How’s your trading going so far this year?
In this weekly video:
00:25 – Mid way through July – how are your results?
01:09 – Tough trading year in 2018
01:34 – Trades from my live webinars – success on the H8 charts
03:15 – Trading the same way for 12+ years so it’s well proven
04:39 – Automated trade copier service producing amazing results
05:50 – Assess your trading results – Summary
How's your trading going this year? Have you assessed it yet overall? Is it going good? Is it going not so good? Let's talk about that and more right now.
Hey Forex traders, Andrew Mitchem here, the Forex Trading Coach with video and podcast number 282.
Mid way through July – how are your results?
So we're now midway through July. I think it's quite a good time to assess how your year is going so far. Have you had a good year so far? Have you got to about a break even stage? Are you losing? How's it going? How are you finding the conditions? It's quite a nice time of year to be reflecting on what's happened; we're sort of … We've passed the six months, full six months through the year. If things aren't going quite so well, it's now time to do something about that before all of a sudden we find ourselves from July now through to suddenly it will be Christmas time again and another year's gone. So it's important that you do something about it right now if you're trading's not going so well.
Tough trading year in 2018
Now I read a report on Forex Factory just yesterday morning and it was talking about how the 2018 year has been quite a difficult trading year for a lot of the larger financial institutions. So it's really interesting to see that those guys with a lot of their traditional ways of trading are finding things quite difficult. That was an article on Forex Factory.
Trades from my live webinars – success on the H8 charts
It's also interesting that every time I hold a live webinar, I'm putting the webinar together and I'm looking at trades that I've taken myself over the last week or clients have posted either on our forum site or emailed through to me and it's really interesting that when we trade a variety of different timeframe charts we find that for whatever reason, and I don't know the answer I can't explain why, but different timeframes seem to be producing better trade setups depending on the market conditions at that time.
As an example: I use some software that I've had created that allows me to trade eight hour charts on the standard MT4 account, which is not a normal timeframe that you can trade on MT4. This week, we've had an enormous amount of very high quality trade setups on the eight hour charts. When I held my webinar previously, the six hour charts showed really good setups. But I went through the six hour charts before presenting the webinar with the benefit of hindsight and could only find about three really good trade setups for the week, not many. However, we did have one six hour chart trade that I took on the webinar, but there were only three previously to that. Whereas the eight hour charts I think I had around 15 trade setups. Not all of them I took myself because of the time of day and night et cetera when the eight hours change over, but I took a lot of them myself and the others other people had taken themselves and posted.
So there were an enormous amount of good trade setups on the eight hour charts this week. Why the eight hour charts work? Who knows? Can't explain it.
Trading the same way for 12+ years so it’s well proven
But what it does mean though is that when you trade the same strategy that we trade in, we teach … And bear in mind I've been trading this same strategy for 12 plus years, been teaching it for nine plus years now, the beauty is that it's a proven strategy across all market conditions. It just means that on certain times depending on the current conditions, different timeframes will show us higher quality and more quality setups than other timeframes. You don't know that in advance.
The point I'm trying to make is if you have a strategy that works and that's proven to work, like my strategy, the beauty is it can work on any timeframe and any currency pair. So the beauty of also trading the slightly longer timeframe charts, such as like the six and eight and 12 hour charts, is you know exactly when you need to look at your computer. So if you wanted to trade all three eight hour charts in a day, you just need to look three times a day. Now, for most people that's probably not something you're going to be able to do. I personally trade the eight hour charts twice a day. I don't look when it's my early hours of the morning, because I'd rather be sleeping. But it still allows me two out of three times per day I can look at the close of the eight hour charts. Real simple, takes just a few minutes twice a day to do that. It really does help.
Automated trade copier service producing amazing results
The other thing I shared with my clients last night and I've mentioned it on these webinars and videos and podcasts in the past is my amazing trade copier service. It will take you five minutes to set up. You need an MT4 account and you link it through to the trade copier software that I use by Forex Solutions. Within five minutes your account can be auto traded using my own trading algorithms. It's an amazingly beneficial way of adding to your account. Now, if you did nothing else than traded at the default risk, which is really low risk by the way, you'd be up over 23.5% today since this service started in November. Now, you could also choose to trade at twice the default risk, that means you would be up around 47% since November. Or you could trade at three times the risk. Whatever it is that suits you. It's an amazing way of adding to your account without doing anything apart from linking it which takes five minutes of work, and a monthly subscription fee.
So I'll put a link below this video and podcast to my trade copier service, if that's something you'd like to jump on board with.
Assess your trading results – Summary
But just remember to assess your trading right now as we're more than midway through the year. If you're going good, fantastic, great. Don't change anything. Stick being methodical and keep accumulating. If things are at break even or losing or you're tearing your hair out, it's about to go wrong and you're about to give up, then I strongly suggest you look at my help with my five star rated coaching course or have a look at the trade copier.
So this is Andrew Mitchem, the Forex Trading Coach. Go and assess your results and your performance right now and let me know if I can help.