How to Trade Crypto’s, Indices and the Commodity Markets
#516: How to Trade Crypto’s, Indices and the Commodity Markets
In this video:
00:28 – We don’t only trade the Forex market
00:50 – Bitcoin’s massive crash in price
02:03 – We trade Crypto’s in the same way as we trade the Forex market
03:07 – Trading the Patterns that work
03:27 – Indices taken just this week
03:58 – Book a call with me and my team
04:31 – Blueberry Markets
So you want to know a safe way in which you can trade cryptos, but also indices, commodities as well as the forex market. Let me explain how we do that. Right now.
Hey, the Forex Traders! This is Andrew Mitchem at the Forex Trading Coach with video and podcast number 516.
We don’t only trade the Forex market
So obviously at the Forex Trading Coach we trade the forex market, but there’s so many of you out there that want to look at other markets as well, and metals, indices, other commodities and of course cryptos.
Now crypto has been still the buzz word, although things have just quietened it off a little bit. But you know, the issue that I see with a lot of those markets.
Bitcoin’s massive crash in price
Especially if you look at Bitcoin, for example, you know, the most well known crypto is that if you go back, let’s say to the end of 2021, Bitcoin was up around $69,000 and everybody was predicting it was going to get to 100,000 and then just keep going.
And of course, what happened? Well, it did the complete opposite. It absolutely crashed and it fell away. And by the way, back then, I predicted that would happen. And I was looking at the charts and looking at the monthly or the weekly charts back then. And on one of my live webinars clients, I said, it’s going to really drop. And we have a price prediction level. And guess what? It did that and ended up going even further.
But here we are right now, August 2023, and right now the price of Bitcoin is around $26,000. And imagine being back then sort of 65, 68, 69, just about reached $69,000, but somewhere around about then and, you know, buying a whole lot of Bitcoin. First of all, you need a huge amount of money upfront and to invest. But also if you’ve bought a $65,000 and it sort of dropped to today, $26,000, that’s a massive loss. You’ve taken that huge hit.
We trade Crypto’s in the same way as we trade the Forex market
And so the way that we trade cryptos, just this week I’ve taken trades on Bitcoin itself and the Etherium and also Chainlink is exactly the same as looking at the forex market.
So we can buy, we can sell, you know, go long and short week and look at the same charts on our Metatrader 4, Metatrader 5 and we have the same patterns, the same candle patterns. We’re looking for continuations, we’re looking for reversals. We can use different time frame charts. We have the same risk of our trade goes against us.
We have the same reward to risk. We’re looking at the same time of day. So there’s nothing different to what we’re doing trading, say, like cryptos than if we were trading the EUR/USD for example. And that’s the beauty of it. It’s just opened up a massive bigger amount of markets. And therefore when we come to look at chart patterns, which is what we do, we’re looking for patterns and we know the patterns that we look at have high probability of a successful outcome based off history in all the years of doing what we’re doing.
Trading the Patterns that work
So when it comes to the pattern, I’m not really bothered if I’m taking a trade on Bitcoin or Chainlink or the EUR/USD. It does not matter to me. And so we’re taking the patterns based on what we know works for us. So that’s for me is the way that I can trade these other markets.
Indices taken just this week
And so I’ve also on the indices, I’ve taken trades on the Nasdaq, the Footsie, the China H the US500 and on the commodities.
I’ve taken trades on Wheat. Last week I took a trader on Zinc on the metals. So we are out there looking at those markets when they show good set up. So for me that’s how you should look at trading some of those non forex markets exactly the same way. The beauty is you don’t need to learn anything new, you just need to understand how we trade.
Book a call with me and my team
Now what I’d also like to offer you, if you’ve not taken advantage of this year, is to have a chat with us, either with myself or one of my team. You can book a call and talk to us about your trading, where you need help, how we can potentially help you and give you some helpful tips and information.
So if you’d like to have a chat with one of us, like a 30 or 40 minute conversation. Book in a time, there’s not a lot of times each week, but book in a time. I’ll put a link here on this video and podcast. So wherever you are watching or listening, you will find a link to our booking calendar.
And finally, if you’re looking for a good high quality broker here, you can trade metals, the indices, cryptos, commodities and of course the forex markets look no further than blueberry markets. A fantastic broker Metatrader 4, Metatrader 5. Huge amount of different charts available. Very good spreads, good people and I will also put a link to them here as well.
So that’s it for this week. As I mentioned, you have a look at a variety of different instruments. Don’t just stick to forex. If you’re out there looking at more, there are more available, but it doesn’t take you really any more time. You’re looking for the same pattern. It works. Get in touch with us. Take advantage of that call as well.
If you’d like to have a chat with us. Don’t forget to book your call up this week.
This is Andrew Mitchem here, the owner of the Forex Trading Coach. See, this time next week. Bye for now.