Weekly Video News & Podcast
Don’t break your own money management rules
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In this video:
01:26 A good money management rule
03:46 Taking your time with your trading
07:43 5th birthday offer live between the 5th and 9th of May
Don’t break your own money management rules
Don’t break your own money management rules, because if you do, there are generally some fairly big consequences. Let me discuss that and lots more with you right now.
Hi Forex Traders. It’s Andrew Mitchem here, the Forex Trading Coach, and welcome to my latest weekly video and podcast. Today is Friday the 2nd of May, 2014, and it’s a non-farm payroll or non-farm employment day today. So probably not expecting a great deal of price action right now through the Asian session. Possibly not much in the European session until we get into the US session and that news release. On that subject also just to let you know that the market right now is very, very quiet. It’s not that easy to trade actually and the reports that I’ve read is that a lot of pairs, for instance the GBP/JPY, which usually moves a lot. A lot of pairs are at the lowest volume and the lowest daily range for seven years. So if you’re finding it tough right now, just hang in there and don’t worry too much about it. A lot of it could be due to the market conditions. But another thing it could be is to do with the topic of this video and podcast.
Don’t break your money management rules because if you do, the consequences are usually, they usually bite you actually so they usually get you in the end. That’s really important because I always have a rule for my own trading and I suggest for my clients, look at trading with this same rule. No more than half a percent or 0.5% of your account on any one trade.
A problem I find with a lot of people is they seem to think well because my account maybe quite small it means I can break that rule and risk a lot more. If you’ve got an account, let’s say $1,000 for example. That means you’re risking only $5 per trade; it’s still half of 1%. A lot of people think well that’s just silly. I can’t make money on that or look it’s only $5 therefore I’m going to go risk $50. I’m quite happy to risk $50 on this one trade. The problem being is that it doesn’t teach you discipline, it doesn’t teach you about good accurate money management. You see, if you’re risking $50 on a thousand dollars account, instead of 0.5% you’re actually risking 5% on that one trade, which is far too much.
It’s important to get into a routine and a discipline and treat your account regardless of its size, as if it were a huge account. Treat it as a professional trader would. A lot of people don’t realize that the way and the reason why people end up being professional traders and fund managers and things like that, and remain in the markets for over ten years like I have, is because I don’t break those rules and I do treat my trading seriously and I do treat it as a professional. So if your account is a thousand dollars, risk $5. If your account let’s say $10,000, risk $50 per trade. If your account is $100,000 risk $500 per trade. It’s the same risk and what that does is it gets you into the good discipline and good understanding of money management and risk. So just want to put that point across there. Don’t say, “I’ve just got a small account and I can afford to lose some money. I’m going to risk $50 or $500 if my account is only a thousand dollars.” It’s not the way for longevity within the Forex market. It gets you into a very bad state of mind also. So take that on board and absorb it because it’s a very valuable piece of information that can really help you.
Take your time
The other thing that I want to talk about is taking your time with your trading. Take your time on a day to day basis but also an advice I give to a lot of my clients is take your time going through the course. I get some people coming to me and generally they don’t end up being clients, and that’s fine, that’s probably a good thing. They say to me “Look Andrew I need to make an X number of dollars on my account, only this size, and I need to make a living from trading.” The problem is, is that it’s highly unlikely you’re going to make a living from trading if you’ve got a 5 or 10 thousand dollar account but making enough money to live on for today. It’s also very dangerous to actually try and make a living from your trading initially.
Give you a couple of examples actually. People I’ve been talking to this week. One gentleman, called Bruce from Christchurch in South Island of New Zealand here. He phoned me up a couple of days ago. He’s been a client for just over a year and he said, “Andrew I’ve taken my time, I’m still on a demo. But since December I’m up 63% on my demo account, by trading at half of 1% risk per trade. So it’s and enormous achievement. Yes it’s on demo, but the good thing that he’s doing is that his demo account starts at $10,000, because he is looking at opening a live account very soon now with $10,000. So he’s been treating his demo as if it were live. Sure it doesn’t have the exact physcological of effects of the money management and the, no it’s not the management but the sort of fear and the greed doesn’t come into because it’s a demo. But he’s been really conscious of keeping that account like it were a real account. But the great thing is, he’s taken his time, he’s had 6-7 months with my system to work it out, to take his time to develop his style, he’s take on it, learn it and then the last say 5 months from now, from December to April, he’s up 63% by keeping his risk low, high reward to risk trades. He’s now happy and comfortable to go live and really in theory, there should be nothing he needs to change. Now you imagine if in the next 5 months, if he goes live and he makes 63% as well. He’s going to be one very happy person but it’s just taken him like a year, year and a half by that time to get to there. That’s fine but it’s far better than people rushing in trying to double their account in the first week and make a fortune, and then blow everything. So I’d rather that happen.
Second example, a gentleman called Lincoln over in the US. Lincoln also took a little while to get going, several months in fact. But he sent me a lot of emails over the last few months, of just really good trades. Now he likes trading just the EUR/JPY. That’s his choice and it suits him. He understands the pair. He trades mostly 5 and 15 minute charts. He sent me some trades and I’ve seen the trades and I’ve seen his account to prove not only the setups but showing them on his account. One day last week he took four trades on the 5 minute charts on the EUR/JPY. He lost one and was profitable on the other three. He made +4.5% on his account by risking half of 1% on each of those four trades. So he had a maximum risk over all four trades that were all taken on the same day, of 2% of his account. So four trades, half a percent each, 2% risk. He ended up making 4.5% return and it’s just phenomenal when people are doing that, and so again, the lesson is obviously controlled risk, high risk to reward that I’ve talked about many times, and also take your time. Lincoln took several months to get going. That’s fine, he’s sought my help, he’s been on my webinars but he’s now really flying and doing extremely well. So, two really good success stories there.
5th Birthday promotion 5th-9th May
Last thing that I want to talk about. The 5th birthday offer that I’m holding is live between the 5th and 9th of May. So by the time you’re watching this, that’s probably going to be live for you. If you haven’t taken my course and you are thinking of it, this is going to be the best time in terms of the price ever in the last 5 years since I started, to take advantage of joining. So I’ve now taught clients in over 48 countries around the world in the last 5 years. Some of them live in person, more recently on the video course. So just a really great success from the company and it’s due to I put a lot of effort in to make the trading work for my clients. The system and the strategy itself is quite logical. There’s a lot of support and backup help there for people that have just helped turn that trading around. It’s just really gratifying for me, it’s very pleasing, and of course for them. Yes they’ve invested some money in their education and now they’re making money back in return by themselves from trading Forex. Which, at the end of the day, that’s what they joined for. So it’s just a 5-day promotion it’s there for you to take advantage of if you would like to.
That’s all for now. I hope you’ve enjoyed this webinar and video and podcast. There’s some really valuable information there. Take it away, digest it, re-watch it, re-listen to it, and ask me any questions that you have. So, this is Andrew Mitchem from the Forex Trading Coach. I look forward to bringing you more information this time next week.
Why It’s Important To Trade Multiple Timeframe Currency Charts
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Why It’s Important To Trade Multiple Timeframe Currency Charts
Hi, it’s Andrew Mitchem here the Forex Trading Coach. Today is Friday the 25th of April. And I want to talk about the importance of trading multiple timeframe charts because I have an example of some trades that I have taken this week that would just really blow your mind in some ways because it just shows what can be done when you trade different charts.
5th Birthday Promotion – Discounted Course – 5th-9th May 2014
Multiple Timeframe Charts
Now with controlled risk, it means that it’s not the end of the day. Sure it’s not great but a 0.5% risk per trade. That was a 2% loss for me which is for me that’s plenty but it’s still controlled so it means I’m not losing my account and I can still get up and trade later on. However, the important point is this on the same day on Wednesday; I also took four trades on the four hour charts. Now one of those also lost and three of them made profit. So you take the 2% that I lost on the daily charts and 0.5% that I’ve lost on the one losing trade on the four hour charts and now all of a sudden I’m down 2.5%. Yet the three profitable trades on the four hour charts made me 2.9%, 2.9% and I ended up making an overall profit of 0.4% for the day which of course is a good result. So it just goes to show that I have 5 losing trades and I have 3 winning trades. By trading that multiple timeframes I didn’t trade anything else, I didn’t take any trades on the one hour chart or anything shorter I was pretty busy on Wednesday so I only traded and look at the daily charts and four hour charts, that was it. But I still ended up with a profit of 0.4%. Will do that every day that’s 2% for the week, do that every day of the month that’s 8% for the month. You can see how even with losing trades you can still end up having a really profitable trade in day.
Why You Need To Control Your Risk
Don’t Trade Holidays
The other thing I need to mention today is Anzac Day, it’s a public holiday. It’s a memorial day here in Australia and New Zealand. I’m in New Zealand and also in Australia. It’s a very important day for us you know in New Zealand and Australia but the point that I want to make, it’s a public holiday therefore I’m not taking trades today on the AUD or the NZD currency pairs. In fact there are some really good setups especially on the daily charts; the Aussie and the Kiwi are both looking quite weak right now. And the rest are good setups but I’m leaving them because my rule is to say that if there’s a public holiday in a country then I’m not taking especially on the daily charts trades involving those country pairs.
Now if I’m looking at four charts, one hour charts and I see good setups and ideally looking to short, the Aussie and the Kiwi today then yes, I would look at taking those. But on the longer timeframe charts because there was a public holiday I’m not looking at taking for instance the New Zealand/US Dollar, or the New Zealand/Yen or whatever the setups are on the daily charts for today because there is a public holiday here the main banks and institutions within New Zealand here and also in Australia are away today so it just means that your normal trading conditions on the Aussie and the Kiwi pairs today won’t be in existence, so why take the risk on trading those on a longer timeframe chart?
So that’s what I wanted to cover for today’s video and podcast; some really important tips and information there. Like I said at the very beginning, if you have been sitting on a fence and you’ve been thinking about taking my help and joining the ever growing number of people who were being really successful for my course. Remember between the 5th and 9th of May, there’s really good deal I’ve got for you. Never been seen before probably never will be repeated just for that 5 days. If you want to be in my mailing list to get exclusive information for that just drop me an email andrew@theforextradingcoach.com
I look forward to talking to you this time next week.
Some of The Biggest Forex Trading Mistakes -and How To Avoid Them
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In this video:
00:31 Chapter 14 of my new eBook – The Top 10 Forex Trading Mistakes
02:44 Tips on trading a demo account
05:39 The four big movers for the week
In my new eBook, I talk about the Top Ten Trading Mistakes and I want to talk about some of those same mistakes in this podcast and video right now. Let me share more details with you.
The Top Forex Trading Mistakes
Hi it’s Andrew Mitchem here, the Forex Trading Coach. Today is Friday the 11th of April and my latest chapter, Chapter 14 from my new eBook “From Dairy Farmer to Forex Trader” has been an enormous hit . I’ve had some just amazing feedback from people. So people have really enjoyed the story but Chapter 14 is all about what I believe that the Top 10 Trading Mistakes and I’ve put those in the book because there are mistakes that I’ve made and I’ve learned from and throughout the last five years of being a Forex Coach as well. There are mistakes that I see people constantly making and so the aim as a Forex coach also is to help people overcome those mistakes. Not only of course to trade profitably but if you eliminate a lot of those mistakes and put a good strategy together with it then of course naturally you’re going to iron out those flaws from people’s trading. And so, I’ve mentioned quite a number of those things that you can change and mistakes that you can eliminate already in these videos and podcasts in the past. But I’ve got three more I’d like to talk about right now in this one.
The first one is to always treat your demo account as though it were a live account. That’s a really important point because you see brokers that give you the option to open up a $50,000, or a $100,000 or half a million dollar account. Whereas really how many people go and open up a $100,000 account for your very first live trading account and it doesn’t matter whether you’re a multi-millionaire, the likelihood is you’re not going to open your first live account with $100,000. And so, it’s a quite a deceptive way on behalf of the brokers really to get people lured into a full sense of security and see people not only treat a demo as a bit of a game, a bit of a gambling monopoly money but they also when they do strike it lucky they do tend to make a lot of money on demo and I did exactly the same myself. I was making thousands of dollars per day or tens of thousands of dollars per day at one stage on a demo but when I came to reality you know I was on a ten thousand dollar live account and I was making a few dollars or maybe sort of hundred dollars at the very most per trade. So it’s a bit of a knock as I suppose you could call it when you go live and you’re not going to be making that vast amount of money that you’ve been expecting to.
How To Trade A Demo Account
So the point is, if you think that you’re going to be opening your first live account whether ten thousand dollar account make sure that you open your demo account with $10,000 and trade it exactly the same way. Now of course, emotions aren’t there but you really need to do your best to make sure that your demo account is traded and you treat it the same way as if you were a live account and it just makes transition far easier.
Don’t Expect To Make A Fortune on Day 1
The second point that I want to talk about is don’t expect your trading to be outstanding from day one, it’s not going to happen. It doesn’t matter how many courses you’ve taken even if it’s my course. You’re not going to make a lot of money from day one and I’m sorry that’s a bit blunt but it’s the reality because trading takes time and you can have the best system and the best strategy and the best coach but you still need time to develop that for yourself and to learn that for yourself. And I rather and I say it to clients quite honestly and quiet openly. I rather you take a few months to get to understand the strategy and to get a feel of things and to develop your own take on things than to rush in like a bull in a china shop head first and trying make a fortune in the first week or the first month and then lose your confidence. I’d much rather that people take several months and come back to me and let’s say six months or years time and say “Look Andrew it took me a little while to get going but now I’m just loving my trading and I’m making some really good money from my trading.” You know just allowing yourself a bit of time, it’s a really important point that most people can’t grasp when they start.
Don’t Chop & Change Your Strategy
The last point I wanted to mention today is about don’t jump and chop and change strategies. Again, people I find if all of a sudden they have a week that doesn’t make them money or even a day that doesn’t make the money they suddenly want to go out then research in the Internet for the next latest greatest holy grail “save the world” type of indicator and of course it doesn’t exist does it? If you have a strategy, you’re not going to have a perfect line doing that in your equity curve. You’re going to have times you have draw downs and really good weeks and little draw downs. This week for instance I’m only +1.5% all up, yet the last couple of weeks I was reporting here in this video and podcast at over 6% per week. Next week might be negative you know, you just don’t know but you’ve got to take the rough with the smooth and you can’t expect every week to be the perfect week. Again, it just won’t happen.
The Big Movers This Week
So on to the charts themselves. This week we’ve seen a huge amount of weakness in the USD and that’s followed on from the non-farm payrolls. They weren’t quite good as I expected that was slightly negative but regardless of the news, the USD has weakened quite considerably against most other currencies this week and we’ve seen strength in the EUR, the CHF, the JPY and the AUD. They’ve been the main four big gainers for the week, the US has been the main loser for the week in terms of been the weakest currency.
So that’s it for this podcast and video. Hope you’ve really enjoyed it. Don’t forget that my eBook is almost complete, just got one more chapter to be released and then the book will be available as a hard or as a physical book, a hard copy, a paperback copy on Amazon within a few weeks from now and also available as a download on Kindle. So if that interests you just drop me a line and I’ll let you more about that. Don’t forget also next week is Easter so expect the end of next week to be a little bit quiet. But also don’t forget to jump on to my free webinars that I hold. There are two different types of webinars held twice each per week. I’m holding those again next week, so if you have not attended one of those yet and you have a new to trading or you’ve been trading for a while and you’re bit frustrated depending on which side of the fence you’re on there, there’s a webinar there for you .
The other thing I wanted to mention just quickly is the lot size calculator. It’s a brilliant tool, great feedback from it. If you haven’t got it yet, make sure you download a copy from my website.
So that’s all for now, have a fantastic weekend. This is Andrew Mitchem from the Forex Trading Coach.
Don’t Confuse a Trade with a Big Stop Loss with Taking a Big Risk
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In this video:
00:40 Understanding the difference between a big stop loss and a big risk
03:34 Information and trade results from clients
06:46 High reward to risk trading using low risk per trade
It’s really important that you don’t risk taking a big stop loss on a trade and associate with taking a big risk on a trade– they’re two completely different subjects. I’m going to tell more about that right now.
The Difference between a big stop loss and a big risk
Hi, traders it’s Andrew Mitchem here the Forex Trading Coach today is Friday the 4th of April and it’s Non-Farm employment day today and more about that later on in the video and podcast.
But first of all that I want to talk about, the differences between taking a big stop loss on a trade and a big risk on a trade they’re two completely different topics and it’s really important as a trader that you understand the difference. When you place a trade and you place a stop loss at a safety level for a reason to protect the trade and that stop loss amount in pips can vary of course between different currency pairs, different setups that you’re taking, different chart setups and of course different timeframe charts that you’re taking. But just because you’re taking a larger stop loss in terms of the number of pips on a trade don’t associate that or get that mixed up with taking a big risk on a trade. You see, if for example you were to take a 50 pip stop for example on a trade and you placed it there because that’s the level needed to be at to protect the trade. Not 50 pips because it’s an easy number to calculate or it’s the same on every trade that’s not how you should trade but let’s take for example 50 pips as the trade that you’ve decided needs, that level needs, that level needs to be at stop loss.
However if you are looking on that trade at having a profit target of 150 pips and again it’s not because it’s just three times the risk or because a round number. Let’s assume on this trade that 150 pips is the perfect profit target placement that is giving you a 3 to 1 reward to risk trade and so you must not associate that 50 pips for being a too big a risk and it’s an email that I get or a subject that I get on emails that’s really often from non clients and people are just getting too confused with that.
Another example is that let’s say you had $1,000 account and you were taking a trade with a 10 pip stop loss most people would associate a 10 pip stop loss as a low risk trade where in fact it may be or may not be. Let’s say on your $1,000 account you’re taking two standard lots on that trade now on most currency pairs two standard lots equals roughly around $20 per pip if you get stop out of that trade that’s $200 gone. Now $200 out of a $1,000 account is a huge risk. So can you really risk 20% of your account with just one trade? No you can’t that’s the answer. But most people associate that trade but just a 10 pip stop loss that’s been a really low risk and so you can see that by using that example how a 10 pip stop loss for two standard lots equals too big a risk yet that’s only 10 pips so that’s a really important point there to make.
Amazing Clients Trading Results
The other thing that I want to quickly tell you about is the webinar that I held last night for my clients and I’ve got some printouts here on emails from clients that sent me information and trade results over the last couple of weeks since our previous webinar. I’d really like just to read out a few of these just to share with you. I can promise you that all printouts I’ve got, emails addresses are all clients are all 100% genuine comments that I’m about to read out.
The first one here, I just quickly run through them I’m not going to mention names obviously but this person said, “Another 6% today without hardly trying just on the 1-hour charts, I took eleven trades Andrew.”
Another one here from over in the UK;this person just joined a few weeks ago. “I’ve had a good week for the first time since I’ve been trading live in 18 months. I’ve won seven trades in a row in less than two days all with strict risk management of 0.25% this has never happened to me before, I should say. I’ve actually got printouts here of the trades that were taken there as well.
Another person here, “Just completed my first week of trading live and closed with 10.4% with a drawdown of just 2% throughout the week.” So that’s really good.
Another client here, “Having a great couple of weeks back” this person has not been trading for a little while just taking a break. “My accounts at 4% with very limited amount of time actually spent trading, trading daily charts and 4-hourly charts.”, also my favorite.
Another person from over in the US also sent me their entire statement for the week. “Wow what week 15.6% gain focusing on the hourly charts. I’ve started off the week having a losing trade but then recovered and ended up with 17 wins and 1 loss.” That’s just a fantastic result there.
As I mentioned trade results are all there as proof. “Andrew I wanted to share with you one of my bigger trades that I’ve taken 7 pip risks, 57 pip profit.” and when I talked about risk to reward earlier on the video and podcast here you can just see what an amazing risk to reward trade that would be on a 15 minute time frame that was and again there is the setup shown.
Another person here today’s results 2 to 1 reward to risk and a 4 to 1 reward to risk on the EUR/USD and the EUR/JPY 15 minute charts.
Another one 4.3% gain for a satisfactory enough for me to spend the rest of the day reading. Two trades taken at 0.5% risk each they were on the 5 minute charts.
Another one here, “Andrew a 7 to 1 risk to reward at half percent risk per trade.” Again with the trade setup there.
So it’s just really pleasing to see and again I’ve promised you that are all actual emails here from clients that have all been sent through in the last couple of weeks so just wanted to share that information with you. You can see that there are just some superb results coming through and consistent results as well – high reward to risk trading low risk per trade. So this all ties in with the topic that I wanted to talk about today.
Also I wanted to mention on my strength and weakness analysis that I’ve posted on my site and on Forex Peace Army this week. Now I’m just talking about trades that have closed in the ideal anticipated direction. So far this week out of 34 trade pairs that I’ve mentioned 26 have ended up in the closing the next day in the anticipated direction only 8 went the wrong way, so nice high returns there in terms of percentages and the right direction.
US Non-Farm Employment Data
And lastly it’s non-farm payroll so non-farm employment day today out of the US. Looking at my charts now we still have a long time to go before that announcement. It’s only Friday morning for me so it’s around another 17 hours before that announcement comes out. I can see a lot of strength in the USD and a lot of weakness in the EUR and the Swiss Franc. So right now I would be saying the likelihood is the non-farm payroll would be favorable for the USD. That’s from what I can see on my charts right now. The EUR and the CHF do look very weak at the moment. The US has had a quite a lot of strength this week and we’ve seen a big sell off in the NZD/USD hit 0.87 against the US and it’s bounced perfectly of the round number of 0.87 and it’s fallen away quite a lot this week. It just got too over-bought and it just fallen nicely. Probably only a retracement and more than likely it will continue to climb again soon but of course I need a chart pattern to tell me to look for buys if they show. Most of this week I’ll been concentrating on short positions on the NZD pairs and have some really profitable trades from those. So keep an eye for that non-farm employment change out of the US later today. I wish you a fantastic weekend and I look forward to talking to you this time next week.
Bye for now, this is Andrew Mitchem from the Forex Trading Coach.
Fantastic Forex Trends Lead To Big Profits
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In this video:
00:23 A lot of strength this week in the AUD and NZD
02:29 Really good high win rate and a 6.3% account gain this week
05:13 How I use the strength and weakness analysis
We’ve had some big trends this week and that’s led to some big profits. Let me share more details with you right now.
Hi everybody, it’s Andrew Mitchem here, the Forex Trading Coach, today is Friday the 28th of March, welcome to my weekly video and podcast. And this week we’ve had some fantastic trends.
A lot of strength this week in the AUD and NZD
We’ve seen a lot of strength this week in predominantly the AUD and the NZD. We’ve had a lot of weakness in the EUR, the CHF, and also the USD. Now what this has led to is a lot of good trends that we’ve been able to trade in the same direction for a large part of the week.
Now, so far this week I’m up +6.3% on my account by risking just 0.5% risk per trade. That’s a fantastic return following on from last week’s great return also. The breakup of that is that on the daily charts I’m up +1.1%, on closed trades and on open trades I’m up +0.4% heading into Friday, on the four hourly charts I’m up a fantastic +4.8% so far this week, and I still have one trade open behind me on the AUD/CHF buying that and the trade is almost full profit, and I’ve taken one trade on the one hourly charts and that made me 0.4%. And so really a decent return so far – that was two trades on the hourly charts with 0.4% net gain. So a really decent return so far this week with +6.3% on closed trades and +0.4% on open trades.
Really good high win rate and a +6.3% account gain this week
Like I mentioned, following on from last week’s great performance as well, you can see with just a few trades and with high probability and low risk per trade, how you can make some fantastic returns from this market. Now of course the strong trends have certainly helped in terms of identifying which pairs to trade and in which direction, and so far this week for my clients I’ve identified thirty-one strength and weakness analysis pairs over the five days so far. And out of those thirty-one suggestions, twenty-five of those have ended the next day in the anticipated direction and only six have not. So just a really good high win rate there.
How I use the strength and weakness analysis
Now when I’m looking for strength and weakness, what I do is I go through the different charts looking for where I see as predominant strength or predominant weakness on the charts in anticipation of helping me trade the upcoming twenty-four hours, so the next day. Now the great thing with that is gives me an idea and a bias of where different currency pairs are likely to be heading. I’ll give you a great example; so far this week I’ve been looking at mostly weakness in the Euro, and for a couple of the days this week, I’ve seen strength in the GBP. You put the two together and you see weakening in the EUR and strength in the GBP. That tells you the likelihood is that the EUR/GBP currency pair is likely to be falling. Now you go and look at your charts and have a look back at what’s happened this week and you’ll see that the EUR/GBP has fallen quite a lot. So, by having the idea in the back of your mind that the EUR looks weak all round and the GBP pound is looking strong, that’s telling me that the ideal scenario when trading the EUR/GBP, on any time frame, but especially the shorter time frame charts, like the four hourly charts, the one hour, or down to anything shorter, ideally I want to be looking for setups that are giving me short positions, because that has a higher probability of success in my opinion, because my longer time frame perspective, my longer time frame bias on that pair, is for the pair to drop.
Now, of course, you could let’s say on an hourly chart be looking at buy-trades on the EUR/GBP, and if there were any showing using your strategy, then you’ve got two options. One you say, well it’s against my daily longer term opinion and my weekly opinion on this pair, and therefore if I see a buy-trade setup, I’m just not going to take it, I’m just going to ignore it, leave it, let it pass. And the other option you have, of course, is to take that setup, knowing full well that you are trading against the likely overall direction. Now just because the EUR/GBP, I’m looking for it to drop, doesn’t mean to say it’s just going to fall like a stone; of course there will be pullbacks and retracements back against that trend, and that’s what you’re anticipating if you see good buy setups on the pair. And if you do take them, you’re just accepting that you’re trading against the predominant trend, but you just may be catching that pullback. And then, the way I prefer to trade, is to then look for that short position after a pullback and then look to ride the pair down again, because my overall longer term bias is for the pair to drop.
So that’s how I use the strength and weakness analysis that I publish each day. It’s not to say I’m taking every single one as a trade in that direction; it’s to say if I see trade setups in that direction and on that pair that has a higher probability of success than taking the same pair but the opposite direction.
So, I hope that helps explain the analysis that I put out there each day on my website. Now, of course my clients get a lot more information than that, they get actual trade suggestions with reasons for the trade, the actual setup in terms of the entry price and the exit prices, of which of course they all learn themselves over time within the course, but there’s a lot more information given there to the clients as you’d expect. But in terms of strength and weakness that I publish each day, that’s how you should be looking at using that information. And as I’ve said so far I’ve had twenty-five trades end the day in the anticipated direction of what I’ve given out so far this week, and only six gone the other way, so there’s a very high percentage of success there, which has led to higher probability trades on the shorter time frame charts, hence so far for me a +6.3% return so far for this week.
So, I hope you’ve enjoyed that, I hope you’ve learned something from that information. Have a fantastic weekend; I look forward to talking to you again this time next week. This is Andrew Mitchem from the Forex Trading Coach.
Amazing Forex Results +6.2% for the Week
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In this video:
00:26 Understanding about the markets
02:38 Amazing feedback from clients
04:28 Lot of strength in the US dollar
Amazing Forex Results +6.2% for the Week
All we want as Forex traders is to achieve fantastic results. We’ve had a great week this week. Let me share more details with you right now.
Hi traders, it’s Andrew Mitchem here. Today is Friday the 21st of March and welcome to my weekly video and podcast. I want to talk about trading results because at the end of the day we can have all the logic, all the theory, all the understanding about the markets, the news, the charts, but if you don’t achieve good consistent results then what’s is the point? That is all we want as Forex traders isn’t it? It is having a low-risk trading approach without taking too much of our time to study the charts but, of course, we’re after above-average returns. This week has been an exceptional week, and I want to share some of the trade results with you right now.
Starting from the longest timeframe down to the shortest, I have taken trades on the weekly charts this week, and I am up +0.7% on those on my own account. On the daily charts, I am down 0.9% on closed trades. On the 4-hourly chart I am up +3%; I had a great week on the 4-hour charts. On the 1-hour charts I am up +2.8%, and on the 5-minute charts, of which I have only taken 1 trade, I am up +0.6%. Put all those trades together and with only half of 1% risk per trade over all of those trades, I am up +6.2% for the week so far in just the first 4 days, as today is Friday, and we still have all of Friday’s trading to go. So it is an amazing result when you think about it, and that’s probably somewhere between 2 or 4 times higher than most banks will pay you anywhere around the world right now, a 6.2% gain in 1 week. Now, of course, that doesn’t happen every single week, but it shows again with consistency and low risk what can be achieved if you have yourself a good sound strategy that works across all pairs and all timeframes.
Fantastic Feedback from Clients
Last night my time, I held a 2 ½ hour live trading room webinar session for my clients. I took 4 trades live in that session, 3 of them were profitable. I had 1 winning trade and 1 losing trade on the hour charts, 1 profitable trade out of the 1 taken on the 4-hour charts and a 5-minute chart trade that also was profitable. The great thing about those sessions is we are looking at charts, trading in real time. I’ve had some amazing feedback from clients on those sessions just making some great results. One client told me he made 9.6% return last week on his account, just fantastic results. People were typing in all the time, “Hey Andrew what about this setup? I have just taken full profit on this trade.” It’s really pleasing to see when people are then taking trades by themselves and telling me just how profitable they have been, and it was happening all the time yesterday. It was just really pleasing to see.
So, if you want to be able to take advantage of sessions like that, make sure you join my course and get on to those live webinars. They are held every 2 weeks, mostly in the European session, and they last between 2 to 2 ½ hours each. Over the course over the year, that is providing you with at least 50 hours of live trading room sessions in 1 year. Fifty hours, that is a lot of trading. That is watching my charts behind me here with me explaining the charts right now as we saw them and looking at trade patterns and trade setups as they occur. Of course, in that 2 ½ hours, there weren’t trades occurring all the time, but in between I am answering questions for people and looking at previous trades, good and bad trades. It is a constant learning session.
Now all of those sessions are recorded; so clients can go watch them later, and if you were to join my course as a new trader now, you’ve got the last 4+ years of recordings to watch. Don’t forget, there are 50+ hours of live webinars every single year and you’ve got the last 4 years to watch if you want to. There is a huge resource there, +50 hours ongoing every single year, a fantastic way to learn.
Strength in the USD$
What we have seen on the charts this week? Well towards the latter part of the week we have seen a lot of strength in the US dollar based on the Fed announcement that came out yesterday. Are we going to see that continue? Well I’m not sure whether we are or not. There was a lot of indecision on the daily charts yesterday. So heading into Friday, it’s a little bit debatable whether the US strength is going to continue or not. I’m not convinced that it will at this stage. If it is to continue into next week, I need to see that highlighted and shown on the charts to actually make me want to take pairs that are actually with strength in the US dollar. It was a sudden movement due to the Fed announcement; so whether that is now being factored into the market or not is hard to tell right now. I’ve only taken 1 trade today on the daily charts because today is a public holiday in Japan. So, I am discounting the Yen pairs and with the US pairs, I’m just not convinced there is enough strength there in the US right now for it to continue, but time will tell. Again, it comes back to trading what you see, not so much what you think. The charts tell you where the market is likely to be heading; so it is really important to have a good understanding of those candles patterns and the technical chart analysis.
So that’s all for now I hope you have enjoyed this session. Like I mentioned, 6.2% gain on the week. I’m more than happy with that. It’s just a great result. If you would like to achieve results like that and you would like my help with that, please drop me a line, email me at andrew@theforextradingcoach.com. Have yourself a great weekend. I look forward to catching up with you with some more tips and information this time next week.
When Trading Less Can Be More
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In this video:
00:34 The wrong way to trade
0345 New Zealand dollar is looking very strong
06:20 Lot size calculator for free
Glued To Your Charts?
Do you ever get the feeling that you are completely glued to your charts? You’re frightened to miss every move every single pip of movement. You’re glued there all day long you just can’t escape your charts. If that sounds like you let me share a few more details with you right now.
Hi everybody its Andrew Mitchem here, The Forex Trading Coach welcome along to my latest video and podcast. Today is Friday the 14th of March. I want to talk about trading less because trading less is actually trading more. What I mean by that is that most people find that in order to make money through trading they feel that they have to trade more and more. They have to scalp the making lots a little trades, making pips here and there. Well I think that is actually the wrong way to trade and the way that I trade and the way that I have more time than most other traders and actually enjoy life as well is that I trade the longer time frame charts. I want to share some examples with you right now.
You see I’ve taken trades on the monthly charts, the weekly charts the daily charts, the 4 hourly charts and the shortest time frame that I normally go to unless I’m trading live in front of my clients on the webinars is the one hour charts but that is generally only during the European session. The majority of my trades are weekly charts and daily charts or 4 hourly charts. The great thing with that is that means I can plan around my trading. If I’m trading weekly charts it means that just once a week on a Monday morning I need to look at my charts. If it’s a daily chart that I’m looking to take a trade from just once a day at 5pm New York time I look at my charts. If it’s a 4 hourly chart I look at different times throughout the day on the close, the completion of the 4 hourly chart.
So it’s really important that if that’s the way you’re looking at trading that you chose a broker who has a 5pm EST that is New York time start of day; really important that you do that. Look on the daily charts that have 5 full complete day candles. Some brokers have 6 and have what I call a small Sunday candle. If your broker has that it is probably a good idea to change brokers and go with a broker who starts their day at the correct time which is 5pm New York time. So the start of the day is actually Sunday in New York at 5pm and that doesn’t change throughout the year regardless of what the clocks do in your local time. 5pm New York time is always the start of each new trading day. So make sure you have that on your charts.
Weekly Chart Trades
Now for some examples, I took a trade two weeks ago on the NZD against the USD on the weekly charts. It’s hit profit yesterday. It has made a great 165 pip profit. The biggest drawdown that the trade had at anytime from its open was only 17 pips. It had a bigger stop loss than 17 pips but from when the trade got filled it only went negative by 17 pips and it and it closed by 165 pips yesterday. It meant that I put the trade on 2 weeks ago and it took me probably 30 seconds to choose to take the trade and to place it. I did nothing with it. I left it open over the weekend because it was a weekly chart trade and because it was still looking strong it’s now closed. It took 9 days, 9 trading days but that’s fine. It didn’t take any more effort on my behalf and still made a great return.
Strong New Zealand Dollar
Interestingly that yesterday the New Zealand official cash rate was lifted by .25 points it’s now up to 2.75% which is one of the highest interest rates in the developed world, yet two weeks ago I could see that coming on the weekly charts and all of this week on the daily charts I’ve been calling for buy positions looking at a very strong New Zealand dollar. In fact I’ve mentioned it on many of these podcasts over the last few months. The New Zealand dollar is looking very strong. We see the news come in line with where the charts are telling us and we had an interest rate rise in the Kiwi dollar yesterday.
I also want to tell you about a trade that I took on the weekly charts again on the EUR/USD. It is now 183 pips up and it has just hit full profit. It had a stop loss of 57 pips a 3.2 to 1 risk to reward trade. So if I was risking let’s say 1% of my account on that trade then I made 3.2% return on my account just from that one trade. You see I’m not paying my broker lots of multiple entry fees, lots of spread costs. It’s just one spread cost and it’s on the weekly charts. Little stress, little effort on my behalf. Great trade, great return. Take that out even further and I have a trade on the US Swiss Franc on a monthly chart. Now that trade right now just before I started recording this video and podcast, that trade is up 145 pips yet the biggest draw down from its entry point is only 4 pips. So you can see that is just a fantastic trade on the monthly chart . I’m just going to keep an eye on that and in a few weeks time at the end of the month and just assess what it is looking like. More than likely at that time it would have hit full profit anyway.
It is really important from your trading that you’re enjoying your trading, have time to do other things. You actually don’t annoy your family because you’re constantly glued to your computer and to your screen. You know that is no fun for anybody at all; at least of all your family. My advice is, if you don’t like your shortly time frame charts, if you don’t suit those, if they don’t suit your personality. Go for those longer timeframe charts. There is nothing wrong with scalping the 1, 5, 15 minute charts, nothing wrong with that at all apart from you probably find that the majority of people are suited to the longer time frame charts. Also don’t be worried about the number of pips you need as a stop loss. You see a lot of people get quite concerned that “I can’t take that trade because it’s got a 100 pips stop loss” for example. It doesn’t matter.
Get Your Copy Of My Free Calculator
Use my lot size calculator make sure that every trade has an equal risk percentage of your account, forget the number of pips you’re risking, forget the number of pips you’re making it doesn’t matter. It is the risk to reward of the trade that matters. That goes across any time frame chart. It really doesn’t matter whether you’re trading a one minute chart or a one month chart.
I hope you found that really useful. If you don’t have my lot size calculator make sure you get a copy. It’s free to use on your MT4 charts. You can get it free on my website.
That’s all for now this his is Andrew Mitchem from the Forex Trading Coach. Have a great weekend look forward to talking to you this time next week.
2.75% Forex Account Gain During A Live Webinar
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In this video:
00:26 Fantastic price action and enormous moves this week
03:56 2.75% account gain just in two hours!
04:37 A client made 1.45% gain trading the weekly charts
Well all of a sudden we’ve seen lots of fantastic price action, which all that means is just amazing opportunities to make money from the Forex market. Let me share more details with you, right now!
Big Price Action Moves on the Forex Charts
Hi every body, it’s Andrew Mitchem here, the Forex Trading Coach today is Friday the 7th of March. And after a couple of weeks of some fairly quite indecisive action, we’ve suddenly this week seen some fantastic action; had some enormous moves! Most of which I’d predicted to my clients and also free on my website, on and on Forex Peace Army. And so, make sure you do log in to view that information each day.
Just yesterday had some enormous moves on the Euro pairs, the Euro has moved up yesterday, being Thursday; over 150 pips against the USD and over 240 pips against the JPY so just enormous moves there, great opportunities to make money for us. The Yen has been really weak all around and the US has been fairly weak as well. The other big gainers have been the NZD and the AUD. Now I’ve been looking at buy opportunities on those almost every day this week, certainly Tuesday, Wednesday, Thursday. Today is non-farm payroll day so you just need to be a little bit cautious there about what to take heading into a day with non-farm payrolls, as things can be a little bit more difficult to trade. But, as I mentioned I’ve been looking at definitely AUD and definitely NZD strength throughout the entire week. The news again the fundamentals have backed up what’s already been shown well in advance on the charts, so it’s really great when you get the two matched up side by side.
A 2.75% Account Gain in 2 hours on a Live Trading Room Webinar
Yesterday I held a live trading room session for my clients where I trade on my charts, as you can see behind me here; in front of my clients on a live account. There’s no better way of learning how to trade than to watch someone trading in real time. And I took six new trades during the session; they were on the one hour charts and one minute charts. Now out of those six trades, two of them were stopped out and four hit full profit. And as a net result there was a 5.5 to 1 risk reward. So in other words if you were risking one percent of your account per trade, there was a 5.5% gain in just the two hours on those six trades that I took live in front of everybody. I traded half of 1 percent to risk for me, on my account, and that was a 2.75% account gain; just on those two hours! So just a fantastic result!
Client makes +1.45% trading the Weekly Charts
I also had trades open, or shown trades open, on the four hour charts, the daily charts, the weekly charts, and the monthly charts. And my weekly charts and monthly charts trades behind me now are at 1.3%, and the four hourly chart trades have also made profit this week. I also had during the session many other traders taking live trades and they also just had a huge profitable time. I also had a client from Iceland who mentioned that they had made +1.45% gain on their account last week by trading just the weekly charts.
So the point I’m trying to make here is I have taken trades, and shown trades, ranging from a one minute chart right through to a monthly chart; and everything else in between. So it’s really important as to what suits you. Don’t forget if you’re trading weekly charts or monthly charts it just means a few minutes of work once every week, or on a monthly chart once a month, that’s all it is. The trades I’ve got behind me open here on the weekly charts I’m at +1.3% on open trades; but they took me 10 minutes to place on Monday morning. So it doesn’t matter whether you like watching multiple charts during trading sessions or whether you like to take a few trades just once a week or once a month; it really does depend on what suits you. The important thing to remember is that price action and a good strategy will serve you good and will work very well for you across all timeframes and across all currency pairs.
So that’s it for now. This is Andrew Mitchem from the Forex Trading Coach, hope you’ve enjoyed this video and podcast. I look forward to bringing you more updates and trading news this time next week.
A Live 4.8:1 Reward:Risk Trade
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In this video:
01:14 A 2.4 percent account gain just on one trade
02:32 Good news out of New Zealand all week
04:15 New chapter of my eBook has been released
I’ve got a trade open right now on the charts that’s a 4.8 to 1 risk to reward trade. So, with a one percent risk, that’s a 2.4 percent gain on my account. I’ll share more details about that trade right now.
Hi, traders, its Andrew Mitchem here, the Forex Trading Coach, welcome along to this weekly video and podcast. And today is the last day of February, it’s the 28th today. I want to share with you some information regarding a trade that I’ve suggested to my clients today, and I have it open on my Live account right now, so if you’re watching the video, you can see it behind; if you’re listening to the podcast, I’ll just explain about the trade.
Trade open at 4.8:1 Reward:Risk on the GBP/NZD
So right behind me here you can probably see that I’ve got a big red bearish candle on the most up-to-date candle; that’s a GBP/NZD chart, and the trade right now is up 116 pips, and it has a stop loss of 24 pips. Now that’s giving me a massive 4.8 to 1 reward to risk. And so as I mentioned at the intro, with a one percent gain, that’s a 2.4 percent account gain, just on that one trade, and that trade took me probably thirty seconds to put on my charts today; it’s still open, I haven’t closed it yet, but it’s looking really, really good. And that all ties into yet again, the charts are pointing the way, the charts are showing us where the fundamentals are likely to be heading. And I’ve mentioned this quite a number of times recently on these videos and podcasts, and yet again the same thing is showing, and it’s happening right now.
If I lean over the other side here, you can see the NZD/USD climbing nicely; I’ve got a buy trade on that. That particular trade is up around 60 pips with a 25 pip stop loss, so just over a 2 to 1 risk to reward on that open trade. And those two trades that I’ve mentioned are both mentioned to my clients with the exact entry points, the exact exit points, and the reasons for taking the trade. So, just with those two, you know, with a half a percent risk even, that’s still several percent on your account in one day. And of course, the trades have still got a little way further to go before they get to their full profit target. So, it just shows what can be achieved. Now, these are both on the daily charts, so both very profitable trades.
Excellent Fundamental News out of New Zealand – Again
But looking at the fundamentals, there’s been good news out of New Zealand all week, yet again. The technicals have been showing that all week, I’ve been bullish on the New Zealand dollar, for pretty much the whole week, and I’ve mentioned that on my posts on my site to my clients and on Forex Peace Army, so you can go back and look at those, that information that I’ve been looking at on the Kiwi dollar.
The trade balance figures that have come out of New Zealand this week, they are thirty percent higher than the expected, so it’s a massive increase. We’ve just had today, the business conference news has come out, it’s the highest level within the business sector since 1994; that’s twenty years, it’s the highest level the business conference figures that have come out just today, the highest in twenty years. The job expectancy, so companies and their expectancy for hiring new staff heading into the rest of the year, it’s the highest since 1992. The dairy farmers have just set up payouts, so everything is going really well, and all this is doing is giving positive news for the New Zealand economy, which in turn is pushing up the New Zealand dollar. And so this is being shown in the charts like I’ve mentioned, but also now the fundamentals are also reflecting the same information, but I’ve been looking for those bullish moves anyway. And so, as I’ve mentioned, a 4.8 to 1 trade here on the GBP/NZD, and it’s just over a 2 to 1 trade behind me on the NZ/US; two fantastic trades. The other pair that I’ve been really dominant in making good money on this week is shorting the CAD/JPY, that’s fallen a tremendous amount as well.
Chapter 8 of my Book has been Released
Elsewhere, the chapter eight of my book has been released this week, that’s called “The Importance of Developing Your Own System”, and in that I talk about how so many people become reliant on robots and EA’s and buying an e-book, etc., and it’s really important to have a strategy that really does suit your personality as a trader, and also the time of day you can trade, and the timeframe charts you can trade. I’ve mentioned it many times, my personal favorites are the daily charts, the four hourly charts, and then the weekly charts. I have other clients that love the one minute, five minute, and fifteen minute charts; depends what suits you.
Don’t forget to log-in and attend one of my free webinars that I hold each week, if you’ve not attended one yet. And also don’t forget there’s my free lot size calculator on my website, if you don’t have that, make sure you jump on and get a copy of the for you MT4 platform.
That’s it for now. I’m looking for these trades to continue into the rest of the session, so we’re right now in the Asian session, looking for the New Zealand dollar strength to continue into the European session and then possibly into the US session before closing any trades before the end of the week. So, that’s it for now. Once again, this is Andrew Mitchem from The Forex Trading Coach, hope you’ve enjoyed this video and podcast, I look forward to talking to you this time next week.
Is It Worth Paying For Forex Education?
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In this video:
01:10 Live trading room webinars during the European time
03:29 One minute charts showing really good setups on the session
06:36 A brilliant way of being financially free
Is it worth paying someone money to teach you how to trade Forex successfully?
Is it worth paying someone money to teach you how to trade Forex successfully? I believe it is but let me share my reasons with you right now.
Hi it’s Andrew Mitchem here the Forex Trading Coach. Welcome along today is Friday the 21st of February. It’s a question that so many people ask all the time. It doesn’t matter where you go within the Forex road whether it be on forums or wherever it may be. People were all saying, “You know shouldn’t really have to pay for trading, should you, everything is available online, why pay someone all this money or go to a course, so buy a book whatever it might be. Why pay people money to do things you can find just on Google.”
Well you can find a lot of trading information on Google, of course not all of these are good information but a lot of information is there no doubt about that. But I want to share with you one really important aspect about my course that I believe makes it stand out above almost all others out there and why I believe my clients or the vast majority of my clients become such a successful Forex traders and that’s true to my live webinars. I held a live trading session webinar yesterday during the European time and I had clients from all over the world attending that session. It was 2:15 long, it was a live, it was trading during the European session. The fantastic thing about it is not only we interacting and answering questions and asking questions and looking at previous trades, etc., which is a great way to learn but the best thing is that we’re trading live. There’s no substitute for it, there’s no “cherry picking” just the best trades and making these really great videos just showing you the perfect trades or showing you screenshots of trades that work but secretly hiding all the ones that didn’t, there’s not all that and that’s the beauty of it. You know I go through and I show you the trades that I’ve taken over the last couple of weeks since we last caught up and I show all the trades there, the good ones, the bad ones because of course you can learn from losing trades just as well as you can learn from the profitable trades but during the session themselves we’re looking at taking live trades.
All Time Frame Charts Covered
Now just to give you an example on yesterday’s webinar I had traders there that were taking trades on one minute charts, five minute charts, fifteen minute charts, one hour charts, four hour charts, daily charts and weekly charts. We covered all the spectrum so there’s something there to suit you regardless of what timeframe trader you are because of course it’s really important to find the right style of trading that suits you. I can provide you with strategy, that’s fine; no problem there. I can provide you with a strategy that works really well across all timeframes, across all currency pairs.
The thing that you need to do is work out what suits you. I give you some examples. I had some clients on the session last night who trade just daily charts and weekly charts. It’s what suits them, they love it, and they don’t want to be at their charts all the time. Completely the other end of the scale I had traders who trade just one and five minute charts for a couple of hours during each session for three days a week and that’s it but they both make money.
On the session yesterday we were finding that the hour charts were not producing very good setups yesterday. In fact I didn’t take a single trade on the hour charts live. However I took trades on the one minute charts because they were showing really good setups on the session when we’re on live. We found that the Euro was looking particularly weak yesterday and we had some short positions on the EUR/USD the EUR/JPY and particularly the EUR/NZD. The NZD was showing some strength into the session and there were fantastic pull backs all the time. In fact the downtrend overall was just a really good downtrend through the session but within that on the one minute and then also a few on the five minute charts there were pull backs all the time. So downtrends move pull back go short again; small pull back go short again, small pull back go short again and it just continued.
5:1 Reward:Risk Trade
We were taking trades that ranged between a 1 to 1 risk to reward. One client had a 5 to 1 risk to reward trade during the session live. It’s pretty amazing he was trading a one minute chart and he had a 5 to 1 risk to reward. I think he was trading half of 1% risk to that trade and he had a 2.5% gain on his account from that one session. Just a brilliant trading there you know you can’t speak highly enough of that type of trading. A 2.5% gain just in that one session.
Client Makes 1% Per Day Trading the EUR/JPY
I had another trader who says, “Hey Andrew I just trade the EUR/JPY and that’s it, that’s all I trade.” And he’s making 1% a day. I had another person who I’ve been talking to today from Florida. He’s trading just the daily charts and he has made 15% so far just on the daily charts this year between about, it’s just over a month isn’t it between around the middle of January to about the middle of February. Just over a month he’s at 15% trading just once a day on the daily charts.
So it’s what suits you that’s important but don’t forget to trade with low risk. I have to tell you this at the end. I had an email from someone he’s not a client probably never will be. He’s said to me, “Hey Andrew I’ve just don’t know what to do. I’m unemployed, I have no job prospects the only money I have I put into trading. I made 25% on my account on the first week and now unless you can help me with this one trade I’m going to blow my account.” And its like, “What you want me to do about that, I can’t control the market, you’ve taken obscene amount of risks and while you were probably joyful and just jumping out of this screen on week one when you made 25% now just a few weeks later you’ve blown a whole lot and all your account is resting on just one trade, that’s ludicrous absolutely ludicrous but people do that. Please don’t do that please trade a very low risk, have controlled risk, don’t treat trading as a gamble. Don’t see it as your only way out if you have no money, it’s not going to happen.
A Great Way To Be Financially Free
Trading is like any other investment you need good quality education, you need to take your time, you need to have low risk. Put all things together you have a brilliant way of being financially free and making great passive income. Do it the wrong way it will blow your account.
That’s all for now, this is Andrew Mitchem from the Forex Trading Coach. Hope you’ve enjoyed the session. Please learn from that low risk approach.
If you want my help in terms of helping you become a successful trader please do remember that the live webinar is just a brilliant way of learning and I provide them for my clients every two weeks; great way of learning, the only way to trade live and to learn from someone trading live. That’s it for now. I’m off to enjoy this fantastic sun it’s very bright. Catch you next week. Bye for now.