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In this video:
00:24 Fantastic trading opportunities
00:45 Style that goes with successful trading
01:17 Managed Forex Account Launched
01:25 Offering education for people
01:36 Getting higher return than average

Hi this is Andrew Mitchem, the Forex Trading Coach.

Today is Friday, the 17th of August.

Well it’s been another fantastic week for the trading.

It’s been a little bit quite again on a daily charts. On the shorter time frame charts there’s been fantastic trading opportunities again which I’ve managed to take a lot of, and I know a lot of my clients have.

Successful Trading Course

It’s really good when I get emails from my clients saying how well that they’re doing and how well they’re enjoying the course.

That they’re enjoying, even loving their trading!

Which is really good because it’s not just about making the money of course. It’s about enjoying what you doing and having the freedom and the lifestyle that goes with successful trading.

And a number of my clients have taken another courses in the past and found the most that the other courses out there just not delivering what they need.

My course, as you can see here, I’m trading right now, so I’m speaking to you.

I am a trader – number one – and educator also.

Managed Forex Account Launched

Yes it’s been a little bit quite on the dailies as I mentioned but the shorter time frame has again been really good.

Another piece of really exciting news for myself is the launch of my managed Forex Accounts company this week. That’s called https://www.wealthwithforex.com and am getting a lot of interest in that.

So really there’s the two options today:

Learning to Trade

I offer the education for people who want to learn to trade for themselves and on the other hand I offer the manage Forex Accounts to people who have some cash, who want something with the higher than average return for their money from a managed Forex account as well.

So really that’s all the news for this week and I look forward to bringing you some more news this time next week.

In this video:
00:30             Entry and exit methods
01:10             Making really good money
01:30             Risking half percent to make one percent gain
02:10             Support resistance levels
02:40             Introducing great software
03:10             Great profit target
03:30             High probability trades
04:20             Money management in place

Hi everyone Andrew Mitchem here, the Forex Trading Coach.

Welcome along to another weekly update.

Well, what a great clients only webinar we had yesterday. A two hour live training room session. I was trading on one of my own live accounts and we have some fantastic trades.

I want to talk through some of those.

Using entry and exit methods

At one stage I suggested four different four hourly chart trades all using the entry and exit methods that I’m teaching in my course.

I’m using limit orders – Pending buy and pending sell limit orders to get in to those trades so, looking for a retracement first on the four hour chart before the trade then reverses in our direction.

Now out of the four trades that I suggested yesterday to my clients live, three of them did get filled as a pending limit order and the three that did get filled, all went down and hit full profits.

So, really good trades that people would have got some really good value from actually watching them occur and watching me place those trades live in real-time on a live account. And those that not only benefited from the education process of watching that made some really good money as well.

So that’s what happened on the webinar.

Two different one hour trades

I also had two different one hour trades. I had a sell position on the US AUD Dollar that hit two to one risk to reward that made really a good profit, risking half percent to make a one percent gain. On the British Pound / New Zealand dollar trade I took a long position on that. That just got stopped out – you know that’s the way it goes with trading – we make on some and lose on others – and that’s fine.

But with the risk / reward that I used on the trades, what it means is that I’m risking half a percent one on trade, and lost. Then risking half a percent to make one percent on the other trade, and that made. So I’ve only got a fifty percent win rate right there on those two trades: One winner or one loser. But I’m still netted the half a percent gain on my account. So that was just yesterday on the live webinar.

On the daily charts has been quite a quiet week to be honest but we have actually made some really good money. I’m up by 2.3 percent on just the two daily trades that did retrace and entered into the market this week.

Introducing a great software

Monday, Tuesday and today being Friday there were no trades whatsoever.

There were lots of support and resistance levels around Monday and Tuesday. Pretty quiet due to the non farm payrolls of the previous week. But having said that, on Wednesday I suggested three trades to my clients – while non of them filled at retracement; they just missed one missed pound pip, one was five pips and others around ten pips. But the direction was perfect on all three.

I’ve started using a great piece of software that I have – it lets me to take staggered entries so I entered all three of those trades at the market also. All three of those are hit full profits which is fantastic. We made really good money out of those.

Then on Thursday we had two trades. I took a Euro AUD Trade and AUD Swiss Franc Trade. Both went back to the retracement absolutely perfectly. Then hit the retracement and went back to be filled and went straight down to the profit target for great profit targets. One of those are made 1.1% and the other are made 1.2%.

So it just shows that on those longer time frame charts you don’t need to be taking lots and lots of trades. You just need to pick the selective trades that look good at the time: The higher probability trades. So the two that enter the retracement only: There was a 2.3% account gain by risking just half a percent – so a tiny risk, just half of the cent per trade.

And then what with the hourly trades throughout the week and the four hourly trades, you don’t need to be watching the charts all of the day – and that’s what a lot of people who come to me and say “Andrew how do I get over of this emotional tie to be trading – having to be at my computer all day and night?”

Well, the answer is: You don’t.

You just need to know how to avoid doing that.

You don’t need to be watching every single pip move and you know right now I’ve got the charts going here and got trades on live right now. And I don’t need to be there actually watching those charts.

The importance of trusting your system

The important thing is to have a system in place and to trust your system.

Have the correct money management in place, have good risk reward in your trades. And when you have that, the emotions are not there. The trades are just there doing their thing.

Here they are behind me (screen’s just gone blank) but they’re they are behind me, doing their thing and making good money. So that’s the important thing.

Been fantastic week, a great live trading room webinar yesterday and look forward to talking to you this time next week.

Podcast:

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In this video:
00:30 Good clear price action +8.61% for me this week
01:40 Set and Forget Daily Chart Results  +7.05% in July
02:30 Why I like trading the hourly charts
02:40 Getting some more daily trades

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

Great to be with you today!

Today is Tuesday the 7^th of August, 2012 and right now as we’re recording we are in the Asian session, things are a little bit slow right now.

Just really waiting for the markets to pick up especially after last week’s non-farm payroll on Friday.

Picking up good trades
I’ll be anticipating that as we are heading to the European session today, we will see some good clear price action which will help us with the rest of the week on the longer time frame charts. Right now it’s just indecision and it’s really quiet hard on the daily charts especially to see which way the main currencies are trying to go.

Last week was a really good week. Less so on the daily charts but personally for me the hourly charts and the four hourly charts picked up some really good trades.

Of course, there are losing trades like you get all the time but overall some exceptionally good trades.

On the daily charts I did have good trades on the Gold/US dollar and the British Pound/ Australian Dollar and the Australian Dollar/New Zealand Dollar all of which made full profit – which ranged between two and a half to three risk to reward.

Daily Trade Suggestions
The previous week was an amazing week +8.61% for me personally on all time frame charts and the other news also, I’ve just finish tallying up the July daily trade suggestions that I made for my clients each day, the set and forget suggestions, and with half a percent risk we made +7.05% in July.

That’s assuming complete set and forget. No on-going management, no closing trades before the weekend anything like that, just purely put the trade on at the levels of suggest and teach – the set and forget. The +7.05 for July which has helped to bring the annual return of the daily chart’s back up. Definitely a tougher year this year on the daily charts and the set and forget method, which really is why a lot of my clients and myself included  have taken a lot more trades this year on the four hourly charts and the one hourly charts.

The clients of mine do chose to trade down to 30 minutes, 15 minutes, some even 5 minute charts. That’s absolutely fine and they do really well. For me personally, that doesn’t suit me. I’m not so keen on watching the charts all the time.

I love the hourly chart which means I can come to look at my computer once every hour.

I’ve just literally taken a trade right now before this recording, I’ve taken a buy trade on the hourly chart on the New Zealand Dollar/US Dollar. It’s looking a really good trade so we will see how those progresses  as we go through.

Leading on the rest of the week like I’ve mentioned, I’m hoping to get some more daily trades coming through once we see some clear price action today.

So that’s all for now, and looking forward to give you an update later on in the week.