In this video:
00:18 +9% gain this week from risking just 0.5% per trade
02:09 Closing the trades out before that US Non-Farm Payroll announcement
03:49 A lot of strength has come in the JPY
04:29 Two new clients comments
Well, another +9% on my trading account this week. A Fantastic week!
Let me show you how.
Hi, Andrew Mitchem here, the Forex Trading Coach.
Today is Friday, the 7th of June, already half way through another year. And what an amazing week it’s been a +9% gain on my account this week from risking just 0.5 of 1% per trade. And let me tell you how I’ve made those trades.
Well, I’ve made just over +4% on the daily charts. Now those are the same trades that I suggest to my clients each and every day. I put the trade, the currency pair, the direction, the reasons for the trade, the entry and the exits, these are set and forget trades.
So just over +4% this week on those trades; I’ve made +1 ½% on a very simple breakout strategy that I use, and, again, my clients can use this, it’s just once a week you set that strategy up. So there’s one and a half percent gain there.
I’ve made a +2% gain on the four hourly charts this week. I’ve only taken a handful, only six trades on the four hourly charts this week. So, +2% gain there, and I’m +1 ½% up right now on Friday morning my time, on the open trades that I’ve got open.
So, all up, that’s just over +9% with a few trades still open, so great week, but really low risk. So, it comes back to that 0.5% maximum risk per trade. And you don’t need to be risking obscene amounts of money per trade or per week to do really well. So, 0.5% maximum risk on all of those trades with +9% gain for the week and still 1 ½% open.
Non-Farm Payroll Announcement
But because today’s Friday and it’s Non-Farm Payroll day later my time, so that’s 8:30 US time, Non-Farm Payroll, the monthly announcement out of the US. So, I will be closing out most of those trades before that announcement. If you’re trading on a daily chart, you might be okay to leave them through the announcement, but anything from a four hourly chart and down, anything lower than that, definitely close those trades out before that US Non-Farm announcement.
Strength and weakness analysis
Strength and weakness analysis that I make for my clients each day, this week I’ve had twenty five trades that have ended up the following day in the correct direction and fourteen that have not. Now, they’re not so much to say this is where the currency will end this time tomorrow, it’s to say this is the strength – I’m looking at strength in these pairs, or weakness in these pairs.
So, when my clients then go to trade on shorter time frame charts, it helps them to trade in the correct direction, or what the direction that I’m seeing myself for the upcoming day. So, it helps you stay on the right side of the market and can really help eliminate some of those trades that may look like good setups, but end up failing.
And so twenty-five successful trade suggestions there and fourteen that ended up not being on the right side, but you still could have taken some successful trades out of those fourteen within the course of the day, it’s just that by the end of the day, they closed in the opposite direction than what I was anticipating at the start.
So, like I mentioned, Non-Farm Payrolls later today, the charts this week, what have we seen?
Well, we’ve seen a lot of weakness in the USD, huge weakness. We’ve also seen some weakness in the commodity currencies continue from the last week and probably the week before, so therefore the AUD, the NZD, the CAD, all have weakened throughout the entire week, and the US has been the biggest losing currency of the entire week, some huge losses on Thursday.
The gainers have been the JPY, a lot of strength has come in the JPY, and also the GBP, the EUR and the Swiss Franc have also shown strength. But, I mentioned to my clients today, being Friday, a lot of support and resistance levels have been hit today, and so I’ve actually taken no new trades on the daily charts myself for today, and also being non-farm payrolls. It’s just easier to stay out of the market, but I do have some trades that are open from this time yesterday, I’m just monitoring. They’re the ones that are up +1 ½% on open trades as I speak.
New Clients Feedback
Also wanted to share with you this, I just had a couple of e-mails come through, and I’ve printed them out here. These are from two clients who have just joined over the last couple of weeks.
I’ll just read the first one. This is from Craig over in Perth in Australia:
Hi Andrew, I’ve heard your course for a bit over two weeks now and I only wish I’d found this much sooner, as it would have saved me plenty of money which I wasted on so-called other experts. So a big thank you to you, love the course. Cheers, Craig.
So, it’s Craig over in Perth.
And another one here from Ray over in New York in the US:
Andrew, I’m blown away by your course. I’ve been trading Forex for five years with only marginal success, but now that I’m into your course, I can see it coming together seamlessly. Thank you for your excellent support as well, it’s very much appreciated.
So, that’s from Ray over in New York.
So, it’s a couple of people there that have joined up in the last few weeks. I just wanted to share those with you. If you are thinking of joining my course, I’d love for you to be one of these people like here, like Ray and Craig. People that have been trading for a number of years, especially in Ray’s case here, five years he says, and he’s blown away by the course.
Are you struggling with your trading?
So, if you’re struggling with your trading, if your sort of sitting on the fence, let me know what I can do to help you, contact me, send me an e-mail.
If there’s anything I can do to help you be successful with your trading, I would love to have that opportunity to help you.
Like I said, I’ve made over +9% this week, it is a better than average week, definitely, but if you’d like to be one of those people who is able to achieve results like that for yourself as an independent profitable trader, let me know.
That’s it for this week.
Be careful with Non-Farm Payrolls!
Look forward to talking to you this time next week.