How to make 2021 an excellent trading year
#395: How to make 2021 an excellent trading year
In this video:
00:30 – Set your goals for the New Year
01:40 – Trading on the close of a candle
02:22 – Document your trades
02:42 – Client makes +2.75% gain in one trade
03:57 – TFTC Pattern Trader bot software
04:57 – Looking forward to a great year ahead
05:40 – Future podcast topics
So, 2021. How are you going to ensure this is a great year for you as a forex trader? Let’s talk about that more right now.
Hey, traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 395.
Set your goals for the New Year
Come outside here, as it’s a beautiful day today, and wanted to talk about goals for 2021. It’s really important that you have some goals, that you think about your trading, you look at last year’s performance. What was good? What was not good? If you’re new to trading, you’re probably in some ways a better off position, because you can start right now in January and focus on making this year a really good year, but you need a plan. And it was one of the things that we discussed on our last webinar with our clients. Held it just last night. Two and a half hour live webinar. First one for the year.
We go through our trading goals. We look at when we’re wanting to trade, what timeframes, what patterns we’re looking at, continuations, reversals, risk per trade. What do you do if a few trades go wrong? What do you do if you make really good trades? Do you keep trading? Do you stop trading? What happens if you can’t access your broker’s platform, your internet goes down? Different timeframe charts, are you going to take different risk on each trade? How are you going to place your entries, your stop losses, your profit targets? All those things that we look at and we discuss, and we come up with a trading plan that suits the individual person.
Trading on the close of a candle
Now, with my strategy, we only look at taking a trade on the close of a candle, so it’s very easy to know when to look at your charts, but with different people all around the world with different time zones, different time restrictions of availability, it’s important to plan what works for you. Now, as I said, we make sure that clients have a plan and it’s something that’s realistic, easy to stick to. Really, there’s no reason why you can’t trade in under 30 minutes per day. That’s what we do, and that’s what we’ve done for years and years. But it’s just about helping people to establish that plan, and I really encourage you to have a plan yourself as well.
Document your trades
Also about, when you record trades, are you writing them down on spreadsheets? Are you taking screenshots, et cetera? What are you doing to document, journal and analyse your trading performance as you go through this year? So some important tips there to work on. Just email me if you need any help, [email protected]
Client makes +2.75% gain in one trade
With our trade so far this year, we’ve been trading just this one week, and we’ve already had very profitable trades on the daily charts, the 12 hours, eight hours, four hours, two-hour and one-hour charts. Had an email from a client who said that he’s already made, on his very first trade on gold on the one-hour chart, made a 2.75% account gain already, which is fantastic.
On the live webinar yesterday, I took two two-hour chart trades; one on Euro yen, which lost, and one on the New Zealand-Canadian, which was profitable. The profitable trade completely got back all the loss of the first trade and more. I risked only a quarter of 1% on each trade and ended up making plus 0.2% gain from those two trades, with one quarter percent loss and the other making almost a half a cent. So a net gain there of 0.21% on the two trades, live, in front of clients. We’ve had some good profitable weekly chart trades. Our breakout trade worked this week and made another half percent gain. So a great start to the year, considering we’re only in the first week. Overall, I think I’m about 3.2% up for the week so far.
TFTC Pattern Trader bot software
We also discussed our pattern trader software, our TFTC Pattern Trader software. Awesome software. Some more enhancements made over the last few weeks on that, and the gains have been incredible. Our top 20 leaderboard of people who have created their own bots using our software, using my strategy, very easy to do, the top 20, every single one so far has had over an 8% gain on live trade since they started. And a predicted annual return on the top 20, the very minimum so far is predicted to be 19%. The highest so far are predicted to be 390%, according to the stats that that person’s had so far with our bots. Just incredible results and performance, and they are either on semi-automated or completely automated trading as well. So, between 19 and 390, so it just shows what people are achieving there.
Looking forward to a great year ahead
The message of this video and podcast is, one, welcome back. Welcome to 2021. Looking forward to getting back into the weekly podcasts and videos again, after a few weeks break. And really enjoyed the break as well, being summertime here in New Zealand. Really, the message right now at the beginning of the month is plan, plan and more planning. Get that right now and you’ll benefit from that as we go through the year.
So if you need any help at all with your trading, or if you’re interested in joining us and taking your trading to the next step by massively shortcutting your learning process, just reply to my email address, [email protected], and I’ll see you this time next week.
Future podcast topics
If anybody has any questions you’d like me to discuss on future podcasts and videos, or topics, just send me an email and I’ll gladly discuss those and help you further with your forex trading. Bye for now.
Episode Title: #395: How to make 2021 an excellent trading year