Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS

In this video:

00:27   The secret – don’t trade Mondays
01:53   The most reliable days for Forex trading
03:23   Seeing a lot of strength in the USD
04:07   Overall a good trading week with over 2.5% gain
05:32   Keeping you out of poor trades

Hi in today’s video I am going to show you how you can trade less and make more. Sounds attractive, doesn’t it?

Let’s get into it.

How You Can Trade Less and Make More

Hi it’s Andrew Mitchem here from the Forex Trading Coach. Welcome along today is Friday the 23rd of August 2013. And that is right I want to tell you how you can trade less and make more. It sounds really good; so the secret is don’t trade Mondays. And so it is something that I have been contemplating for quite a while and it’s something as a trader; I still like to trade every day and but I’m learning over time that Mondays are just a such a unpredictable day. And so that is 5 p.m. Sunday when the market opens in New York time onwards but for me here in New Zealand that’s Monday morning.

And so I’m looking at stopping trading on the longer timeframe charts, on the daily charts and making strength and weakness analysis on a Monday. The problem is that when I’m doing that I’m looking at Fridays completed day and I’m also comparing Friday with Thursday at times as well. And on the Friday or many times on a Friday the US has news announcements that can affect the currencies quite a lot towards the end of the week.

The other problem of course is we have the weekend, and sentiment changes over the weekend. A lot of things globally can happen and then when the market opens up on a Sunday night American time, Monday morning Wellington time – so much could have happened. And when the market opens into the Asian session, and then European session, onto the US session things can completely change in the sentiment and the thoughts of traders; than what they were thinking back last weekend to last Thursday and Friday.

The Best Days To Trade Forex

So I’m finding that the most reliable days: Tuesday, Wednesday, Thursday and Friday; without a doubt. If I had to choose three out of those it would be Tuesday, Wednesday, and Thursday but Friday I’m still finding really good. Most of the time, I am closing on a Friday night my time before the US session even starts. At the very latest I’m closing before the end of the week, but if you want to have some more time have yourself a three day weekend.

You know how fantastic would that be just to have three days; Sunday, Saturday, Monday no trades at all. If you do want to trade on Mondays then I’m generally looking at the shorter timeframe charts, and actually trading what you see  occur at the time without too many preconceived ideas of where the currency should be going. Let the market decide and let the sentiment do its thing for the beginning of the new week and then as giving your guide heading into Tuesday onwards where the currencies the strengths and weaknesses and different currencies are likely to be heading later into the week. So that just save you a full days trading; made you a four day trader then that’s just a great thing to happen.

A Great USD/CAD H1 Chart Trade with a 2.2:1 Reward:Risk

The other thing I want to talk about is the webinar that I held yesterday for my clients. I took four live trades myself during the webinar and had a trade on the USD/CAD just closed right now for 2.2 risk to reward trade. It was taken on the hourly chart trading in the direction of the daily so trading buy position on the US cad because I could see a lot of strength in the USD and a lot of weakness in the CAD. Put the 2 together and I was looking for the buy trades on the US cad.
I did make one mistake and you know everybody makes mistakes. I took a sell trade on the Euro USD that was looking quite nice; the problem is, I was selling into a round number and I didn’t see it at the time I was doing a live webinar. And it was still a reasonable set up but looking at it now in high sight it was a trade that lost; and looking at it in high sight I should not have taken the trade but you know everybody is human and everybody makes mistakes. If trading was the easy everybody would be multimillionaires from it. But you just need to stick to the rules, and if you break the rules like I did it gets you.

A 2.5% Account Gain This Week

But overall good news I’ve made over 2% on the week using the daily charts and the shorter timeframe charts so I am up about half a percent right now. So it’s still a pretty good week over all around 2.5% with some trades open here behind me. What are we seeing this week well as I mentioned the USD is showing a lot of strength this week; right now heading into the end of the week the JPY is looking very, very weak and also the AUD, the NZD, and the CAD have been fairly weak throughout the whole course of this week. So that’s what we’re seeing in the charts.

Round Numbers – Look Out For Them

And another thing just last thing I wanted to mention round numbers; I’ve talked about them many times before. I was looking at the GBP again the NZD and it bounced up the psychological huge barrier of two (2.0000). And so two is a massive number; I didn’t take any buy trades on that currency because the pound and New Zealand was heading into that level. Even though there was strength at that time on the pound and weakness in the Kiwi definitely you’re not going to take it buying into a huge bounce level like that. And it’s exactly what is done looking at the charts behind me now just before I started the recording the GBP/NZD is now pulling back down from that huge 2.0000 level. So use those round numbers. They really aid you with your trading. They help keep you out of poor trades.

That’s it for now.

This is Andrew Mitchem from the Forex Trading Coach. Look forward to talking to you this time next week. Have a fantastic weekend and talk to you soon.

Bye for now.

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS

In this video I talk through the price levels you should avoid trading into and doing this will dramatically increase the likelihood of your trades working. 

In this video:
00:57  The importance of not trading into round numbers
02:20  How to increase the likelihood of your trades from working
03:15  Seeing some strength in the GBP and the JPY
04:36  4 webinar times to choose from each week

In this video I’m going to talk about what price levels you should avoid trading into.

So let’s get into it.

Hi this is Andrew Mitchem here, the Forex Trading Coach, welcome along. Today is Friday, the 9th of August and that’s right I’m going to be talking about what price levels you should actually avoid trading into. I’m going to be talking about support and resistance levels but so many people talk about support and resistance and really when it comes to looking at that on a live chart what on earth do people mean. You know, there are so many different variables by what you could mean by the word support and resistance so I like to make things an absolute. I do look at support and resistance levels. I look at pivot points. I look at candles swing highs, swing lows etc. All of that is really important but the thing I want to concentrate talking about on this video and really share with you because it’s such valuable information is talking about the importance of not trading into round numbers.

Round Numbers and Why You Should Use Them In Your Trading

Round numbers are something that I call a number that ends in a double zero or a fifty (00 or 50). Go ahead and have a look at your charts and you will see that time and time again that every time that the price goes up to a certain level and stalls or bounces it usually bounces at a round number. So let’s say for instance, the NZD would bounce at 0.8000 or it may come down to 0.7900 or it might then bounce at 0.8050. So always look for those 50’s or those 00’s on whatever currency pay you’re looking at, whatever time frame.

So when at the beginning I’m calling this video “What you should avoid trading into?” What you don’t want to be doing let’s say, take a by position on the NZD at 0.7995 let’s say. You’re buying right into that round number, that huge resistance level caused by that round number. The opposite, if you’re selling, let’s say that the NZD against the US was 0.8010 or 0.8005 or somewhere round about that you wouldn’t want to be selling, trading into that round number. So that’s what I mean by levels that you should avoid buying or selling into. Keep that out of your trading and that will dramatically increase the likelihood of your trades from working.

Use Round Numbers To Help With Your Profit Targets and Stop Losses

The same thing when you are looking at profit targets.  Don’t take a profit target let’s say I’m buying at 0.7910 and taking a profit target at 0.8005 or 0.8010. That’s just crazy. What you want to be doing is getting out of the trade before that psychological round number of the 0.8000. So get out of the trade at 0.7990 or 0.7995, somewhere around that if you are buying and looking for a profit target.

Again, go back and look at the charts. Just go over and over charts. Look at those levels; draw them on as horizontal lines. That’s why I love them, because the horizontal lines that anybody can draw on the charts. It’s not subjective like other things maybe like indicators or even trend lines. Horizontal lines are horizontal lines. What you see is the same as what I see. So use those within your trading.

Whats Been Happening On The Charts This Week?

Now on the charts this week we have seen some weakness in the USD and we are seeing some strength in the GBP and the JPY. Today being Friday the JPY looks like it is retracing slightly so some weakness coming there, but overall for the majority this week there has been strength in the Yen.

The other thing I want to talk about is a Live Webinar held for my clients yesterday. Had a great Webinar. We took three trades live and we concentrated mostly on talking about exhaustion patterns. So that is something that I might talk about on the video here, the weekly video here this time next week because again it is another thing that you can add to your trading arsenal to give yourself high probably trades.

Excellent Feedback From Trading Webinars

And lastly, feedback from my free webinars. It’s just has been absolutely outstanding.  Really pleased with the feedback. People are gaining huge amounts of valuable information. I look at trading slightly differently to a lot of people. I don’t use a lot of indicators. I don’t use trailing stops. I don’t worry about how many pips I’m making. So quite a different way of thinking about trading to what most people would like you to believe is the right way.

If you haven’t been on one of those webinars yet, make sure you do sign up for them. They are held twice a week for the absolute beginner ones and twice a week for the people who have been frustrated with their trading and not really getting anywhere after been trading for a while. So all out 4 webinar times to choose from each week.  They are free to join. You can find them on my website.

That’s it for now. Have yourself a great weekend. Look forward to talking to you this time next week.

I’m Andrew Mitchem from the Forex Trading Coach.

Bye for now.

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS

In this video:
00:20     Trade what you see on the charts
01:02     Great opportunities to go short on the AUD against the USD
02:28     USD today is looking very strong
05:04     How to be a good currency trader

In this video, I want to talk about trading; what you see, not what you think.

So, let’s get into it.

Trade What You See On Your Charts – and Not What You Think

Hi, this is Andrew Mitchem here, the Forex Trading Coach.  Today is Friday, the 2nd of August, and it’s non-farm payrolls day yet again.  But before talking about the non-farm payrolls, I want to talk about, actually, how you read the charts.  There’s a common problem that many people have, it’s they think too much about their trading in terms of the fundamentals.  This came about, I was talking to a person earlier in the week who’s looking at taking my course, and he said to me, “Andrew, you know I’m just concentrating so much on the news, on what’s out there, and I’m missing these moves. How do I overcome that?”  And he was explaining to me how he’s missed all of this huge down trend that’s occurred on the AUD recently.

Now, if you look back on your charts into about April, the AUD against the USD has dropped over sixteen hundred pips, and even in the last week or so, it’s dropped more than four hundred pips so, some great opportunities to go short on the AUD against the USD.  In fact, the Aussie against almost every other currency, there’s been great opportunities to go short recently.  And if you’ve been following my daily strength and weakness analysis, you’ve been seeing that I’ve been mentioning short positions on the Aussie dollar for quite a number of weeks now on most days.  But, this particular person was saying, you know, I’m reading the news, I’m sort of getting e-mails, I’m looking at sort of Forex sites online, I’m watching business news channels, I’m reading it in the newspapers, and this guy was in Australia, and he’s saying, I’m just thinking that the Australian dollars going to go up, and as a result, I’ve missed this entire down trend.

Exactly the same thought process he was telling me on gold.  You know, everybody was saying a couple of years ago, gold and silver’s going to go up and up and up and up, and so every opportunity to go short on gold or silver he’s missed as well.  So, it comes back to the phrase that I’ve used so many times, I’ve used it on these videos, also I’m going to use it on my clients; trade what you see, and not what you think.

I’ll give you another example.   In around twelve hours’ time from right now we have the non-farm payrolls, it being the first Friday of the month, and who knows what the announcements going to say, but I can see right now on my charts that the USD today is looking very strong.  There’s some weakness in the JPY, and there’s also minor weakness in the NZD and Swiss franc.  So, for me, right now, I’m predicting that the USD is likely to keep continuing upwards, therefore you’d expect that  the non-farm payroll announcements probably going to be better than anticipated.

Why Fundamental Trading is Difficult

That’s what the charts are telling me.   But, also think of this, let’s say the dollar does come out way higher than expected, there’s two ways of thinking of it, because whatever the news comes out, whether it be good or bad, there’s always a human interpretation of that news.  So, the news may come out at fifty thousand jobs more than anticipated, let’s say for example, and you may get a whole group of investors and traders that say fantastic, the US is booming because the employment’s just jumped up fifty thousand jobs more than the experts anticipate.

So, therefore, they’re looking at strength in the USD.  On the other side, because there’s always two sides to everything, so on the other side, you could say well, let’s analyse that fifty thousand increase in jobs, and other analysts may say, well, yes, it’s increased, but it’s almost all low paying jobs and that’s not what the US needs right now; the US needs, and the world needs, lots of job creation in high paying jobs, in high power jobs.  So, the other person, or the other group of people, might look at that fifty thousand increase in the jobs numbers than expected and say, well, the majority of those are just fifteen dollar an hour, basic minimum wage jobs, so actually, it’s not that great for the US economy, and therefore, they might be selling the USD.  So, you can see how you get the difference of opinions there regardless of what the news announcement is, which to me, it comes back to looking at these things behind me here, looking at the charts, the charts tell you which way the currency’s likely to go.  So, use the charts, and trade what you see, not what you think.

Understanding Different World Time Zones – Why You Need This To Trade Forex

The other thing I want to talk about, and again, this came about as a result of talking to someone overseas, and they said, “Look Andrew, what time’s your webinar in my local time?”  And, even though my webinar has lots of options of choosing and selecting the start time in your local time, this person didn’t understand what time New Zealand time is in their particular part of the US, and that’s fine, because New Zealand’s tucked away in the corner of the world.  But, my point is, to be a good currency trader, you’re dealing with a global economy, a twenty-four hour moving market, so therefore, it is your job to understand what the time is in Wellington in your local time, or what the New York five o’clock close and open of the day is if you live in London, or whatever it might be, it is your job, if you want to be a good currency trader, to understand different time zones around the world and how it relates to you.

For me, right now at this time of the year, the charts start on a Monday morning at nine o’clock in the morning, but for those of you in, let’s say, New York, that’s 5pm on a Sunday afternoon.  But you need to know that information; you need to know if you live in wherever it may be how that time relates to your local time.  A site that I’ve used quite often is called timeanddate.com, but just something to be aware of, don’t rely on other people to tell you the answers of what the local time might be in your particular time for an event, work it out yourself and you need to know that type of information.

So, that’s all for now; two really important points there.  So, let’s recap; trade what you see, not what you think, and also get to understand the world time zones to be a good currency trader.

That’s it for now.  This is Andrew Mitchem, the Forex Trading Coach, have a great weekend, I’ll talk to you again this time next week.

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS

Description:

In this video:
00:28    Continuation Patterns – what are they?
02:26    Summertime Blues – what does that mean?
04:27    The strongest currency for this week
05:17    Andrew being in Sydney at the GKR World Champs

Continuation Patterns and The Summertime Blues

Let me explain more right now.

Hi it’s Andrew Mitchem here, the Forex Trading Coach. Today is Friday, the 26th of July. And continuation patterns and the Summertime Blues are two things that I’d like to talk about in this video. Both are very different but let me start with continuation patterns.

What is a Continuation Pattern?

It’s something that I mentioned yesterday on my live two hour webinar with my clients. And it’s one of the ways that I’m looking at trading. I’m either looking for a reversal pattern or a continuation pattern. Continuation patterns are when, for example, you are buying a currency and you’re seeing the currency go up you then have a retracement and then you’re looking for it to go long again. So you’re waiting for that opportunity to go long in an overall uptrend but after we’ve had a pull back. So that’s what I mean by a continuation pattern.

There are certain things that I’m looking for to back up the candle pattern in terms of where it bounces and why it bounces and what particular levels it bounces at, but when you get a good continuation pattern they’re really good high probability, but also very safe trades. Now they’re safe because you are trading with the main trend. On the chart you’ll find a reversal pattern, so in other words, buying right at the bottom of a large down trend. A reversal pattern looks very dramatic, looks really impressive on your charts, as you’ve pulled out like the bottom and then you’re going long. But the continuation pattern is a safer pattern, because you’ve had that uptrend already, then you’ve had the pull back, then you’re looking to go long again. Exactly the same in reverse for a short position. You’ve had a large sell off, then a pull back a retracement back up, then you’re looking for the opportunity to ride the trend down again in a continuation of the main trend. So really important style of trading there, the continuation pattern.

It tends to act fairly quickly because you are trading with the main trend, so it’s not like a type of trade where you have to be hanging on for a long time. They tend to move fairly quickly once they show. But it’s something that I cover in my course. It’s something that I really encourage my clients to look for, and as I mentioned, it’s something that we spent a lot of time talking about on yesterday’s webinar. So I wanted to pass that information on and share it with you as you’ll find it really helpful when you spot these continuation patterns within your charts.

Trading the Summertime Blues

The other thing that I mentioned, Summertime Blues – what does that mean? Well for me, here, well it’s sort of winter time here really, it’s winter/spring time. But Summertime Blues, because the northern hemisphere, the main trading parts of the world, the Europe, the North America, etc, it’s your summer time. And so you generally find that towards the latter part of July, which you’re in right now, into August, you find that the charts sometimes become a little bit difficult to trade. Some quite erratic patterns sometimes, other times some just very plain, boring, range ban markets. And depending on the pair, we’ve seen both of those for the last couple of weeks.

Many pairs have just been quite tightly range ban, not a lot of good price action happening and it tends to be because the main markets, those European markets, those North American markets, the big players within the Forex market tend to be having their summertime holidays or vacations, so you’ll tend to find there’s less players within the market.

Go back through history, you’ll find that sort of later into July, early August, that happens year after year after year. Personally, I find that this is the time of year when I get my probably poorer results throughout the year, and it tends to be that Summertime Blues theory that I put it down to. To try and combat that I’m only taking the very strongest looking set ups, and I’m also trading more onto the one hour charts. It’s a slightly shorter time frames than I usually trade. I’m finding that the one hour chart, look if you like the 15 minute charts look at them, but for the one hourlies are about as short as I go. I’m not tied to my computer then. But one hour charts you’re in and out of trades slightly quicker than you might be on let’s say four hour charts. But if you see a decent pattern on a four hour chart, by all means, take it, but I’m finding the one hour charts, right now, are tending to find me the better opportunities.

What have we seen this week on the Forex charts?

Well we’ve seen some strength reappear again in the EUR, and the Swiss Franc, and especially the NZD. It’s been probably the strongest currency for this week, and I’m looking for that to continue, right now, being Friday. And also, the USD’s been the weakest currency for this last week. I have five trades open on the daily charts behind me right now. I don’t have any others open on shorter time frames. It’s in the Asian session right now when I’m recording this, so the market’s generally pretty quiet, but I’ll be looking at it for the hourly charts into the European session later tonight, my time. But five trades open here, looking for that New Zealand strength to continue, and that U.S. weakness to continue, predominantly. So that’s it in terms of the charts.

6th Place at the GKR Karate World Cup

The last thing that I wanted to mention was this time last week I was in Sydney at the GKR World Champs. There were over 1,200 competitors there, out of 48 competitors within my particular division, and I came 6th. So officially I’m 6th in the world for my division, which is my rank and my age. So I’m really pleased with that, really chuffed with it.

The thing to point out, all the people that do karate, that I’ve met, are high achievers, they’re there trying to achieve something. They work through difficulties, they have challenges, but they stick at things, they persist with things, persevere with things, and they work at something that works for them. Very positive minded people, and if you haven’t ever tried a martial art, I highly recommend it. It works tremendously well with Forex trading here, which tends to be more office bound. It also helps you up here, helps you focus, helps you be disciplined with your trading and your mind. Look the two go together really well.

That’s it for now. Look forward to talking to you this time next week.

Bye for now.

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS

In this video:
00:11    Two reasons why Andrew is in Sydney
01:11    Two ways of managing your trading
02:21    Feedback about experience trading webinars
02:47    What is good trading all about?
 

Let’s talk about profit targets now I’m in Sydney.

Hi this is Andrew Mitchem here, the Forex Trading Coach and today is Thursday the 18th of July, and I’m in Sydney here for two reasons:

1. I’m here representing New Zealand at the World Karate Champs and
2. There is the Sydney Forex Expo on this weekend.

Trade Daily Charts When Away

So two reasons to be here.  Remember when it comes to being away, travelling, look at daily charts, concentrate on those it means that you can actually travel and trade.  You don’t need to be watching five minute charts, one minute charts – and that’s something that so many new people come to me with that problem they’re always focused on watching the charts all day and night and basically end up losing money so my advice is always going for those longer time frame charts. When I’m at home it’s the one hour charts the four hour charts and the dailies and now I’m travelling like here, it’s the daily charts.

Profit Targets and How To Manage Them

Now let’s also talk about profit targets.  This time last week, we talked about stop loss placement, another problem that so many people have is where to put the profit target. Now I like to put my profit target in there for a technical reason.

When I’ve got the trade in, I’ve got the profit target in there, let the trade do its own thing.  Two ways really of managing it: I prefer to set and forget and leaving the trade alone.  I’ve placed my profit target there for a reason, so I’m anticipating that the market is going to get it, so let it do its thing.

The other way you could trade of course is to manage the trade slightly on a candle by candle basis.  Let’s say you’re buying a currency pair and you suddenly saw, after your trade has been in for a number of hours on an hour chart, you see a reversal pattern then that’s the time to look at managing the trade.  You can close part of your position, you can completely exit the whole position or you can just move stops up to breaking even or even profit, depending on what the trade is.

So managing your trade is really important as well, and whichever method you take whether it’s the management of the trade or the set and forget approach, just do that consistently.  And so, really that’s the main thing that I wanted to point out there.  

Use My Free Lot Size Calculator To Help Your Trading

The other thing is, use my lot size calculator, take away pips from your trading, keep your trade having an equal risk doesn’t matter what the pair, what the time frame, use that lot size calculator it helps control your emotions within your trading also.

Experience Traders Webinars

And lastly, I wanted to talk about the experience trader’s webinars that I’ve been holding now for a couple of weeks. Just fantastic feedback from people and also people also commenting on really how simple a good trading strategy is. You don’t need to over complicate things – some people looking for this hugely over complicated method of trading because people have the idea that the more complicated the strategy the more important and the higher profitable that strategy will be.

Not the case at all, absolutely not the case.  Good trading is about doing the same thing over and over again, and it’s about keeping things simple.  So if you’ve not attended one of my webinars yet, either the newer traders webinar or the experienced traders webinar, make sure you get on those, lots of really good tips and valuable information there.

So that’s all for now, I’m off to enjoy the great sights of Sydney and the Opera House behind me here.

Look forward to talking to you this time, next week.

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS

Description:

In this video:
00:29   A simple solution of managing open trades – Set & Forget
01:34   Trade Management
03:45   Made an incredible +2.9% return in just 24 hours
05:01   Six out of six trades, all hit full profit
                                                                 

How do I manage my open trades?  It’s a question I get asked all the time, so let me show you how I manage my trades.

Hi it’s Andrew Mitchem here the Forex Trading Coach. Today is Friday, the 12th of July.

How To Manage Open Trades

And that’s right, it’s a question I get asked all the time: How do I manage open trades? And of course there are so many different potential ways of doing that, and it’s something I’d like to share with you how I manage trades and how I teach my clients to manage their open trades. And really it comes down to being quite a simple solution. You see, for me, the way that I like to manage almost all of my trades is on a set and forget policy, or set and forget approach. And what that means is I have my stop loss in place for a reason, for a technical reason. I have my profit target in place for a technical reason, based on everything that I know and understand about the markets.  And then, when I’ve taken that decision to place the trade, I know I have a set loss.  So in other words, I have a set risk amount of my trade that if the trade gets stopped out then I lose X percent and that’s, say, half of one percent.

So that’s on the worst case scenario, the trade gets stopped out. But how do I manage the trade on an ongoing basis? Well, I’ll tried to leave the trade to do its own thing, because it doesn’t matter who you are, where you live, what you know, no one can control the market and so put the profit target in there for a reason and let the trade do its thing because you remove your emotions from your trading when you do that. And so really that’s probably the best approach you can take.

The other way of taking a management decision over your open trades and managing them is to really assess each ongoing chart candle. So in other words, if I’m taking a trade on the daily charts and the trade is still open 24 hours later, I’ll assess the look of the candle and the position of the candle on the daily charts if the trend let’s say, selling a currency pair, and the trend looks like it’s continuing down, then I will let the trend or the trade itself continue in the market, looking to ride it down into the second day.

If I’m taking a trade position on let’s say an hourly chart, I try and check the completion and the look of the bar on the completion of the next hour, so every hour that the trade is in the market. That’s if I’m deciding to manage the trade by actually looking at what’s happening. And so, what you tend to find then, is let’s say we were buying a currency let’s say the Euro USD on a one hour chart and the trade’s looking good, it’s climbing up really nicely, and then all of a sudden I see an exhaustion candle and a potential reversal candle so a bearish candle that looks like the market’s about to tip over and head back down again.

At that time, that’s giving me a clue to say it could be a god opportunity now to close out of this trade, because it looks like the market is going to then head back down against my buy trade. Probably still in some profit at that time but not reached the full profit target. So that’s the other way of doing it. You either completely set and forget, all of your trades, or you manage them on an ongoing basis by monitoring the completion of each next bar, so whether that would that be a 15 minute, an hour, or four hourly, or daily, whatever time frame you were trading.

So I hope that helps you there, but whichever you decide to go, it’s probably best to decide one or the other and stick to that method.

Live Trading Room Webinar with 6 Live Trades Taken

What else have we had this week? Well, this time yesterday I had a fantastic live two hour trading room webinar with my clients. Throughout the day I made an incredible +2.9% return on my account yesterday, just in the 24 hours yesterday and that was including daily charts, four hourly charts and one hourly charts.
Now on the live two hour trading room webinar, I took two positions on the one hour charts and four positions on the four hourly charts, so six positions in total on the webinar yesterday live, taken in front of my clients. Nothing is hidden, there’s no “cherry picking” of just the best trades, they’re taken live in front of everybody for everybody to see. So, I’m showing my account, I’m showing the reasons why I’m taking the trade, my stops, my profit target, everything is shown. And there is no better way of learning how to trade than attending one of these webinars.

And as a client, clients can log on every two weeks and there’s about four years worth of recordings – that’s a huge amount of information. But it just means that you’re trading with someone live, in real time, on a live account, on live charts,  discussing the market, looking at what potential setups there are, when they occur, or jumping in at the market putting a stop here for a reason, a profit here for a reason, and just following the trade through.  And so, six out of six trades that I took on that webinar yesterday – all hit full profit. So just a brilliant way of learning, and it’s something that I believe why so many of my clients become successful traders, because they can watch and learn in real time there’s nothing in hindsight there, it’s all real time trading.

What else have we had there? Well of course yesterday we had large moves in a lot of the pairs, and that did help contribute to the 2.9% account gain, but I picked them well in advance of those moves occurring.

Looking for Australian Dollar and US Dollar Weakness

Today, I’ve taken some trades, and I’m looking for US weakness and I’m looking for AUD weakness. Throughout the most of the week we’ve seen some US weakness, and over the last couple of days we’ve seen especially the Euro and the Pound gaining strength. But for today being Friday, I’m looking at AUD/CHF, AUD/CAD, I’m looking at short positions on that and the EUR/AUD, a buy trade that I’ve had in since yesterday and the GBP/ AUD; a buy trade on that as well.

Why The US Non-Farm Payroll Figures Were Going To Be Higher Than Anticipated

Lastly, I want to mention last week’s video. Remember on last week’s video I said I was looking and anticipating for a higher than anticipated non-farm payroll job announcement out of the US last Friday. So that was coming up about 10 or 12 hours after I made the video. And you’ll have noticed that the news announcement and news release came out way higher than expected, and I could tell, or pretty much tell that was going to happen by looking at the technical charts well in advance to that news announcement. It was a call I made here on this video before non-farm payrolls and it came through.

How did I know? How did I have a high probability chance of knowing that? Well it was all in the charts. All the news announcements were already factored into the charts and you could tell that at that time the US was looking strong and therefore that related to more than likely a higher than anticipated non-farm payroll job announcement, that’s exactly what we saw, hence why I’m a technical trader.

So if you would like to know more please send me an email to Andrew@TheForexTradingCoach.com. Leave a comment on this website and anything you would like to know please do get in touch with me.

That’s all for now, have a great weekend, talk to you this time next week.

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS

Description:

In this video:
00:40  Amazing 3.5 to 1 reward to risk trade
01:12  New webinar starting next week for the more experienced traders
03:08  Monday break-out strategy
04:21  USD – the strongest pair for the week
05:02  Trades closed out before the announcement

Well, it’s non-farm payrolls day again today, let’s see what might happen.

Hi, it’s Andrew Mitchem here, the Forex Trading Coach. 

High Reward:Risk Trade, 3.5:1 R:R

Today is Friday the 5th of July, and that’s right, it’s Non-Farm Payrolls day yet again, but before we get onto that, I want to mention just a few more things.  Firstly, you may remember from last week’s video, I said at the time I only had one trade open on the daily charts last week, that trade was recommended to my clients as well, with the exact reason for the entry, they take profit and stop loss levels.  

But just wanted to let you know that trade hit the full profit target; it was a buy/trade on the US Japanese Yen, and it made an amazing 3.5 to 1 risk to reward.  So, if you were taking let’s say a 1% risk on that trade, that was a 3.5% return on your account.  Pretty amazing return, considering it’s just one trade that took just maybe ten seconds to place on your platform, and that was it; no scalping or watching the charts all day, just one trade and that was it for the day, but it made really good profit.   So, great end to last week.  

Experience Traders Traders – Starting This Week

This week’s been a little bit trickier, but we’ll get on to that soon.   The second thing I want to mention is the new webinar’s I’m going to be holding starting next week for the more experienced traders.   Now, I’ve been holding webinars for newer traders for several months now, and they’ve been a really big success, a lot of people were just saying thank you and how much they’re enjoying those webinars and how much they learn from them.

And we’re talking about things like the basics of trading for those people; understanding risk and reward, money management, candle patterns, that type of thing.  But the new webinars that I’m holding, they’re going to be the same webinars, just held twice each week so you can so you can choose whatever time zone suits you the best, but the webinars are designed to be for the more experienced traders.

So, really I’m suggesting anybody who’s been trading for maybe say six months through to several years.  If that’s you, if you still haven’t made a success of your Forex Trading yet and you’re still needing to fine tune at the few things, and maybe change a few things in your trading, you need some help with that, then this webinar is designed especially for you.  So, to sign up for that, just come onto my website and click on the tab that says “experienced traders”, and you’ll see the webinar there with two different times each week, choose the time that suits you, and then we’ll take it from there.  And you’re going to really enjoy these webinars and find a lot of useful information from them.

A Tough Trading Week – Independence Day and Non-Farm Payrolls

Onto the trades themselves this week, the charts themselves, it’s been a really tricky week, to be honest, it’s not been easy.  Yesterday we had the US public holiday, Independence Day, today in another few hours’ time we’ve got non-farm payroll.  So, it’s been quite I suppose not a standard, not a normal trading week with those two major events on, and it’s just made the charts quite hard to read.   It’s been something probably a week for the more shorter time frame trader.

Accepting Losses Is A Part Of Trading

On the daily charts this week, I’m down 1.4% myself.  My Monday break-out strategy, I made about half of one percent and on my four hour charts, I’m up half of one percent as well.  So, overall right now, I still have a few trades open here, going into Friday European session, but right now I’m 0.4% down for the week.  Not a huge loss, and I suppose, considering how tricky the week’s been, it’s not massive, it’s not even half of one percent, and I could come back to break even or some profit, depending on how the few trades behind me here go during the rest of the week, but just bear in mind that that is how trading goes from time to time.

A number of weeks ago, I made 9%, I think the week after this video I recorded over 3%, and so you take the rough with the smooth, I suppose, and you take those really good weeks and really sort of bank those up, because you do know that from time to time you’re going to have a break even or a losing week, just part of trading; if you can’t handle that, don’t trade, but it’s just part of trading, that’s the way it goes, you can never control the market.

Euro Weakness and USD Strength – I’m Predicting A Stronger Than Anticipated News Release

What have we seen so far this week?  Well, we have seen weakness in the Euro throughout most of the week, and we’ve seen weakness in the GBP, especially yesterday with some big falls, and the USD’s probably been the strongest pair for the week.  So, looking at that, my predictions, and I’m not a fundamental trader, but I know they’re expecting I think around 162,000 jobs created in the States this month, and I’m really not a fundamental trader, but I would be looking for better than expected news announcement, and that would be my pick right now, and bear in mind we’re still about ten hours away from that announcement, but right now I would say better than expected Non-Farm Payrolls, based on the fact that the USD’s looking fairly strong on most of the charts.

So, let’s see how I go; when you watch this Monday, you’ll know whether I’m right or wrong on that, I’m going to have all my trades closed out anyway before that announcement, so it’s not going to affect me, but if you are trading, be careful and make sure that you if you do have trades, especially on the shorter time frames, have them closed out before the announcement.

So, that’s it for this week, hope you’ve enjoyed learning something from this video.  Feel free to write a comment below the video, and log-in each week, I’ll be making these videos each week.  Make sure you do log in to one of those webinars, either a newer trader webinar or a more experienced traders webinar, depending on which one you are.

So, that’s all for now, have yourself a fantastic weekend, look forward to talking to you this time next week.

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS

Description:

In this video:
00:26  Few good trade set ups on the daily charts
01:44   Real important lesson for new traders
03:02   Made really good money on yesterday’s webinar
04:41   Looking for predominantly long positions
05:12   Two webinars for more experienced traders

When The Market is Quiet, Don’t Pay Your Broker

Let me explain more right now.

Hi, it’s Andrew Mitchem here, the Forex Trading Coach, today is Friday the 28th of June.

And what I mean by that is when you look back at this last week, it’s been an extremely quiet week of trading; it’s been quite difficult to look at daily strengths and weaknesses.  I’ve actually had very few good trade set ups myself on the daily charts.  It’s just been a very quiet week, been a lot of indecision candles on the longer time frame charts, and no real major trends, a lot of trades have bounced at certain support and resistance levels; it’s just been a really quiet week.  And you get that from time to time, and the good thing is we know that with the Forex market if you do get those quiet times, there’s always some good trades not too far away around the corner, so hopefully we’ll get that next week.

The point I wanted to make is if the market’s quiet, the market’s quiet.  You can’t change it.  Of course, you could go down to shorter time frame charts, and I’ll talk about those in a minute, but don’t overtrade.  

There are No Prizes for Trading More

I use a catch phrase, or a phrase to my clients, and it’s this: “There are no prizes for trading more.”  And it’s absolutely true; you don’t have to feel like you have to take more and more trades, there’s nothing to be gained or achieved by taking more trades.  All you’re going to do is probably end up losing the majority of them, because you’re taking them for almost the feel or the need or the sake of taking trades, and what you’re going to end up doing, what you’re going to do is feed your broker’s pocket, line your broker’s pocket with what I call clicky-click fees, which are your spread fees you pay to enter a trade.

So, don’t take trades unnecessarily if they’re not there.  Real important lesson, especially for people who are new to trading.

A Fantastic 2 Hour Live Trading Room Webinar

And the other thing I wanted to share with you, I had a fantastic two hour live trading room session with my clients last night my time.  I had a huge number of people attend, like I always do, but it was a particularly good session with quite a number of shorter time frame chart trades taken.  I had a couple on the daily charts that went really well; one in particular was the USD/CHF. Yesterday it made seventy four pips and a two point two risk to reward trade.  Earlier in the week I had a short position on the EUR/AUD, made one hundred and eighty-five pips in a three point four risk to reward.  So, that’s the daily charts, but on the webinar yesterday, we had some great shorter time frame, four hourly trades and one hourly trades taken live in front of people.  In total I had, throughout the session taken live and the few trades that were open before we started, I had twelve trades on those shorter time frames taken; seven were winning trades, hit full profit, and five were losing trades.

High Reward:Risk Ratio Trades

Now, as a win rate, it’s probably not massively high, but the trades averaged a 2.2 to 1 risk to reward, that was their average.  So, I came out of that with some really good money on yesterday’s webinar.  Like I said, the trades were taken live in front of clients.  When I take those trades, I’m showing their count, I’m showing where I’m entering, the position size, obviously talking about the reasons for entering the trade, the stock loss profit target, everything’s fully disclosed and you can see me taking the trades live.

So, that was a really good session because as I said, the rest of the week’s been pretty dull and pretty slow moving, so to have those twelve trades in total over that two hour session on the four hourly charts and the one hour charts, was just really good.  And of course they were taken in the European session when you generally find the most activity.  But really good results there; for me, it was just over one percent gain on the account just in those two hours, but I was only risking an eighth to a quarter of one percent of my account on each of those trades.  So, it just shows, even in two hours, you can make one percent quite easy with extremely small risk on each trade.

This Weeks Trades

The other thing I wanted to say is obviously we’ve seen the Euro selling off throughout the week. So, the Euro has sold off quite nicely during the week, but against the US, it’s hit the 1.3000 level, the big, strong round number.  I’ve been saying to my clients for a couple of days, when it hits one thirty, expect the trades went back up, and today being Friday, I’m actually looking for long positions on some of the Euro pairs, the Euro Yen, and Euro Pen.  I’m looking for predominantly long positions today, still a lot of weakness in the GBP, the US is looking strong still, and I’ve also got a trade open on the daily charts, looking for long positions on the USD/JPY, looking for that to continue back up, after a couple of days of indecision.  So, it’ll be interesting by the time you watch this where the US Yen has increased up to.

Experience Traders Webinars Starting Soon

The other thing I wanted to lastly mention was I’ve almost completed a webinar that I’ve been putting together for more experienced traders.  I talked about this last week. I’m hoping to have it ready to go probably by the first or second week of July.  So, I’m anticipating probably two webinars per week designed for more experienced traders.

So, as soon as that is ready, I’ll let you know. I’ll be posting it on my site and I’ll also be sending out e-mails, so if you’re not on my e-mail list, please send me an e-mail, drop me an e-mail to Andrew@TheForexTradingCoach.com, and I can then just keep you updated with news and information about Forex marketing in general, and also what I’m up to and what I can help you with.

So, that’s all for now, have yourself a fantastic weekend, look forward to talking to you this time next week.