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#537: The Realities of Learning How to Trade

Feb 25, 2024

The Realities of Learning How to Trade

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#537: The Realities of Learning How to Trade

In this video:
00:26 – A trading reality check.
01:00 – Do you want it now or can you wait?
01:41 – Adults are no better than children at wanting instant gratification.
02:23 – How much can I make?
03:23 – Doing the hard work first.
04:33 – Not everything will go in your favour.
05:09 – Don’t knock someone who’s trying to help you.
06:00 – We can help you if you would like to trade well.
06:26 – Book a call with us.
06:38 – Blueberry Markets.

Today, I’m going to talk about the realities of learning how to trade properly and why it’s probably not quite as easy as you think it might be. Let’s talk about that and more right now.

Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 537.

A trading reality check.

Now today it’s a bit of reality check. And it’s kind of like not being grumpy day, but just wanted to keep things real. I’ve had just a few interactions with people over the last week or so that just got me kind of beating my head against the wall. One was a client and the other is not a client, and it just makes me realize that there’s so many people out there that are not real with their trading.

Do you want it now or can you wait?

Now, you may have heard about the experiment. I don’t know who did it. It was quite some number of years ago where they got a bunch of kids, put them in a room, and they said to them they put like a sweet or lolly chocolate and in front of them and said, You can have one right now. But if you wait, you know, 15 minutes, we’ll give you three.

And of course, most of the kids go, I’m just going to take the one that they can’t comprehend. You know, if you just wait for a little bit longer, you’ll get three times the amount for just a little bit of, you know, dedication. And that was a kid’s experiment.

Adults are no better than children at wanting instant gratification

Now, I think the same logic, unfortunately, applies to so many adults today as well, now that whether it’s me, show my age or what, I don’t know, but whether it’s, you know, an instant gratification thing, whether it’s a cell phone thing, an Internet thing, a Netflix thing, you know, another thing, everything just seems to be instant.

And people unfortunately don’t seem to be able to. A lot of people anyway, don’t seem to be able to. And accept the realities of hard work, dedication and a bit of time, commitment and effort. And also not an instant answer, an instant fix.

How much can I make?

Now, I want to talk about that because I think that you’ve got to get your head around that if you’re going to give yourself a realistic chance of being a successful fighter because everybody wants to know how much am I going to make, how long is it going to take me, how much do I need to my account?

How many prop firms do I need? All these? How to what’s the answer? And without actually figuring out that they need to actually study and listen to people that have done this before and not only ask questions, but when someone gives you an answer in their best interest is to help you listen to that answer and possibly accept it.

And I find that people struggle to do that. And maybe it’s because it’s not the answer that they want or it’s not the quick fix solution. It’s not the you’re going to become a multimillionaire next week solution. It’s and that kind of thing. I just I struggle with, I suppose, because I suppose I’m about a year away.

Doing the hard work first.

You know, you did the hard work moving to New Zealand with a couple of suitcases to the other side, the world, you know, with no Internet back then and no cell phones and, you know, you I worked on a dairy farm where I worked basically for a guy who was the worker and, you know, and so you milk cows, you basically wash the odd down and you wash cow poo down a hole at nighttime, you know, but to farm properly, you’ve got to go through the whole step by step process of knowing what to do. And as many of you know, a lot of martial arts in the past, I don’t do that now. But you know, it’s the same thing.

You got to learn from the best and time dedication. You don’t get to become a black belt within five years. This isn’t going to happen. You know, I learned to fly helicopter. You always keep learning. And I’m right now learning to play guitar. You just keep learning. You’ve got to keep practicing. You got to keep at it if that’s what you want to do.

And training is exactly the same. So just wanted to put that bit of a reality check out there and, you know.

Not everything will go in your favour.

Just expect the ups and downs. Expect that there will be days, weeks, trades, months sometimes that aren’t going to go in your favor, even if you follow someone, even if you join and follow us. Not every trade is going to be successful that’s the reality of it.

But also we have mechanisms and proof and longevity in place to say that if you do this consistently and you have your low risk and I reward risk all those things that I constantly talk about, that it will work, but you just go to stick it. It’s no good doing it for a few months and go, it’s not working for me and I can’t make it work.

Don’t knock someone who’s trying to help you.

And and then also the other thing that I find a little bit annoying recently is that someone else jumps in and tries to help out and and then the old person gets grumpy with the person who’s trying to help them. And it’s like you can only get grumpy with some of those giving up their time, their, you know, their day to try and help you.

You cannot get grumpy if someone following the system’s doing really, really well and you’re not. Maybe they’ve been at it longer, maybe they put more time and effort into it. You know, there’s all those type of things. So that was my one to get that kind of message across because it’s just something that you’ve got to be real about this.

You’ve got to put time, effort, dedication in, except things aren’t going to go always to plan. That’s life. That’s trading. If you can’t accept that, don’t start. It would be my message.

We can help you if you would like to trade well.

But if you do want to start and you do accept that as a reality, no better place than to have a look at us. We’ve just passed 4000 clients have been through the course.

We’re getting close to our 15th birthday, which is in May, and we’re very proud of that fact that 99% of people do incredibly well. It’s just the 1% from time to time. But that’s life. You can’t please all the people all the time.

Book a call with us.

And so if you’d like to have a chat with myself, one of the team I’m going to put a link to for a booking session on here.

If you’re not been on my one hour masterclass to find out how we trade. you can do that as well.

Blueberry Markets.

And if you are looking for a really good broker, can highly recommend Blueberry Markets across in Australia. So I’ll put a link to them as well.

That’s it for this week. Next week I’m going to have more trading tips and information for you, more practical tips.

Today was just a bit of a, that’s happened in the last week or so. I wanted to kind of get that off my chest, put that across there and make you understand that if you can do this properly, be real about it. How about I see you this time next week. Bye for now

Episode Title: #537: The Realities of Learning How to Trade

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#536: Should You Trade Only the Major Forex Pairs?

Feb 18, 2024

Should You Trade Only the Major Forex Pairs?

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#536: Should You Trade Only the Major Forex Pairs?

In this video:
00:32 – Should I trade just the Major FX pairs?
01:34 – Don’t limit your options.
03:08 – Trades on Minor and Exotic pairs this week.
04:00 – Be careful with Sell trades and widening spreads.
05:10 – Attend my Masterclass and book a call with us.
05:22 – Webinar with The5ers.
05:38 – Blueberry Markets.

Is it best to trade the major forex pairs only, or is it best to trade the exotic pest? It’s a question that I get asked quite often, and this week I’ve got some great examples of why I trade both. Let’s get into it a more right now.

Hey there, Forex Traders! This is Andrew Mitchem here. The Forex Trading Coach with video and podcast number 536.

Should I trade just the Major FX pairs?

So as more and more platforms and more brokers offer more currency pairs, the question becomes, should I just focus on the major currency pairs? And there are obvious advantages to that. Pretty much the main ones would be spreads are generally tighter, you generally find the gaps and you generally find there’s more people trading it. So the volume, liquidity, etc. is better.

Therefore the moves are generally more flowing, more consistent. It also means, if you like, trading the shorter time frame charts that you or like trading quite often with frequency, you’ll find that you’ll find the spreads been so much tighter means that you can take trades on shorter time frames and more often and you’re not paying, you know, massive spreads in the big movements just to get to break even. So there are certainly some advantages to trading just the major pairs.

Don’t limit your options.

Now, some of the disadvantages would be this one, it completely limit your options. So to me as a trader who’s looking for sudden like couple of patterns, why limit your options? It’s like, why limit the markets? This week I’ve taken trades on the Nasdaq and the S&P and we’ve taken trades on the JPN225

So why limit to just, you know, the forex pairs? That’s my thought. If the system the strategy worked on other markets as well. Last week you’d have heard me talking about a corn trade that I took, you know, which quite often take metal trades. We take crypto trade. So I don’t think you should limit yourself if you find that your strategy worked on those other markets.

Likewise, the downside were trading and focusing just purely on the main major forex pairs is that you tend to find they pretty much get dominated by the US dollar. So for instance the EUR/USD, GBP/USD, AUD/USD, the NZD/USD, USD/JPY, the USD/CHF and you know the old US dominant. And of course there are other, you know, sort of major pairs as well, but you tend to find that the US and you know and the yen kind of dominate those major pairs and you can find that from time to time there will be some quite dull price action. And we’ve already seen that for parts of this year. So far we’ve you seeing some quite dull price action on some of the major pairs.

Trades on Minor and Exotic pairs this week.

So moving on to the exotics and the minor pairs, just this week I’ve taken trades on the NZD/CAD, the NZD/SGD, the USD/ZAR, the SGD/JPY and the CHF/SGD.

So I’ve taken profitable trades on those. Now my prop firm account you’d have heard me mention last week was, you know, continuing to go well this week. So far we’ve still got all of one or Friday still to go. I’m at 1.9% with 0.25% risk trade. So for me, if you can average that sort of one and a half to two and a half percent per week on a prop firm with incredibly low drawdown, you only need a few weeks and you passed your next firm challenge.

So for me, that’s why I look at other pairs as well as just the majors, because they get more trading opportunities.

Be careful with Sell trades and widening spreads.

Now, one of the things just to add from a practical, realistic point of view that unless you trade, you probably won’t know this. It’s just be very careful, especially on sell trades on those exotics, because certainly at the close of the day that 5 to 6 p.m. New York time, the spreads can widen quite a lot.

And especially if you want to sell trade, make sure you know the difference between a bid and ask, especially on a sell trade. With the spreads widen it potentially could take out your stop loss at that time. If you have a trade open on one of those exotic pairs when you know sometimes the spreads can blow out to 15, 20, 30 pips at times at that time of day they close of day.

So just be mindful that it doesn’t affect you so much if you’re on buy trades and but just be careful if you’re on a sell trade and you have trades open at that time of the day. It’s another one of the reasons why for me personally, I like to take trades on those exotic pairs on like the 12 hour chart or daily weekly.

You know, there’s longer timeframe charts where the stop loss is a big a bigger distance away. It just protects you from potential widening of spreads.

Attend my Masterclass and book a call with us.

Couple other points. If you’ve not been on my one hour masterclass, I’m going to put a link to that masterclass here so you can jump on to that. I really encourage you to do that. It contains a lot of information.

Webinar with The5ers.

If you’ve not yet seen my webinar that I held just last week with the prop firm called The Five Percenters really encourage you to do that. And again, up a link to that here as well. Some great tips and information about how to successfully pass prop firm challenges.

Blueberry Markets.

And if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets up a link to them. They offer the MT4 or an MT5. They offer the majors, of course, the minors, the exotics, the cryptos, the commodities, the indices, the metals, everything out they’re looking for. So I put a link to Blueberry Markets as well.

And if you’re on YouTube, don’t forget to like and subscribe and share the video. If you’re listening on the podcast, have been enjoying the podcast.

If you have any other topics or conversations, trading information you’d like me to help you with, feel free to send me an email Andrew@TheForexTradingCoach.com, I get them personally myself. I always respond personally and I will make videos and podcasts just like this one to help you with topics that you need the most help with.

I see you this time next week. Bye for now!

Episode Title: #536: Should You Trade Only the Major Forex Pairs?

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#535: What’s a Sensible Amount of Risk to Take per Trade

Feb 12, 2024

What’s a Sensible Amount of Risk to Take per Trade

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#535: What’s a Sensible Amount of Risk to Take per Trade

In this video:

00:26 – Preserving capital.

00:40 – Control your emotions.

01:31 – Have a low and known risk per trade.

02:20 – Most people suggest a 3-5% risk per trade.

03:40 – A +2% gain for the week.

04:38 – Attend my Masterclass and book a call with us.

04:57 –Trade through Blueberry Markets.

What’s the sensible amount of risk the issue should take for each trade that you place as a forex trader? Let’s talk about that important subject and more right now.

Hey there, traders! Andrew Mitchem here, the owner of the Forex Trading Coach video and podcast number 535.

Preserving capital.

Today I want to talk about risk preserving capital, keeping your drawdowns low. And it all comes back to how much should you place on a trade in order to be a successful trader.

Control your emotions.

You see, for me in trading, there’s two things you have to control. One’s up here, the head ones in his heart. You have to keep those emotions under control. And you can do that quite easily by controlling your risk, because the fear and the greed always come into the trading as self doubt. But then greed when it comes to making money. Risk management is absolutely crucial. And unfortunate, far too many people don’t know that and they don’t know how to control that and they don’t know how to implement that practically on day by day basis into their trading.

You see, I think there’s a lot of people out there that just don’t know how much risk they’re placing on a trade that is place to trade. And they got I’ve got a 20 pip stop loss and I’m going to put one lot on it or 0.1 lots. Because that’s just what they think they should do. That is not how you trade.

Have a low and known risk per trade.

For me, the best way of trading is to have a known and low risk on every single trade. So you go into a trade and it doesn’t matter what the currency pair is or even what the market is. I’ve taken a trade on Corn this week, you know, and it doesn’t matter where it’s corn on a weekly chart or the EUR/USD on a four hour chart, it doesn’t matter.

Every single trade has the same risk. It’s known and it’s low. So you have to adjust your position. Size according to a stop loss needs to be in order to calculate that. And it’s very easy. And I have a free lot size calculator that does all that for you. But by doing that it means that every single trade that I take has the same risk, and by doing that, I can control my emotions and I can control my drawdowns.

Most people suggest a 3-5% risk per trade.

Now, you have a search out there online, and you’ll find that most people will tell you to risk somewhere between about a 3 to 5% risk per trade. I think that’s utterly crazy. You know, you have, let’s say four trades go wrong and you’re instantly 20% down on your account. Now, you need a lot of good trades to go right to make that 20% up just to get to break even. Now, that in itself is not a good way to trade.

For me personally, I risk half of 1% per trade. So my four trades go wrong. I’m now 2% down. When I’m trading on a prop firm, I risk half of that again. So I risk only 0.25% risk per trade. In other words, if four trades go wrong, I’m now 1% down.

That is within the rules, the criteria of a prop firm. It means I can have multiple trades all go wrong in a row, which is incredibly unlikely to happen. But let’s say it did before I get anywhere near the maximum drawdown at most prop firms, which is somewhere between so maybe 5% or 6%, that will never happen if you’re trading such a low risk per trade.

So it’s really important that you preserve capital. You treat your trading as a real business, treat it seriously, and you can do really well.

A +2% gain for the week.

Just give me an example. This week on my prop firm. So I’m trading here 2 hours through the 12 hour charts on that prop firm. This week, I’m up 2% so far and we still got a whole day to go.

And I’m only risking 0.25%, a quarter of 1% risk per trade. Now, if I end up the week with someone like 2%, maybe slightly more, maybe slightly less, you know, depending on how today goes, I might do that, say four weeks in a row. And I’ve passed that prop firm four into five weeks because of compounding all my gains.

I’ve now passed that 10% challenge, and that’s how you can get through and trade prop firms, if that’s the route you want to go. Now, of course, on my own personal account, if I’m doing that at half percent risk, you know, that suddenly becomes a 4% gain so far for this week. So it shows the gains that can be made while still keeping your risk extremely low and preserving your capital.

Attend my Masterclass and book a call with us.

So I hope that helps with that situation. If you’d like to know more and it haven’t been on my free one hour masterclass, I’ll put a link here below this video on podcasts you can do that is on demand. So just find a time that suits you. Allow about and hour and jump on to that masterclass and it will give you a huge amount of information and trading tips and information of how you can become successful.

Trade through Blueberry Markets.

And if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets. They base over in Australia, they offer the MT4 and the MT5 platform, a huge number of markets and various timeframe charts obviously built into the MT5 platform as well. And if you’re out there looking for a good broker, I highly recommend them and I’ll put a link to Blueberry Markets on this video and podcast as well.

So any questions you have, any topics you’d like me to discuss on future sessions? Please email me. Andrew@TheForexTradingCoach.com if you’re on YouTube, please like and subscribe and feel free to share this video and I’ll see you this time next week. Bye for now!

Episode Title: #535: The One Secret to Becoming a Successful Trader

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#534: The One Secret to Becoming a Successful Trader

Feb 5, 2024

The One Secret to Becoming a Successful Trader

Podcast:

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#534: The One Secret to Becoming a Successful Trader

In this video:
00:26 – What’s the one secret to becoming a successful trader?
00:47 – 8x Monthly chart trades for February.
02:24 – Benefits of trading the Monthly charts.
03:05 – Also we’ve posted 5x D1 trades and 2x H12 trades.
03:46 – A live 2 hour webinar with our clients.
04:09 – Trading the longer time frame charts is also more enjoyable.
05:36 – Most newer traders want to be scalpers.
06:19 – Blueberry Markets
06:31 – Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/

I’ve got asked this week what would be the one secret I would give to someone who is looking to become a successful trader? Let me share that with you and more right now.

He there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 534.

What’s the one secret to becoming a successful trader?

So this week I got asked on a webinar by someone who’s looking to trade, and they said, Hey, Andrew, if you could keep one secret in trading to help me to become successful, what would that be? And to me, it’s quite simple. It’s looking at the longer timeframe charts. And today’s a perfect example.

8x Monthly chart trades for February.

So I’m making this video on Thursday, the 1st of February day earlier than normal. And the reason I’m doing that is because I’ve just taken the February monthly chart trades. And on our membership site we identified and I’ve placed eight trades on the monthly charts. So based on the January candle close taken at the beginning of February, and with those trades because the longer timeframe charts, they have many advantages.

One, you don’t have to be that your charts at the exact time that they you know the new day opens or the new candle opens and you’ve got hours, days, maybe even longer. And especially the way that we trade with using limit orders or retracement orders as well. It also means that not only are those candle patterns higher quality because they contain more information, more data.

When you think about it, they contain the whole month months worth of price action. So when you get a high quality set up are all showing in the right positive chart, it’s going to have a higher probability chance of working. Today, most of those trades, those eight trades have taken a continuation trades. So they are continuing the main longer term trend.

But after a recent pullback over like, you know, let’s say October, November, December, January and they’re they’re ready to then head up or down again in the overall bigger picture. So that again, adds more weight, more credibility, more probability to the trades.

Benefits of trading the Monthly charts.

On top of that, because that monthly chart trades the rewards, the risks are even better as well.

Spreads becomes almost like completely insignificant. And so with the trades that we’ve taken, they all range between the 3 to 1 is the smallest reward to risk. So let’s imagine if you’re risking, let’s say half of 1%, one and a half percent is the smallest gain I’m going to make on a profitable trade. But the the biggest gain is a 6 to 1 trade.

So that means half a cent risk means I’m making a 3% gain. If that trades hits its for profit target and so they all range between 3 to 1 to 6 to 1 On those eight trades I’ve taken.

Also we’ve posted 5x D1 trades and 2x H12 trades.

Not only that is today, I’ve also taken five trades on the daily charts that have all been published on our membership site for our clients to follow.

But we also put 2 12 hour chart trades on that. So you’ve got the eight monthlies, the five daylies it’s 13. 2 on the 12 hour chart. That’s 15 trades we’ve placed on our membership site today. In real time for everybody to learn from, but also hopefully we get it right and the market does its right thing to earn from as well.

So you can see there a massive amount of information that gets published to help our clients to, like I said, to to learn and also to earn

A live 2 hour webinar with our clients.

Later tonight, my time, I’m holding a live two hour webinar with our clients in the European session. At the end of that session, when we finish, we look through the depending on what’s happening in the market.

We might go as low as the two hour charts, but more likely the four hour of the six hour and the 12 hour chart. So we’re probably going to take some more trades live on that session as well. So just go to show what can be done.

Trading the longer time frame charts is also more enjoyable.

Now, going back to our original question, why have I picked trade the longer time frame? Just because it’s more enjoyable. You can go and do things. I’ve just jumped at the pole here behind me now, unlike other people that you will see on, you know, YouTube and Facebook and things that hire a red Ferrari or hire a helicopter or, you know, go and sit in a hotel somewhere. I do fly. It is my helicopter.

On Tuesday, I flew. For those of you who follow me on Facebook, you’d see that last week I was on the beach. You had seen last week with my daughter and a friend on the horses. This is my house behind me. This is. This is real. This is what? Trading. Once you know what you’re doing, I can help you to achieve.

Now, I’m not out there saying you’re going to suddenly going buy yourself, a helicopter, a couple of horses or a hash to the pool next year because you’re not going to. That’s not real. But over time, the actual learning of knowing what to do with low risk, high reward, the risk and making it enjoyable is all of those things, along with everything else that we provide the community and the suggestions and the advice, etc. All of that combines to make for me, trading the longer timeframe charts the best thing you can do because it’s just more enjoyable.

It’s longevity you can keep doing. I’ve been doing this for 20 years, don’t forget. And you know, and I’m still loving it because I’m not glued to the charts. I think that’s a really important point.

Most newer traders want to be scalpers.

So most people, when they start actually want the opposite, they all want to be scalping. They want to trade. One minute, five minute, 15 minute time frame charts.

They want to be taking in hundreds of trades a day. They want to sort of think they’re an A.I. machine. But, you know, realistically, that’s just not going to be profitable for you. Spread is screen to suddenly destroy your trades, your emotions. You know, all these things that we’ve talked about all the time come into trading. And also, you know, the longer timeframe charts are more reliable.

Therefore the shorter time frame charts are less reliable. You know, your rewards risk massively reduced and so put all those things together. Trade longer timeframe would be my number one key suggestion for you.

Blueberry Markets

And if you’re out there looking for a broker, I can highly recommend Blueberry Markets, they based in Australia. Really good bunch of guys and been with them for years and so a lot of my clients.

Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/

And if you’ve not yet been on my masterclass I strongly recommend you spend an hour, turn your phone off, turn all your social media stuff off, go and sit down for an hour. It’s on demand. So you choose the time that that is right for you and sit down and watch it and learn from it and follow along. See what we do. And you know, you can gain a lot of information from that. So I’ll put a link to that on this video and podcasts as well.

So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now.

Episode Title: #534: The One Secret to Becoming a Successful Trader

Signup For my Forex Masterclass

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

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#533: Trading Full Time in 30 Minutes a Day

Jan 29, 2024

Trading Full Time in 30 Minutes a Day

Podcast:

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#532: Trading Full Time in 30 Minutes a Day

In this video:
00:31 – At the beach and trading just twice a day.
01:04 – 2 trades taken on the D1 charts and 1x H8 and 1x H12 trade.
02:10 – Look at the charts twice a day.
02:46 – A 3% gain from Wednesday’s D1 trades.
05:18 – View my Masterclass.
05:30 – Book a call with us.
05:39 – Blueberry Markets.

In today’s video and podcast, I’m going to explain why I much prefer trading the longer timeframe charts. Looking at my charts a couple of times a day and being able to enjoy life. So let’s talk about that more right now.

Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 533. Something a little bit different today.

At the beach and trading just twice a day.

I’m at the beach. This is called Rabbit Island, just out of Nelson. Now, way back there somewhere, my daughter and her friends on their horses going for a ride. Why am I telling you this? Well. Because that’s the beauty of trading. The longer timeframe charts. You know, I don’t need to be sat at home right now, sitting on my computer, just glued to say, like five minute charts, 15 minute charts, just waiting for something to happen, almost forcing something to happen. Because that’s when I’m ready.

2 trades taken on the D1 charts and 1x H8 and 1x H12 trade.

Instead, I took two trades today on the daily charts. I took a sell on the Pound/Franc and I sell on the US/Franc and I’ll take in a buy trade on the Pound/New Zealand and a buy trade on the Euro/New Zealand on the 8 and 12 hour charts.

So four trades, they took me maybe 15 minutes all up earlier today at the 5 p.m. New York change of day to look at my charts, put the trades on after six because that’s when the spreads drop. I’m using limit orders anyway, so it doesn’t matter where you live in the world or what your time schedule is, you can take those trades and that then frees me up for the rest of the day.

I’m going to have a look at later tonight my time, which is then 5 a.m. New York time, and at that time I’ll scan through the 12 hours, the 6 hours, maybe the 4 or the 2It has nothing happening on the higher timeframe charts, but most days we tend to stick to the 6 and 12 hour charts. Why? Well, because there’s plenty of opportunities there.

Look at the charts twice a day.

And so what that means is by looking at my charts just twice a day, I can come and do things like this. I’m probably spending half an hour, absolute max chart time. I know the pattern, so I’m looking for the currency pairs. Well, I’d look at strength and weakness, but if the currency pair is showing the setup to me, it doesn’t really matter what the pair is.

Just because I live here in beautiful New Zealand does not mean I wouldn’t need to trade the New Zealand dollar. I’ll trade whatever showing the set ups as mentioned today. Pound/Franc, US/Franc both selling those two on the daily charts.

A 3% gain from Wednesday’s D1 trades.

Yesterday I took a Euro/New Zealand Daily chart trade and I took the Hong Kong 50 index and the China H index.

Quite unusual, but that was the market or those were the markets that were showing the setups. And guess what? The set worked. We had our retracement all this filled up beautifully and by the time I woke up this morning at the both trades to pull back, there were buy trades. Both traders said pull back got filled absolutely perfectly.

And then turned around going up to the profit target. Absolutely perfectly. So we got those trades, absolutely pinpoint, accurate and made some fantastic returns on those. They were about I think there are 2.8 to 1 return. I think one might have been 3 to 1 return. And so a small risk, you know, if you’re putting half percent on that, you’re making, you know, one and a half percent roughly on a trade and risking only half of 1%.

So for those of you out there who are on prop firms, that’s exactly what you need. In order to pass prop firms, you don’t need hundreds and hundreds of trades. You don’t need to be spending a fortune in spread fees. You don’t need to be gluing charts all day. What you need is quality, quality over quantity will win all the time.

You need low risk controlled risk, low drawdowns and high reward to risk trades. That’s what we do. That’s why we’re successful. That’s why we continue to be successful, both now in the past and in the future because of price action based. The strategy works across different timeframes. Exactly like I mentioned, you know, with those 12 hours, 8 hours, 12 hours and dailies, different markets, exactly like today’s daily charts on the forex pairs, like yesterday’s daily trades on the indices.

So if you’d like to find out more about how you can do something like this and get your life back, but also trade and enjoy trading, but enjoy other things as well as trading, that’s what keeps us fresh each day. That’s why we love doing what we do. You know, most people hate Monday mornings. We love it because we’re back into trading again.

But we get that decent break, you know, day by day. We’re not sitting there sitting at your charts, absolutely fed up by this glued to your screens, which most people unfortunately do, and takes the emotion out of your trading. It increases the enjoyment.

View my Masterclass.

So if you’ve not been on my free masterclass yet, really encourage you to do that, click on the link that I’ll put here. You can jump onto a one hour prerecorded masterclass tells you all about how we trade, how we teach, how we can help you.

Book a call with us.

If you’d like to book a call with myself or one of my team, you can do that. I’ll put the link here as well. You can also do that after watching the masterclass.

Blueberry Markets.

If you’re out there looking for a really good broker, I can highly recommend Blueberry Markets. The base over there, way over that water over into Australia, great bunch of people. And we have hundreds, if not thousands of our clients trade through blueberry and and you never hear problems. They’re just good people, good platform, good brokerage, honesty, everything that you’re looking for in a broker.

So that’s it. I’m going to turnaround now. Off somewhere up here and find my daughter and her mate.

Hopefully they’re still on top of the horse and not on the ground. Otherwise I’m off to hospital, but hopefully not. Fingers crossed I see this time next week. Bye for now.

Episode Title: #533: Trading Full Time in 30 Minutes a Day

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#532: Making 2024 The Year You Become a Successful Forex Trader

Jan 22, 2024

Making 2024 The Year You Become a Successful Forex Trader

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#532: Making 2024 The Year You Become a Successful Forex Trader

In this video:
00:26 – Why you need to make this year your trading year.
01:28 – Australian employment figures crash.
02:09 – Give yourself plenty of time and seek help.
03:33 – Joining a community and start on a demo account.
04:32 – Start with the basics.
05:18 – Trade through Blueberry Markets.
05:35 – Attend my Masterclass and book a call with us.

How are you going to ensure that 2024 is the year that you become a successful and profitable trader? Let’s talk about that and more. Right now,

Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 532.

Why you need to make this year your trading year.

It is all about 2024. How are you going to make this year, the year that you become a successful trader with no doubts at all?

This is the year for you to do it. How are you going to do that? Well, have a look around the world and I’m going to show you why you need to do it first. You know, you have a look at what’s happening around the world with cost of everything, inflation rates. You know, look at how much it costs to book a flight.

Look at how much good quality food cost these days and how many people are out there. Cannot afford good meat, good vegetables. And so therefore, they’re living on really poor, low nutritious food because that’s all they can afford and sugary drinks and things like that. You know, it’s everywhere. Look around your town. How many shops in your local town do you see either closed or boarded up, you know, going out of business and people can’t afford to pay staff. People aren’t going to restaurants.

Australian employment figures crash.

There’s all these kind of issues going on out there and, you know, look at just yesterday from Australia, across the ditch in Australia, their monthly employment figures, they were expected to have 15,000 jobs created. That result came out as -65,000 jobs. So look at the job losses going on around the world.

So put all that together and everything else that’s happened over the last few years and the craziness that’s going on in the world.

And, you know, you realize you’re kind of on your own. You’re fighting for yourself. So event doesn’t give you motivation to go. You know, this year I’m going to learn how to trade. Then I can’t help you.

Give yourself plenty of time and seek help.

So let’s start sensibly. Let’s give ourselves time. While it’s not absolutely critical, you see, when I get people come to me and they go, Andrew, I want to give up my job, you know, in two months time, and I want to become a full time trader or I’ve got, you know, like $500 and I want to make, you know, like $10,000 a month type of thing.

You know, I get these crazy questions all the time. You know, those people aren’t real. Now, the important thing is, is with anything that you’re learning to do is to seek help from people that are successful in that field and also to start slow. Don’t rush. Do the groundwork properly. If you’ve ever done any form of painting inside your house, let’s say the preparation is the boring but important work putting the paint on at the end, the last coat of paint, which makes it all look nice and shiny.

Yeah, that’s the easy bit, but unless you do the preparation first, the rest of it is going to fail. So trading is exactly the same. So while we’re not under this and, you know, massive pressure of needing to have to make money today, you know, for most people around the world, the world’s still surviving just while we’re at that stage. Use this kind of lower pressure time and say to yourself, I’m going to dedicate this year to learning how to do this properly.

Joining a community and start on a demo account.

You’re going to start with understanding a strategy, getting some help, joining a community, and that’s where we can help. But when you do that, it’s still important that you start slowly. You should start on a demo account.

Now, I know it’s boring and I know that you’re not going to make money for real on a demo, but it’s crucial that you become successful first and spend two or three months ironing out those errors that you’re going to make and then becoming profitable on that demo and then start on a small live account. And it doesn’t need to be big.

It just becomes real money of your own. The emotions start to come into play. It hurts when you lose money. It’s great when you make money, but you need to get into that emotional state that trading is and try and control those emotions. And then it’s up to you where you go from there. You can either go, Yep, look, I’m in a position where I can invest some more funds into my personal account or you go down the proper firm route and you go down that you know that direction. And we can help you with that because we’ve got so many clients doing that very, very successfully.

Start with the basics.

But it all comes back to the basics and learning right now how to do this properly. Making sure that you control your risk, control your emotions, you know, when to trade. You know what you’re looking for. You’re not getting burnt out.

You know, you can still do this with your current job, with your family situation, with travel, whatever it is. And that’s why we’re coming up to 15 years this year as the Forex Trading Coach. That’s why we’re still enthusiastic about it. That’s why we still love doing it because we’re not glued to our charts all day long. You know, we’re enjoying what we’re doing, We’re making money.

We have very low drawdowns. We have high reward to risk trades. It works on your own personal account, it works on firm accounts, and you can make substantial returns once you know what you’re doing. But give it time first. I can’t stress that enough.

Trade through Blueberry Markets.

If you’re out there looking for a broker, I can highly recommend Blueberry Markets. The best across in Australia.

Most people around the world can open the catch them. You cannot if you’re in the US. But we have other options such as? Like our. And if you’re in the US to consider as well.

Attend my Masterclass and book a call with us.

And the other thing is also, if you’ve not been on my masterclass, dedicate an hour, it’s prerecorded so you can jump on whenever it suits you.

Dedicated, give yourself an hour and go, I’m going to turn off all the social media stuff. I’m going to turn off a phone. I’m just going to sit there for an hour and listen to what Andrew has to say because that could be a crucial hour in your first step to becoming a successful trader this year.

And if you’d like to book a call to talk to either myself, one of my team, I’ll put a link to that as well. You can book out a call, a 45 minute call. We can discuss you trading where you’re needing help, how we can help you teach you all about trading and what we do and how it works for so many people. So I’ll put link to all of those on this video and podcast.

if you have any questions or topics that you’d like me to discuss to help you with as we get into 2024, please do send me an email Andrew@TheForexTradingCoach.com or leave a comment below. Bye for now.

Episode Title: #532: Making 2024 The Year You Become a Successful Forex Trader

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#531: 2023 Trading Year Review

Dec 17, 2023

2023 Trading Year Review

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#531: 2023 Trading Year Review

In this video:
00:30 – A summary of 2023.
01:27 – More traders using MT5.
02:24 – Prop firm trading.
03:13 – Clients in 104 Countries.
03:40 – Have a great Christmas.
04:07 – View our on-demand Masterclass webinar.
04:48 – Blueberry Markets and book a call with us.
05:04 – Looking forward to trading in 2024.
05:18 – Consider joining us now so you can learn the strategy while the market is quiet.

As we come towards the end of 2023. Just wanted to make a bit of a summary video of what we’ve experienced this year. I wish you all fantastic Christmas and an awesome 2024 ahead. Let’s get into that and more right now.

Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 531.

A summary of 2023.

Outside in the beautiful New Zealand summertime here and just a couple of weeks to go before Christmas.

I hope you’re looking forward to that. Just wanted to give you a bit of a summary of 2023 of how things have gone here at the Forex Trading Coach. We have just had another awesome year, some excellent results, all right. Across various timeframe charts and our daily trade suggestions have been profitable yet again every year since we started it in 2010, they’ve been profitable with just half a percent risk on your trades.

Copying what we do just once a day, literally 5 minutes of work, we’re probably going to end the year about a 30%, 3-0% gain just off that one time frame chart. And then you add on to that all the other time frame charts, we look at. Trades we take on our forum site, trades we take on our live webinars, trades that our clients take themselves and you can see that yet again, we’ve had another really, really good year.

More traders using MT5.

A more and more people changing across to Metatrader 5 from MT4. More timeframes readily built in which is making life easier, just gives more trading options. And of course MT5 has a lot more markets such as the indices, the cryptos, the metals, commodities, etc. built in, which just gives us more and more trading opportunities because all we’re doing really is looking for the high quality trading pattern. The actual market that we’re trading is less important, it’s more the pattern.

And have we got some stop loss protection? We’ve got room to move our profit target. Is it a reversal or is it a continuation, etc.? So again, more markets, more timeframes equals more opportunities to pick high quality trades and then not be kind of where people have that so feeling they should be forced to take a trade. This may be a big quality. No need to do that now because we have so many more trading options.

Prop firm trading.

And so prop firms. Another thing you’d have heard me talking about prop firms all year more and more and my clients are just doing really well from prop firms. It’s a bit of a game changer in all honesty. And if you get a good prop firm, make sure that you have a prop firm that does not have a time limit on when you can make that 10% gain and those prop firms that do have a time limit I’d personally stay away from.

And it’s why that we look at FX2Funding. It’s why we look at The5%ers those kind of people that have been around for some time. They know what they’re doing, there good quality companies and there’s no time restriction on making the gain. You know, whether you make it in a week, you make it in two or three months, it shouldn’t matter. It’s all about keeping within that low drawdown criteria, so that’s the prop firms.

Clients in 104 Countries.

We now have clients in 104 countries and as time goes on. We are 15 years old next year at the Forex Trading Coach, our communities, it grows and grows and just gets better and better. Forum Site is well populated from clients from right around the world. It just makes such an amazing community of like minded people all out there trading the same strategy. So whether you’re a current client or whether you’re just following along with what we do, the strength and weakness each day, or the free information.

Have a great Christmas.

Then I just want to wish you and your family a fantastic Christmas. Just have a great relaxing time. Over Christmas and New Year. We start trading again on the Monday the 15th of January. We’re just taking about three weeks off like it’s summertime. You know, we trade the entire rest of the year apart from a couple of days either side of Easter. We’re not just going to go and enjoy ourselves and have some time away from the charts and the computer

View our on-demand Masterclass webinar.

And we’re still be contactable. If you want to jump on our free masterclass webinar, that’s on demand. So you can do that any stage. If you want to email us, we’re still available and it’s just we’re just taking a trade, a break from active trading for a few weeks and you know, and why not? Let’s for those of us in the southern hemisphere, it’s summertime, it’s Christmas, it’s New Year, it’s summer, Get out and enjoy yourself.

Life’s more than just sitting, watching charts. And it’s great when we can do that, Which is why with our strategy, we say, You can trade full time in under 30 minutes a day because you can, you know, but enjoy your trading and also enjoy the break from it as well.

Blueberry Markets and book a call with us.

If you’re out there looking for a broker, have a look at blueberry markets up a link to them here. And if you want to have a chat with us over the Christmas New Year time, you can do that. You can book a call with myself or one of my team. I would have a bit more flexibility because we’re not, you know, trading too much and and that’s it.

Looking forward to trading in 2024.

So I’ll see you back in 2024. Looking forward to doing it all again, then looking forward to some great trading conditions and making a lot more people profitable and having more and more people join our community. So any questions you have.

Consider joining us now so you can learn the strategy while the market is quiet.

If you struggled in 2023 and you’d like to make 2024 a really good year, then consider coming on board early in the year or even sort of during the Christmas time and have a a few weeks while there’s a bit of quiet time to learn the strategy. Ready to go for 2024.

So once again, have an awesome Christmas and I’ll see you next year. Bye for now.

Episode Title: #531: 2023 Trading Year Review

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#530: An Interview with The 5%ers Prop Firm

Dec 10, 2023

An Interview with The 5%ers Prop Firm

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Visit The5%ers Website. Click here!

#530: An Interview with The 5%ers Prop Firm

In this video:
00:27 – There’s a lot of interest in prop firms right now.
01:37 – What makes a trader a successful prop firm trader.
03:50 – You must be able to trade first.
04:58 – Different account types with The 5%ers.
05:38 – What’s the payout performance ratio?
07:00 – What makes The 5%ers a better prop firm?
09:48 – Our clients have success with The 5%ers.
12:00 – Prop firms can remove emotions from your trading.
13:37 – Contacting The 5%ers.

Andrew Mitchem
Hi! Everybody. Andrew here at the Forex Trading Coach, welcome along to this week’s weekly video and podcast. Something different for you this week. I am joined by Saul who’s the manager of the firm called the 5%ers. Welcome along.

Saul Lokier
Yeah, thank you, Andrew. Thanks for having me.

There’s a lot of interest in prop firms right now.

Andrew Mitchem
Awesome to have you here! Yeah. Look, we’re getting a lot of people interested in prop firms. Now, I know you guys have been around since 2016, and I can see on your website, which is probably one of the oldest prop firms around. Could you just give everybody a bit of an overview of what you do, what a prop firm is for those who don’t know and how traders can take advantage of using a prop from.

Saul Lokier
Yeah, good start. So basically we are recruiting. We’re looking for traders, retail traders to get evaluated by us, you know, through our challenges, through our evaluation programs. And once they complete those challenges to come and start managing our capital. So you might be familiar with the old prop firms in which, you know, you have a few amount of traders managing very large amount of accounts of money.

Andrew Mitchem
Yes.

Saul Lokier
So we’re doing something similar. But instead of giving, you know, billions of dollars for management to a few traders, we have many, many traders. We have literally thousands of traders managing relatively small accounts. So so that’s the idea.

What makes a trader a successful prop firm trader

Andrew Mitchem
Yeah. Nice. And over those that time, what have you found is the right type of person to be more successful. Like, is it a trading style? Is it a money management thing? Is a mindset thing. What in general would sort of make the more successful person?

Saul Lokier
It’s the view that you answer me because, you know, back in the day before started managing the company, I, I used to spend a lot of time talking to our traders and talking to our higher funded traders. And I started doing a little bit of research what this traders had in common, because, you know, I saw some of them use indicators and some of the used some of them used to live in Australia and some of them live in the US.

Saul Lokier
So I wanted to understand what they were doing, you know, the same way. And amazing is very simple things that arbitrated and start doing. But these traders really do it. Okay, so the first thing is these traders master what they do. These traders know the strategies inside out. So I could ask them. “Andrew, what’s a poor quality set up for you?” and they could tell me I could ask them, when shouldn’t you be trading?

Saul Lokier
And they could answer. So they knew all the rules, all the, you know, all the parameters over the strategy, everything. And so so they really instead of jumping from a strategy to strategy or system to system, they really must, you know, what they did. So that’s number one.

Saul Lokier
The second is they they keep track. They really you know, they backtested, they they they journal what they do the journal these sales, they they journal their trades and they you know, they get all this learning process and insights from this recording and tracking and journaling

Saul Lokier
and lastly they deal with with losses so they wouldn’t you know, they knew how to cut those losses or take those losses and not going into revenge trading mode. Yeah. Or over-leveraging or all of that. So that’s one, two, three of these traders. And even though they were trading different strategies and different, you know, methods, they would have these three points in common. So so I guess that’s the that’s the answer.

You must be able to trade first.

Andrew Mitchem
That’s really interesting. So I suppose to summarize that also for people listening and watching that means prop firms are fantastic, but you still need to know what you’re doing first and you still need to be proven to or proved yourself on demo, on your own personal live account that you can trade consistently first before you then think about a prop firm.

Saul Lokier
Absolutely, Because otherwise you would be trying to pass our our evaluations and you will fail or you will you will succeed. And then once you start managing a real account, you were you will lose it. You will blow it because you’re not you’re not ready for that. You’re not emotionally ready for that. So you might you might you might pass the evaluation, for example, to something very, very common.

Saul Lokier
You pass evaluation, you feel overconfident and use that approach into the real trading and you start overleveraging, start trading, taking, you know, poor quality set ups and you blow their account, which is something we deal with that and we are, you know, we would take care of that on our risk department. But that’s something that’s a pattern we see in a lot of traders.

Different account types with The 5%ers.

Andrew Mitchem
Yeah. And in terms of that, then, so do you have different types of challenges that people can or different types of programs that people could choose to join?

Saul Lokier
Yeah, absolutely. So we have a one step a step, one step, a program, two step program, three step program. And you know, the three step program, I would say is that is that is that the most affordable and I would say is for beginners. You know the risk parameters is there very low leverage. You need to be very, very strict and the reward is high once you once you complete it and then we can go to the two step or one step, depending on your level of, you know, expertise.

What’s the payout performance ratio?

Andrew Mitchem
Right. And in terms of the the other end of the scale, when someone’s done really well in terms of payouts, like what’s your kind of ratio of your share for people who do well, then stop passing, prop them challenges.

Saul Lokier
Yeah. So it starts it starts at 75% for the trader and it can go all the way to 100% once they Yeah. Once they have proven consistently and through a lot of levels that they know what they doing, you know, we can take their trades and take it out of the market in times you know the amount we want we want.

Saul Lokier
So yeah if you’re you’re doing great Andrew you can take and you place one lot in your trade. We can take that out to the market instead of being one lot ten lots So, so we can, we can pay you your profit of one lot and then we can make money, you know, and we can give you 100% of your trade and you can make money with you.

Andrew Mitchem
Excellent. And then in terms of your trader, do have clients from all around the world that have joined you over the years.

Saul Lokier
Yeah, absolutely. So I guess like same as you with your students from all over the world. We have traders from Latin America, the US, Europe, UK, Africa, Asia, you name it.

What makes The 5%ers a better prop firm?

Andrew Mitchem
Yeah, nice and just it like in general for people watching and listening, obviously there’s a lot of prop firms, there’s a lot of choice now. And you know, you guys obviously one of the more well known companies, but what would you say? Maybe a couple of points that make you different than the vast majority of others? Like, why would someone choose to join you?

Saul Lokier
Yeah, I think that’s a great question because you go into you know, if you’re just starting in this industry and and you start, you know, you go to prop firms, you will see there’s hundreds of them and it can be overwhelming, you know, choosing the right one. Yes. So I would say you need to look for a you know, some things first, the you know, the reliability of the of the company.

Saul Lokier
You know, how long have you had have been in the market? Hard, harder liquid enough, solid enough. So we’ve been since 2016. We have you know, we’ve made all the mistakes in the past so we don’t do them again. Yes.

Saul Lokier
The second thing is making sure there’s a risk management in place, a risk department, department in place, because, you know, sadly, a lot of other companies, they’re not having any interaction with the market, which is very, very tough to say.

Saul Lokier
But that’s the reality. So they’re just relying on, you know, fees from traders for the challenges in order to pay the payouts, you know, the profits from the traders. And there’s no trading happening at all. And and that can be very, very, you know, very problematic because if there’s not enough sellings or enough sales, they will have no money to pay the traders.

Saul Lokier
So that’s why you want to make sure the company has trading activity and there’s trading, you know, going to the LPs or the broker or whatever they’re using. They’re not relying in the, you know, on fees in order to pay to the traders. So that and I’m yeah. And another thing we we always do is we try to stay realistic.

Saul Lokier
We don’t sell dreams. You know we we stay realistic with what we expect from the traders and the outcome that they can achieve. And, you know, we all we all will. We always supporting our traders. So we’ve created once our trade is going through their hubs into their dashboards, their users, their space, they will have tons of resources to help them succeed because we are aligned with that interested, you know, with that interest of traders, you know, doing well.

Saul Lokier
So we have a lot of education and coaching and mentoring and tools that we’ve developed for them and always trying to give them the, you know, the best commissions available and the best execution available. So really trying to to support the traders.

Our clients have success with The 5%ers.

Andrew Mitchem
Excellent. And you know, I know that one of our coaching clients called Ryo, who lives over in Singapore like he he did an interview with you back in February of 2022 And you know, he was and he still continues today to have great success through the prop firms and and I just from the coaching point of view, I’ve always seen it as, you know, the obvious question that people have is how long is it going to take me with your system, Andrew, to pay back the course fee.

Andrew Mitchem
And I’ve always had to try and go, Whoa, just hold on that. That’s I realize that’s important. But the most important thing is for you to learn how to trade properly first. And if you get that bit right, then the funds will follow. And Ryo and many other people who are now using prop firms have proven that. But they did their you know, they they did their homework first and they spent a year learning how to trade.

Andrew Mitchem
So it was really pleasing for me, you know, to see Ryo on your website with an interview saying, one, he’s doing incredibly well, two is using you guys. And three, he did it with our help. But yeah, and I suppose what I’m saying is it’s really nice to hear that. But also backing up what you said at the beginning about the the disciplines that those successful traders have and.

Saul Lokier
Absolutely. Yeah, absolutely. I mean, I remember Ryo, I remember his interview and and you know, in trading we always say or I always I believe you need to be focused on the process and not not the outcome of the train.

Andrew Mitchem
Absolutely.

Saul Lokier
And it’s the same you know when when trying when applying for on a prop for him, you need to be focused on that process. And eventually the process won’t bring the money or the outcome. The money will be like a byproduct of that process, right?

Andrew Mitchem
Yeah.

Saul Lokier
You pay the you know, and the mentoring, the course, the education, whatever it is.

Andrew Mitchem
That’s actually so I suppose it’s how prop firms, once you know what you’re doing, can massively help people who the obvious issue that so many people have is they don’t have sufficient funds or even if they do, they don’t want to put sufficient funds of their own into their own account.

Prop firms can remove emotions from your trading.

Andrew Mitchem
But also another thing I find with prop firms is it emotionally helps you as well, because if you’re trading your own money or you’re trading money for friends or family and years ago I did, That is really hard.

Andrew Mitchem
You know, it’s great when it’s going well and if it starts turning the wrong way, it’s horrible, depressing. And so I find that emotionally and psychologically, that prop firm money because it removes that emotion of the individual person, you must find that as as feedback as well.

Saul Lokier
Absolutely. Like two key points. You mentioned the fact that first, you don’t have to commit your own money so you can trade our capital with that. Once you once you grow our our you know, our on our accounts, you can withdraw money and keep your accounts. You can keep your balance or even get more to manage. When you’re managing your own account, you rebuild account and you grow.

Saul Lokier
You make money. You need to decide, do I withdraw or do I keep growing the accounts, right? That’s right. So so with our with our programs, with our aim, with a company, you don’t have to you don’t have that dilemma. You can work, make money we through and keep growing that account, which is amazing. And the second point is as as important, the first one, the fact that you’re not you can get rid of that stress that, you know, managing your own money or family money can cost.

Saul Lokier
So it really helps, you know, not knowing who’s that money you’re managing. It will free you from. That’s the house.

Contacting The 5%ers

Andrew Mitchem
Yeah, absolutely. That’s excellent. So also just to summarize, how can people like I’ll put a link to your website obviously on this video and podcast, but how can people get hold of you if they have questions? What’s the best next step for people?

Saul Lokier
Absolutely. So first, visiting the website, they will see the different programs we offer and depending on their level of expertise and if they need anything, just reach out, help@the5ers.com and they will be super happy to have them.

Andrew Mitchem
Wonderful. Well, look, thank you very much for your time today and thanks for being my first guest ever in 530 videos and podcasts.

Saul Lokier
Another it is.

Andrew Mitchem
And we’ve we constantly hear great things about your company. So we look forward to having lots of our clients head to you as well.

Saul Lokier
Hopefully. Thank you very much. Andrew.

Andrew Mitchem
Thanks. Saul! Bye for now.

Episode Title: #530: An Interview with The 5%ers Prop Firm

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#529: What’s the Difference Between a Pin Bar and a Hanging Man?

Dec 3, 2023

What’s the Difference Between a Pin Bar and a Hanging Man?

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#529: What’s the Difference Between a Pin Bar and a Hanging Man?

In this video:
00:29 – Pin bars and a Hanging Man candle.
00:52 – I trade neither candle.
01:12 – How to use a Pin bar or Hanging Man candle.
01:52 – How the Pin Bar and Hanging Man are formed.
04:35 – Find out more about how we trade and how we can help you.
04:55 – Book a call and have a chat with us.
05:06 – Trade through Blueberry Markets.

What’s the difference between a pin bar and the hanging man candle formation? And how can they help you to increase your performance as a trader? Let’s get into that and more. Right now.

Hey traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 529.

Pin bars and a Hanging Man candle.

Now I want to talk about two candle patterns that often cause confusion for people. And one is a pin bar and the other is a hanging man. And for a lot of people, they kind of look the same and they don’t quite understand how to use them and what’s actually happening behind the scenes in the market conditions to create those patterns within your charts.

I trade neither candle.

It’s important to note also that I do not trade a pin bar or hanging man purely as a candle pattern. However, they can be really influential in my trading because they give me an early warning system or give me a clue as to a potential change of direction.

How to use a Pin bar or Hanging Man candle

So if I’m not in a trade, they can give me the clue that. “Hey, look, the market may be just stalling here, here, or potentially changing direction.” I still need confirmation after the pin bar or the hanging man.

The other scenario is if I’m already in a trade and I see a pin bar or hanging man pattern show on the charts, but I haven’t quite reached my profit target yet. So what that is telling me is, “Hey, look, this could be a really good opportunity now to potentially really look at closing some of the trade or X thing and total the entire position and early because we could now be getting a change in direction against where we’re looking for the trade to move.”

So what is a pin bar? What is a hanging man pattern? Well, basically to me they both are Indecision Candles. They tell me there’s a lot of movemant in the market, but the market’s not quite decided which way it’s heading.

So let’s use an uptrend as an example. If the market’s currently in a really good, strong uptrend and we see a pin bar show, a pin bar will be a candle with a small body but a long upper wick.

And what that means is that the uptrend has continued and it’s gone really strongly upwards. And at some stage during that candles formation, that would have been a good, strong bullish candle. However, before the candle is closed, the price has come all the way back down to either just above its open or even potentially just below. It’s opened, it’s open price and it’s formed that small body, but with the long upper wick in an uptrend.

So that tells me that the price is exhausted. It may have hit a certain level and now the sellers are starting to push the market down. I still need a confirmation candle to come next. So next outside bar and engulfing bar, probably an engulfing bar in that scenario. To suggest that, yes, the downtrend is about to then be strong enough to justify a trade.

If we use that same bullish uptrend, but instead of the pin bar, we get a hanging band pattern that means that we get a small body near the top of the candle, yet along with lower wick. What that tells me is that the price has moved up and then when the hanging man pattern is formed during that candle formation, the sellers really took over and pushed the price down.

However, by the close of the candle, the price had retraced back up again and the buyers was still pushing it higher. And and that could be a close higher or it could be a closed lower than the open. But in general, it’s like a small body of the candle near the high of the candle and a long lower wick.

So that tells me again, this a bit of indecision sellers have taken over, the buyers pull back, but there are certainly sellers in the market again. I need confirmation with an engulfing candle or an outside candle. So I can next to confirm that the downtrend really is in play. So two different ways you can trade there. Both in an uptrend scenario and both the pin bar and the Hanging man give two different types of ideas of what’s happening in the market.

But they give us that early warning that the trend may be starting to turn downwards. So that’s how you use them.

Find out more about how we trade and how we can help you.

If you’d like to find out more about how we use them in detail and in more context and what part of the charts and the other things we look at as well, the round numbers, the trend line break all those type of things and have a look at the link here below and I’ll put a link to my masterclass where you can jump on to an hour long session.

Book a call and have a chat with us.

If you’d like to talk to us personally about how we trade and how we can help you up and link to so you can call or book a call with one of us as well.

Trade through Blueberry Markets.

And if you’re looking for a fantastic broker, I can highly recommend Blueberry Markets. I’ll put a link to them as well. They offer the MT4 and the MT5 trading platform, and they’re just a great bunch of people, incredible customer support, and I’ve been with them for years and years and hundreds of my clients use them as well. We always get amazing feedback from Blueberry Markets.

So I hope that helps. That’s today’s lesson about hanging man Candles, about the pin bar candles, how you can use them, book a call or jump onto the Masterclass free webinar to find out more about how we use them and how we can help you to use them to be a profitable trader.

This is Andrew Mitchem at the Forex Trading Cooch. I see you this time next week with another video and podcast. Bye for now!

Episode Title: #529: What’s the Difference Between a Pin Bar and a Hanging Man?

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#528: Good Trading Does NOT Need to be Complicated

Nov 26, 2023

Good Trading Does NOT Need to be Complicated

Podcast:

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#528: Good Trading Does NOT Need to be Complicated

In this video:
00:27 – Don’t make trading harder than it needs to be.
01:25 – You need a simple and solid strategy.
02:16 – The 3 things that can happen in the market.
03:02 – The 2 basic patterns we trade.
03:50 – Trading is a probability, not a guarantee.
04:32 – Book a call and attend my Masterclass.
04:45 – Trade through Blueberry Markets.

Good trading does not need to be complicated. Don’t forget, the wheel is simply round and it works. So let’s talk about that and more right now.

Hey, there traders! Andrew Mitchem here at the Forex trading Coach with video and podcast number 528.

Don’t make trading harder than it needs to be.

I want to talk about a topic that a lot of people get stuck in their minds and they think that trading needs to be overcomplicated. They think it needs to be difficult and they get this, I suppose, perception by thinking that like it’s something only the pros do or it’s something you need to be in a 50 story, you know, tower block in London or Dubai or New York or something, and you need to walk around in a big flash suit and shirt and tie in order to be a good trader.

And so I think people get the impression that you need all these complicated systems and algorithms and things going on and insider knowledge of what’s happening in order to do well at trading. And the reality is you don’t need any of that to do well at trading.

You need a simple and solid strategy.

Well, you need a good, simple, solid strategy that works. And like most simple things, they work. Again, like I said, think of the wheel. Don’t reinvent the wheel. It’s round. It’s simple. It cannot be more any more simple. And it works. You know. Other examples. I love cooking. So what’s my favorite medium to cook on? You know, you can have all your electrics and gases and all the rest of it. Fire is with that that the best in terms of enjoyment and certainly taste and flavor.

You know to cook on fire and charcoal. Nothing beats it. And why? Because it works. And why? Because it’s simple. Trading is exactly the same.

The 3 things that can happen in the market.

Now, putting it in absolute basics. What can happen in the market? In any currency pair, any market, It’s going to go up. It’s going to go down. It might go a bit sideways, a bit rangebound.

That’s really all that can happen. So the market’s going sideways. Okay. Rangebound generally for the way I trade means there’s no trades there because I’m looking predominately at candle pattern and that’s my initial set up is the candle. If it’s rangebound, there’s nothing, you know, there’s no prior indecision. It’s just going flat. It’s not over bought. It’s not oversold. it’s got a trend line break.

So therefore no trade. Very easy just to move on to the next market.

The 2 basic patterns we trade.

And so we look at two quite basic and quite simple patterns, and we look for continuation patterns and we look for reversal patterns. And so those two are really when it comes down to it, all we teach and all we trade and it’s all we’ve ever taught and traded because they work, because they’re simple, they’re easy to identify.

Now when I go through and look at trades that have been successful and I go through our forum site, I go through our webinars. I go to our daily trades and I analyze my trades and I go back and look at the trades that have been really good. They pretty much all take all the boxes of what we’re looking for a successful trade.

Trading is a probability, not a guarantee.

So trading is not a guarantee, it’s a probability just because the patterns worked for the last five times and you see it again, it’s not a guarantee it’s going to work this time. It’s just a probability that with everything stacked in its favor, it’s likely to work. And so that’s when you stop bringing money management, reward risk, etc. into it as well.

Strength and weakness, all those other things. But ultimately trading should be if it’s enjoyable and it’s something that you can continue to do. You know, years ago today, years into the future, it has to be simple because it works exactly like that wheel is simple because it works and nothing can beat it.

Book a call and attend my Masterclass.

If you’d like to know more about how we trade, how we teach, you can book a call to have a chat with myself, one of my team. You can jump on to one of my masterclasses. It’s a free on demand masterclass.

Trade through Blueberry Markets.

And they’re looking for a broker. I can highly recommend. Blueberry markets are a link to the masterclass. A link to blueberry and a link to have a chat with us on the description by this video and podcast.

This is Andrew Mitchem at the Forex Trading Coach. Make trading simple because it can be. It should be. When you do it that way, it’s more profitable and certainly more enjoyable. I see this time next week, bye for now!

Episode Title: #528: Good Trading Does NOT Need to be Complicated

Signup For my Forex Masterclass

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

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