Weekly Video News & Podcast

How much would you like to earn this year from trading for just 10 minutes per day?

Feb 4, 2013

Podcast:

In this video:

00:29 Had massive strength continue in the Euro once again
01:14                Seeing some strength on the CAD/JPY
01:25                US employment data coming up at 8:30 on Friday – American time
02:06 CAD/JPY on a buy trade looking to continue upwards
02:13                Up about +1.3% earlier in the week
02:25                Had some fantastic feedback regarding the free training webinars
03:36                Annual return from trading just ten minutes once per day

How much would you like to earn this year from trading for just 10 minutes per day?

Hi traders Andrew Mitchem here the Forex Trading Coach.

Welcome along to another weekly video.

The EUR Strength continues

Well everything that I said last week has come through. Remember last week I was talking about the Euro strength: will continue? I said probably it was going to. And of course this week we’ve had massive strength continue in the Euro once again. And I also said about the weakness in the JPY and that’s continued again this week with all currencies heading upwards against the Yen. So we’ve had the EUR/JPY, the GBP/JPY, AUD/JPY, NZD/JYP, CAD/JPY, the CHF/JPY and USD/JPY – all of them have increased against the JPY. So huge weakness there, and remember I said that on last week’s video.

A weak AUD$

I also mentioned at the end of last week’s video that the Australian Dollar was looking weak and you’d have noticed that has come through as well this week with AUD$ being fairly week. Interesting that the NZD$ has been relatively strong and today I’ve also taken a buy trade on the CAD/JPY so I can see some strength in the CAD/JPY today. And that’s open behind me right here going very nicely at this stage.

US Non Farm Payroll’s today

Remember also today is the Non-Farm Payrolls. So that’s the US employment data coming up at 8:30 on Friday – American time. So for those of us this side of the world, that’s around 2:30 in the morning in New Zealand. So 8:30am US time American time in New York – Non-Farm Payroll.

Close out your open trades

So at that stage, make sure that you close out any shorter time frame trades before that news announcement. With the longer time frame charts like the daily chart, say if you have weekly trades open, you could probably keep those open going through the announcement but anything from let’s say a four hour chart and lower, definitely close that before the employment data comes out.

Buying CAD/JPY today

I’ve taken just the one trade today. Like I mentioned, the CAD/JPY on a buy trade looking for that to continue upwards.

This week’s profit

I was up about +1.3% earlier in the week on my account for this week. Just come back slightly I had a few losing trades yesterday but still it should end up being a good week overall.

Free Forex Trading Webinar – register

Had some fantastic feedback from people regarding the free training webinars that I offer. So if you haven’t seen that yet, make sure you sign up to that on the website here and for those of you who do attend that I’ve got a really special offer near the end of the one hour presentation. So make sure you jump on those free training webinars. I’m holding them twice a week. So regardless on where you live in the world there’s one that you can watch.

A Question for You

And then lastly, just wanted to talk about, yeah the poll I was going to ask. I was going to get a poll out to people but I thought I’d ask you on this video instead.

“How much would you be happy making in one year with really low risk by trading just ten minutes once a day?”

If you’ve got a figure in mind and make it a sensible figure that you’d be genuinely happy with. Email it through to me if you could. So email it through to Andrew@TheForexTradingCoach.com

I’d be really interested to know what your thoughts are. So I’m looking for an annual figure.

What amount would you expect, or to be comfortable with? What would like to have as an annual return from your trading if you were to trade just ten minutes once per day?

And that’s it.

And risking around let’s say half of 1% per trade (0.5%), how much would you be happy with?

Email it through to me. I just being interested to know because I’m putting together something in the next week or two that could have a bearing on the results that I get.

Just interested to see what you think.

Email it through to me. I’d love to hear from you. Thanks for helping out.

Talk to you this time next week.

Bye.

Will the Euro’s strength continue next week?

Jan 28, 2013

Podcast:

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In this video:
00:35 Saw renewed strength in the Japanese Yen earlier in the week
01:50 Euro strength continuing probably into next week
02:02 Holding a live web trading webinar every two weeks
02:14 Taking a short position on the Australian Dollar/New Zealand Dollar
02:36 Positive feedback on the website’s new professional look
03:15 Good introduction to Forex Trading tips
04:36 Sign up for the lot size calculator

Hi Traders, Andrew Mitchem here, the Forex Trading Coach.
Today is Friday, the 25th of January – it’s nearly the end of the first month of the year already – Can you believe it!?

Well, it’s been a fairly quiet week in terms of the couple first few days of the week. Fairly quiet but then as we’ve developed into the week things are really starting to move again. Earlier in the week we saw renewed strength in the Japanese Yen and I said at that time to my clients, “Look just be really careful with this.”

I actually did take the trade where I was short in the Euro/Yen looking for a pull back. But I mentioned all along throughout the week up until Wednesday: Just be really careful because we are trading against the major trend which has been Japanese weakness. And so we did fairly well out with the trade. It didn’t hit full profit and then there was an obvious reversal bar looking for the price in the Yen to weaken the Euro/Yen almost everything against the Yen to push back up again.

And that’s what we’re seeing now at the end of the week.

So today being Friday, I’ve gone long on the EUR/JPY, the CHF/Yen, the CAD/JPY and looking for that JPY weakness to continue. And right now with the trades behind me, when I just looked, they we’re going ready well.

So that’s great!

Euro Forex Focus
And the Euro, although its been fairly quiet throughout a lot of the week, it’s now showing a lot of strength heading into the last day of the week. And I would anticipate at this stage unless anything dramatic happens later today in the European and then US session, I would anticipate that the Euro strength continuing probably into next week.

Australian Dollar Forex Focus and Weakness
And also I’m looking for Australian Dollar weakness today. I mentioned the Australian Dollar weakness in last night’s client’s webinar. So every two weeks I hold a live trading room webinar with my clients and we were looking at opportunities to go short in the Australian Dollar. And there were few days showing and clients did take some of those.

I did take a short position on the Australian Dollar/New Zealand Dollar on the one hour chart and it worked absolutely perfectly. Just took me out this morning my time when I woke up and hit full profit so I was really pleased to get that one.

Thanks for the new Forex Website Feedback
Elsewhere, also you’ll see that my website has been changed right now, really positive feedback of that people loving the new look, new fresh of professional look of the website. So thank you for your comments over that one.

Weekly Training Webinars Now Available
And if you haven’t already done so and you’re not currently a client and you are relatively new to trading, make sure that you sign up for one of my free webinars. You can just sign up these two sessions every week. It lasts about an hour and you can choose either a twelve hour split so you can trade something that’s going to suit you regardless the way you live in the world.

So you can see those on my website. Sign up for them. They’re free and they last like I said about an hour. Really good tips in there – some really good introduction to Forex Trading tips that you can learn and benefit from.

Not Got The Forex Trading Coach Lot Size Calculator – Why Not?
Also just to let you know on this site, if you haven’t already downloaded it make sure you get my free lot size calculator. The reason I wanted to mention that is this reason: I’ve had an email this week from someone – they’re not a client – but I’ve had an email from someone who’s looking at fighting back against the market.

They’ve had some loosing trades and that fought back and lost. And it happens every time. You know it doesn’t matter how much you trade, where you live, what type of person you are, what type of job you have – none of it matters.

If you start breaking the rules the market will, in the end, get you. So this person started doubling up because they started losing, trying to recoup some of those losses and it just doesn’t work, so use that lot size calculator.
It’s free, it’s on my website. Get it today.

Pips Don’t Matter
Stick to a set amount of risk per trade whether it would be a half of 1%, one percent, or quarter of 1 %. Whatever it that suits you but use that lot size calculator. It takes you away from the mentality that most people have of judging your success in trading on the number of pips you make. It really doesn’t matter.

The number of pips is irrelevant.
It’s the amount that you risk compared with the amount that you make in a percentage terms that met the difference.

So sign up for that lot size calculator if you haven’t already got it. If you haven’t been in one of my free webinars that I hold there twice a week, jump in to one of those.

Hope you’ve enjoyed the session. Look after for those trades through to next week.

Hopefully that you’ll makes some good profit from them.

Talk to you this time next week.

Bye for now.

Amazing results shared by a client of The Forex Trading Coach

Jan 21, 2013

Podcast:

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In this video:

00:29 Webinar held last week – amazing results shared by Anne Marie
01:32 Entering part of the market this year
01:47 How to be a successful trader
02:20 Free information going through 2013 – assist you in trading
02:41 Lot of strengths heading into the Euros
03:08 Huge weakness Identified
03:43 Trade what you see NOT what you think
04:22 Charts tell you where the price is actually heading

Hi Traders, it’s Andrew Mitchem here and welcome to 2013.

This is my first weekly video for the year as I have just started trading this week.

Well I hope you had a fantastic Christmas and New Year and you really pumped up excited to get back into your trading.

Just to let you know that last week I held a webinar for my clients and in that webinar we had some amazing results as shared by Anne Marie who lives over in Adelaide in Australia.

She’s been a client of mine since July, 2011. And Anne Marie, she’s taken all of my daily trade suggestions and she’s entered them at part at the market and part at the retracement. So she’s taking just half of +1% (0.5%) of her account and placed that at the market order and 0.5% of her account – so half of 1 percent at the retracement.

And she’s has a combined figure (without compounding) using purely a 100% set and forget strategy of an amazing 51%. So she started in August of 2011. She joined just the month prior – so between August of 2011 and December 2012, she returned over 51% if you include compounding into that.

So pretty amazing result!

And I shared with my clients how we’re looking at entering part of the market this year, part of the position at the market and part of retracement. And what that gives us with the unique way that we’re entering those trades is a high risk to reward on both positions and that’s really important in order to be a successful trader – to have the high risk to reward risk on all of your trades.

What else has happened?

Well like I mentioned I’ve started trading myself just this last week now that the market conditions are coming back into normality after the break.

Refreshed Website

Also really excited to let you know and probably if you’re watching this video you’d already see that my websites had a complete facelift to completely overhaul and redesign, trying to make everything far easier for you to navigate around and also supplying you with some really good information as we go through 2013: Free information that’s out there that will really assist you with your trading.

So keep a look out for that. And also there’s some really excited things to come that none of my clients know about it yet but it’s all in the pipeline and on the to-do-list of 2013.

Forex Trading Strategies

Looking at the actual trades themselves!

This week definitely have a lot of strength heading into the Euro. So the Euro has been going up and up and up. It did have a slight retracement but overall it’s been pushing up and the Japanese Yen just crashed. There’s weakness in the Yen. It’s showing weakness against almost every currency.

Even the currencies that are looking slightly weak, like the British Pound has been looking weak this current week but even against the Yen, the Pound/Yen cross has still been going up so huge weakness in the Japanese Yen and strength in the Euro.

Now, that comes back to me being a technical trader and why I love technical trading because there may be some fundamentals out there to say, really is this Euro too high?

Well to me it doesn’t matter why it’s going high. The fact is that, it’s been driven higher. Same with Yen – it’s been pushed down and so what’s happening? Well, you know I don’t really worry too much about that.

So it’s really important to use a phrase that I teach to my clients and it’s this: “Trade what you see NOT what you think”. And put thinking of that some whole phrase and concept. When you see something on the chart that’s an obvious bullish pattern, take it!

If the longer term’s up and let’s say the four hour chart for the one hour charts showing a bullish pattern then take it.

So trading what you see. So don’t forget the fundamentals but you can almost forget them, because they can really cloud your mind and your vision and get you slightly confused and so very often you will find that ever after news announcements, that you expect the currency to fall but it rises and so the charts tell you where the price is actually heading.

So that’s why I’m strongly a technical trader. It definitely helps you keep on the right side of the market so just remember that when you trade next time: Trade what you see NOT what you think.

So that’s all for now!

Hope you have a fantastic week and I look forward to talking to you this time next week.

Forex – The Perfect Gift For Christmas?

Dec 22, 2012

Podcast:

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In this video:

00:38              When’s the right time to learn profitable Forex?
00:45              Ready to be active into 2013
00:53              Have reached fifty reviews on the Forex page
01:16 Latest Forex Client’s Impressive Trading Result following my system

Hi there! Andrew Mitchem, the Forex Trading Coach.

It’s Thursday, the 20^th of December and as you can see, it’s a fantastic day, just a few days away from Christmas.

And so at this time of the year, it’s really nice to take a couple of weeks away from your trading.

The markets are likely to be fairly quiet and quiet flat. So this time of year is a good time to take a couple of weeks away, to be ready for the next fifty weeks of the year. Next year, we can get back into trading again.

If you’re not trading yet, or you’re not successfully trading yet and you’d like to get on top of my course, get into it and spend the next 2 or 3 weeks wisely learning the profitable Forex system.

Ready to be active in 2013!

Learning the system, ready to be active into 2013, I’ll make it a fantastic year.

Also I wanted to share with you – I’ve just reached fifty reviews on the Forex Peace Army website. And the latest review (latest five star review) is from a gent from Auckland here in New Zealand. After his first full year of taking my course, he has achieved over +42% on his live account!

So how would you like that to be you this time next year? Just before Christmas next year you can say, “I’ve taken Andrew’s course and I’ve made over +42% on the live account.” Just imagine how that would feel?

Well, over the Christmas period, I’ll be contactable by email. So if you would like to take my course then, I will be available.

Merry Christmas!

Enjoy yourselves over Christmas. Have a very happy and safe Christmas. Have an amazing time!

Look forward to talking to you in 2013.

And I’ve got one final thing to say! Right behind me, if on cue, my three kids, should be saying, “Merry Christmas!”

Merry Christmas! Have a fantastic time wherever you may be.

Look forward to talking to you next year.

Bye for now.

5 trading tips to improve your Forex trading

Dec 11, 2012

Podcast:

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In this video:

00:21                     Special webinar open to everybody – 14^th of December
Register HERE
00:48 Five tips that will benefit your trading – heading to 2013
01:15                     Learning Forex Trading correctly
01:43 Doing very well in longer time frame charts
02:07                     Non-Farm Payrolls came out above expectation!
02:50                     Looking for EURO short positions

Hi everybody, Andrew Mitchem the Forex Trading Coach.

Welcome along! Today is Saturday, 8^th of December.

Well next Friday, on the 14^th of December, I’m holding a special webinar that’s open to everybody. The webinar will most likely be full so make sure that you do register. There will be a link underneath this video.

The webinar is going to be designed for those of you who are newer to trading or maybe you’ve been trading for a short while and still struggling to become consistently profitable.

Top Five Forex Tips heading to 2013

It’s going to talk about my journey through Forex but also I’m going to give you some really good points of the five major tips to give away that I used every day as a successful Forex trader. And I know that you’re going to find those tips really useful and will benefit your trading heading into 2013.

And a lot people find that this time of year – the Christmas/New Year period – When many people have some time off work, it’s an excellent opportunity to use that time wisely and learn a skill (up skill yourself) learn Forex Trading correctly so that heading into the New Year, you have yourself a really good base to progress forward and makes some really good gains heading in the 2013.

So that’s coming up next Friday. Make sure that you register for that! Link is here:

Personally I’ve been away all week. I’ve been down in Queenstown, so I’ve been trading only on the Daily charts and the 4 Hour charts.

And that goes to show that if you’re away somewhere (you’re travelling) – you can trade just those longer time frame charts and still do very well.

Non-Farm Payrolls above expectation!

Personally, I’ve had a +0.3 % gain for the week – not massive but that’s still a gain anyway.

So happy with that considering really I’ve spent no more than probably one hour in the total of the last week (actually trading looking at my charts).

As I predicted to my clients yesterday the Non-Farm Payrolls came out above expectation. You could see that really probably was going to occur as the US Dollar was strengthening quiet a lot against most of the other currencies over the last couple of days.

And also as I predicted to my clients on Wednesday, the Euro has fallen and the EUR/USD that is, because it was obvious when you look at the charts that the 131 resistance level had been hit – failed really to be broken as significantly – And then there was an overbought situation with the EUR/USD and became quite obvious that that currency pair was going to fall.

And like I mentioned, I predicted that to my clients on Wednesday of this week suggesting that they look for EURO short positions when appropriate.

So that’s some of the things that I offer my clients – looking at the strengths and weaknesses of each currency on a daily basis which then helps them to go and trade the shorter time frame charts with the knowledge that they have – the strength and weakness behind them – as well as the actual technical setup on their chart that I teach.

So that’s all for now!

Make sure to register – 14^th of December

Make sure that you do register for Friday’s event. It’s going to be a fantastic event. Like I said that it’s going to be a full event. There’s a huge number of people already registered so there’s not many places left.

Friday the 14^th. The link will be underneath this video.

Looking forward to seeing you then and helping you with your Forex Trading progressing into 2013.

Talk to you next week.

REGISTER HERE FOR THE WEBINAR

Live Forex Webinar with Andrew Mitchem

Dec 7, 2012

I am holding a live Forex webinar on Friday 14th December and I’d like to invite you to attend.

I’m really excited because I havn’t held a webinar like this for a long time.

The webinar is for you if:

You are new to Forex Trading and would like to find out more about FX
You have been trading for a while but see no light at the end of the tunnel
You are struggling to be consistantly profitable
You have tried every course, system, e-book, EA robot out there and still can’t make a profit

If you are a more experienced trader then this webinar is not for you but look out for another webinar that I’ll be holding soon for more advanced traders.

However, if you are a new trader or you’r not yet profitable then this webinar is perfect for you.

I’m expecting a big turnout as like I mentioned, I have not held a “open to the public” webinar for a long time and as we’re leading up to the Christmas and New Year break, many people will have some time off work and this is a great time to learn how to trade correctly ready for 2013.

The webinar will be held on Friday 14th December and starts at 8:30pm New Zealand Time. You can find the start time in your local time zone when you register.

(This is 7:30am London, 2:30am New York, 1:00pm Delhi, 3:30pm Hong Kong, 6:30pm Sydney)

In the webinar, I’ll be sharing with you:

How I went from a dairy farmer (with no trading knowledge) getting up at 5am each day to a full time Forex trader
The good and the bad of my 9 years as a Forex trader and how you can gain from these experiences and short cut your own journey
Why I choose to be a technical trader and not a fundamental trader
Explaining how you can become a successful Forex trader
5 VERY important trading tipsthat you can use immediately to boost your trading – I use these everyday myself

Remember to register even if you cannot attend the webinar live as everyone who registers will be sent a link to view the recording the following day.

Please enter your details in the form below to register

Two Wins and One Loss in This Weeks Client Only Forex Live Trading Room

Dec 4, 2012

Podcast:

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In this video:

00:22              Had a fantastic seminar last Tuesday up in Auckland
00:33              Webinar live on Friday, the 14^th of December – you’re welcome to register!
00:56              A client made +23% on live account since taking my course
01:21              Took three trades live on webinar
01:27 GBP/CHF trade hit profit in only in 23 minutes on H1 chart
01:52              Non-farm payrolls for December

Hi everybody, Andrew Mitchem here, the Forex Trading Coach.

Today is Sunday, the 2^nd of December.

I’m in beautiful Queenstown in the South Island. So this week, I’m going to trade from my laptop not the four screens you usually see behind me. Just trading from the laptop this week, and I’ll be looking at just the daily charts and then the four hourly charts, and then enjoying this stunning place in between time!

You’re welcome to register!

Just to let you know I’ve had a fantastic seminar last Tuesday up in Auckland. We had a full room and I’ll be putting that same seminar as a presentation, as a webinar, which will be held on Friday, the 14^th of December 2012.

So you’re more than welcome to register to attend that webinar live.

I’m going to talk about my journey through Forex. How I started as a dairy farmer and where I’ve ended up today as a full time Forex Trader and Funds Manager.

So register for that and I’ll send you a link so you can attend. Register here NOW

Excellent money from taking my course

Just to let you know, when I was at the seminar last week, a client of mine came up to me and said, “Hey Andrew, I’ve already been with you trading live for just over one month since taking your course, and I’ve already made +23% on my live account.”

So it’s really good when I hear things like that – It gives me great confidence that people out there are making excellent money from taking my course

British Pound & Swiss Franc hit profit

We also have a webinar on Thursday night for my clients and on that I took three trades live: Two of the made profit, One made a loss.

One of those – the British Pound/Swiss Franc (GBP/CHF) hit profit in only 23 minutes for a +1.71 risk/reward. The other trade on the US/Franc, made +1.5 risk/rewards.

So there’s three really good trades that like I said – all taken live!

The week ahead we have interest rates out of New Zealand, Australia, Britain and also Canada. And of course now into December we have the Non-Farm Payrolls on Friday or Saturday morning for us at New Zealand and Friday: US time.

That’s all for now!

I’m off to enjoy the wonderful scenery here.

Look forward to talking to you this time next week.

Andrew Mitchem talks about how trading Forex changed his life

Nov 26, 2012

Podcast:

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In this video:

00:30              Going to talk as a guest speaker – 27^th of November
01:01              A more advanced trading webinar in December
01:13              Fantastic trades on the daily charts
01:17              Looking for retracements
01:40              Japanese Yen weakness continue throughout this week
01:49              Gold and Silver continue to rise
02:24              Trading is about consistency

Hi everybody Andrew Mitchem here, the Forex Trading Coach.

Today is Friday, the 23^rd of November.

Another stunning day so I’m outside again!

Well, next Tuesday I’m going to talk – that’s Tuesday, the 27^th of November – I’m at Auckland as a guest speaker for broker this coming to launch into New Zealand.

Forex has changed my life

I’m going to be talking about my story and how Forex has changed my life: How I started nine years ago as a dairy farmer and now developed into a full time Forex Trader. Because that seminar is being held at Auckland, obviously a lot of people won’t be able to attend so I’m going to make that same seminar into a webinar, as a presentation. That’s going to be held in a few weeks time and you will be able to attend that presentation – LIVE!

For those of you who are more advanced traders, more experienced traders I’m also going to be holding in December, a more advanced trader’s webinar. I’m going to share a lot of the tips and techniques that I employ in my trading on a daily basis.

Fantastic trades especially on the daily charts

This week, I’ve had some fantastic trades especially on the daily charts. There are a lot of trades that have retraced very nicely on the daily chart using the techniques that I suggest my clients to use.

So I’m not always looking at entering at the market. Quiet often I’m looking for retracements first. For example on a buy trade – I’m looking for a retracement further down before the trade then reverses and takes off in my desired direction.

As I mentioned last week, the Japanese Yen weakness – that did continue throughout this week! There’s been a lot of weakness on the Yen – possibly could continue into next week.

Buy trade on both Gold and Silver

Gold and Silver have also continued to rise this week.

Two weeks ago I took a buy trade on both Gold and Silver. A long trade on both – they retraced last week. They were negative last week but then this week have turned around and gone on to hit full profit as expected.

Don’t Overtrade!

Another thing just to mention is – “Don’t Over Trade”. This week there has been a public holiday in the US and also in Japan which is meant there’s not being too many really good setups on the charts this week.

So don’t overtrade!

You know there are no prizes for trading more. Trading is all about consistency – picking good setups and taking them when you see them. But you definitely do not need to take too many trades just for the sake of trading.

All that’s going to do is feed your broker’s pocket and take it from yours which is of course – we don’t want!

So that’s all for now!

Looking forward to talking to you this time next week.

The Psychology of Forex Trading

Nov 20, 2012

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In this video:

00:31              Concentrating on Psychology of trading
00:44              Understanding the whole mentality behind trading
01:29              Great trade on the Euro/New Zealand Dollar on the four hour charts
01:38                3.28% return on account risking just a quarter of 1% per trade
02:02              Been asked to be a guest speaker for the broker City Index – 27^th of Nov
02:40              Japanese Yen has reached resistance against a lot of currencies
03:03              Looking for resistance levels to be broken before jumping into long positions

Hi everybody, Andrew Mitchem here and I am the Forex Trading Coach.

Today is Friday, the 16^th of November.

Well we had another fantastic live trading webinar last night. And on that webinar I concentrated on the psychology of trading. Each time I have a webinar I specialized in a particular subject. I create a PDF File for my clients and then we go through a particular subject each time.

The Mentality behind Trading

Last night was psychology and understanding the whole mentality behind trading because obviously a lot of people want to become full time Forex traders. And like you’re probably finding out it’s not quiet as easy as it’s made out. But through my course I try to help my clients who want to become full time traders so we specialized in that subject last night.

During the webinar I had one client who’d made a ten to one trade. Well he still had a trade open. Another client had a five to one risk to reward trade. So for the client who had a ten to one – that means he’s risking let’s say half a percent of his account -half of 1% of his account on the trade. And he’s up 5% on the open trade – that’s a fantastic risk to reward.

On that webinar also I mentioned a great trade on the Euro/New Zealand Dollar on the four hour chart which made perfectly as well straight after.

3.28% Return on My Account this Week

For myself, I had a great week this week + 3.28% return on my account this week risking just a quarter of 1% per trade. So 3.28% trade return really pleased with that – if I only every week could be quite good as that! It would be fantastic! But starting a new week next week – let’s see what we can achieve there as well.

Also to let you know (this is for New Zealand based clients mostly) that on the 27^th of November I’ve been asked to be a guest speaker for the broker City Index who are launching into New Zealand. So I’ve got about an hour to an hour and a half presentation I’m giving for them as their guest speaker on Tuesday, the 27^th of November.

So if you’re around the Auckland region it’d be great to see you there.

The event will be recorded so hopefully I have that on my site if obviously you’re overseas and can’t make the event.

Weakness in the Japanese Yen this Week

On to the currencies themselves, we saw a lot of weakness in the Japanese Yen this week. However I did note to my clients today, Friday, that the Japanese Yen has reached resistance against a lot of currencies. However, if we see that resistance broken heading into next week, expect the Yen to weaken further so could be really good tip there in looking for trades like the Australian Dollar, New Zealand Dollar, Euro, Franc all against the Japanese Yen looking for them to increase and the Japanese Yen to decrease. But look first of all for those resistance levels to be broken before jumping in to those long positions.

That’s all for now! Hope you’ve had a great week.

Look forward to talking to you this time next week.

New Trading Room, US elections and Unemployment Data

Nov 13, 2012

Podcast:

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In this video:

00:53              US Dollar strengthened against other currencies
01:06              New Zealand Dollar bounced off 0.83 levels against the US
01:51              Strength in the Japanese Yen
01:57              Short on the New Zealand Dollar Yen/ Euro Yen
02:02              Buy trade on the British Pound/Canadian Dollar and US/Canadian Dollar
02:21              Really good profitable week
02:46              Risky to take a longer term trade
03:02              Knowing how the market reacts to the US election result

Hi everybody Andrew Mitchem here, the Forex Trading Coach.

Today is Friday, the 9^th of November.

I’m in the new property and we’ve done the box shifting and moved home, so here we are. We’ve got everything set up all the computer screens set up.

Today is a lovely day. I’ve got the pool behind me here that’s where I’m going as soon as I finish this video!

Well, we’ve had the US elections this week and obviously Obama got back in. To start with that weakened the US dollar. It then turned around and strengthen against most of the other currencies towards the later part of the week.

I wanted to mention about the New Zealand Dollar. The New Zealand Dollar bounced off the eighty three level against the US – 0.8300. There was a classic reversal signal that I teach to my clients. And it was interesting that the New Zealand Dollar started dropping, but several hours later there was some really bad unemployment data that came out.
The New Zealand unemployment rate went up to one of the highest levels in quite a number of years.

But what I wanted to show you is that that information, that news event, that fundamental event was already factored in into the price and using the technical analysis that I teach to my client every day – That information was already faceted in – And I could see that the New Zealand Dollar was going to drop off the 0.8300 level several hours prior to that bad news announcement as being released.

Japanese Yen Strengthens

Elsewhere we’ve had a lot of strength in the Japanese Yen this week and I’m actually short on the couple of currencies. I’m short on the New Zealand Dollar/Yen and I’m short on the Euro/Yen.

Elsewhere I’ve got a buy trade so going on the British Pound/Canadian Dollar and also the US/Canadian Dollar.

Also interesting this week, right now I’m up about half a percent for the week.

But the point I also wanted to make here was for three out of the five days of this week, I’ve had no suggestions on my daily trade suggestions but I still had a really good profitable week and still have four trades in right now.

You don’t have to trade all the time!

So what I wanted to actually let you know is that you don’t have to trade all the time to make money. Now obviously I’ve taken some shorter timeframe trades there as well. But on the longer daily timeframe, due to the US election, I couldn’t see anything on the Tuesday and Wednesday.

And with the news announcements there off that election, to me it was actually quite risky to take a longer term trade.

It was fine on the shorter term trade where I could be in and out of the trade within a number of minutes or hours.

But where I’m looking at holding the trade open for – maybe a day or two, it was quite risky not knowing the result of the US election and not knowing how the market may react to that news.

Five trades on the daily chart

And today again I’ve taken no trades: Today being Friday.

Yesterday I took five trades on the daily chart.

So regardless of what you think, it is important to realize you don’t need to be trading all the time to make money.

If you trade too much, you either:

1. Going to be looking at the charts far too often and

2. You can be paying your broker far too much money!
So that’s all for today!

I’m off for a swim behind here right now.

The sun is just about to come back out from behind that cloud and I look forward to talking to you this time next week.

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