How to trade in 10 minutes a day or less
In this video:
00:29 – On holiday in the South of France and made +2.2% account gain this week
00:39 – 10 minutes trading per day and clients can copy the same trades
01:23 – You don’t need to be glued to the screen all day
01:43 – The USD/CAD has fallen well this week
01:55 – GBP weakness continues. How to look for suitable opportunities
02:48 – Continuation and reversal patterns
03:40 – High reward:risk trades
04:30 – A bigger gain in 1 week than the French banks will pay in 1 year
If you'd like to know how to trade in just 10 minutes a day or less, find out more. I've got some great tips for you.
I'm Forex Trader's Andrew Mitchem, The Forex Trading Coach. Today is Friday the 19th of August and I'm on holiday in the beautiful South of France, as you can see behind me here. Beautiful villages, great place to look around.
On holiday in the South of France and made +2.2% account gain this week
Now I‘ve been here for the last week and this week I've made 2.2% on my accounts so far and that's from just 10 minutes work once per day, trading just the daily charts.
10 minutes trading per day and clients can copy the same trades
For my clients they could copy exactly the same trades or have copied exactly the same trades and done just as well, plus, of course, they could be taking trades on other time frames as well. The 2.2 is just from me taking just 10 minutes work once a day in the evening over here, which is the 5PM close of New York charts. It shows what can be done. You don't need to be glued to your charts all the time. You can travel, you can be here on holiday. For me, on the other side of the world with my son, having a great time looking around, and in the evening looking through the daily charts, placing a trade and then just letting the market do its thing.
You don’t need to be glued to the screen all day
From there, what can we learn? Well on the chart, first from that we can learn, as I've mentioned, you don't have to be glued to the screen all day, because so many people think that they have to be tied to the charts. That's fine if you like those shorter time frame charts but you don't have to do that all the time. Far less stress by trading longer time frame charts as well.
The USD/CAD has fallen well this week
On the charts we've seen the US/Canadian dollar falling this week. We've also seen a little bit of strength in the Aussie dollar and the New Zealand dollar, so the commodity currencies have shown a bit of strength.
GBP weakness continues. How to look for suitable opportunities
One thing I did want to mention is earlier in this week or the last few weeks, as you know the British pound's continuing to fall and fall. It keeps dropping. However, earlier this week I actually took a buy trade-in. I suggested to clients a buy trade-in and I suggested freely available on my website to look for buy trades on the British pound pairs earlier in the week. In particular I took a trade on the British pound/Australia dollar. It made fantastic profit and it was a kind of a reversal trade because the pound/Aussie and the pound against all currencies has been falling quite a lot.
It looked like it was bottoming out and I took a reversal trade, as in after the downtrend had occurred, looking to buy it back again. Because it was against such a massive previous trend I was aware that it was a slightly higher risk trade but it was also a reversal trade against, I suppose, the longer-term trend.
Continuation and reversal patterns
By exiting the way that I teach and the way that I trade, it meant I was out of the trade full profit. Now as I've looked at the charts just before I made this video, the pound/Australian dollar's now starting to fall away again and all the pound pairs are now starting to turn around. Later tonight my time, on the close of the daily charts, I'll probably be looking at a sell trade on the pound/Australian dollar, so that's a continuation trade.
A continuation trade is what I'm looking for now, after we've had the downtrend or pull back and then continuing the downtrend again. Earlier in the week, the trade that's already been in and hit profit, that was a reversal. Big downtrend looking for that trade to bottom out and then looking for the reversal back again. Because it was a reversal, wasn't looking for that to go on for days, and days, and days.
High reward:risk trades
It was just unlikely for that to happen so the exit target meant I was out of that trade. I think it was about a 3.2 to 1 reward to risk trade. In other words, on a half percent risk that's 1.6% account gain. That's the difference between a reversal trade and a continuation trade with both of them are showing really good setups just in this 1 week.
I suppose the lesson of this video is, 1, look for reversals, look for continuations. If you do have a strong trend and you're looking for a reversal, don't expect it to go on forever and be the magic trade every time. If you don't like reversals, wait for a pull back and then, in the case of a sell trade, look to ride the trend down again after you've had confirmation that the reversal's finished. Of course the other lesson is you can be places like this, you can be on holiday, you can trade just once a day and, like I said, 2.2% account gains so far.
A bigger gain in 1 week than the French banks will pay in 1 year
I've had a look around some banks here in France. Their interest rates are terrible, they're sort of less than 1%. Even bonds, I've seen people here with government bonds. They've got to hold them for 5 years and they're only paying about 2%.
2.2% just in this week so far just shows how great the Forex market can be. When you look around at other investments out there there's very little investments that come to remotely close, to be honest.
Enjoy the rest of your weekend. I look forward to talking to you this time next week when I'll be back in New Zealand again.