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#555: What has caused the large recent moves in the Markets?

Aug 11, 2024

What has caused the large recent moves in the Markets?

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#555: What has caused the large recent moves in the Markets?

In this video:
00:25 – Big recent moves in the markets.
01:05 – Clients are making excellent returns.
03:15 – The recent moves.
04:00 – I look at charts and remove emotion.
04:43 – Trading with the longer-term trend helps.
05:22 – Blueberry Markets as a Forex Broker.
05:27 – Join my 17 minutes Masterclass and Book a Call.
06:25 – Comments, Like & Subscribe.

So what’s cool is the big moves that we’ve seen across multiple markets over the last few weeks. Let’s talk about that important topic more right now.

Hey traders! it’s Andrew Mitchem here at the Forex Trading Coach with video on podcast number 555.

Big recent moves in the markets.

Now you’d know if you’ve been following the forex market or many of the other markets around that over the last few weeks, we’ve seen some quite amazing moves. we’ve seen the yen strengthen. We’ve seen a lot of the indices crashing. We’ve seen a lot of the, cryptos dropping.

In fact, Bitcoin in about a week or so dropped some 30% in value. And we’ve seen like the yen pairs with the yen been the strongest. It’s been for quite some time. A lot of yen pairs like the AUD/JPY, NZD/JPY, just, you know, just dropping and it’s been some quite incredible moves.

Clients are making excellent returns.

Now, if you’ve been following my recent videos and podcasts, you’ve noticed that last week I talked about Hamish, a client of asset made an amazing 53%, return on a live account in the month of July.

And the week prior to that, I talked about how we made a 13.2% account gain. Now, a lot of that was, placing some daily and weekly and monthly charts. so we saw all of this coming in advance. And if you go back and look at what I talked about a few months ago, if we’re looking at monthly charts and then also some weekly charts, we saw this happening on the charts.

So it comes as no surprise, to us whatsoever that these moves have happened. Now, I did a podcast, with a trading battle group a few months ago, about three months ago. And I said that the likes of Ethereum, I was looking for a longer term to be dropping and also Bitcoin. That’s exactly what we’ve seen. So how did I know that back then when I looked at the longer time frame charts and we use our analysis to suggest that this is where it’s tipping over and this is likely where it’s moving to and, and why we don’t always know when and how quickly it’s going to get there.

But we know quite likely it’s going to move in this direction, is likely to move to that area. Now, that information to have in the back in mind as a specific trade or just in terms of general information is absolutely crucial as a trader. And so having that information, but also being able to make that assessment, don’t forget when everything’s moving up and up and up and up and going crazy.

And with that going, it’s now time to sell. We’re looking for a retracement. And then looking at the price to then drop. Sometimes you feel a little bit kind of a little bit alone, a little bit there by yourself because everybody is saying its going up and up and up and where I’m going. Well everything’s telling me that things are likely to drop and to go all the way down there, which at the time seems like a crazy low price when the market’s doing the opposite.

And that becomes the, I suppose, the importance of understanding chart patterns and looking at what’s happening and why.

The recent moves.

Because when it comes to what’s happened in the last few weeks and the whys to that, it’s like, well, a lot of that is fundamental news. And depending on what side of the argument you’re on, you could argue, you know, as an example, let’s say in the US, and people could argue, well, it’s because Biden and Harris, doing a terrible job and therefore the US is dropping.

Or if you’re on the other side of the fence, people go, oh, it’s because Trump’s likely to get in and everybody’s fearful. So the market’s going to drop. It depends what side of the fence you’re on for that particular fundamental argument. That’s why I don’t get into that. I have my personal opinions on politics and the view of the world and things. But in terms of trading, it doesn’t influence me in terms of my trading.

I look at charts and remove emotion.

Because I look at charts, I remove emotion, I look fat, I look at what’s really happening, I look at historical price levels, I look at where things are likely to move to, the levels are likely to get to. So when you remove emotion from your trading is starting to open your eyes up to what’s happening, why so much is happening, or your opinion, or why it’s happening doesn’t really matter.

The fact is, I could see things were looking like they were dropping. We took a a sell trade on the China50 index. Two months ago, just this week, it went the profit target because it was dropping and, you know, to be able to do that is so crucial.

Trading with the longer-term trend helps.

Now, if we see something setting up on, say, like the daily or 12 hour, that’s in the same direction as your bigger picture, monthly analysis, now you’re really getting more and more factors in your favor.

And that’s what trading is about. Technical trading is about adding more and more probability, more and more factors that you see on the charts in your favor. And when they all add up, that’s when you get yourself those high quality trades. And in a farming analysis and the sense make hay while the sun shines. So we are seeing some good moves in the market.

We are getting some fantastic trading opportunities and we’re taking advantage of them. So really important that you do that.

Blueberry Markets as a Forex Broker.

If you’re out there looking for a good broker, I can highly recommend Blueberry Markets. I’ll put a link to them.

Join my 17 minutes Masterclass and Book a Call.

And if you’ve not been on my, 17 minute on-demand webinar masterclass, jump onto that. I’ll put a link to that as well.

If you’d like to find out how we trade and how we can teach, to make this work for you, or you like to have a call with us. I’ll put a link to our booking calendar as well, where you can jump on and have a 20-30 minute conversation with us to see where the right fit for each other, to see if we can help you and to see if you’re going to make a great addition to our trading community.

Because that’s what we’re about. We’re about a trading community of like minded people from all around the world. We have clients in 107 countries all looking at the same strategy, the same looking charts, all they’re helping to make it work for each other. So if you’d like to come on board with us, we’d like to talk to you to see, if we’re the right fit for each other, to make this work for you and to take your trading to the next level, to have a look at one, the links I put on here.

Comments, Like & Subscribe.

If you have any questions or topics you’d like me to discuss on future videos and podcasts, just like this one, just drop me an email. Andrew@TheForexTradingCoach.com. I see this time next week. Bye for now.

Episode Title: #555: What has caused the large recent moves in the Markets?

Find out more about Blueberry Markets – Click Here

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Book a Call with Andrew or one of his team now

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#554: Trader makes a whopping +53% in one month

Aug 5, 2024

Trader makes a whopping +53% in one month

Podcast:

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Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

Click Here to Check Out Other Recommended Brokers

#554: Trader makes a whopping +53% in one month

In this video:
00:30 – Trader makes massive gains in July on his live account.
01:50 – Trades taken on various time frame charts.
02:24 – Taking his time to learn the strategy first.
03:27 – Don’t expect instant results.
04:36 – My 17 minutes Masterclass and Book a Call.
05:09 – Blueberry Markets as a Forex Broker.
05:42 – Comments, Like & Subscribe.

Today I’m going to talk about a trader who has just made 53% in the month on his live account. Let’s talk about that a more right now.

Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video in podcast number 554.

Trader makes massive gains in July on his live account.

So I want to talk about a client of ours called Hamish who, lives here in New Zealand. He joined us, some ten months ago back in September 2023. And we’re now into August. Now, back in July, last month, he opened a live account with just over 5500 dollars in that account.

And he’s just sent me, the PDF file here from his, BlackBull the broker, a live MT5 account that he’s got here. the account in U.S. dollars, he started with $5,575 was his deposit. He has gone and made, almost $3,500. Now, that represents a 63%, account gain. but on close trades, he’s currently when he sent me this earlier today on 53.14% on closed trades.

So he’s got roughly 10% open. on or profit on open trades, but a massive 53% gain in the one month on the live account. Now that has to be, you know, a fantastic achievement. And, the profit factor, which is an important measurement, is 2.44. And his average hold of the trade is one day, 13 hours and nine minutes, according to the stats on here.

Trades taken on various time frame charts.

So of course, that will have some, longer time frame charts, such as maybe like a monthly chart or a lot of weekly charts that I’ve talked about that we’ve taken here at The Forex Trading Coach on the last couple videos and podcasts, if you’ve not seen them, go and watch number 552 and 553. Or listen, if you’re on a podcast and I talk about those trades on the weekly chart.

So they’ve helped Hamish, a lot as well. Plus we’ve had some very good daily chart trades and a lot of, especially 12 hour chart trades done. Incredibly well, done very, very well out of those.

Taking his time to learn the strategy first.

But my point being is he joined us ten months ago. So he’s taken nine months to go through, ask questions, attend the webinars, post trades on our forum site, which he does, you know, continuously ask questions and has practiced on, a demo account.

And now he’s completely ready. And yes, we’ve had a great month of trading conditions in July. Absolutely. Yes. He’s probably taking a higher risk than I might personally take and said yes, but after all, it’s his money, his decision. But the proof is that on close trades, he’s made 53.14% in his first month on a live account with about 10%, gain running now into August on open trades.

Absolutely fantastic. And see all the results here. well done. Hamish. great to see your effort on investing in yourself into the course and your time, is paying off and that again comes back to, what I talk about continuously is.

Don’t expect instant results.

Don’t expect instant results. you know, don’t expect to buy yourself your own private jet within the first 2 or 3 weeks.

Take your time, do your homework, do the training, the learning. The Demo accounts more Live account. And like, where does Hamish want to take it from here? I don’t know, I’m going to go and ask him. but he might have more funds to add to this. He might be on prop firm accounts. and basically, if you know what you’re doing and you can achieve results like this when the market’s giving you those good, trading conditions, you know, it’s unlimited, isn’t it?

And that becomes the point to get across to you, invest in yourself, invest in your education and it massively pays off. Otherwise you’ll be out there like most people like you hear the stats 90, 95, 90 to 95% of traders out there just losing money, going round in circles, you know, on the hamster wheel, just not getting anywhere.

And they blame, you know, the market or they blame, you know, something else. They blame forex, they blame the dog, they blame everything but themselves because they haven’t done that groundwork in that homework.

My 17 minutes Masterclass and Book a Call.

If you would like to know more about how we trade and teach, jump onto my on demand, very short, 17 minute, masterclass. I’ll put a link to that.

If you’d like to book a call to talk to myself or one of my team. We’re more than happy to jump on and on the call with you guys and, and book a time that works for us both to have a chat about, seeing if with the right fit and, and how we can help you to achieve success, just like Hamish did. And when he joined some ten months ago. I’ll put the link so you can book a call with us as well.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a broker, I can highly recommend, Blueberry Markets. they are fantastic. bunch of people. they’ve got some, actually, some very exciting developments coming shortly as well. Can’t tell you just now, but I’m going to tell you in the next few weeks, regarding prop firms, some very exciting developments. I’ve been talking to them this week and, Yeah. Look, just to start with, for now, as a broker, consider them if you’re out there looking for a good, MT4 MT5 broker, I’ll put a link to Blueberry as well.

Comments, Like & Subscribe.

So that’s it for now. Any questions you have, please email me Andrew@TheForexTradingCoach.com. Don’t forget to like and share and subscribe if you are watching this on YouTube and happy trading everyone!

I’ll see you next week. Bye for now.

Episode Title: #554: Trader makes a whopping +53% in one month

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

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#553: We’ve Made a +13.2% Account Gain This Week

Jul 29, 2024

We’ve Made a +13.2% Account Gain This Week

Podcast:

Podcast: Play in new window | Download

Find out more about Blueberry Markets – Click Here

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Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

Click Here to Check Out Other Recommended Brokers

#553: We’ve Made a +13.2% Account Gain This Week

In this video:
00:30 – A +13.2% account gain in the week.
00:40 – Other investment choices.
02:32 – You should be in control of your future.
03:17 – Trading results this week.
04:35 – All trades posted on our membership site and forum site.
05:11 – Join my free Masterclass
05:32 – Blueberry Markets as a Forex Broker.
06:02 – Course details are here https://theforextradingcoach.com/online_video_coaching_forex_course/
06:25 – Comments, Like & Subscribe.

We’re having a fantastic trading week with so far a 13.2% account gain. Let me share details about that, how we’ve done that and how we can help you to do the same. Let’s get into that email right now.

A +13.2% account gain in the week.

Hey, the Forex traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 553.

That’s right, A 13.2% account gain on one account, 3% on another account. I’m going to share details about that with you very shortly.

Other investment choices.

But on Wednesday, I attended my local weekly business morning breakfast group that I go to. And on that I was talking about investment choices that people have, and I was writing it to what I do here with my own trading and that the Forex trading coach where we help people to trade.

And I was giving people a bit of an outline and say, look, what options do you have as an investor or to create some form of income. Now one of the obvious ones here in New Zealand and in many parts of the world is rental properties and just properties in general, whether it be housing or commercial or land, whatever it might be.

The and there are many positives, of course, some of the obvious downsides right now is generally interest rates are pretty high around the world. And also it’s probably a slower gain today. And also you need a large amount or most people need a large amount of debt, take it on with borrowings in order to get into any form of rental property, let’s say.

So pros and cons to that, like there is with everything, you know, I mentioned things like you could get into artwork and collecting things, you could get into share trading, but a lot of that, you know, you don’t have leverage and you generally buy something and kind of hold and hope it goes up for a long term. So potentially there are some options there for people, but it’s not that exciting for a lot of people.

And you can look at fund management, and I was explaining about a fund management company that’s based here in New Zealand, and they have a branch here in Nelson where I live, and I looked on their website just before going to that meeting and I looked at their five year average is under 2% gain per year on their five year rolling average.

Not very exciting. So handing all your money over to someone else is also not a great option in most cases.

You should be in control of your future.

And so it came down to how important is it for you to be in control and in charge of what you do with your money and to have that knowledge. So as you know, the phrase knowledge is power.

And it’s so true. You know, if you end up doing what most other people do, you’ll end up getting what most people other people have, which a lot of people is not a lot. And so you’ve got to think differently. You’ve got to have some form of knowledge, some some power for your own choices. And knowing what to do with your funds is quite important.

So it came all the way back down to how important is it for you to know this for yourself?

Trading results this week.

And that’s where we come in a forex trading coach that give you these examples of these accounts. So closed trades and with trades still open this week on my account that I trade on the monthly charts, the weekly charts and the daily charts, I’m currently up 13.2% for the week, pretty outstanding figures, and that is with just half of 1% risk per trade on those positions.

So 13.2% gain, do we get that every week? Of course we don’t. This week’s been a very good week and we’ve had lots of trades on it. We’ve got a really good monthly chart trade going, but we’ve also and I mentioned that on last week’s podcast as well, you may have if you go back and have a listen to number 552, I explain some of the trades I have open and we had some weekly sell trades on a lot of the yen pairs. Now they’ve gone they hit their profit target this week.

So go and listen to last week’s video on podcast and you will see me mention those. I said they’re open. So, you know, you can tell, you know, what was open last week and they’ve gone closed this week and done very, very well from those.

On my account that I have my short a timeframe trading my 12 hours and below 3% so far also very good but with very low risk per trade as well.

All trades posted on our membership site and forum site.

So all of those trades, every single one of them were mentioned on our membership site and on our forum site for our clients to follow. And some of those I’ve posted and Paul, who works for me in the US, is posted as well, and others have been posted by clients and I’ve seen them and go, Well, that’s a great trade, thank you very much.

And taken advantage of myself, of our own forum site. And that’s the beauty of having the community out there all looking at the same system, the same strategy, and all helping each other with that common goal of helping everybody to do well. And that’s what we’re about at the Forex trading coach.

Join my free Masterclass

So if you’d like to find out more, what I encourage you to do is jump on my free masterclass. It’s only a short 17 minute session. It’s on demand, so it’s not live, but you can jump on. Only clients get live webinars, of course, but this is for something. If you’re not a client, jump on. Have a look at what we do, how we trade, and how we can help make a success of it for you.

Blueberry Markets as a Forex Broker.

If you’re looking for a forex broker, I can highly recommend Blueberry Markets up a link to them as well. I’ve been with Blueberry Market since they started. Great bunch of people, great broker there. MT5 platform in particular is really good with a huge amount of markets there. Their withdrawals fund withdrawals like next day. So I’ve never heard of a problem with withdrawals. Incredible customer service. Have a look at Blueberry Markets. If you’re out there looking for a broker as well.

Course details are here https://theforextradingcoach.com/online_video_coaching_forex_course/

And if you’re out there just wanting to know how to trade with low risk, you may be interested in your own funds. You may be looking at trading for other people or prop firms. All those options are available with the way that we trade due to the low risk and high rewards risk trades that we have, plus the ongoing support and community which is vital to your success. Have a look at the links I’ll post on here as well.

Comments, Like & Subscribe.

Any questions? Email me directly. Andrew@TheForexTradingCoach.com. I see this time next week. Bye for now

Episode Title: #553: We’ve Made a +13.2% Account Gain This Week

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

Podcast: Play in new window | Download

#552: Avoiding Confusion In Your Trading

Jul 22, 2024

Avoiding Confusion In Your Trading

Podcast:

Podcast: Play in new window | Download

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

Click Here to Check Out Other Recommended Brokers

#552: Avoiding Confusion In Your Trading

In this video:
00:28 – Confusion with time frames and when to trade.
00:58 – Too many indicators.
01:44 – Trade the same strategy across all time frame charts.
02:06 – Trade examples from this week.
06:19 – Blueberry Markets as a Forex Broker.
06:42 – Get onto my Master Class
06:59 – Comment, Like & Subscribe.

Today, I’m going to explain the importance of looking at multiple timeframe charts as a forex trader and how it can massively help increase your returns. Let’s get into that more right now.

Hi there, traders is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 552.

Confusion with time frames and when to trade.

I find a lot of people come to me before they join as a client and they say, Look, I’m just confused. I don’t know what to trade, when to look at my charts. I don’t know what timeframes to look at. I could look at like a daily chart and it’s telling me the EUR/USD is going down. I look at a one hour chart and the EUR/USD is going up. I completely lost. I don’t know what to do and I get it because we’ve all been there. You know, everybody started with that confusion.

Too many indicators.

I had an email just yesterday actually, from someone who’s brand new saying he opened a demo account and he couldn’t believe how many indicators there were on the charts. And I went back to him and said, Look, you’ve got to understand that that looks really cool, real flashy. 99.9% of them are just a waste of time anyway.

But you can see how people get into that confusion when you start off it all looks very easy. You’re looking at hindsight. You see this line cross over that line and I took it buy trade there. I would have made all this money. Reality, of course, is vastly different because, you know, the market doesn’t move like that. And and hindsight’s a wonderful thing.

Taking a trade in real time is completely different. So that all comes back to talking about today’s topic of different timeframe charts.

Trade the same strategy across all time frame charts.

You see, the way that I trade is we trade the same strategy. The same logic, the same approach to any timeframe chart in any market. And what that means is you can go and look at your charts at the close of a candle issue.

You know exactly when to look at your charts and make your analysis of Is there a suitable trade, yes or no?

Trade examples from this week.

Now give you some real time examples. Right now I have a sell trade on Copper (XCU). Copper on the monthly chart. And we are now in July on the close of the June monthly chart on Copper and we saw a bearish set up as a reversal trade.

We’ve taken a sell trade on copper that’s going really nicely right now. So that’s the longer term perspective. This week I’ve taken six trades on the weekly chart trades predominantly looking for yen strength and they’ve retraced beautifully and now those pairs are heading downwards because we’re looking for, as an example, like the CAD/JPY, you know, we’re looking for that to drop with strength in the Canadian.

And so that’s the bigger picture. We’ve taken some monthly charts, we’ve got some weekly charts today, been Friday, the 19th of July. I’ve actually taken five trades on the daily charts, one on the sorry, two on the 12 charts and one on the eight hour charts. So I’ve got a trace that I’ve just taken just now. The beauty of that is they’re all taken at exactly the same time after the change of day 5 p.m. New York time.

So 6 p.m. by the time that we’ve taken and looked for the analysis and spreads have dropped. I’ve just taken those five daily chart trades, two on the 12 and one on the eight out and that’s my trading. Done them for the rest of the week. I don’t generally look at the 5 a.m. Friday changeover because it’s heading towards the end of the week.

So the beauty is, is I can look at the charts for today, just once in the day got my trades on and they have all got low and controlled equal risk and reward to risks from about two and a half to three and a half depending on the exact trade. Again, it’s coming back to the candle pattern, the time frame that I trade, the stop losses, etc. are all relevant to the size of the candle.

So if you’re looking at, say, like a monthly chart, which has a bigger movement, obviously because there’s a lot of data in a month and what happens in a month at the stop loss will be bigger. The reward risk will be the same because the profit target is bigger, the ratio is still the same. Now take that to the other extreme of a two hour chart on my life webinar with my clients.

Just last night, European Morning, I took four trades on the two hour chart trades. We took a EUR/CHF, a USD/CHF, a USOil and a UKoil. All four of them moved to their profit targets really quite easily and very quickly. In fact, the EUR/CHF and the USD/CHF both hit their profit targets another 5 minutes on two hour charts and they were taken live on our webinar.

You know, no hindsight trading. No, this is what we might have done and we’re hiding the losing price. No, these were all taken on a live 2 hour webinar in front of hundreds of clients and thousands of others that are going to watch the recording who couldn’t attend live. So this is the real trading we’re doing. We’re not economists that tell you what happened yesterday and why that happened.

We’re taking these trades in real time. Now the beauty is on those two hour chart trade, you we could see the pattern. We place the trades our again. Our stop loss meant that we had control risk and our profit target meant that we were getting about a two and a half to three reward to risk on those traits.

Now not topic again comes back to timeframe charts to me look at the important thing is you look at the close of a candle. Now you may not want to look at two hour charts. You might like to look at, say just once a day on the six hour of the eight hour, 12 hour and daily charts. Absolutely fine.

You might think, Well, Andrew, I don’t want those longer timeframe charts and I’m really happy to look at 4 hours and two and one, etc. or even lower if you want to. But again, you stick to the pattern that we trade and you look and you know when to look at a chance because it’s at the close of a candle.

So really important that you do that. It takes away all the emotion out of your trading. You just know exactly what you’re looking for. When to look makes life a lot more enjoyable and you’re trading a lot more simple and absolutely far more profitable.

Blueberry Markets as a Forex Broker.

Now, if you’re out there looking for a broker, I can highly recommend Blueberry Markets. I’ll put link to them. I’ve been with Blueberry Markets for years and years, and ever since I’ve started, I know them. I’ve met them in person. Great bunch of people, great withdrawals as well, very, very quickly. And their empty platform has just an enormous array of different markets and very good tight spreads as well.

Get onto my Master Class

And if you’ve not been on my masterclass, it’s an on demand. See this, just log in when it works for you and just sign up for it. Watch it through. It explains about how we trade, how we teach, and gives you lots of examples as well of actual tries that we’ve taken.

Comment, Like & Subscribe.

So I hope that helps. Any questions you have, please email me Andrew@TheForexTradingCoach.com if you have any topics you like me to discuss on future videos and podcasts just like this one, if you’re watching, don’t forget to like and subscribe and I’ll see this time next week.

Bye for now.

Episode Title: #552: Avoiding Confusion In Your Trading

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

Podcast: Play in new window | Download

#551: What Markets Does Our Trading Strategy Work On?

Jul 15, 2024

What Markets Does Our Trading Strategy Work On?

Podcast:

Podcast: Play in new window | Download

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

Click Here to Check Out Other Recommended Brokers

#551: What Markets Does Our Trading Strategy Work On?

In this video:
00:23 – We trade the Forex market, plus many others.
01:06 – Our trading strategy also works on Crypto’s, Metals, Commodities and Indices.
02:24 – Reversals and Continuations.
02:58 – Market opening times vary.
04:04 – Join my Masterclass and Book a Call.
04:48 – Blueberry Markets as a Forex Broker.
05:22 – Comments, Like & Subscribe.

What markets can you trade using my forex trading strategy? Let’s talk about that a more right now

Hey there, Traders! Andrew Mitchem here at the Forex Tading Coach with video on podcast number 551.

We trade the Forex market, plus many others.

So we call ourselves the Forex Trading Coach and obviously we trade the forex market. But over more recent years we have now the option to trade many more markets.

Now go back to when we started. We could only trade forex pairs and then things develop like gold and silver and then a lot of brokers introduce more markets like some of the exotic pairs and the minor pairs like Singapore dollar pairs and Norwegian krona, Swedish krona pairs like that.

Our trading strategy also works on Crypto’s, Metals, Commodities and Indices.

And then over the last number of years you’d have noticed a lot more brokers are offering other markets, such as like cryptos, which seemingly everybody wants to trade and metals and commodities and indices.

And the fantastic news is, is that trading strategy that I developed getting close on about 17 or 18 years ago still works today on the forex markets plus the new pairs. But also we can trade other markets such as the cryptos, the metals, commodities indices with exactly the same consistency. And when you think about it, the reason is because our strategy is price action based using candle pattern support and resistance.

And it doesn’t matter whether you’re trading copper or Bitcoin or a Canadian index or the Japanese index or FTSE or oil or the NOK/JPY, it doesn’t really matter so much exactly what it is you’re trading and the beauty of it is, is by offering these other markets now is it if the forex market should have just a bit of a quiet day or so, it doesn’t matter because we have access to all these other markets.

So it just allows us to scan through different charts, not really worrying too much what the actual chart specifically is. We are looking for a candle pattern and a pattern that we teach our students that has high probability chance of success.

Reversals and Continuations.

Now we look for reversals and continuations and go and have a look at a market such as copper or Bitcoin or Ethereum. They also have reversals and continuations. They have candle patterns, they bounce at support and resistance levels and round numbers, they have divergence. So for me as a trader, I don’t need to trade just the EUR/USD because it’s the most traded or the NZD/USD. Because I live in New Zealand, it does not matter. So the beauty of it is, is that we can trade these other markets quite consistently.

Market opening times vary.

Now the important thing to notice also is that some of those markets, first of all, they don’t all have 24 hour operating markets. Now cryptos do, of course, seven days a week, but other markets don’t. Some will open at 6 p.m. New York Times, such as gold and silver and others will open a little bit later, like some of the oils and some of their like the US indices don’t open into the US time.

So you have to be mindful of some gaps which can occur on some of those markets. But also you just need to be mindful of spreads and the amount of movement that they have. So for me personally, I much prefer trading those non-forex markets. If I’m looking at longer timeframe charts. If I recap monthly charts once a month, the weekly charts once a week, daily charts once a day, and I’ll go down to 12 hour charts twice a day and generally not too much shorter on those other non forex markets.

But it just means by looking at the charts once, possibly twice a day, I can now open up a whole lot more probability or high probability trades and give us more and more trading options.

So if you’d like to know how we do that, how we trade, how we teach, and how you can benefit from not just the forex market, but using our strategy across a range of other markets that are now available to every every person with a Metatrader 4 or Metatrader 5 platform account.

Join my Masterclass and Book a Call.

What I suggest you do is click on the link here and you’ll find a link to my masterclass. It’s only 17 minutes long. It’s real quick, but it just gives you just a real condensed overview of how we trade what we do and how we can help you with our teaching. So click on that and watch that masterclass.

If you’d like to book a call with us. I’ll put the link also so you can book up a 30 minute call with myself, one of my team.

Blueberry Markets as a Forex Broker.

And if you are out there looking for a really good forex broker that does offer a large variety of markets on Metatrader 4 and especially on Metatrader 5. I highly suggest you consider Blueberry Markets I’ll put linked to them as well.

I’ve been with Blueberry Markets for years and years. I’ve met them in person great bunch of people, incredible service, really fast withdrawals as well. Whenever I withdraw funds next day, it’s there in my account, so I highly recommend them. Have a look at them. There’s a link here as well. Blueberry Markets, Book a call with us. Get on my masterclass.

Comments, Like & Subscribe.

Any questions that you have, please email me directly Andrew@TheForexTradingCoach.com or leave a comment if you’re watching on YouTube and I’ll look forward to bringing in more trading information this time next week. Bye for now.

Episode Title: #551: What Markets Does Our Trading Strategy Work On?

Find out more about Blueberry Markets – Click Here

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Book a Call with Andrew or one of his team now

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#550: Why You Should Be A Fussy Trader

Jul 8, 2024

Why You Should Be A Fussy Trader

Podcast:

Podcast: Play in new window | Download

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Book a Call with Andrew or one of his team now

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Click Here to Check Out Other Recommended Brokers

#550: Why You Should Be A Fussy Trader

In this video:
00:27 – Learn to be a fussy trader.
00:40 – What does your favourite sportsman do differently?
02:39 – Become an elite trader.
03:24 – Know your strategy and have a plan.
04:15 – Trades from this week.
04:52 – Get on my Masterclass and book a call with us.
05:07 – Blueberry Markets as a Forex Broker.
05:30 – Comments, Like & Subscribe.

I want to explain to you why you need to be a fussy trader and I mean a really, really fussy trader in order to do well. Let’s get into that and more right now.

Hey there, traders! It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 550.

Learn to be a fussy trader.

Today I’m going to explain why you need to be fussy. A really, really fussy trader. You don’t need to be reckless. You don’t need to be risky. It’s the way that you can ensure that you do well from your trading.

What does your favourite sportsman do differently?

Let me give you some examples. Think of your favorite sports person or sports team. What are they doing to make themselves the elite and so much better than everybody else at that?

Think of a tennis player, for example. You know, all the shots they play, they’ve played with precision. They practice them. They practice on different surfaces, you know, like clay or grass, concrete, whatever it is that they play on. And they know what they’re doing. They know how to hit the ball. The angle that the spin, everything that they look at.

As a tennis player, they know what they’re doing. So they play with accuracy and precision. They are fussy. They’re not. They’re just playing reckless shots like an amateur player would sometimes do.

You think of a golf player. You know, the practice, they go through the methodical set up that they have in their stance and their grip and the practice and the hours and hours that they go through with putting and chipping and driving.

And so when they play that game, they not out there playing reckless shots and trying to bend the ball, round corners and do all silly things that, again, an amateur player or someone like myself would try and do, you know, which sometimes you can fluke it in a majority of the time it goes wrong. And so that happens in every sport.

Think of a footballer or soccer player. For me, I’m a cricket fan. You think of like a batsman playing cricket. It’s all about defense, defense, defense attack at the right moment. So that comes from hours and hours of practice of getting your technique right. It’s all about technique and being fussy. If you think about cricket and a batsman, as soon as you’re out, you’re out. You know, that’s your job done and it’s over.

You can’t contribute a lot more, you know, as a batsman. And so it’s all about being very defensive and very watchful when the moment comes to attack your strike, your attack.

Trading is the same. It doesn’t matter what sport the you like out there and it’s all the same.

Become an elite trader.

And so to become an elite, trader think of it in the same way. Be fussy, don’t be risky, don’t be reckless with what you’re doing in your training. And you wouldn’t believe how many people come to me and they show me trades that they have open and go Andrew I took this trade and I go back to them and go, Well, why did you take that trade? What’s your reasoning? Why did you take that risk?

Why was you stop loss there? Why was profit there. What was it about the trade that you saw? And I just felt that the GBP/USD was going up. And so there’s that lack of thought of common sense that goes into trading. And so I just find that so many people out there are just too reckless, too risky when it comes to their trading.

Know your strategy and have a plan.

To be a good trader, you need to understand your strategy, have a plan. You need to know what you’re entering, when you’re going to enter it, why you’re entering it.

So it’s all about being selective with your trading. Another great example is right now, as I’m making this video, it’s Friday, the 5th of July here in New Zealand.

That means it’s still Thursday, the 4th of July in America, which is their big 4th of July holiday. The UK elections are about to be released like the polls are closing right now. So making this video. And then on Friday in American Time, we have the monthly jobs news. I’m not taking any trades today. It is utterly pointless.

The market could be very dead. It could be reactive. Who knows? So as a professional trader, my decision is not to trade today. Yet when the market’s moving and there’s lots of activity and I’m seeing good set ups, then I’m taking trades.

Trades from this week.

I’m not sure if you can see behind me here, but I’ve got a list of trades here that I’ve taken just this week that have been on our membership side and on the forum side.

I’ve got trades from what H1 Charts to H8. There’s a H6 there’s a couple H4 chart behind me there. Every single one of them are profitable. And so earlier in the week we had some great trading conditions. And so we saw the trades, we took the trades. They’re all green lights. You may not be able to see it there, but they’re all profitable trades.

And then for Thursday and now going into Friday, I’m not trading because it’s not a wise decision to do that. So again, it’s about being fussy with your trades, not reckless, not risky.

Get on my Masterclass and book a call with us.

Now, if you’d like to find out how we can help you to become a fussy and good trader, if you haven’t been on my 17 minute masterclass, a link to that here.

If you’d like to book a call with myself or one of my team up our links, you can do that as well.

And if you’re out there looking for a very high quality forex broker and these guys are fussy when it comes to their customer service and they’re quality fussy and a great way and that they are, you know, very, very good at what they do.

Blueberry Markets as a Forex Broker.

I can highly recommend the broker Blueberry Markets, they base in Australia and pretty much anybody anywhere in the world can open an account with them and I put a link to them as well.

Comments, Like & Subscribe.

So if you like this video, don’t forget to Like, Share and Subscribe, or if you’re listening on the podcast, share it around and any other topics you’d like me to talk about on future videos and podcasts.

Please either leave a comment or send me an email directly. Andrew@TheForexTradingCoach.com and I answer all those emails personally myself. I see you this time next week. Bye for now!

Episode Title: #550: Why You Should Be A Fussy Trader

Find out more about Blueberry Markets – Click Here

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Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

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#549: Why the Trading Tortoise Always Wins the Race

Jul 1, 2024

Why the Trading Tortoise Always Wins the Race

Podcast:

Podcast: Play in new window | Download

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#549: Why the Trading Tortoise Always Wins the Race

In this video:
00:29 – We’re halfway through the year.
00:45 – Most people rush into trading too quickly.
01:30 – The Hare and the Tortoise.
02:36 – The rise of Prop firms and the pitfalls.
03:39 – Making mistakes.
04:10 – View my 17 minute Masterclass & book a call with us.
04:30 – Blueberry Markets as a Forex Broker.
04:47 – Comments, Like & Subscribe.

Today, I’m going to talk about why the trading tortoise always wins the race. The slow and steady approach is the way that you are going to become a profitable long term forex trader. Let’s get into that more right now.

Hey there traders is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 549.

We’re halfway through the year.

Middle of winter here in New Zealand in June and we’re already halfway through the year. But on a cracking day like this, I had to get outside to make the video today. One the enjoyments of trading and working from home. So in terms of trading.

Most people rush into trading too quickly.

Obviously everybody wants to be profitable. When people get into trading, they generally want to get into it pretty quick. Bit of a hiss and a roar.

I had an email just last night from someone that said, Hey Andrew, I’m ready to give up on trading. We can go in for three months and it’s just not working. I’m going to close my account. And I wrote back to him and said, Look, my your absolute brand new, complete novice beginner, three months, you know, nothing at three months. And so I explained to him that, you know, if you’re going to take this trading business seriously, you can’t be like all up and down like that.

You can’t be hot and cold like that. It’s, you know, and that’s where it comes back to the title said about, you know, the tortoise wins the race.

The Hare and the Tortoise.

You remember the story about the hare and the tortoise probably learned it as a kid. You know how you know, everybody wants to be the hare. They all want to run off and get done really quick.

No effort, you know, no background work and trading’s exactly the same. And I say all the time, this guy last night was a classic example. Absolutely classic example. You know, three months. I know it all and it’s not working and it’s the market’s fault. No, it’s your fault. And the reality is that, you know, you do need to take that slow, steady tortoise approach, because if you’re going to do this, like I’ve been doing this 20 years and it took me four years to get anywhere.

So I can promise I understand the frustrations of being a few months into it and it’s not working, but also someone that’s been around for probably longer than anybody else, you know, or listen to or view. I can tell you the approach that’s going to work properly long term. So that would be my advice. The slow, steady approach.

The rise of Prop firms and the pitfalls.

The reason or one of the reasons is that as well, a lot of people want to get into prop firms these days, which is absolutely fantastic. And I’m going to be putting out some information very shortly about how we can help you to get into prop firms. I think for the right person, they’re an absolute fantastic way of making substantial gains from your trading.

But again, if you’re out there being the hare trying to rush into a prop firm after a week, if you’re out there taking like silly risks, trying to pass the prop firm, it’s not going to work. And ultimately the aim of trading is not to lose capital, it’s to preserve funds, whether it’s your own money. And it hurts when it’s your own money, when it goes wrong.

If it’s a prop firm, it’s their money. It’s not your money. They have drawdown rules and limitations for a reason. So respect that and work out how you can make your trading work while keeping within those rules. And that again comes back to the tortoise approach. Very low risk, steady, consistent trading will get you through not only be a good trader, but a profitable prop firm trader. If that’s the route that you want to go down,

Making mistakes.

Making silly mistakes, blaming, you know, the market conditions, all those type of things, you have to accept that different market conditions require to trade differently. When the conditions are good. And if you have a trending system and the market is trending on multiple pairs, take the trades. If the market’s quiet is not really happening, then don’t take the trades.

You know, it comes down to common sense and and trading what the market is presenting you with at the time. So being consistent, you will win. And that’s really how you going to get ahead in your trading. So I hope that helps.

View my 17 minute Masterclass & book a call with us.

If you would like to jump on my 17 minute masterclass, we really shorten the masterclass down. It’s an on demand prerecorded so you can just jump on and watch it when you have 17-20 minutes to to jump on board. I’ll put the link to that.

If you’d like to book a call, like a live call with myself or one of my team up on link to that as well.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a very good Forex broker, I can highly recommend Blueberry Markets. Their MT5 platform has so many markets great spreads, really good bunch of people. And I’ve been dealing with Blueberry Markets, as have a lot of people. I’ve sent their way for many, many years. So have a look on the links provided as well.

Comments, Like & Subscribe.

Don’t forget to like and subscribe or share the video if you’re watching it. Any topics you’d like me to cover on Future Videos Podcast. Just like this to send me an email, leave a comment or email me Andrew@theforextradingcoach.com and I’ll see you this time next week. Bye for now!

Episode Title: #549: Why the Trading Tortoise Always Wins the Race

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

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#548: What is the Green Cross Code of Trading?

Jun 24, 2024

What is the Green Cross Code of Trading?

Podcast:

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#548: What is the Green Cross Code of Trading?

In this video:
00:24 – Learning to cross the road safely.
00:43 – The rules of the Green Cross Code.
01:02 – Live Webinar with my clients.
01:26 – The Green Cross Code of Trading.
03:12 – My 17 minutes Masterclass and Book a Call.
03:33 – Blueberry Markets as a Forex Broker.
04:09 – Comments, Like & Subscribe.

Today, I’m going to teach you all about the Green Cross Code of Trading. Let’s get into that and more right now.

Hi there, Forex Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 548.

Learning to cross the road safely.

Do you remember when you were a kid? You were learning at school to cross the road? Or if you’re riding a bike, they taught you how to stop a crossing and then cross the road safely.

It’s something I never forgotten. And as a kid walking around towns or riding your bike, it kept you safe.

The rules of the Green Cross Code.

What they taught you is, number one, look all around. Number two, look to the right. Then look to the left. And then look to the right. And if it was safe and clear, then cross. And it was a very simple but effective way. And here we are, some sort of 45, 50 years later, I still remember very well.

Live Webinar with my clients.

Now, the funny story was that last night I was holding a live 2 hour webinar with my client. We took five trades live on the session and when we were looking at trades, I actually said, Look, you need to look right, then left. And it brought me back to my childhood. I thought Green Cross Code

And in trading it’s really important that one, you keep things simple, but also you do look right and left. Let me explain.

The Green Cross Code of Trading.

Overall, we look at the chart. We look at the pattern where the pattern is within the chart. Is there room to move? Is it in the right place? All those type of things.

So first of all, we had our candle pattern. We were taking a sell trade yesterday and then I look to the right. The reason I looked to the right was the candle itself have bounce at a round number. So that’s our first or second thing. First of all, we look overall, then we go right. Then we went left and we took the chart and we said, where this price at best, which was the round number to the right.

When we went to the left, we saw that some candles prior the price and who had also passed at exactly that level. And when it bounced and hit that level, it then dropped. So now the price to come back up to that same level, we look right, saw the right number left, saw the previous resistance and bounce level.

There’s our overall view. Look right, look left. We then look right again when it came to actually looking for our entry and our stop loss and our profit target levels. Are there any other significant levels in the way? Can we have the pivot point to help us? Do we have any round numbers to protect our stop loss or making sure added our profit target on the sell trade before any round numbers?

So think of your trading as you would walking across the road or learning to do that. Or if you’ve got kids, how to teach them to do it safely. Obviously on a road, it keeps us safe. If you do it in trading, it keeps you safe, but in a different way. It helps you to have high probability trades and it helps you to keep on the right side of the market.

More often than not. So think about the green cross code. Look overall, look right, left, look right again. And that will massively help you in your trading.

My 17 minutes Masterclass and Book a Call.

Elsewhere. If you’ve not been on my masterclass session, it’s a an on demand session. I’ll put a link to that. If you’ve not been on a really urge you to have a look at that and encourage you to do so, you’ll find that information really beneficial.

We’ve changed that. So it’s just a 17 minute, very quick on demand session for you to watch. You’ll find it very helpful for your trading.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a high quality forex broker, I can highly recommend Blueberry Markets they’re based across in Australia and they can take clients from right around the world there MT4 and MT5 platform are fantastic platforms.

I really like their MT5 platform with the massive amount of different currency pairs and also different markets available to trade great people very good with their withdrawing funds, etc. like that. Very quick, awesome support. Have a look at blueberry markets. I’ll put a link to them below this video and podcast as well.

Comments, Like & Subscribe.

So that’s it for me this week. If you have any trading questions or topics you’d like me to discuss in future videos and podcasts just like this one, leave a link on the comments area below if you’re watching the video or email me Andrew@TheForexTradingCoach.com

I’ll see this time next week more trading information. Don’t forget the Green Cross Code of Trading. Bye for now!

Episode Title: #548: What is the Green Cross Code of Trading?

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

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#547: How To Start Out as A Forex Trader

May 27, 2024

How To Start Out as A Forex Trader

Podcast:

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Book a Call with Andrew or one of his team now

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Click Here to Check Out Other Recommended Brokers

#547: How To Start Out as A Forex Trader

In this video:
00:22 – Do you want to start trading?
00:44 – Trading Forex – The Basics.
01:30 – Choosing a Forex Broker.
01:56 – Forex Education.
02:23 – Your Trading Plan
02:50 – Start on a Demo Account.
03:12 – Technical or Fundamental Trading.
04:08 – Trading and Travelling.
04:44 – Blueberry Markets.
05:00 – My 1 Hour Masterclass and Book a Call.
05:34 – Comment, Like & Subscribe.

How do you start as a forex trader? I’m going to cover that topic and more for you over the next few minutes. So let’s get started.

Hi everybody! Andrew Mitchem here at the Forex Trading Coach.

Do you want to start trading?

So you’re interested in diving into the world of forex trading. Now whether you’re looking to supplement your income or to embark on a new career, starting out as a forex trader can be both very exciting and also challenging. And in this video and podcast, I’m going to walk you through the essential steps that you need to get started on the right foot.

Trading Forex – The Basics.

Now, first, let’s cover the basics. Forex trading or foreign exchange is a global market for trading currencies. It operates 24 hours a day, five days a week, and it’s the largest financial market in the world.

Now, unlike other markets like stock markets, which are based in specific locations like New York or London, the Forex market happens over the counter, which means that basically transactions are conducted directly between parties, usually through an online platform.

And to start trading, you need to have a reliable internet connection. Obviously, a computer, laptop or mobile device and just somewhere that you can sort of focus on trading somewhere quiet, you can focus on trading.

Choosing a Forex Broker.

Next, you need to choose a forex broker and look for one that’s regulated and has high quality rankings as well. Competitive spreads and uses platform such as Metatrader 4 or Metatrader 5.

I’ll put a link on this page to a list of brokers who I use and suggest that you consider because that’s going to massively help shortcut the list for you.

Forex Education.

Now, education is also key to being a successful trader. You’ve got to learn the basics. The fundamentals of forex trading. Understand how currency pairs work, such as the majors like the EUR/USD and GBP/USD and then get into more like the minors like the AUD/NZD or EUR/GBP.

And you got to familiar eyes yourself with you know what pips are leverage margin. All those type of phrases which right now may not be familiar to you.

Your Trading Plan

Next you need to develop a trading plan, and a solid trading plan should outline your financial goals, your risk tolerance, specific strategies that you plan to use. You need to decide how much capital you’re willing to invest and of course, never risk more than you can afford to lose.

So a good rule of thumb that I use is I risk only half of 1% of my trading account on a single trade.

Start on a Demo Account.

And before trading the real money, of course, you should practice using a demo account. And most brokers offer a demo account to basically simulate real trading conditions. But it’s not real money. Now, use this opportunity to test your trading plan and your strategy and get comfortable with the trading platform without having that risk of losing real money.

Technical or Fundamental Trading.

Understanding market analysis is also crucial. There’s two types of analysis. There’s technical and fundamental. Technical analysis means looking at charts, using indicators, etc. to predict movements. Whereas fundamental analysis, it’s more about looking at economic indicators and news events to assess what’s likely to happen.

Now, over the last 15 plus years. I’ve been only solely 100% a technical trader. I have tried both. I started off looking at some fundamentals, but it just wasn’t for me as a technical trader. I find life much easier and more enjoyable.

so understanding the basics, developing that solid trading plan and continuously learning is something that you’ve got to do in order to trade the forex markets with confidence.

Now in other news at that, I’m heading over to Europe at the end of May, and while I’m away, I’m going to be making a series of videos and documenting and showing you the trades that I’m taking while I’m away and to show you how I trade and how you can trade and travel in less than 30 minute chart time a day.

Back five years ago, when I was in Europe for four weeks, I did the same thing and we made a 12.79% return over those four weeks. This time I’m going to be doing exactly the same for the two weeks while I’m away.

Blueberry Markets.

If you’re looking for a good forex broker, I can highly recommend blueberry markets. I’ve been with them for years and years since they started and I’ve sent fans into trade as to them, and all I ever hear back is positive reviews. It’s just absolutely fantastic.

My 1 Hour Masterclass and Book a Call.

Now, if you’ve not been on my one hour free masterclass, jump on it up a link here so you can do that.

If you’d like to book a call with one of my team. It won’t be with me over the next few weeks as I’ll be away. But if you want to book a call with one of my team, you can do that and our per link to their booking calendar.

So thanks for watching the video and listening to the podcast. I hope that those few forex basic will help you. Wish me luck by the way, next week when I’m on an 18 hour flight from Auckland to Doha and then I think it’s about another seven or 8 hours from Doha through to Nice in France, where I’m heading.

Comment, Like & Subscribe.

And if you find this video helpful, please make sure that you comment like and subscribe or send the link to other people who may be interested in learning how to trade the forex market. Remember those forex basics? If you’re out there, we’re here to help and to help make this work for you.

This is Andrew Mitchem at the Forex Trading Coach. I see this time next week when I will be just about to board an 18 hour flight. Bye for now!

Episode Title: #547: How To Start Out as A Forex Trader

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

Click Here to Check Out Other Recommended Brokers

Podcast: Play in new window | Download

#546: I’m Not a Fan of Trading AI or Bots

May 6, 2024

I’m Not a Fan of Trading AI or Bots

Podcast:

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#546: I’m Not a Fan of Trading AI or Bots

In this video:
00:27 – Everyone is talking about AI and Bots.
01:10 – All Bots seem to fail.
01:30 – Knowing I can read a chart with high probability.
02:49 – Limitations of using trading bots.
03:19 – You don’t need to spend all day trading.
04:48 – Our 15th Birthday sale.
05:28 – Trade through Blueberry Markets.

I’m not a fan of trading AI or trading bots. Let me tell you why. Let’s get into that and more right now.

Hey, the forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 546.

Everyone is talking about AI and Bots.

Now something maybe a tiny bit controversial. Everybody’s talking about, you know, AI and how it can help in life and in trading and trading bots and expert advisors and all these type of things. And look, it’s been there for years and years.

When I started trading, there was tradestation. You could create programs that would automatically trade for you. And then Metatrader came along and people had expert advisors, which would magically for $97 going to solve all your trading problems and trade for you. If you look back on Forex Factory, on different forums, etc., you’re always finding people out there who are creating these these robots that are going to do all these wonderful things.

All Bots seem to fail.

Have you ever noticed that they all fail? Like, I’ve never ever in my 20 years of trading seen one that works consistently well. Sure, they’ll all have good times, but almost sure they’re going to have bad times as well. So the reliability of them, first of all, is not great.

Knowing I can read a chart with high probability.

But to me there’s more important things than that. As a trader, as a manual trader. There is nothing better than that knowledge, that satisfaction of knowing that I can look at a chart today, next week, next year, in ten years time, and with high probability and high certainty, predict what’s likely to happen. Now, if I get the trade wrong, I get it wrong and I lose a small known set amount of my account.

But if I get the trade right, it’s going to make two, three, four, five times my risk. And having that knowledge and that ability to look at different markets because who knows what’s going to be out there in the future. If we were talking, say, like five or ten years ago, certainly ten years ago, we wouldn’t have been able to trade cryptos, we wouldn’t have been able to trade indices and commodities and metals on forex platforms.

So things evolve, things change. And I’m certainly not against that when I’m saying I’m not into A.I. or bots. But what I am saying, if you have that knowledge up here, that mental knowledge, ability, satisfaction to make those decisions, that is so much better than just relying on someone’s $97 a month bot.

Limitations of using trading bots.

The other thing is, is if you buy this bot and it does really well, what happens if you no longer have access to it or what happens if it no longer works? And how do you know that? Because without that knowledge and that skill of understanding how that bot works, you have no way of monitoring it on improving it, on changing it, on anything to do with it. And so to me, that manual skill is still absolutely crucial.

You don’t need to spend all day trading.

And if you’re out there, like sitting there thinking, well, that’s all well and good, Andrew but I’m too busy and I don’t want to spend hours and hours and hours on a chart and on a computer, nor do I. I trade 30 minutes a day and I try 15 minutes in my morning, 15 minutes at nighttime. To me, trading is about doing this, getting outside, enjoying the outside, being very focused and very skilled when it’s happening, when it’s trading time and relaxing, enjoying things, working hard, whatever it is outside family, sports, music, whatever it is that you want to do when you’re not trading and the balance of the two is huge.

So both mentally, physically, everything and and that’s what to me. Artificial, you know bots and robots and AI that cannot give you that that mental stimulation enjoyment satisfaction that being a manual trader does. So that’s my thoughts on it. Like I said, I’ve been doing this 20 years. I’m certainly not against progress, certainly not against using technology. I love technology. I love progress. But there’s so much more to being a good trader than just simply waking up in the morning and go, what’s this bot done? Because that’s not going to give you what you really need long term. Certainly not going to give me the confidence to go. I’m going to invest a large amount of money into this of my own capital.

Our 15th Birthday sale.

Now, some great news for you. Between the 14th and the 17th of May, we will be celebrating 15 years at the Forex Trading Coach, which is something we’re immensely proud of. And I don’t think there’s hardly any other company around that’s still in existence today. That was around 15 years ago when we started, so we’re immensely proud of that and the amount of people that we’ve helped and helped change the lives of so many people all around the world. If you’d like to find out how you can get involved, I’m going to put a link here so you can click on the link and register your interest for the sale between the 14th and 17th of May.

Trade through Blueberry Markets.

And if you’re out there looking for a good broker, I can highly recommend blueberry markets. They offer the Metatrader 4 / Metatrader 5 platform. They also start the day at the correct 5 p.m. New York, which is Eastern Standard Time. That’s when the daily charts change over on the forex markets. Unfortunately, some brokers still don’t do that, so make sure your broker does do that and Blueberry certainly do support link to them as well.

This is Andrew Mitchem here at the Forex Trading Coach. Have yourself a great day or evening or whenever you’re watching this and if you’re listening on the podcast, I hope you’ve enjoyed it and you’ve just missed out some beautiful scenery behind me here. So I see this time next week. Bye for now!

Episode Title: #546: I’m Not a Fan of Trading AI or Bots

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