How Much Time Do You Spend Trading Each Day?
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#464: How Much Time Do You Spend Trading Each Day?
In this video:
00:25 – Results from my survey
01:31 – 2 easy fixes
03:18 – My first client trades MN1 and W1 charts
04:01 – I publish D1 chart trades every day
04:55 – Take a look at Blueberry Markets
How much time do you spend each day looking at your charts? I bet it’s too much. Let’s see how we can help you reduce that right now.
Hi, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 464.
Results from my survey
Now, earlier this week, I sent out a survey to people on my list and I asked them what their biggest issue is in trading right now. And a lot of people came back with the answers that you would expect, with lack of strategy, not understanding money management, too many indicators, not knowing which way to trade, stop losses, all those type of things, but a point that came out, which was really, really quite common and quite scary in some ways, is that so many of you are spending so much time looking at your charts, glued to your computer screen, thinking that that’s the right way to trade. And pretty much everybody who wrote back who is, they’re not clients, by the way, these are just non-clients, but pretty much everybody that wrote back is either making a little bit, breaking even, and the vast majority losing. And there was quite a common theme between people just not making money, but spending way too much time trying to lose money. Not a good combination.
2 easy fixes
So two easy fixes that I have for you, which will absolutely change your trading around. Number one, look at the longer timeframe charts, without a doubt. Most people were saying, “Look, I’m scalping, and I want to scalp, and I want to take lots of trades, and take five-minute and 15-minute chart trades.” Just do not do that. Start on the longer timeframe charts. If you are struggling to trade, I’d suggest you wouldn’t do anything shorter than a four-hour chart. But look at the longer timeframe charts, at least look at the dailies once a day. That would be my first pick. Get longer timeframe charts, less chart time, more quality, less trades.
And the second thing is only look at your charts at the close of a candle. So you don’t need to be sitting there, watching every pip move up and down, worrying about a five-minute candle or a one-minute candle, stressing that it’s now green, now it’s red, and, “Oh my goodness, what am I going to do?” Don’t do that. Get on the longer timeframe charts, look at the close of a candle. If you are trading four-hour charts, you know when to look at your charts, you know when the market opens, you know when the four-hour chart closes because it’s four hours after it opens. It’s not difficult. And that blows me away, when people go, “Well, when do the four-hour charts change?” Well, look at when it opens, and four hours means it’s going to close four hours after that time. Again, it’s not difficult. People here who want to be currency traders in a professional business, but cannot work out a simple thing like when a candle opens and closes, you got to do your research, guys. And you’ve got to understand these simple, simple, basic things to get somewhere in your trading. So longer timeframe charts, look at the close of a candle. That will fix a lot of your issues.
My first client trades MN1 and W1 charts
But my very first client who I went over to [inaudible 00:03:05] in Australia, he owns a restaurant, and several restaurants, I think now, he still today, to this day, trades monthly charts once a month and weekly charts each Monday, and that’s it. That’s all he does. And he’s still trading some 13 years later after I flew over there and taught him how to trade my strategy. That’s it. He would be trading maybe 10 minutes once a week, that’s it. Still making money, still loving his trading, can do it with his work. So you do not have to be sitting there, spending like 6, 8, 10, 12 hours a day glued to charts, watching every pip move up and down. At least I suggest you get on to, and like I mentioned earlier, look at the daily charts once a day.
I publish D1 chart trades every day
Now, I publish for our full clients, our full coaching programme clients, trades based off the daily charts, each day on our membership site. They have been profitable every single year since I started in 2010. Every single year. There will generally be one to maybe five trades per day. Some days, there are no trades, Today, there were no trades. So instead, we then went through the shorter timeframe charts, and instead we published two six-hour chart trades for our clients to follow, because there were nothing and there were no setups on the daily charts. That’s just the nature of the market.
By the way, right now, because we’re in July, the market can tend to be a little bit quieter due to Northern hemisphere. Summer season, it happens pretty much every year in July, it gets a little bit quiet. So I strongly suggest that the less-is-more principle applies. You take less trades, higher quality trades.
Take a look at Blueberry Markets
Now, if you’re looking at somewhere to go in terms of where to place your trades, a broker, as I mentioned here, all the time, because they’re very, very good, they’re very reliable, every time I send people to them or suggest to people, “Go and check them out,” the feedback’s always 100% perfect, always is without fail. Have a look at Blueberry Markets. They’re based in Australia, but you can pretty much be anywhere in the world, apart from the states, and a couple of other countries cannot trade through them, but pretty much all other countries can. Have a look at their MT5 platform, especially because there are so many more different markets and instruments which you can now trade. The cryptos, of course, the commodities, the indices, and lots and lots of Forex pairs as well. I’ll put a link to Blueberry Markets on this page under this video and podcast and post, and I’ll also put a link to our full coaching programme, if you’d like to take your trading to that very top level with our help.
So this is Andrew Mitchem here at The Forex Trading Coach. Get onto longer timeframe charts. Look at the close of a candle. Don’t bother in-between, it will not help your trading, but get onto the longer timeframes and just look maybe 10, 15 minutes once a day. It will massively help your trading. Anything you need, just ask, [email protected], and I’ll see you this time next week. Bye for now.