1 reward to risk trade in 7 minutes. So with 0.5% risk on that trade – that’s almost 0.9% account gain (almost a 1% account gain) in 7 minutes just by identifying the correct chart setup and taking the trade.
At the other end of the extreme I had a trade that I shared with my clients that was taken on the weekly charts and it took a number of weeks to actually come through and to hit full profit. It was a sell trade on the Euro/Canadian Dollar (EUR/CAD) from a number of weeks ago.
But that trade, even though it was on the weekly chart and it took a number of weeks to fulfill in terms of get through to its full profit, it didn’t take me anymore time to place that trade. It wasn’t harder, I didn’t have to go to work anymore. I didn’t have to stay late at the job (you know work weekends!) or whatever it might be to take that trade.
A number of weeks ago, I placed a sell limit on the Euro/Canadian Dollar (EUR/CAD), put it on there with an expiry of one week so if it didn’t fill as a limit order within one week it got expired. It did fill and it’s taken a number of weeks to actually come through and hit full profit on a sell trade. It didn’t take any extra work but I still made a 2.2% gain on my account from that one trade and being a sell trade also in Euro/Canadian Dollar (EUR/CAD). It paid swap as well so it was actually getting paid extra for each day that the trade remained in the market. But it was a 2.2% account gain for just maybe a couple of minutes of work back when I identified the trade setup and placed the trade.
So it just goes to show what can be achieved and by placing high quality trades – not the number of trades. Taking 20 trades a day doesn’t really mean a lot (unless of course you’re getting most of them right) but it’s all to do with taking the quality of the trades – the high return trades, the high probability trades. When you get that right and the returns can just be fantastic.
You know let’s say you made a 1% gain on average per week even without compounding it’s pretty much a 50% gain throughout the whole year (assuming you’re trading 45 or 50 weeks of the year) but even without compounding it’s 50% gain per year. It’s a pretty phenomenal amount of a return when you consider other options that you have out there as an investor. Yet if you can do that on a $1,000 account, you can do that on a $10,000 account or a $20,000 or $50,000 or a $100,000 or a million dollar account if you had a million dollars or you’ve traded a million dollars in a fund. So, of course it’s slightly different in terms of the whole mental approach of the higher figures in an account but in theory the actual placing the trade doesn’t take you ten or a hundred or a thousand times longer. It doesn’t make it a thousand times harder. It’s the actual placing of the quality setup trade that’s the vital thing.
So that’s one of the many, many benefits to us as FOREX traders.
Lastly I just need to mention the big mover of the week yet again is the New Zealand dollar (NZD) against the US it’s now gone over the 0.88 level. It’s just stalling a bit yesterday potentially today Friday might just come back slightly but overall it’s still in a huge uptrend. It’s now broken through the 2011 swing high and it’s now currently at around 0.8820 I think when I last looked a few minutes ago.
And so a very, very strong movements up in the New Zealand dollar as I’ve been predicting for a long, long time now but you will see that in my daily strength and weakness analysis I’ve been looking for strength in the NZD/USD and NZD/CAD for a lot of the times over the last few weeks. And it’s just gone from strength to strength based on the quality of the economy here – high interest rates here which for us borrowing is not always a great thing but in terms of the quality of the environment as a Country to live there; political stability, the safety, the employment.
Everything about New Zealand right now is on a high and it’s going extremely well so that is related and reflected I should say in the economy and therefore in the New Zealand dollar (NZD) as a currency. So whether it carries on through that 0.88 level and up to 0.89 and 0.90 against the US, it probably will. It may not initially; it may just have a bit of a pullback but it’s candle patterns that we need to see in order to give ourselves a new entry looking for any potential long trades there.
Just wanted to put up a bit of a plug-in for this great Country but it’s all reflected in the prices.
So have yourself a fantastic weekend and I look forward to bringing more information to you this time next week. Bye for now.
This is Andrew Mitchem from The FOREX Trading Coach.
“Going Solo” From Demo to a Live Account
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“Going Solo” From Demo to a Live Account: Lessons from the Air
In this video:
00:26 From a demo account to a live account
02:23 Flew a helicopter solo for the very first time
04:59 4.3% net gain out of five trades
Are you ready to go solo in your FOREX trading? Maybe you are already flying solo. Let me share more with you right now.
Hi, traders! It’s Andrew Mitchem here, the FOREX Trading Coach – and today, is Friday, the 4th of July. So, for all of you in the States, Happy Independence Day, and I hope you’re having a fantastic holiday.
And I want to talk about “going solo.” Now, what I mean by that is that in FOREX trading, going solo really means going from a demo account to a live account. And it’s a question I get asked so many times. People say to me, “Hey, Andrew, look – when’s a good time to go from a demo to a live account? When will I know?”
And I suppose it’s different for everybody. But some of the main points would be:
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You would know. You’ve got to be comfortable when you go live. It depends on how much maybe education you have, how much knowledge around trading, how long you’ve been trading, the results you’ve been achieving — and how dedicated you are to your trading because the dedication is a really important aspect of FOREX trading.
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Take your trading seriously. When you are on demo, it’s very, very easy to become very blasé about your trading and just say, “Oh, it doesn’t matter if I lose that trade,” or, “The trade can stay open over the weekend. It doesn’t matter it’s not real money.” And having that whole – not gambling approach – but that sort of Monopoly, “it’s not real” type of approach. And it’s very, very dangerous.
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Demo the amount you’ll trade. Another thing I’ve talked about so many times is that so many people open an account on a demo with a huge sum of money – let’s say a $100,000 account – knowing full well that when they go live for the first time, their account may be let’s say $1,000 or $5,000. It’s very dangerous, in my opinion, to open up a huge demo account – because it makes FOREX trading and making money potentially look too easy. My advice would be, if you know that you’re going to start with, say, a $5,000 account when you go live (and you have $5,000 saved up to put into that account), what you should do is when you still on demo make sure you trade the $5,000 demo account. Because then, when you make the transition to live, there’s nothing you need to do differently.
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Trust yourself and don’t give up. Now, for me, I did the demo to live thing years ago – like, 10 years ago. But yesterday, I flew a helicopter solo for the very first time. It’s a great achievement — and I feel very proud to have done that. But, much like the trading, it’s taken a lot of dedication, a lot of heartache, and almost giving up: “Can I do this? Can I not? Can I actually master this skill of control of this flying this helicopter?”. So, there’s been some self doubt along the way.
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Find great teachers. Also, there’s been the need to seek good education. You know, I’ve gone to the very best instructors that I could find – I’ve got a fantastic instructor. He’s given me a hard time, and he’s pushed me and pushed me, and given me lots of extra work to do. Having said that, he’s also shown me the right way to do things.
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Do nothing different.When I went solo yesterday, yes, I was slightly nervous — in the machine by myself, having to take off, hover, take off, do a circuit, etc. –by myself. I had some guidance with him on the radio talking through, making sure that I was safe during the first couple of circuits. But, ultimately, it was up to me. And yet, I wasn’t too worried about it because I knew I could do it. Because I’d done it in practice mode. In other words, with him sitting next to me, in dual controls. So all I had to do was concentrate on doing nothing different. And as I was flying, I was thinking – believe or not – I was actually thinking about trading.
That’s why I came up with this video and podcast today. Because I was thinking, “This is no different from demo account to live.” Yes, it’s a little bit more nervy, but if you do nothing different, it will all be fine. And so I did exactly the same in the two circuits I flew myself in the helicopter for the first time. Because I thought, “Well I’ve been taught how to do this properly. If I do nothing differently, I should be able to do this circuit and land without either injuring myself or killing myself or damaging the machine.” And, luckily, I did none of those, and I managed to do the circuits fine.
So, it’s a very good analogy to use – the live and demo account with flying a machine as opposed to dual controls. So, I wanted to put that out there and share that with you.
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Believe in your own success. The other thing I also wanted to also share is that I had 5 trades close on the weekly charts overnight (Thursday night into Friday), during the European and U.S. sessions. Those trades have been open only one week, while some have been over several weeks. But, I had 2 trades that lost and 3 trades that closed for profit. But, I made a net gain of 4.3% out of those 5 trades, with only risking 0.5% risk over each of the 5! That’s 4.3% net. So, it just goes to show the importance of high return trading or high-rewards, small risk. And it just shows what can be done.
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Consider longer trades. So those trades were on weekly charts and they were put on and just left until they hit their profit targets or their stop-losses. And it’s no different to trading, let’s say, 1-minute or 5-minute charts, in terms of the setup. It just takes a little bit longer, and you need to have the belief and confidence in your system to allow them to stay in the market slightly longer. And again, it’s not for everybody. Likewise, the very short timeframe chart, scalping system is not for everybody. But the great thing that I believe about the way that I trade is that the technical setups and the patterns will work across all timeframes. It really depends on what suits you as an individual trader.
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Check Out Andrew’s First Solo Flight! Lastly I just mentioned about the solo flight. If you’d like to see it, I’ve got a very short clip on my Facebook page. Just go to Facebook and type in “Andrew Mitchem FOREX” and you’ll see it there. It was taken by my instructor just on his mobile phone, just as he was talking me through my first take-off.
So, if you want a bit of a laugh and to watch a wobbly helicopter and me trying to get up in the air, go to Andrew Mitchem FOREX on Facebook.
So that’s it for now. Have yourself a fantastic weekend and I look forward to bringing more information about the fantastic world of FOREX trading this time next week. Bye for now.
This is Andrew Mitchem from The FOREX Trading Coach.
Do You Need A Forex Doctor?
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Do You Need A Forex Doctor?
In this video:
00:43 The need for A Forex Doctor
02:18 The importance of Psychology within Forex
05:52 The new look website is now live
Time For A Forex Doctor?
Do you feel that you need yourself a Forex Doctor? If you do I’ve got some really valuable information I’d like to share with you right now. Hi Forex traders it’s Andrew Mitchem here and I’m the owner of the The Forex Trading Coach one of the biggest Forex education companies online today with the 5-year history of teaching clients all around the world.
Now I’d like to talk about psychology within trading in this session because it’s something that is really underestimated and I’ve had quite a number of requests from people on YouTube comments and also from non-clients and also from clients to talk about the need for Forex Doctor or to talk about Psychology behind trading and the importance of it in order to be a trader who can make money consistently and over a period of time and it’s something that’s underestimated.
When people jump into trading all they want to do is they want to understand how the charts work behind me here that you know they want to understand candle patterns or news and all those things and it’s really important but if you don’t have the mental stability in terms of being able to take trades, when to pull the trigger, when to exit a trade, when to stick to your plan if you can’t do that then a lot of the other important things become watered down because you’ve got to have a strong mindset to trade but you’ve got to be comfortable with your trading system so a whole Psychology behind trading especially when you’re talking about trading with real money.
It hurts you when you have losing trades and you see your account going down and you see negative trades it really does hurt you and it affects you in two ways: It affects your head and it affects your heart and your emotions. There’s no question about it and as I’ve mentioned it’s a very underestimated but very important part of being a successful Forex trader.
Understand Your Strategy
So we spend quite a bit of time with my clients yesterday on our live 2-hour trading room sessions talking about the importance of Psychology within Forex. There’s a number of things that I would like to talk about because to me you have to be comfortable with the strategy that you employ. You’ve got to have full confidence in it. It doesn’t matter what that strategy is, it means that you have to be comfortable with the style and its approach so it means to be something that suits your personality. Now it’s the same when it comes to the time frame charts that you chose to trade. If you’re the sort of person who likes to trade real short time frames then great go for it but don’t be placing trades on weekly and monthly charts likewise if you’re the sort of person who likes to just look at your charts once a week or once a day then you need to be on those longer time frame charts but again it what suits you.
We had a question on the webinar last night from a client who was saying to me he has 80% win rate yet he wasn’t quite happy with his trading and it was because he was feeling that he was being so picky with setups that he was missing out on a lot of trades that he was 50/50 with but unable to pull the trigger and I suppose there’s two ways of looking at the solution there. First of all an 80% win rate is outstanding so my first suggestion was don’t change too much because an 80% win rate in terms of picking good trades with high returns is excellent. He could potentially look at increasing his risk per trade. He could also look at trading other markets non-Forex markets as well because he was predominantly looking at daily charts and four-hourly charts now of course you don’t have to stick to Forex if you have the right set up as a technical trader you can branch out into other markets if you wish to.
The other thing I suggest that he could do and again it’s more of an experiment because it depends on the individual would be to drastically reduce his risk per trade and then take trades that he was sort of 50/50 over. Just to see over a course of a week or a month what their performance would have been because it’s not into your try taking extra trades if that’s what you need to do if you’re frighten to pull the trigger if you need take extra trades then just try them. I wouldn’t necessarily say do that on a demo because you don’t get the same feeling. You need to have if you’re already trading live and this guy has been trading for about 3 years live. You need to get the feel of losing or making money on a live account but just really reduce the risk just an experiment to see what would happen.
So it really comes down to are you comfortable with the style of trading, are you comfortable with the time frame charts that you’re trading, or the range of time frame charts that you’re trading, are you comfortable with the returns that you’re getting right now from your trading, are you comfortable with knowing when to exit a trade or first of all knowing when to enter a trade, knowing when to exit a trade. Do you look at closing part of your positions, do you close all your positions, do just set and forget, do edit or alter your positions depending on what’s happening. Do you add to your positions you know there’s so many different ways of trading but it used to be a plan that you have replace and you are comfortable to stick with. So hope that helps for the whole overall understanding of this Psychology behind trading.
New Look Website
The other couple of things I want to mention is my new look website is now live and have some fantastic feedback from that so hope you like it. If you have any comments good or bad just drop me an email andrew@theforextradingcoach.com just to let me know what you think of the site and the new design.
A Strong New Zealand Dollar
Lastly on the markets themselves yesterday I was suggesting a lot of strength in the NZD that is exactly what we had. A lot of money was made by my client yesterday buying the NZD against the US, against the YEN, against the Franc, against the Canadian selling the EUR/NZD, selling the GBP/NZD. So some great money made and a lot of people commenting on the webinar that we had just about how those NZD trades were working really nicely.
Today I’m looking for some strength in the GBP again after it’s been little bit flat. Against the USD the GBP was now broke in the strong resistance level of 1.700 so the 1.700 level very powerful level round number horizontal lines a hugely powerful it’s not broken that level so right now I’m anticipating the GBP to be increasing in value and to use the 1.700 as a support level now.
Today I’ve actually taken a buy trade on the GBP against the USD and with a bit of EUR weakness I’m selling the EUR against the GBP because the strong 0.800 level 0.800 has not been broken and we’re now below that level so the 0.800 level should now in theory become a strong resistance level looking for EUR/GBP to continue further down.
So I hope that this webinar and podcast has helped you with your trading Psychology and a little bit of insight into the market that way I trade and the way that I can help you as a Forex coach. So this is Andrew Mitchem from the Forex Trading Coach have yourself a fantastic weekend and I look forward to talking to you this time next week.
The Key Ingredients Needed To Be a Successful Forex Trader
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The Key Ingredients Needed To Be a Successful Forex Trader
In this video:
01:15 Don’t rush things!
03:17 Having a system that actually suits your personality
06:09 New look website
I want to talk about what you need to do in order to be a successful trader. Let me share more details with you right now.
Hi traders it’s Andrew Mitchem here from The Forex Trading Coach today is Friday the 20th of June and I want to talk about some of the really key ingredients that you need to have in place within your trading and within your whole approach to your trading in order to ensure a long term success as a Forex trader.
Don’t rush things!
So the important thing to remember is if you’re fairly new to trading don’t rush it. Some people become really excited by trading and they rush into it and they want suddenly become Forex experts and professional traders and fund managers and they want to suddenly give up their job and become a full time trader when realistically they’ve probably not even made money on a demo account so it’s really important that you don’t rush it because obviously put it out their own Internet to be such an exciting fast paced easy way to make money type of business and realistically it’s not it takes time, work and dedication like anything else that’s good in life so my advise though is don’t rush things take your time and go through the whole process as you would with any other business that you’re starting into or any other hobby or whatever it might be that you join. You know, you start slowly and you work your way up no difference to Forex trading. So take your time and be consistent with what you do.
Having a system that actually suits your personality
The other thing is don’t chop and change systems; a thing that almost everybody would have done. I used to do it when I started trading so much of the time and I know it’s a big common issue and mistake and problem that so many people get into because they try rushing things and a system that they try and doesn’t work instantly or it works and it doesn’t for the next several weeks after.
People are very quick to jump on to the next latest greatest Holy Grail type of system or they have a system that they’ve been given all their purchase or they’ve invented themselves and they didn’t start tinkering with it and optimizing it and adding more indicators and changing things. Well realistically if you have a good solid strategy and system in place you don’t need or you shouldn’t need to change it providing it makes sense too and that leads on to the next thing.
Whatever system or strategy that you use whether you want to become a technical trader or fundamental trader a combination of both, you use a mechanical system whether you use my system or someone else’s system your own system whatever it is it doesn’t matter.
It needs to work for you and you need to feel comfortable with it. A lot of people will say, “You know technical trading doesn’t work; other people say fundamental doesn’t work yet there are people on both side of the fence that make it work perfectly adequately.
There’s nothing wrong with combining their approaches and so people that say that one or the other doesn’t work all the time it’s just nonsense because it does for some people. I just happened to personally chose to be a technical trader. It doesn’t mean to say that fundamental doesn’t work it means that fundamentals are not what suits me and so it’s important to have a system that actually suits your personality so that’s another really important point and just because someone is selling a system that happens to be all about news trading doesn’t mean to say it’s going to work for you.
I might be selling a system that’s all about technical trading it doesn’t mean to say it’s going to suit everybody you know if what suits the individual. And also you need to have a system that works at the time of day that suits you on the type of time frame that suits you. So for instance if you’re the person that loves just you know some fast paced action and you just like to trade a couple of hours a day then you need to be on the shorter time frame charts.
However if you’re the sort of person that likes to just have a more relaxed approach to your trading then you probably more suited to the longer time frame charts. If you have other work commitments or family commitments then maybe the shorter time frames don’t suit you or it could do but if you’re willing to be able to spend just an hour or two per day likewise if you have a lot of other commitments maybe four hourly charts or daily charts or weekly charts are what suits you so it’s important not for me to tell you what suits you it’s important for you to figure that out for yourself.
And again with currency pairs some people like looking at huge number of currency pairs others just like looking at one pair.
I’ve got a client in particular here I have a lot of contact with just trace the EUR/JPY only nothing else. Myself I look at all currency pairs and again there’s nothing wrong with looking at just one or there’s nothing wrong at looking at a lot of them.
Again it what suits you and it’s what you feel comfortable with, what makes logical sense to you, what you can make money with that type of approach that suits your personality so it’s really important that you understand what suits you and don’t let someone else tell you what’s right or wrong.
The other thing that’s really important of course is to have very low risk per trade it doesn’t matter what type of style of trading you are low risk is really important as are high return from trade so a high reward to risk trading scenario. In my opinion it’s one of the most important things that you can have as well. So put all that together have a plan in place, stick to your plan and it will work overtime. It’s not going to work every day or every trade or every week but overtime you will have a very profitable system.
I know that because that’s what I have in place and not every day or every week am I making money but overall I’m making really good money from a system that in my opinion is a logical system, makes a lot of sense to me, it suits my trading personality and I have so many clients from, right now 48 countries around the world that I’m making money from trading the same system so you kind a think that it’s going to work as it works for all of these people.
New look website
Other thing that I want to mention just briefly behind me here you might see over my left shoulder; right as you’re looking at screen. I’ve got brand new website that’s being developed. It has the same domain name but just a new look website so by the time you’re watching this video or listening to this podcast that should be live.
The last thing I wanted to mention I met up with a client last week when I was standing in beautiful Queenstown in the South Island and again as a side issue I mean you can trade from anywhere in the world just need your laptop and internet connection so I was down their trade in Monday and Tuesday from there they did the skiing with their family on the weekend. Met up with a client, first time I’ve actually met him and his results over the last few weeks were since it has been live 2%, 5% and 1% in the last three weeks so 8% gain on a live account in the last three weeks it just shows what it can be done he has adapted my system to suit him in terms of the time frame to his trading and the risk approach etc., and it just goes to to show; 8% in three weeks what a great start to live trading that is so it can be done you just need the strategy in place, the system in place and stick to it.
It sounds so easy of course it’s harder to do in reality but honestly that’s the only way to do it it’s having a methodological plan and as you’ve been quite boring about your trading doing the same thing over and over and over again because of it works why change it.
So hope that really helps you. This is Andrew Mitchem from The Forex Trading Coach. Have a fantastic weekend I’m off to watch the fantastic great amazing All Blacks in New Zealand right our team tomorrow the most successful sports team in the world and so they’re playing England tomorrow in my local town of Hamilton so hopefully that will be a three- nill series win to the great All Blacks. You’ll find out this time next week if they win and pretty sure and certain that they will. They’re very high probability team. So have a great weekend and I’ll talk to you this time next week.
When is the best time to trade Forex?
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When is the best time to trade Forex?
In this video:
00:49 Trade when it suits you
02:38 The way that I trade normally when I’m at home or travelling
05:20 Getting the most price action
In this video and podcast I want to explain some information about when you should trade because it’s a question that I get asked quite a lot. So let me explain more in detail right now.
Hi traders, it’s Andrew Mitchem the Forex Trading Coach. Today is Friday the 13th of June so hope you’re okay on Friday the 13th.
I want to talk about when you should trade. Because as I mentioned, I get that question asked so much, especially by people who are not clients; people who are maybe new to trading and people say, “Look Andrew, when should I trade and when is the best time, what time frame should I trade?” and a lot of questions like that. And really the answer, it’s probably not what they want to hear but the answer that I mostly give is look, trade when it suits you.
You see, there’s no right and wrong time to trade. Of course if you’re trading, maybe let’s say, shorter time frame chart trades and you’re entering a position in the market, ideally it probably you want to be trading when there’s likely to be more activity in the market. So possibly like into the European session or the US session if you can. And I do have clients who trade maybe for 1-3 hours in a session and they’ll be looking at charts, say like 15-minutes, 5-minute charts and 1-minute charts and they’ll be looking at those shorter time frame charts; looking at predominantly market orders entering at the market straight away based on candle patterns and chart setups that I teach them and that’s also how I trade when I’m trading on my live webinars which I hold for my clients every two weeks because we’re on there, live and we’re looking for a number of trades, if they show during the session.
In fact I also had an email overnight from a client in the US who took a 5 to 1 return trade, a 5 to 1 reward to risk on a 1-minute chart trade just yesterday and when you think about that that’s a pretty amazing return. He was trading half of 1%, let say, on that trade so only half of 1% yet his return was five times that so his return was 2.5% return gain on his account from just one trade with very low risk on a 1-minute chart. So it shows what it can be done if you’re the sort of person who enjoys trading those shorter time frame charts looking for the good setups. But of course you do need to accept that to trade 1-minute charts you need to be there right then at the market taking the trade.
The way that I trade normally myself when I’m at home here in my office, I’ll trade 1-hour chart trades during the European session if I see any good setups then I’ll trade 4-hour charts and I’ll trade daily charts.
On top of that I also trade weekly charts just once a week at the beginning of the week and I also look at the monthly charts when the month changes over. And if I’m travelling, let’s say and I’m away on holiday, I don’t want to be looking at charts all day long you know I can do that here behind me right now. I don’t need to be doing that way when I’m away on a holiday or I’ve got meetings or whatever it might be and same for you if you have family activities or work commitments or travel, holidays, whatever it might be you don’t have to be looking at the charts all day and long; you don’t need to.
You can use limit orders. You know I used a lot of a buy and sell limit orders, a pending orders to enter at the market if the price reaches your chosen price entry and of course you have your stop loss and your profit target and your risk all factored in. So you don’t to be there when the price gets to that level if you use limit orders- they’re a great way to trade if you don’t want to sit watching your charts all day.
So when I’m away I’ll trade monthly charts, weekly charts and each day just look at the daily charts at the close of the 5 pm New York close of day and then during the rest of the time I’ll then look when I’m at home 4-hour charts, 1-hour charts. The only time I actually trade anything shorter myself is on the live webinars with my clients. When I will look at like 5-minute charts or 15-minute, 5-minute and 1-minute charts but really they don’t suit me as a trader quite so much.
So, to answer the question that so many people do ask, “When is the best time to trade?” Well it is when it suits you, because all good trading needs to be something that you enjoy and it needs to be something that you can sustain. It’s all well and good let’s say you’re making let’s say 5% gain in a week but you’re committing 10 hours a day of watching 5-minute chart trades. Realistically, that’s probably not that enjoyable and realistically it’s not sustainable over time.
That’s one of the reasons why I think you either need to take the longer term approach like I do or like many of my clients do and I’ll teach and my system and strategy works across all time frames, but a lot of my clients do chose to trade 1 to 2 maybe 3 hours a day looking at the shorter time frames at the time of day that suits them.
Like I mentioned, ideally if you’re going to trade that way you should be looking ideally in the European session or the US session because that’s the likelihood of getting the most price action. If you trade longer time frame charts, use pending orders, it really doesn’t matter. For me trading the 4-hour charts I just need to be at my computer once for let’s say, five minutes no more, every four hours and it’s very easy to plan your life and your day-to-day activities around that because right now I’ve just looked at the 4-hour charts around ten minutes ago. I now know that I’ve got well over 3.5 hours before I even need to think about coming back to my computer again. So it just allows you to do other things in the day.
So I hope that has helped you and trade what suits you as a personality, as a trading personality, time available, stress, etc. depending on how you feel about those different things. You’ll soon get to realise what time frame charts and what time of the day suits you the best.
This is Andrew Mitchem from The Forex Trading Coach. I look forward to talking to you this time next week and don’t worry about Friday the 13th. Bye for now.
Why I Trade With The Main Currency Strength and Weaknesses Each Day
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Why I Trade With The Main Currency Strength and Weaknesses Each Day
00:25 An important part of my daily trading routine
04:59 US Non-Farm Payrolls on the 1st Friday of the month
07:13 The Lot Size Calculator and how you can get your copy? I want to explain why I really enjoyed trading with the main currency strength and weaknesses each day. Let me share more details with you right now.
I want to talk about currency strength and weakness. For me it’s something that’s quite important and it plays an important part of my daily trading routine and I like to share with you the reasons why because to me it’s quite a logical thing. If a particular currency is looking very strong and it’s looking strong against all other currencies and you then have another currency looking very weak and that’s looking particularly weak against all almost other currencies it seems logical to be trading in the direction of that pair when you put the two together.
Now today being the first Friday of the month we have the US Non-Farm Payrolls or Non-Farm Employment change data coming out of the US. It’s expected to generate 214,000 jobs last month was 288,000. I would be anticipating that the number is going to come out less that would be in my feel for now and that’s based on the fact that I see some weakness today being Friday in the USD.
Other thing I wanted to mention if you haven’t yet got my Lot Size Calculator make sure you get it there is a free download on my website. All the time day after day, week after week I get just emails back to people just really appreciating how simple to use but how effective that Lot Size Calculator is. It works on the MT4 Platform and it helps keep your position size equal per trade and it makes you forget about how many pips you make because it really doesn’t matter.
Trade Forex and Forget Savings in the Bank
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Trade Forex and Forget Savings in the Bank
In this video:
00:25 What you can potentially make from the Forex market
03:00 Why news trading is probably not a great thing to do
05:10 My e-book is available on Kindle
In today’s video and podcast I want to talk about why you probably should not have a savings account with your bank, in comparison with trading Forex. So let me share more details and explain exactly what I mean right now.
Hi, traders, this is Andrew Mitchem here, today is Friday, the 30th of May and I want to talk about bank savings rates as a comparison with what you can potentially make from the Forex market.
A 6.5% gain for the week
Look, I’ve had another really good week, I’m up 6.5 % on my accounts so far for this week with still one more day to go for the rest of the week and some trades open behind me here looking really good. I shared all of those trades with my clients last night on our live 2.5 hour trading room webinar, and during that session I highlighted the fact of why for a lot of people, you probably shouldn’t have savings at a bank because the interest rates around the world are just so pathetically low right now, in terms of for savers.
I highlighted a British website that I found, and I found that the highest one-year rate on savings accounts was 1.71% for the whole year. I also highlighted a US website that I found – the very highest that I could find just searching yesterday was 0.95% return paid in one year in the US, so it’s absolutely awful.
Of course it’s great if you’re borrowing money, that’s absolutely fine, but as traders we’re looking at investing and returns of what we can make on our investments. So you look at those figures and my 6.5% for one week with a very, very low risk amount on each trade. It just shows you the benefits of Forex trading once you understand it and once you’ve mastered it and consistently trade well.
Now, of course 6.5% is not what I do every week, but it shows what can be achieved when you have a good week. And as I mentioned, I discussed that with my clients last week, last night on the webinar.
So for the week I’ve had on my account that I trade, the daily charts, the weekly charts, the one hour charts, and I also took a 15-minute chart on the webinar live in front of clients. I am up 3.7% on that account, on another account that I trade only four hour charts, I’m up 2.8% for the week, and as I’ve mentioned I’ve still got trades open here behind me.
So it’s 6.5% return in the first four days of the week, which is not a bad return, especially when you compare it to those awful interest rates that you can get with your savings in one year.
Why I don’t Trade the News
The other thing I want to talk about and again I discussed it with my clients on our webinar yesterday, was, in my opinion, why news trading is probably not a great thing to do. And it’s why I suggest that people trade what they see on their charts and not what they think.
I’ll give you two examples of what happened yesterday in the news, and how they affected the charts. Now yesterday out of Australia, there was a high-impact news announcement – you can see it on Forex Factory or whatever calendar you use – and it was called “Private Capital Expenditure.” And it came out at a -4.2% and the expected was -1.6%. So it came out two and half times worse than the expected figure.
And all that happened yesterday is the AUD went up and up and up. It went really strong. And even today, into Friday, I’m looking for buy positions on the AUD. So the news was two and a half times worse than expected and it was the only high-impact scheduled news announcement out of Australia yesterday so it’s two and half times worse than expected, yet the AUD got stronger and stronger all day. You know, it’s hard to figure.
Also yesterday, just before that announcement, out of Japan there was the retail sales – the year on the retail sales. They came out at -4.4% out of Japan as opposed to last year’s positive 11%. So last year it was +11, this year it’s -4.4. A huge difference yet all that happened for most of yesterday was the JPY strengthened. And I called for the Yen to strengthen yesterday on my daily analysis and that’s what it did for much of the day.
So it just goes to show that you can’t really have too much of a fundamental news opinion and trade currencies at the same time. That’s my opinion, now I know that there’s a lot of people that do trade news announcements and fundamental trading, that’s absolutely fine and I’ve got no issue with it as such if that works for you, but in my opinion it’s far better to trade off the charts and the technicals and to trade what actually happens, not what you think should happen. There’s a big difference there.
Forex Book on Kindle at Amazon
The last thing I want to mention is that my e-book is available on Kindle, and as a physical book on Amazon, and if you haven’t yet attended one of my free webinars, not my clients’ webinars, they’re only for clients, but the free webinars that I hold each week, if you’ve not attended one of those yet, make sure you jump on because there’s a lot of free and very good trading information given out on those webinars. So that’s it for now, have yourself a fantastic weekend. I look forward to talking to you this time next week. This is Andrew Mitchem from the Forex Trading Coach.
Bye for now.
The Importance of High Reward to Risk Trading and How it can make such a Huge Difference to Your Overall Trading Performance
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In this video:
00:36 A massive difference to overall trading performance
03:04 Seventeen trades all together that have closed this week
05:06 “From Dairy Farmer To Forex Trader” eBook available on Amazon
The Importance of High Reward to Risk Trading and How it can make such a Huge Difference to Your Overall Trading Performance
Hi traders it’s Andrew Mitchem here from the Forex Trading Coach and in today’s video and podcast I want to talk about the importance of high reward to risk trading and how it can make such a huge difference to your overall trading performance. Let me share that and more with you right now.
Hi today it’s Friday the 23rd of May and I’m Andrew Mitchem from the Forex Trading Coach and I want to share with you the importance of high reward to risk trading because it’s something that makes such a massive difference to your overall trading performance and I’ve just made a note here of the trades that I’ve taken myself this week and they will just really emphasize the importance of high reward to risk trades.
I’ll start with the weekly trades. I’ve had four trades close this week on my charts based on the weekly charts. They weren’t all taken this week, but they’ve closed this week. Four trades have closed. Two of them have made profit and two have lost. So, I’ve only had a fifty percent win right there. A lot of people get caught up on strike rate and win rate and “Andrew do you have a ninety percent win rate?” No, I don’t. But it doesn’t matter because the reward to risk is high.
Let me share with you the returns. Those two trades that both hit full profit averaged a 3.2 to 1 reward to risk. In other words, if I was risking let’s say a hundred dollars if the trade lost. On the profitable trades they average $320 so it’s a 3.2 rewards to risk ratio. The two that made and the two that lost, at half of one percent risk each that was a 2.2 percent gain on my account from just those four trades. Don’t forget that fifty percent of the trades I took on the weekly charts lost. But, I still made 2.2 percent gain with only a half percent risk each due to the high reward to risk of those trades.
On to the daily time frame charts. I’ve had five trades close this week. Three of them have been profitable and two have lost. Again, an average for the profitable trades of 2.1 reward to risk. Over the five trades that has given me a 2.15 percent return again on those daily chart trades. Again, two have lost out of the five, so not a great win rate but still a very good return.
Lastly, the four hour chart trades. I’ve had five profitable trades and three losing trades. Those trades have averaged a 1.8 to 1 return to risk on those trades which you have five trades at 1.8 and take away three losing trades. That’s given me a three percent return on my account. So, add that all up together and I’ve had seventeen trades all together that have closed this week. Ten of them have been profitable and seven of them have lost. And again it’s not a very high win rate but it’s still ok, but it’s not a massive win rate. Yet, I’ve made 7.35 percent return on my account this week and I’ve still got today, Friday, to go of which I’ve still got several trades behind me here that are looking really good. So, 7.35% return for a half percent risk per trade.
I have no idea how many pips I’ve made or lost this week because it doesn’t matter. And so many people again get caught up on the number of pips they are making. It really has no relevance at all to your trading performance. The important thing is how much you are risking on each trade and how much you’re making overall. The great thing is with those trades (ten winning trades, seven losing trades) is that ratio can be swapped around the other way and I could have more losing trades than winning trades, but I’m still profitable because when I have a winning trade, it’s so much more.
It’s sort of two or three times the amount that I am risking on the losing trade. So, you can see that you don’t have to have an 80 or 90% profitable system. You can have a thirty or forty percent profitable system and still do well and make money. That’s a really important point that I wanted to make there because the thing is when you start to talk pips what happens with the weekly chart trades that have bigger stop losses all lose and on my four hourly chart trades have smaller profit targets all make. If you start talking about making number of pips, it becomes a crazy thing to do really. Unfortunately, it’s what so many people are lead to believe is the way to make money in trading is to make pips. It really isn’t. Believe me.
The last thing I want to mention. My e-book “From Dairy Farmer To Forex Trader.” It’s here. I have a copy here in front of me. The hard copy or paperback/physical copy. The Kindle version has been downloaded over 600 times in the last week. It is available on Amazon as a paperback version here and it’s available to download on Kindle. If you’d like that just search for my name Andrew Mitchem or search for the book title “From Dairy Farmer To Forex Trader.” Search that in Amazon and you’ll find the book there.
So, that’s all for now. I hope you’ve enjoyed this video and podcast. I look forward to talking to you this time next week. This is Andrew Mitchem from the Forex Trading Coach.
Why I Trade Forex Using Limit Orders
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In this video:
00:24 Using limit orders when trading Forex
04:15 Held a 2 ½ hour live trading room webinar with a number of good trades
05:12 E-Book has been published on Amazon
In this video I want to talk about limit orders and I want to tell you why I like trading using limit orders. Let me share more details with you right now.
Why I Trade Forex Using Limit Orders
Hi traders, it’s Andrew Mitchem here the Forex Trading Coach and today is Friday the 16th of May and I want to talk about limit orders in this webinar and podcast. You see, I use limit orders on all time frames from monthly charts, weekly charts, daily charts and four hourly charts, and I love using them. It’s probably something that a lot of people don’t use. You see, most people tend to trade at the market because they feel they have to watch the charts all day long and it’s not really the case. You see, when you have a strategy that you know and you can see and you trust you see the trades developed and you only trade on the close of a chart or a candle then it makes really easy to use limit orders. So I have a pre-defined order in place on my platform to buy below the current price or to sell above the current price depending on which way the trade is moving.
So let’s say the price is moving up we get a pull pack and then I see a bar to go long again. Rather than entering at the market I place a limit order a buy limit to buy below the current price, so it’s doing a lot of things. First of all it means I should don’t need to be there at the market if the price retraces back to the level I’m looking at the trade to fill at. I don’t need to be there I can just place my limit order in my position size, my stop loss, my profit target, expiry date all in place and just walk away.
So let’s say the trade retraces and it gets filled. What that’s doing is it’s getting me into the market in the direction that I’m looking for the trade to move, but at a far better price than if I entered at the beginning of the new candle, especially when you’re talking four hour charts and above. So I’m getting in at better price. What that also does is it dramatically increases the return on that trade in terms of the reward to risk ratio of that trade. It means that let’s say on a four hour charts I might be getting a 2 or 2 ½ to 1 reward to risk out of the trade rather than maybe a 1 to 1 ½, if I enter at the market because if I still have my same stop loss and instead of getting in here at the market, I’m getting in down here while my stop loss still down here so I’ve only got this amount of stop loss rather than the full amount if I enter at the market, so what that means is the return from that trade is dramatically increased by filling at a better price. It also takes the emotion out of trading. You know I’m not sat there on the mouse going on should I or shouldn’t I, maybe, don’t know, what do I do or go for it. I don’t do that. You see, I put the limit order in and I walk away.
I also have my order set automatically by the platform to expire after one bar. So if I’m trading on the four hourly charts and the trade does not fill or does not retrace back to my buy limit order it just takes off in the ideal direction and doesn’t get me in the trade. Of course I missed out in the trade but I have the software set up automatically to delete the trade as a pending order after one bar. So if I’m trading in a weekly chart after just under a week so I have my set up that four days but pretty much the week it expires if the trade does not get filled; on the daily chart if the trade does not get filled within one day so within 24 hours it automatically gets deleted. So it’s just a really great way of trading especially on the high time frame charts.
Examples of Weekly chart trades taken this week
I’ll give you an example, this week I’ve taken seven trades on the weekly charts two of them were have already hit full profit and five of them are still in the market right behind me here over my right shoulder and still doing really well. So on the weekly chart where you have bigger stop losses but also massively bigger profit targets, your reward to risk on those trades can sometimes be 4 or 5 to 1 which makes them really good profitable trades.
Live trading room webinar
Elsewhere we’ve had a webinar yesterday. I held a webinar for my clients a 2 ½ hour live trading room webinar took a number of good trades. I took some on the four hourly charts and the one hour chart. I also had two clients that took really good trades live during the session. One client made a 4 to 1 reward to risk ratio and another client on a five minute chart made a 6 to 1 reward to risk. So client #1 made 2% return on their account on one trade during the webinar. The other client if they took a half percent risk on the trade which I did they made a 3% return on their account just on that one trade based on the 5-minute charts. It was really great to see clients achieving results like that and taking them live and telling me they’re taking them and where they’re putting their entry and their stops and their profit target and taking them live and they’re making fantastic returns. It was really encouraging to see that happen.
My e-book From Dairy Farmer to Forex Trader is available on Amazon
The other thing I wanted to quickly talk about was my eBook has been published on Amazon so you can actually buy the physical book on Amazon now and also you can get a copy on Kindle and it’s obviously a lot cheaper on Kindle as it’s an electronic download it’s only around 9 bucks on Amazon but it’s about $3 on Kindle. And so if you’d like to get a copy of that it would be great to have you read the book and also leave a review on Amazon if you enjoy the book, that’ll be fantastic. There’s a lot of information in there. It’s a story of my story of how I went from a dairy farmer to a Forex trader and also there’s a few tips and information along the way that will really help to shortcut your whole learning process. So the book is called “From Dairy Farmer to Forex Trader” and it’s available right now on Amazon if you’d like a copy.
So that’s all for this week hope you’ve enjoyed the webinar and this podcast and this is Andrew Mitchem from the Forex Trading Coach. I look forward to talking to you this time next week. Have a fantastic weekend and a great trading week next week.
Bye for now.
Learning to trade Forex is no different from learning how to fly a helicopter
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Discover how learning to trade Forex is no different from learning how to fly a helicopter.
In this video:
00:21 Similarities between learning how to trade Forex and to fly a helicopter
04:18 The importance of enjoyment in what you do
06:24 Most pairs have moved 100-150 pips
Did you know the learning to trade Forex is no different from learning how to fly a helicopter? Let me share more with you right now.
Hello it’s Andrew Mitchem here the Forex Trading Coach and today is Friday the 9th of May. That’s right I want to give you an analogy between the similarities between learning how to trade Forex and learning how to fly a helicopter. Around 10 years ago I started learning to trade Forex, and it took a number of years and right now I’m about a third of the way through my private pilot license learning how to fly a helicopter. I want to go through and to share some of the experiences of what I’m going through right now and how that can help you learn your trading which is something that I’m still doing but something that I started a long, long time ago.
So learning to fly a helicopter, for me it’s a big dream that I’ve always wanted to do and at Christmas my wife got me a lesson to learn to fly and right now I’m sort of flying once or twice a week on the way to having a private pilot’s license.
Similarities between learning how to trade Forex and to fly a helicopter
So how can that help us? Well it’s a dream of mine so for many people learning how to trade Forex successfully and either traveling around the world with their laptop trading or trading from home with your family and your children around it’s a dream also and both of them can be achieved but like everything anything that is good, it takes a lot of hard work and dedication. Now I’m finding with a helicopter it takes a lot of my time, it takes a lot of dedication. There’s a huge amount of information to learn most of which I have no idea I would need. I’m opening myself to a whole new world of terminologies, of different experiences and there’s a lot more than I actually thought will be involved and again trading is no different. There’s a whole new world out there to learn when you want to become a Forex trader.
Now the other thing that’s similar is that it’s not only that takes a lot of dedication you put it best to find yourself a really good instructor or really good coach. I’m not just saying that because I coach Forex, you can go to anybody who you choose to. I’m just one of a number of people who would be good to learn from but with my helicopter license I’ve gone to the best instructor that I can find because at the end of the day I’m up there flying around in the sky and I want to learn the best way that I can from the best persons so learning to find to Forex Coach and to trade properly again is no different.
The importance of enjoyment in what you do
Experiences; well I go from absolute exhilaration and joy through to fear, scared, terror sometimes, very nervous sometimes, very hesitant sometimes and then again back to being just the best thing I can do and huge smiles from my face. And you go through different emotions and I have a very good days of flying and some not so good days and exactly the same with trading you go through that you will suddenly makes some money and you just have that exhilaration and that joy you would then suddenly becomes frustrated, you will become disappointed, you will become frustrated again, you make some more money you will then go backwards again and you’re going around and around in a never ending circle or so it seems.
However when you look back on it it’s amazing how much you do actually grow and develop and it’s also interesting that my instructor is slowly but surely adding layer per layer per layer of skills to my ability and I’m learning and putting little things together step by step and learning again to trade Forex is no different.
That’s why I have my course setup in the way that I do because it’s building blocks it’s layer per layer per layer. You’re not going to get it right straight away. I don’t get trading right all the time. Like anybody I make mistakes, my helicopter is no different. You make mistakes and you learn from those and you move on.
But it’s also important to have enjoyment from it. There’s no good in flying if you’re not enjoying it, there’s no good me trading if I don’t enjoy it. It’s exactly the same. Don’t start trading just because you’re desperate to make some money; that’s not the way to trade. You got to enjoy trading and the whole learning process and really enjoy it that’s all I can say is enjoy it because it’s such a brilliant business. There’s no reason why you shouldn’t enjoy it and it’s the same with me flying the helicopter. It’s such an amazing experience and a skill to develop there’s no reason why I shouldn’t enjoy it.
Also, very few people can fly a helicopter. Most people give up most people actually don’t even start but most people find it just too difficult and again trading successfully is no different. Very few people actually do it because if it’s that easy everybody will be doing it. But most people either don’t have the dedication or the investment of their time, investment in their knowledge and their education and just dedication. You know you will get knock backs, you will get setbacks you’ll make fantastic trades and then you lose it all again. That will happen and expect that to happen especially while you’re learning but over time you have less and less mistakes and you will make more and more and your whole knowledge and understanding of the markets and the way that you chose to trade will grow.
I’m anticipating that my knowledge of flying and ability and safety and everything else and understanding will develop overtime. Like I said it’s one of those which is the trading I experienced a long, long time ago the helicopter flying that I’m experiencing right now. If you do fly you’ll know exactly what I mean by how difficult it is to learn to fly. I’ve had fantastic it is but also how frustrating it can be as well.
Most EUR pairs have moved 100-150 pips on Thursday
On to the charts themselves I’ve a very quiet last month actually it’s been really, really quiet but yesterday being Thursday a huge crash in the EUR and it actually moved a lot. Most pairs have moved 100-150 pips that have the EUR on them. So it could be now the start of something, like new trends; it could be the start of a bit of price action within the market which will be fantastic if it does happen because it has been a little bit flat and little bit quiet over the last few months so I’m anticipating that heading into next week by the time you watch this video and listen to this podcast the price action should be back into the market and there should be some fantastic trading opportunities for us.
So I’m wishing over fantastic weekend and I look forward to talking to you this time next week. This is Andrew Mitchem from the Forex Trading Coach.