How to make Hundreds or Thousands of Dollars per Trade
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | Blubrry | TuneIn | RSS
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
Click Here to Watch Prop Firm Masterclass
#541: How to make Hundreds or Thousands of Dollars per Trade
In this video:
00:26 – How anyone can make hundreds or thousands of dollars per trade.
00:59 – Trade with the trend.
01:38 – Reversals and Continuation candle patterns.
02:11 – AUD/CHF H12 chart hits profit.
03:20 – Use Prop Firms to scale up your gains.
04:08 – AUD/CAD D1 trade hits the profit target in 5 hours.
04:45 – You cannot take every Continuation pattern as a new trade.
06:46 – Trade through Blueberry Markets.
07:38 – Attend my Masterclass, Prop Firm webinar and book a call with us.
Today, I’m going to show you how you can make hundreds, if not thousands of dollars per trade in just a matter of a few minutes per day. Let’s get into that and more right now.
Hey there, traders! It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 541.
How anyone can make hundreds or thousands of dollars per trade.
So today I want to share with you how you, anybody it doesn’t matter where you live in the world can make hundreds, if not thousands of dollars on a single trade. That takes you just minutes per day of chart time to see and to take.
It’s a really exciting opportunity that Forex offers. And the important thing for me is as a trader, I like to have high probability trades. You see, it’s not so much by how many trades you take. It’s about the quality of the trades.
Trade with the trend.
Now you’ve probably, if you’ve been trading for any length of time, heard the phrase about trading with the trend and it’s a fairly logical phrase and expression because it makes sense, doesn’t it?
If the market’s in a big uptrend that you should be taking buy trades. However, it’s not quite as easy as that. And the trouble is a lot of people see a big trend and then they go, it’s in an uptrend. I’m going to take it buy trade. And of course the market hits a high, turns around and stops and they take a loss.
That is the danger that most people are reactionary and only see it’s an uptrend after it’s already done and completed and it’s back to then turn back the other way.
Reversals and Continuation candle patterns.
For me as a trader, I trade two different patterns. I trade reversal patterns, which does mean selling at the top of an uptrend. But my favorite and preferred pattern is a Continuation Pattern.
Now, I’m going to give you two examples from just this week of continuation patterns. So you can go and have a look at your charts. If you’re watching, YouTube will probably put these on screen so you can see them. Obviously, if you’re on a podcast, then you just have to go and find them on your charts. But two trades to give great examples of what I mean by continuation patterns, both profitable trades for us this week.
AUD/CHF H12 chart hits profit.
The first is a 12 hour chart trade on the AUD/CHF. If you go and have a look at the AUD/CHF from the 18th of March 2024, look at the 00:00 candle. So it’s the completion of that candle, which means that the day starts at 5 p.m. New York time, but it means that that candle then closes at 5 a.m. New York time.
So have a look at the charts. The 00:00 Opening Candle, The AUD/CHF 12 Hour chart 18th of March 2024. Go and have a look at that pattern and hopefully we’ll get that screenshot put on here so you can see if you’re viewing the video. We took a buy trade there. What happened? The market moved up, it pulled back, we waited for it to pull back and then we waited for a confirmation signal to go long again, trading in the main direction.
But after that pullback and as you can see, we took a really good trade there. And even on a small account, I made about $230. And what took me probably literally 30 seconds to see the trade place to trade and walk away.
Now, I said you can make hundreds if not thousands of dollars per trade. I’ve just told you I’ve made 230 on that personal account.
Use Prop Firms to scale up your gains.
But we have things called prop firms don’t we? Now, if you’re trading on a prop firm with, let’s say, $100,000 or $100,000 or two or three prop firms, you take that trade on there, you can quite easily make thousands of dollars from that particular trade. Now, going back to my $230 profit that hopefully you’ll see on screen shortly that is taken with only a quarter of 1% risk per trade split over two positions.
So tiny, tiny, tiny risk that I take on my trades, because when you’re trading on prop firms and on your own personal account, of course you have to minimize your losses and your drawdowns. And I choose to trade very, very low risk on prop firm accounts because my aim is not to lose the account. So that is one example.
AUD/CAD D1 trade hits the profit target in 5 hours.
Another example from just today. Today is Thursday, the 21st of March 2024. I’ve taken seven daily chart trades today, but one of them on the AUD/CAD has already hit the profit target in under 5 hours. So have a look at the AUD/CAD on for the 21st of March. So look at the closed candle, complete a candle of the 20th of March and on the daily chart and we took a buy trade there.
It’s already hit the profit target and again I’ll try and get the screenshot on there for you to see. So those are two great examples of continuation patterns.
You cannot take every Continuation pattern as a new trade.
Now can you take every single continuation pattern that you see on the chart? No, you cannot. You has to have more than just the pattern. It has to be in the right part of the chart. You have to have other things backing up the charts, backing up the trade, such as like the pullback in exhaustion, maybe a bounce if it’s a buy trade off, a previous swing high, maybe off the pivot point, maybe off the middle Bollinger band, off of round number, etc. So all those things we add and we look at and that’s what we teach and that’s why we have high quality, high probability trades.
Now of course you get all of that and you get fantastic. Andrew I can see the pattern. You then need the reward to risk and the money management in order to be successful because we’re all about high probability trades and high win rates. But of course there’s every trade, even if it’s a high quality trade work. No, it doesn’t.
So you have to keep your risk low and controlled on every single trade. Doesn’t matter what the pair, the timeframe, the stop loss size, every trade for me has lower and equal risk. However, if I get profitable trades and that means, you know, trade that gets to the profit target, it means that I make somewhere between a 2 to 1 and 4 to 1 on most of my trades reward to risk.
So that means that I can be wrong half the time or even more than 50% of the time and still make very good money from my trades. So that to me is if you pick one pattern, you pick a continuation pattern. I hope that helps because that’s going to massively increase your chance of successful trades, enjoyable trades, high percentage win rates, plus the high reward to risk.
And that’s how you can make hundreds of trade, hundreds of dollars per trade or thousands, depending on your own account or prop firms still with very low risk.
Now, of course, you can make thousands of dollars per trade on a very small account, but you’re going to be risking silly amounts and it will probably go wrong and you’ll blow the account.
For me, it’s always about capital preservation, keeping risk low per trade. So it’s really important that you do that.
Trade through Blueberry Markets
And if you’re out there looking for a good broker, I can highly recommend Blueberry Markets that based in Australia, they offer the MT4 and MT5 platform. The MT5 platform has just an enormous array of different markets forex, indices, commodities, cryptos, metals, etc. But also what I love about it is right there looking for like 12 hour charts like the AUD/CHF that I mentioned at the beginning of this video and podcast.
You’ve got the 12 hour charts built in to MT5 automatically. Now we have software that allows two, three, six, eight, 12 hour charts on MT4, but in all honesty, it’s a lot easier to get MT5 if you’re broker offers of that. And just to have that as a default timeframe. So Blueberry Market. So one of those brokers that also the MT5 platform highly recommend, you go and check them out if you’re looking for a good broker the other thing to mention
Attend my Masterclass, Prop Firm webinar and book a call with us.
If you’ve not been on my masterclass yet, it’s a one hour On-Demand session and teaches you all about trading. How we trade gives you lots of trading examples that we’ve taken on live accounts.
And also if you want to have a call with us, you can book a call there’s a link to that as well.
By the way, the two trades not just mentioned, there’s lots like that today. I’ve taken seven trades on the daily chart, trades in four on the 12 hour charts, but there’s lots and lots of examples.
All of them published those too. I’ve mentioned they’re are on my daily trades suggestions on a membership site and a forum site for our clients to do exactly the same from and profit and to be successful.
If you’d like to come on board and join us, send me an email [email protected] and we’d be glad to have you. I see you this time next week. Bye for now!
Episode Title: #541: How to make Hundreds or Thousands of Dollars per Trade
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
Click Here to Watch Prop Firm Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | Blubrry | TuneIn | RSS
