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In this video:
00:12 The beauty of trading
00:39 The benefits of trading
00:51 Silver trade continues to climb

Hi everybody Andrew Mitchem here The Forex Trading Coach.

Today is Friday, the 28th of September.

Well, I’m here in Waiheke Island, the beautiful Hauraki Coast off Auckland in New Zealand – and that’s the beauty of trading.

I’ve got my laptop here and I’ve got my iPhone for my hot spot and I can trade from here. And it’s another reason why I love Forex Trading as it allows you to be on locations like this and trade as you were from your home or your office.

It has been a bit of a tricky week this week. We’ve had a few losing trades and I believe this week were going to end up with a loss overall, but again that’s part of trading.

It’s just something as traders we accept.

The benefits of being able to trade from here and unfortunately from time-to-time we have losses throughout a week.

But that’s the way trading goes.

With silver, we’re up to about thirty four dollars and fifty cents ($34.50) on the silver so that continues to climb nicely.

It looks like heading into next week there’s going to be another increase in the value of Silver.

So that’s all for now!

I’m off to enjoy the beach.

And I look forward to talking to you this time next week.

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In this video:
00:48 This week a 2.6% return
01:34 Two hour live trading room webinar
01:47 Taking profitable trades during live sessions
01:54 Silver trades continue to climb up
02:18 Looking at a charting platform
02:28 Importance of Eastern Standard Time
03:30 Charting package for a successful Forex Trader
03:42 More useful Forex Trading Tips

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

Today is Friday, the 21st of September.

It’s been a really good week for me personally on my own trades. I’m up 2.6% for the week and I still have three open trades. But 2.6% for the week represents a very nice return. With that result I’m risking half of one percent – 0.5 of 1% risk per trade on each of my trades.

When I trade on the managed accounts which I have a company called Wealth with Forex, I’m only trading at quarter of 1% and so naturally half of the 2.6 means that I’ve made 1.3% return for those individual investors that I managed funds for.

And on top of that we’ve had a really good webinar this time yesterday. I had clients from all around the world for just over a two hour live trading room webinar.

And I hold those every two weeks for clients.

We look at taking live trades as and when they happen and we had some people taking some really good trades, really good profitable trades during that live session.

All of those sessions are recorded, so my clients can go and watch them whenever they wish to.

The Silver trade, that as you I’ve been in for number of weeks now, that’s up at around $34.70, so that continues to climb.

That’s looking really good!

And another point I wanted to make is I always get asked about what chart/time you should use as a Forex Trader.

Now, by that I mean what time of the day do the charts start.

I am firm believer that you need to be looking at a charting platform that starts the week at 5pm – Eastern Standard Time. That’s 5pm in New York.

So that’s really important because what this means is – that’s the “Unofficial” correct start of time day.

And so, I use a broker in Australia called Pepperstone. I also used another one called Go Markets. Both of those have a 5pm New York Eastern Standard Time – start of day all year round.

What does that mean?

Well it means that you’re trading where the big banks and institutions trade. It’s fine on an hourly chart but if you don’t have a 5pm start of day, your daily charts and your four hour charts can look quite different.

Many brokers for whatever reason (and I do not know why) sometimes use a six day week and they have a Sunday candle that lasts somewhere between two and four hours.

Now for traders like myself who trade off the daily charts, this is completely incorrect as it distorts the technical levels on our charts.

So just to recap, use a broker that uses 5pm Eastern Standard start of day time and it will definitely help give you the correct charting package that you need to be a good successful Forex Trader.

So I hope that helps and I look forward to talking to you this time next week, with some more Forex results and also some very useful Forex Trading tips for you.

That’s all for now!

See you soon…

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In this video:
00:30    The weakening of US Dollar all week along
01:00    Having a huge gain on one trade in just 4 weeks
01:21    Taking a buy position on the Australian Dollar /Swiss Franc

Hi everybody Andrew Mitchem here the Forex Trading Coach.

Today is Friday, the 14th of September.

Can you believe? We’re already half through another month.

Well it’s been a really interesting week!

Today being Friday, we had the Feds releasing a whole host of new stimulus into the US economy and you could almost see that coming this week because the US dollar has been weakening all week long.

When they finally made that announcement today, the currencies such as the Euro US dollar, and the New Zealand US dollar, Australian US Dollar, all of those currencies – anything against the US dollar, have just gone sky rocketing straight up.

Its also helped us with the silver trade that I keep talking about and that’s gone up 26% since I took that trade four weeks ago.  The silver right now behind me is trading at $34.80.

So a huge 26% gain on that one trade in just four weeks!

So that’s going really well.

Elsewhere I’ve taken three trades today on the daily charts: I’ve got a short position on the US Dollar/ Canadian Dollar. That’s now reaching new lows that haven’t been seen for almost one year.

We’re also taking a buy position on the Australian Dollar /Swiss Franc. And I’ve taken a buy position on the Canadian Dollar/Japanese Yen and right now, all three are looking in really good profit.

If they are still open at the end of the week, I will then look at closing them manually before the weekend.

So all in all, it’s been another really good week and I look forward to talking to you this time next week.

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In this video:
00:25 Looking for some really good price action
00:35 Taking position on the Australian Dollar/US Dollar, Australian Dollar/Japanese Yen
01:08 Short position on the Euro/Canadian Dollar on the four hourly charts
01:41 Trust the Strategy; let the trade do its own thing
01:46 The set and forget approach’ mental effect on trade
02:16 Keeping risk low per trade

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

Today is Friday, the 7th of September 2012 and thank goodness it’s September!

The quiet month of August is behind us.

Now the European and the US markets are back after their summer holidays. We’re looking for some good price action. And we’ve finally seen some today!

I’m long on the Euro US dollar on a daily chart from yesterday, being Thursday and today I’ve taken a long position on the Australian Dollar/US Dollar and also the Australian Dollar/Japanese Yen. And right now, behind me those three trades are looking really good.

Yesterday I held my webinar, my fortnightly webinar for my clients. We had one hundred and six people on that webinar from all different countries around the world.

Really good webinar!

A lesson in it for me, was a lesson that I tell my clients and I forgot to do myself was let the trade do its own thing.

I’ll give you a really good example:

Yesterday I took a short position on the Euro/Canadian Dollar on the four hourly charts in front of my clients live on a live account. After the webinar had finished, the trade and was looking in really good profit.

However there was European interest rate announcement out and I saw that – it went against the trade. The trade then came back to a break-even and I closed the trade out for just a break-even trade.

I should have left the trade.

So even though I’ve been trading for nine years, I still occasionally make mistakes and it’s really a lesson to say, “Trust the Strategy. Let the trade do its own thing!”

The set and forget approach has the ‘less mental’ effect on the trade. Just put on yourself as a trader. Put the trade on, put your stop on, put your profit on, you’re happy with the trade.

Let it do its own thing.

I failed to that yesterday. It cost me about six thousand dollars. I came up with zero instead of six thousand.

So I’m hoping that the three trades that are on behind here right now will more make up for that. So, just a lesson I wanted to share with you. Last time we talked about risk to reward, and keeping risk low per trade.

The lesson for today is, trust you system, put the trade on, let the market detect which way the trade goes.

So that’s all for now!

Quick update on the silver that’s going really well. Just come back and touch then to the thirty-two level but it’s still doing really well. That’s the longer term silver that I’ve been holding for a number of weeks now.

So that’s all for now. The non-farm payrolls are out later today. So I’m expecting the market probably be a little bit quiet between now and then.

So that’s all.

Look forward to talking to you this time next week. Have a great week and be safe and be well.

See you next week!

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In this video:
00:47     Knowing the three trades
01:03     Learning how trading happens
01:19     Accepting trade loses
01:31     The importance of high risk reward trading
01:38     The importance of low risk reward
03:06     An interesting trade with gold
03:56     Anticipating some more price action

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

Today is Friday, the 31^st of August and welcome along.

It’s been an interesting week and its actually been quite a mixed week – not a particularly easy week for trading.

Not been too many news events, but at the end of the week, it’s been the Jackson Hole meeting in the States, and that’s going on right now as I speak, and thats thrown me personally out of a couple of trades that I was in.

The three trades that looks good

This time yesterday I was long on the Euro US Dollar, the Pound US dollar, and the Pound Yen. All three were looking really good heading into the European session and then as the US session kicked in, the three trades were stopped out all of a sudden as the strength can back into the US dollar.

And like I mentioned last week, you know, that’s the way that trading happens.

You’ve got to take those losses. At the time they look really good trades – So I took them. I saw no reason not to take them and saw no reason to close them early or anything like that.

So really that is part of trading and it’s something that as traders we need to accept those loses. The set ups up at the time I took them looked good in my opinion.

The importance of high risk reward trading and low risk per trade

It also stresses an important point that a high risk to reward trading is really, really important.

So I’m talking about trying to get a two or three to one risk to reward.

It also means that a low risk per trade is also important.

Those three trades that went wrong yesterday, it’s not great, I’m not please with it, but it’s not a big dent into my account.

By having that control risk, whatever your tolerance might be with half a percent per trade, or quarter, or in one percent per trade. Whatever it is that you’re comfortable with, it’s important to stick with that level all the time.

For me on those trades yesterday, I was trading because there were daily chart trades half a percent, so I lost nearly one and a half percent. I had a couple of smaller gains through positions that entered into the market but the retracement trades of all three got stopped out.

Luckily I’ve made up for that on some of the shorter timeframe trades and right now behind me here I have a sell position on the Australian Dollar / Japanese Yen that put in today, Friday and that’s a short position and that’s looking really good right now. Not too far away from profit. So if that has a two and a half risk reward, which it does it, that will make up a lot of yesterday’s losses.

So that’s what I mean about high risk reward and low risk per trade.

On the longer term of the Silver that I mentioned last week, that’s a comeback a little bit. It got to that 31.25 earlier in the week. It’s come back slightly but that’s fine as it’s a longer term buy and a hold position.

Having a really good trade with Gold

I took a short position on Gold and that was a really good trade.

Interesting though because, I took a short on Gold and long on Silver – Because they’re taking a two completely different timeframe charts – that’s possible to be long on one or short on another if now the two are highly correlated trades.

With the shorter timeframe trades there’s not been a huge amount this week. Like I mentioned the Jackson Hole event in the States has been a quiet big news event which is just kept the trading quite thin. Really like I mentioned, the US is looking quite weak yesterday and all of a sudden crashed. All the currency pairs crashed and the US strengthened. The Australian and the Kiwi have been particularly weak, all week long, and there’s been some good opportunity to go short on the Australian/US dollar and the Australian/Yen, same with the New Zealand Dollar.

So that really summarizes the week as we head into September, I’ll be anticipating some more price action as the European and the Northern American markets come back into play after their main summer holidays.

So, wishing you a great weekend and fantastic trading week, heading into September.

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In this video:
00:20 Live trading webinar
00:50 Hitting really good profit
01:05 Understanding a very good risk reward ratio
02:03 Strong support level
02:41 Hitting absolute profit target
02:59 Getting good trades on short time frames

Hi Andrew Mitchem here again, the Forex Trading Coach.

Today is Friday, the 24th of August.

Well it’s been another amazing week with the trading. This time, yesterday we had a really good two and a half hour live trading webinar. I hold these webinars every two weeks for my clients and I’ve got clients from all over the world. Thirty eight countries I have clients from and many of them log in every two weeks and we trade live on a live account, in front of everybody. I trade here from my office and one of my live accounts.

Risk Reward Ratio

So we have really good trades, I believe it took about eight trades live during the session yesterday and on top of that I had probably about another six or seven open trades live. And they went through;

Most of them went through and hit really good profit. There were two actually on the four hour chart I think they got stopped out, but three others that took towards the end of the webinar all made. Now it’s really important to understand that when I trade I have a very good risk to reward ratio.

So looking at somewhere between a one a half to two and a half reward for every risk, every one risk.

So, for me I trade a half of percent of my account of risking half a percent per trade on a daily charts. And all the other time frames from four hourly, hourly and down to the fifteen minutes charts.

I risk only a quarter of one percent of my account on any one trade.

So upon risking a quarter percent and I have a two to one risk reward, that means that I’m making a half a percent gain for a quarter percent risk. So you can do the math and you work that I have for three profitable trades and two losing trades, you can see that the actual returns are really good.

Buying trade on the Silver

On top of that, longer terms, I’m personally taking a buy trade on the silver. I took it at the end of last week. I actually forgot to mention that in last week’s video, but I bought some silver when it got to the twenty seven fifty level. It’s been a really strong support level and I’m not really buying that so much in terms of looking at the closing out of that trading anytime soon. I’m just taking that more of a personal buy and hold philosophy on silver because I think that silver has got a long, long way to go.

Last year, just about touched fifty and theres no reason at all why over the next few month, possible years, that fifty plus that well beyond will be achieved – and that’s just a personal opinion.

Buying trade that hits profit target

What else have we had?

So on top of the webinar, we’ve had again a really good week. Have a buy trade on New Zealand dollar / US dollar that hit the profit target absolutely perfectly on Thursday, yesterday. That was the Thursday trade on the daily chart.

Today I’m taking a short position on the Australian US, and a long position on the Euro Pound. And they’re open now as I’m speaking.

So we’ve had some really good trades on short time frames outside of the webinar yesterday. The Euro Pound system, my Monday break out system, looks like it’s going to hit profit again this week. The last trade still in right now but it’s looking really good and its in good profit as I speak.

Tournament for the weekend
So what else going on for me personally?

I’m off for a Karate tournament now for the weekend. I’m a Karate instructor and I’ve got the next two days of Karate camp with all the instructors from around New Zealand meeting up together so effectively a good hard session of boot camp effectively but lots to learn.

So, I love to learn Karate, it gets me away from the trading and just take the whole mind set away.

So that’s it for now.

As you can see, trades are going on a lot behind me. I’ll be closing any open trades out on Saturday morning my time before the market shuts and also Karate like I said.

I look forward to getting back into trading Monday morning again.

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