Weekly Video News & Podcast
Why You Should Use A Forex Broker Who Uses 5pm EST (New York) As The Start Of Day
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In this video:
00:46 A huge result +2.3% this week on the daily charts
01:24 Massive strength on NZD
02:24 The importance of choosing a good broker
03:43 Why use the 5pm EST start of day charting package?
A huge result +2.3% this week on the daily charts
Well I’m up +2.3% so far this week on the daily charts so let me show you how.
Hi everybody Andrew Mitchem here the Forex Trading Coach and that’s right I’m up +2.3% so far this week trading just the daily charts, trading with 0.25% risk per trade and from just five trades.
I’ve had four profitable trades and one losing trade and a fantastic +2.3%. And it just shows that with very low risk per trade but high to risk to reward trades how you can make amazing trades yourselves but from taking very little chart time. And that’s a really important thing.
Those trades took me probably 5-10 minutes once per day just to scan through the charts, place the position and leave them – that was it and to achieve a huge result +2.3% so far. Still got three trades open behind me here as we’re heading to the rest of Friday.
Massive strength in the New Zealand Dollar
So this week we’ve seen some huge increases and some big decreases and it’s really been quiet one sided depending on which currency pair we’re talking about for the entire week.
The biggest gain here has been the NZD – huge strength in the NZD all week as it gone up and up and up against almost all other currencies. We’ve also seen strength continue in the EUR this week. Like I mentioned a couple of weeks ago it was probably going to turn around. Remember a couple of weeks ago I said that and it has continued to rise this week against almost all other currencies. So we’ve seen the NZD massive strength, we’ve seen the EUR continue to increase, we’ve seen the AUD increased this week, we’ve seen the GBP increased this week and today we’re seeing some CAD strength.
But at the same time we’ve seen huge weakness and especially the JPY but also in the USD. And the USD has come about from the weak non-farm payroll performance.
Now on last week’s video I made it before the non-farm payroll announcement and the results obviously came out quite bad for the USD which has just weaked the USD all this week.
Where is going next week? Hard to tell right now but we need some good clear price action on the daily charts to determine where we’re looking for into next week but as we stand right now definitely Kiwi strength, AUD strength, EUR strength, GBP strength and that looks like to continue until the end of this week.
The importance of choosing a good broker
The other thing I wanted to talk to you on this video about today is to stress the importance of choosing a broker who uses a 5pm Eastern Standard Time – that’s New York time, start of day and start of week time. It’s really important because that’s the unofficial start of the trading week – the Forex Trading week.
Now for whatever reason and I don’t know why, so many brokers out there on the daily charts have a six day week. They have what’s called a Sunday Candle which lasts just a few hours somewhere between about 1 on 4-5 hours. That’s a real pain and my opinion, don’t go near those brokers.
Why use the 5pm EST start of day charting package?
Use a broker who uses the correct charts. So to find that ask them if they start the new day and the new week 5pm New York time.
Now it’s really interesting. I want to share a quick story with you.
I’ve had two brokers over the last six months who both come to me and said, “Hey Andrew would you promote us?” And I said, “Well, not really because you know I only promote brokers who I personally used myself.”
And these two brokers, one of them is Go Markets and the other is ThinkForex. Both of them have changed their chart time as a result of talking to me and both have gone to 5pm New York time, Eastern Standard Time as their start of day time.
Go Markets changed several months ago and ThinkForex is changing on the 19th of April – all as a result of talking to me and getting my opinion of the importance of it.
The importance is this:
If you don’t use those correct charts, it completely distorts your figures. It distorts any indicators you’re using on the daily charts or the four hourly charts. It distorts your pivot points your support resistant levels. Have a look at a proper charting package that uses the 5day week. Compare what you see on those charts with what you might have on a 6 day week that does not use American 5pm start of day time.
If you need any more details about that just send me an email to info@theforextradingcoach.com and I’ll explain in more detail about the importance of choosing the right charting package.
So that’s it for this week.
Hope you have a fantastic weekend and look forward to talking to you this time next week with some more Forex News.
Time for Gold and Silver to rise?
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In this video:
00:30 Don’t trade around holidays
01:24 The Live Trading Room Webinar Results
02:42 Watching the Yen
03:35 Do you really want to work till you die?
Hi! Another fantastic week of trades! So let’s get into it.
Hi, Andrew Mitchem here, the Forex Trading Coach. And as I mentioned, I had a really good week of trades.
Cautious Earlier in the Week
I didn’t trade Monday because of the Holiday and Tuesday because I needed to see where the market was going as it started the new week. But Wednesday, I made just over a one percent profit, and yesterday, Thursday, I made a half a percent gain on my account. Now those were all on four hour chart trades and risking only one eighth of one percent per trade, so it’s0.125% risk per trade, really small amounts.
Keeping Easter in Mind…
Now I tried a slightly less risk per trade this week because of the shorter week after Easter, but still up until today up +1.5% so really pleased with that.
What happened on the Live Trading Room Webinar?
And yesterday I held a live two hour training room webinar, where we trade live, and it’s for my clients, and we trade live on a real live account in front of everybody to see. And we took three trades live during that two hour session and two of them were on the one hour charts and one was on the four hour charts.
We also had a few traders who were on live also that had some trades open and they all ended up closing in profit while we were on the webinar live, so it’s always really good to see that.
Now, these webinars are a fantastic place to learn.
Because we’re training live in real time, there’s nothing hidden, there’s no trickery. It’s all live from the right hand side of the chart trading in real time. And, that’s why my clients benefit so much from attending those webinars. Of course, the market when it’s quiet, we have questions and answers, and I also spend quite a bit of time looking at trades that I’d taken on Wednesday and Thursday on the four hour charts. And, that’s where I had that one and a half percent profit from.
Now, today it’s Friday. Non-farm payrolls get announced at 8:30am EST New York Friday, so I’m always cautious around that time. Look to close out your shorter time-frame chart, so anything really from about a four hour chart or an hour chart and below. Possibly daily charts, weekly charts, those trades that have bigger stop losses. You could look at taking them through that Non Farm Payroll time, but just be careful, if they are in fairly good profit I’d be tempted to close them out before the announcement because really it’s sort of -you’re a bit uncertain when that announcement comes out you could get large spreads and big spikes in one direction or another, so it’s safer to be out of the trades before that announcement.
Strength in the Euro this week
Elsewhere we’ve seen a lot of strength over the last day or so in the Euro, and quite surprising really but the Euro has sort of pulled back and we’ve had some weakness in the US and a lot of weakness in the Japanese Yen especially yesterday with the Bank of Japan announcement. For example, the GBP/JPY went up around six hundred and thirty pips I think it was yesterday, just massive, massive increases and so huge weakness in the Japanese Yen.
Watching the Yen…
So, what I’ve been doing that if I was looking at trades on the Yen, I obviously be preferring to take long trades against the yen, so yen weakness, but what I’d like to do is see first of all the pullback, so for instance the EUR/JPY, CAD/JPY, whatever it is you’re trading against the yen, look obviously for the good, strong bullish candle patterns, but first of all wait to see a pullback or retracement and then a opportunity to go long again. That would be my best advice for trading those Japanese yen pairs right now.
On the webinar, going back to that, we also discussed looking at physical gold and silver. Personally I’m quite a fan of physical silver, and with it heading back towards that $26.10/26.20, it’s not quite there yet but it’s certainly down below $27.00, and heading down towards that very strong support level around $26.10/26.20. It’s proven to be a historical strong support level. So anybody looking at physical products and just storing it as a longer term investment, now could be quite a good time to jump into the likes of silver. It’s certainly something that I’m keen on and we talked about it on the webinar.
Recap on wanting to work till you die
And that leads on to my video from this time last week when I was discussing you know “I want to work ‘til I die” well of course we die. You know, no one wants to keep working working. And, so, it comes back to the benefits of Forex trading which I’m sure you’re well aware of, but it comes back to being a successful Forex trader, because as you’re also probably aware it’s a lot harder in reality and only about say two to five percent depending on the figures you read actually make good money from this market. So, it comes back to the fact that knowledge is very important and that’s where my coaching course offers so many benefits. Not you will only be getting a strategy that works – is proven to work on all time frames, on all currency pairs – but you’re getting the backup support, the help, the knowledge, the information that goes with that. And it’s vital to have that backup help and support with any course. It doesn’t matter what type of market or industry you’re looking and entering.
So, that’s what I like to offer my client’s and that’s why I believe such a high proportion of my clients do so well.
So if you’d like to join it’d be great to have you on board.
To Wrap Up:
That’s all for now. Have yourself a fantastic weekend and a really successful trading week next week. We’re back into a full five day week. Just remember, if you’re in Australia or New Zealand, that our clocks change this weekend. Therefore, 5PM New York time when the day charts start will be one hour earlier.
So, that’s all for now. Have a great weekend and I’ll catch you this time next week.
Bye for now.
I Want To Work Till I Die?
Podcast:
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In this video:
00:28 Had an amazing trade on the EUR/JPY
01:11 The beauty of looking for the good risk to reward trades
02:55 The superannuation scheme with 3 or 4% annual return
04:03 Close all Trades before Easter
04:23 No Trades until Wednesday
Hi it’s Andrew Mitchem here the Forex Trading Coach.
Today is Thursday, the 28th of March.
It’s been another really good week on the trades. Had a lot better week than we had last week.
Remember last week I was saying that things were just very choppy and it was really hard to take good trades. Whereas this week we’ve seen some really good clear price action. And that’s certainly helped with some picking the strengths and weaknesses and also the trades that are take on the daily and the four hourly and the one hourly charts.
8:1 Reward:Risk Trade on the EUR/JPY
In fact this time yesterday I had an amazing trade on the EUR/JPY. I was taking a short position based on the four hourly charts. I had an incredible eight to one risk to reward out of that trade.
So that means that my reward, my profit is eight times the size of my risk on the trade.
So for example if I was risking let’s say $100 on that trade – I made an $800 profit.
The Beauty of Looking for the Good Risk to Reward Trades
So you can see when you start having risk to rewards like that and bear in mind that they don’t happen like that all the time but when you get really high risk to reward like that, it means that if you have a couple losing trades prior, you know that this gets completely wipe up by the benefits of having these hugely successful trades.
And that’s the beauty of looking for the good risk to reward trades. So that was the EUR/JPY of four hourly chart.
Also had a USD/CAD trade at the same time and a few hours prior, I had a short position on the EUR/CHF also on the four hourly charts – and all three of them made really good money.
So that’s a really successful time and also means that by trading the four hourly charts you don’t need to be watching the charts all day long and it means you can plan around your trading and have a life outside of trading.
That leads me on to something else I want to talk about.
The Superannuation Scheme with a 3 or 4% Return
Here in New Zealand the one of the local banks – they’re running an Ad and it’s quiet a funny Ad actually – it’s called the song in the background saying, “I want to work to to I die.” And it keeps going on about how people you know working longer and longer. It’s basically saying that if you want to keep a reasonable lifestyle paying your mortgage you’ve just got to keep to working and working ‘till the day you dropped dead.
And there’s a funny line within the song of this person who’s singing – he’s eighty three years old and they’re getting instructions from a twenty year old at work and saying, “ Well we’ve got to keep working to I die because I have no other source of income”.
And there’s a quiet an important message there because what the Ads actually advertising is a superannuation or like a pension type of funds saying, “Well hope you’ve got your pension sorted because if you haven’t, you’re going to be working to your eighties and die.
Now that’s a good thing to be advertising because it makes people of course aware of.
“I don’t want to be working ‘till I’m eighty and I die.”
“I want to you know have a good lifestyle when I’m young and fit and active as well as when I’m older and retired.”
But the interesting thing is that the Ad is actually advertising the superannuation scheme which has around about a sort of 3 or 4% annual return.
And I’m thinking well, yeah the motto and the theme is excellent but really I want to be making that like in a month, 4% per month sometimes in a week.
You know yesterday I could it make that in one trade and so what I’d like to really follow on is that say well a successful forex trading. It can set you up to enjoy you know the better things in life. It means that you can leave your job once you’re successful over a period of time and trade independently – work from home or work from wherever you want and still make excellent returns and also not only live well today but also plan for your retirement.
So it’s just there.
I just wanted to share that with you how an Ad that I’ve heard which kind a made me laugh with the whole motto is really relevant to Forex Trading and the incredible benefits that Forex Trading offers.
And so that’s sort of jumping away from the charts slightly.
Close all Trades before Easter
It’s Thursday here in New Zealand so what I suggest you do is that by the end of Thursday, you close all your trades down for the weekend with the Easter break coming up.
I’m personally not even looking at charts until Wednesday my time because I want to see a whole full days price action on Tuesday because Monday of course the markets will be shut or very quiet.
No Trades until Wednesday
So I’m looking for Tuesday’s price action to get back into gear again before looking at Wednesday, Thursday, Friday of next week for any trading opportunities.
So just take this time to maybe go back through your trades. Look through your trade history where you’ve gone wrong, where you’ve had good trades and just sort to fine tune your strategy, your risk to reward, your whole money management.
And take the time over the next few days to do that and also have a great relaxing time of Easter.
And look forward to talking to you this time next week.
Andrew Mitchem
The Forex Trading Coach
The Cyprus Issue and Market Gaps
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In this video:
00:26 Huge gaps when the market opened on Monday
01:23 Taken less trades on the daily charts and the shorter time frames
02:27 Aiming for a two or three to one risk to reward
02:52 Took three trades on the hourly charts and two on the four hourly charts during the live webinar
03:25 Lot of strength in the later part of the week in the NZD
Hi it’s Andrew Mitchem here the Forex Trading Coach.
Today is Friday, the 22nd of March. Welcome along to another weekly video.
Cyprus Issue Causes Gaps and Difficult Trading Conditions
Well it’s been such a slow week. It’s been one of the most awkward weeks that I’ve known in many years.
We started off with the whole Cyprus debt issue and that caused some scares within the market and that was at the beginning of the week.
When the market opened on Monday there was some huge gaps down or gaps up depending on which way the pair was to trading. But just massive, massive gaps and it made Monday in particularly a really difficult day to trade.
The reason I found it difficult is because where I’m usually looking at my maximum highs and lows for the day, the opens with the gaps were in many instances had burst right through that.
And then the problem came as what are we actually going to do in the market heading into the week. Are we going to see the big gap continue?
Let’s say there’s a gap down. Are we going to see that continue down further? Or are we going to see that retrace?
In the end, most the currency pairs actually retraced and filled the gap. So where the Friday was and where the Monday open was – the price generally came back and filled the gap down in that case.
But it made trading just a really difficult thing to do this week.
Taken Less Trades This Week Due To The Market Conditions
And I’ve taken less trades this week on the daily charts and the shorter time frames than I’ve taken in a long time. The lesson from that is – you don’t have to trade as the set ups aren’t there. I found that when I was looking at my daily strengths and weaknesses analysis, a lot of those went wrong as well today. But it just meant that the set ups weren’t there because my predictions weren’t correct all the time that’s not great but it also means that the set ups aren’t there. If the set ups aren’t there you can’t take the trades.
So overall as a result I’m slightly down for the week but nothing too drastic about 1%.
So you know all that bad week, I can cope with that. Lessons really for people there:
If the trades aren’t there – don’t take them
If the market is choppy like it has been – don’t go searching for trades.
Ensure that you keep your risk low on all trades and ensure that you have a very high risk to reward when you’re taking your trade because it does mean then that a couple successful trades can more than make up for a string of losing trades.
And I’m aiming for a two or three to one risk to reward depending on the set up and the currency pair and the time frame. But what it means with a three to one is that I can have three losing trades in a row and one successful trade makes up the losses and gets us back to break even. So that’s what I mean by having a high risk to reward.
Live Trading Room Webinar for 2 Hours
Last night my time I held a live two hour trading room webinar for my clients. It was a really good webinar. I took three trades on the hourly charts and two on the four hourly charts. We also had a couple daily chart trades opened yesterday as well.
But also there’s some fantastic questions asked and people just get some really high level information during those live webinars because we’re trading live from the right hand side of the chart, with a live account, nothing is hidden. It’s all there out in the open for people to see.
So that’s the benefit of learning along with someone in real time.
New Zealand Dollar Strength
All the charts themselves, we’ve seen a lot of strength in the later part of the week in the NZD$. That was brought about by some very good GDP figures out of New Zealand – some of the highest figures in the number of years.
And that pushed the Kiwi Dollar up against the USD, and the JPY and the AUD and the EURO and the GBP. And so there’s been a lot of strength latterly in the week in the NZD. Most of the other currencies had just been very, very sideways up -one day down the next up the next so just very difficult to trade.
So really from that all we can say as well the trades out there – don’t take them, keep your risk low, high risk to reward trades and let’s anticipate some more improved trading conditions this time next week.
So that’s all for now.
Hope you have a great weekend and I’ll talk to you soon.
Bye for now
Don’t Trade All Day & Keep Yourself Fit For Trading
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In this video:
00:08 New Membership site has been launched
00:46 Seen some renewed buying strength in the GBP
01:25 Lesson for this week – not to be trading all the time
02:19 AUD hits resistance levels and the 1.0400 level against the USD – be cautious
02:54 Keeping yourself fit helps your trading immensely
Hi traders Andrew Mitchem here the Forex Trading Coach.
Welcome along today is Friday, the 15th of March.
New Membership Site Launched
Well I’ve launched my new membership site this week and had some amazing feedback from clients. If you’re not a member yet then you’re missing out but I just want to let you know that I’ve condensed all of the course notes, the videos, the helpdesk, the daily trade suggestions and everything to do with the course into one site so people are finding that really useful. Those who are newer to the course are finding it just brilliant, all set out in a logical step by step process. And those who have been with me for a while get a really good refresher.
So like I said if you are not a client then you’re missing out on that great resource.
GBP Strength this week
On the trades this week we’ve seen some renewed buying strength in the GBP. I’ve been calling buy trades on the GBP against many other currencies for several days now as you may see on the Forex Peace Army website.
So today, on Friday I’m looking for buy positions or opportunities on the GBP against the USD. I’m also looking for the GBP against the NZD for the second day running and I had a trade on the Pound New Zealand yesterday on the daily chart. It’s just working an absolute treat. It’s around 170 pips in profit right now in the run of 2.5:1 risk to reward trade.
Don’t Trade All Of The Time
One thing I also want to let you know. Lesson for this week is – not to be trading all the time.
For instance if you trade off the daily charts you probably only need to spend a round of 10-15 minutes once per day looking at the charts. And I work up for 5pm New York time close of day charts.
I also love trading the four hourly charts and that means that I can go and look at my charts once every 4 hours. And so that takes me about 5 minutes once every 4 hours. If I want to look at anything shorter I generally look at the 1 hour charts but nothing shorter than that.
Be careful Of Any AUD$ Resistance
Onto the charts again, one thing I did mentioned this morning was just be cautious of the AUD. It’s looking very strong, very bullish but right now at the time I’m recording this I’m not looking at taking any buy trade even though it’slooking bullish. By the time you get to watch this it may have continued up, who knows but right now I’m cautious because it’s hit the 1.0400 level against the USD. It’s hit the 100.00 big round number against the JPY and against the CHF, its hit a very strong resistance level tha’s been resistance many times over the past few years.
And so with all that in mind even though I’m thinking that the AUD could well increase because of that huge amount of resistance there I’m not just looking at AUD$ Dollar trades for today. And there is the opportunity for the AUD to retrace slightly.
Keep Yourself Fit & Help Your Trading
Last thing I want to mention is about keeping yourself fit. Now it’s probably something that’s not mentioned in trading all that often. But keeping yourself physically fit and active it helps your trading immensely. It helps keep your physical appearance good but also helps keep you mentally stimulated as well. So for instance I love my Karate and I love my Cricket and those two things combined help to keep me in reasonably good shape and it’s something that I just wanted to pass on to you that keeping yourself physically active and fit is really good for your trading.
When you are trading you’re generally sitting down and you know that’s not that great for you for prolong periods. So that again comes back to trading on just say like the daily charts, four hourly charts and maybe one hour charts.
So that’s today’s video.
I look forward to talking to you this time next week.
Andrew Mitchem – The Forex Trading Coach
Looking for Exhaustion Candle Patterns
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In this video:
00:24 Held a live 2 hour trading room session for my clients
01:36 Talked about Exhaustion patterns when looking for Continuation and Reversal patterns
01:49 An exciting new membership website
02:47 The American and Canadian clocks move this Sunday
03:23 Non-Farm Payroll news out today
03:41 Taken short position on the GBP/CHF – but close out before the NFP
Hi Traders Andrew Mitchem here the Forex Trading Coach:
Welcome along to another weekly video. Today is Friday the 8th of March.
Exhaustion Candle Patterns
Well yesterday I held a live 2 hour trading room session for my clients and in that session we looked at some really important candle patterns that we we’re looking for. And overall I’m looking at continuation patterns or reversal patterns. But prior to the extra confirmation, ideally what I like to see is an exhaustion pattern.
So what I mean by that is let’s say we were in an uptrend, I then see an exhaustion and then a confirmation to go short. It’s the exhaustion that’s given me clue, the early warning before the confirmation to go short. That’s a reversal pattern. For a continuation, we may be in an uptrend, we get a pull back and a pull back to a certain level. And then we see exhaustion then a bullish pattern to go long again.
So on both instances – the reversal and the continuation pattern, the exhaustion candle does give us a lot of clues especially if it occurs at a really important bounce level. And I discuss a lot more of that within the course itself.
4 Hour Chart Trades
We looked at some four hour charts and looked at some really good trades that were taking over the last few days on the four charts. And we also took a 15 minute chart on the GBP/USD selling with the 1.5000 level – the big round number in the way as a barrier, as a resistance level.
New Clients Membership Site
I’ve also shared to my clients a really exciting new website that I have for them which is the client’s only login site and that’s containing all the course notes, the videos, the help desk, software everything all within one place – so a really valuable resource for clients to gain and also revisit the course information.
US Clocks Change and the Non-Farm Payrolls
A word of warning we have the non-farm payrolls later today so for me that’s early hours of Saturday morning but its 8:30am Eastern Standard Time New York. So at that time I always like to have my trades closed prior to then especially the shorter time term charts.
The Daily charts I may leave open during that news it depends really on how they are placed at that time. If they are in reasonably good profit I might just close them for the week and close out and then just watch the news announcement.
Also to let you know that this Sunday, the American and Canadian clocks move so the daily trades suggestions that I’m posting especially on that Forex Peace Army – they will be one hour earlier so for those of you outside of the States and Canada, those trade suggestions will come out through one hour earlier. It will still be 5pm New York Time but just for your local time that will adjust just by the one hour.
This weeks trading
On the charts: We’ve seen the EUR yesterday just suddenly pulled back up again so we’re getting some renewed buying into the EUR and whether that continues or not – we don’t really know at this time.
I’m preferring to look for buy trades on the EUR, a lot of the EUR pairs today but it may just be a really short time than I’m looking for that. Who knows what non-farm payrolls are bringing and where the currencies head into next week.
The only trade I’ve taken myself today on the daily charts is a short position on the GBP/CHF looking for that to continue downwards like it has been quite strongly.
And then that’s really all the trades so just be aware of that Non-Farm Payroll and take care over that to close your position out before then.
Have a look at those charts about the reversal and continuation patterns. Look for that prior exhaustion as a really important thing to look for.
So I hope that helps you and I look forward to bringing you some more news this time next week.
Great Trade Results with Full Profit on the EUR/USD Sell Trade
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In this video:
00:42 Suggested trades give full profit results
01:30 Full profit on the EUR/USD trade
01:46 Daily strengths and weaknesses analysis posted on Forex Peace Army site
03:05 Metals continue to fall
03:54 Took four positions on the four hourly charts
04:32 Free Lot Size Calculator that people just love
Hi Andrew Mitchem here, The Forex Trading Coach.
Today is Saturday the 2nd of March, welcome along to another weekly video.
We’ve had a really interesting week this week. Yesterday I suggested 5 trades to my clients on the daily charts. I woke up this morning my time and three of them did hit full profit. They were the EUR/USD, USD/CHF and the AUD/CHF.
Now I got stopped out on the EUR/GBP due to a lot of weakness in the GBP that was slightly unexpected and the USD/CAD – I had a buy trade on that – And I’ve got some profit out of that trade but not full profit. But I’ve closed it before the close of the trading week.
One thing that was really pleasing – the EUR/USD moved around about 130 pips yesterday. I had a profit target of 1.2980. The price went down to around 1.2965 target so we had full profit and exited the trade with only around 15 pips left on the table. So that was just a fantastic trade to take. And full profit out of the trade and closed for the week.
Forex Peace Army Giant Update
You may have noticed on the Forex Peace Army site I’ve been posting my daily strengths and weaknesses analysis and those five trades were favoured in terms of which direction we were looking for the currencies to head yesterday.
If you are following those please do remember that those analyses that put on the Forex Peace Army site are not specific trades. It’s really important for you to understand that because some people are looking at them as a specific trade they’re not that.
They’re guidelines to say using your own strategy. This is where I’m looking for the main trend to head today. So for example with the EUR/USD – if you see any short positions using your own strategy and I was looking for short positions on the EUR/USD then you would be looking at taking those short opportunities when they arise and probably ignoring most of the buy opportunities because the overall strength or weakness for that currency pair was to head down for the day.
So I hope that’s cleared that up.
Elsewhere we have seen a sell off in the GBP and I would be expecting probably the EUR and the GBP probably against a lot of the other currencies – so against the USD specially to continue to fall into next week.
Metals Update
Gold and Silver both continue to fall as I mentioned last week so a big sell off on those for about the last three weeks or more.
Risk Per Trade Guide
Elsewhere, one thing that I’ve mentioned to a lot of people this week is to keep your risk per trade very low. It’s a really important thing. It helps you with the psychology of your trading with your emotions in your trading. It just means that you have some control over your account.
With Forex remember that there is a longer term project. It’s not get rich quick scheme. If you treat it like that it will get you and it will blow your account almost certainly. So treat as a business, treat that as a very low risk.
Personally I look at a quarter to half of 1% risk on my account per trade. So that’s very very low.
I’ll give you an example:
Yesterday I took four positions on the four hourly charts – last night my time. All four of them worked. But I took a quarter of 1% risk on each of them. So I ended up making some really good profit. I’ve made just over 2% return on those. But if those four had all gone wrong I know that the maximum I would have lost on all four going wrong would have been just 1% of my account.
So I can put the positions on without any fear, knowing that I’ve got a very very small risk per trade. So it’s really an important point that a lot of people fail to understand. If you need to know more about that make sure you download my free Lot Size Calculator available on my website. It’s a fantastic tool and people that use it just absolutely love it.
So that’s all for this week
Hope you have a great weekend and I look forward to talking to you this time next week.
The New Forex Peace Army “Giant”
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In this video:
00:25 USD has shown a lot of strength
00:41 Looking at some buy opportunities on the GBP
00:52 Analyzing the strengths and weaknesses of each currency
01:26 Aiming to educate and help people on trading
02:59 Over 10% return on a live account in two weeks using my strategy
03:45 See something that you might benefit from my website
Hi Traders Andrew Mitchem here the Forex Trading Coach.
Great to be here. Today is Saturday, the 23rd of February.
A lot of USD strength
We’ve seen a really quiet a mix day today. Not a lot actually happened but as predicted the EUR and the GBP have continue to fall all week. The USD has shown a lot of strength and then the CAD has continued to fall.
Gold and Silver as I also said last week have continued to fall following last week’s big fall. So quiet a crashed there on Gold and Silver.
Having said that today I was looking at some buy opportunities on the GBP because it looked like there was some form of retracement coming against a certain place.
How do I know that?
I analyze the strengths and weaknesses of each currency
Well each day I analyze the strengths and weaknesses of each currency and you may have noticed that on the Forex Peace Army side have now been writing my analysis each day. If you’ve not seen that yet, jump across the www.forexpeacearmy.com and have the look under the education section and then under what they called the “Shoulder of Giants”.
A New Forex Peace Army Giant
Now I’m really privileged to be one of just two giants in their whole community of hundreds of thousands that have been asked to write on their site each day.
I had some great feedback. I’ve been writing for this one week but it’s helped a lot of people and that’s what I’m aiming to do. It’s aiming to educate and help people to look at the markets and trade on the right side of the market. Because trading, yes it’s all about finding the correct set up -technical setup or fundamental setup whatever it is you trade.
But also if you are trading on the right side or where the strengths and weaknesses are for that particular day surely it has to add to your probability of making successful trades.
So that’s the whole aim of that. Of course I teach that to my clients as part of my course but I’m also giving away that information free on the daily basis to trying help people gain more successful trades.
Free Trading Webinars
This week on my two free webinars that you can attend, I had two full rooms and some fantastic questions so if you were on that, hope you enjoyed that session. If you weren’t, if you haven’t attended yet make sure you jump on to this week’s, one of this week’s two free webinars.
Client makes 10% return in the last 2 weeks
Elsewhere on my own client’s webinars which is just client’s only invitation which I hold every two weeks – that’s a live two hour trading web webinar.
We shared some amazing results that a client of mine called Geraint from over in Australia has achieved.
Geraint has been with me for probably around six months or so and he’s now developed a four hour system using my strategy that works for him. And so he’s taken my four hour charts and he’s also looking at my daily suggestions. And in the last two weeks he reported that this has made over 10% return on his live account.
So that’s just in the last two weeks. But just like I said it’s taking him 6 months of learning, of progression to get that stage where he now feels comfortable with trading. And he has found a timeframe that suits him. And like me the four hourly and the daily charts – he has found as his niche timeframe – just works in beautifully not tying you to the computer screen.
But look 10% return in two weeks on a live account. It’s pretty amazing by anybody’s standards.
So if you’ve liked that to be you make sure that you attend one of my free webinars.
Learn about my course.
See what I’m about jump on the Forex Peace Army site.
Have a look through my own website and see what I offer in my training course to see if it’s something that you might benefit from.
So that’s all for now.
Hope you have a great weekend and I look forward to talking to you this time next week.
Trading Short on the GBP plus Daily Strengths & Weaknesses
Podcast:
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In this video:
00:22 Amazing feedback from last week’s presentation
00:57 Offering a really good incentive upon signing up
01:29 Been asked by Forex Peace Army to write for them
02:05 Adding strengths and weaknesses of pairs for people to follow
03:22 Kiwi being the strongest currency at the moment
04:11 Downward movement in Silver and Gold continue
Hi traders Andrew Mitchem here the Forex Trading Coach.
Welcome along. Today is Friday the 15th of February, 2013.
It’s been another really good week. Had some amazing feedback from the information we talked about on last week’s presentation.
Importance of Backups
I talked about the importance of backups. If you haven’t seen that yet make sure you go and watch last weeks. It could save you a lot of headaches.
Training for new Traders
Had also some amazing feedback about my webinars that I hold for newer traders every week. So I’m holding two every week. Make sure you jump on those if you’ve not been on there.
Got some great feedback. People are learning some really good information helping them along with their trading. And also just to let you know at the end of the presentation I’m offering a really good incentive and the incentive is – you can actually get a one hour private webinar with myself if you are to sign up to my course on that.
So it’s really worth attending. No one else gets that it’s just a few people who signed up after those sessions can get a whole hour talking through your trading with myself.
So make sure you jump on to those webinars if you’ve not already done so.
Forex Peace Army Exciting News
The other thing I have to tell you. I’ve been asked by Forex Peace Army to write for them. Now I respect Forex Peace Army. I think it’s the most important review site out there. And it has been for quite a number of years and they catch-out a huge number of people – catch them doing some really dodgy things within this industry.
And so I really respect them for that.
They’ve asked me, they’ve approached me and said, “Look Andrew, would you write for us so our clients can get some benefit from your trading knowledge”.
And I said, “Yes, sure I’ll help you out.”
So what I’m doing starting from this coming Monday is I’m going to be adding the strengths and weaknesses that I see each day on various pairs and writing that information down on their sites for people to follow along.
I put that information on my site for my clients plus a lot more.
But I’m just going to saying about some of the currency pair that I see has been particularly strong or being particularly weak for the upcoming day.
What will that help you do with your Forex Trading?
So what that allows the people to do is to try their own system whatever it might be – but knowing that, you’re trading with the likely direction for that upcoming 24 hours.
So look out for that and I’ll fill you with more details this time next week after I’ve been writing for the first week.
This weeks Forex Trades
On the trades themselves this week, the GBP has just crashed yet again and the GBP against the NZD and the AUD has just fallen away. And the GBP/NZD and also the EUR/NZD are now at historical lows and so there just doesn’t seem any end in sight for those two.
In fact today being Friday I’ve shorted the EUR against several other pairs. I can see that the EUR is falling back. And the GBP of course is falling back. The Kiwi is looking the strongest. At the moment it’s the strongest currency and it just reached the 0.85 and just pushed through the 0.85 cents against the USD right now as I’m recording this.
So that could well push up a touch further.
Moving into Metals
And also away from the currencies, Gold & Silver have fallen. And it came down quite a lot. Golds now at the level that’s only been reached once so far this year now it was the first couple of days in January.
So it came down to that support level. If it continues to fall then of course it could break through that support level later today into next week or the other scenario is if we see a reversal candle pattern there, we could get a lovely double bounce of that strong support from the early part of January. Could get another bounce again now and we could see the upward movement in Silver and Gold continue.
But of course that all remains to be seen with candle patterns so that’s why I’m a technical trader. I can see what I think is likely to happen, but I still need the backup from the charts and the actual price itself to determine whether I’m going to place my money on it as a new trade.
So that’s all for now.
Look forward to updating you this time next week with some more information about how I’m progressing with writing for Forex Peace Army.
I just wanted to share that with you now nice and early so you’ve got the opportunity to jump across to that site and have a look.
So have a great Friday. Have a great weekend and I’ll talk to you this time next week.
Why You Need a Backup Plan when Trading Forex
Podcast:
Podcast: Play in new window | Download
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In this video:
00:25 Euro/Yen hits the level that’s not being seen since April 2010
01:04 Importance of computer backups
01:51 Took a buy trade on the USD/CAD
02:09 Risking a half of 0.5% with a +2% return – absolutely huge
02:17 Took a buy trade on the GBP/CHF
02:29 Trade no risk whatsoever heading into the weekend
Hi traders, Andrew Mitchem here the Forex Trading Coach.
Today is Saturday the 9th of February.
I’m here on the beautiful island of Waiheke again. If you’ve not being here when you come to New Zealand – definitely get out over here – its well worth it.
EUR/JPY hits a level that’s not being seen since April 2010
Well this week, we’ve seen towards the end of the week, the Euro has been falling back, its been retracing. You may have noticed especially on a lot of the Yen pairs that historical highs have been hit. And for instance the Euro/Yen, it hits a level that’s not being seen since April 2010. And as we’d expect with such a strong resistance level, we formed a double top and the EUR/JPY’s pull back also so has the EUR/USD and even the EUR/GBP.
So whether we see that continuing to next week not sure yet, we need to see some candle patters next week on Monday onwards to see if the Euro bullish trends are going to continue or if the more recent retracement is going to continue.
At this stage I’m out of the market so I’m just undecided right now.
A Trading Tip for You – Backing Up Your Information
One thing I wanted to mention was to do woith computer backups. We talked about this on my last webinar. It’s really important just to consider a backup if you lose all of your information on your computer or an internet connection.
Make sure you’ve got a backup laptop or make sure you have your account on a VPS server.
Make sure you’ve got your broker’s contact details with you.
In case you have an internet connection problem, have an iPhone hotspot backup. And always make sure that if you have a laptop or VPS you actually have all your trading software and your account pre loaded so you’re not there trying to download information when the worst should happen.
It’s one thing that we’ve talked about on the webinar. It’s just important to consider that – always have a backup.
2 good trades on Friday
Trading wise, I actually took my trades coming over here into the island on a ferry yesterday and again the beauty of an iPhone as a hotspot and a laptop, you can trade from anywhere.
I took a buy trade on the USD/CAD yesterday and I suggested that to my clients.
Woke up this morning and worked absolutely beautifully. The retracement trade was a 2.5 risk to reward trade and the market order trade was a massive 4 to 1 risk reward.
Meaning: If I was risking a half of +1% on that trade (0.5%) that was a +2% return – so absolutely huge.
I also took a buy trade on the GBP/CHF. It didn’t quite reach full profit but this morning just before the market closed I exited that position manually and a one to one risk reward.
So out of the trade no risk whatsoever heading into the weekend and any potential market gaps next week.
So that’s all I wanted to talk about for now.
I’m off to enjoy the island I look forward to talking to you this time next week.