It Never Rains but It Pours
#433: It Never Rains but It Pours
In this video:
00:23 – Common phrases and trading Forex
00:55 – Trading becomes boring, and you make mistakes
01:27 – 2 perfect examples from this week’s trading
02:37 – This week’s Daily trades
03:24 – Just be patient and wait for the setups
04:07 – Trade when the conditions are good
04:52 – Take a look at Blueberry Markets
05:36 – Get onto one of my free webinars to learn more
You’ve heard the saying, “It never rains, but it pours.” The same happens in trading. Let me explain what I mean right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 433.
Common phrases and trading Forex
I want to talk about a couple of analogies you may have heard of. You’ve heard the phrase, “It never rains, but it pours.” You’ve heard the phrase, “May hay while the sun shines.” They are exactly applicable when it comes to trading. What I mean by that is you have to wait for the right trading conditions. Now as traders sometimes that can be our downfall, and it’s a big mistake that so many people make and fall into that trap.
Trading becomes boring, and you make mistakes
You see when you’re not trading it’s pretty much boring. You’re not doing anything, and the issue then becomes is you start breaking your rules. You start forcing things to happen that you should really do. You start taking B-grade set ups, simply because you want to take something. It’s very hard to force yourself not to do that. But if you can get yourself to trade the conditions of when the high quality trade setups show, you will without doubt do so much better from your trading.
2 perfect examples from this week’s trading
Now just this week, I’ve got two perfect examples to share with you. So last night, Thursday night my time, I held our live weekly client’s webinar; a two hour live session where we trade live. I trade the European session. The following week Paul Tillman trades the US session and then back to the European session with me the week after. So last night, not a lot happened for the first hour and 50 minutes. Now we were covering previous trades, we were discussing trades that a few people had open and some very good trades. We were showing some good weekly and monthly chart trades. We had lots happening, but nothing really was going on live in the market.
Then leading up to the end of the session where we look at the 12 hour and six hour and four hour and two hour charts, we took one six hour chart trade and three on the 12 hour. Two of those hit profit already, and two are still open and in excellent profit. So nothing happened in terms of live real trades in the market for almost all of that session until then end, and then there was lots happening.
This week’s Daily trades
This week on the daily charts, we’ve had the same thing. Up until Thursdays, from Monday to Thursday, we posted just one trade. Now, most days we trade between about one and three daily charts. But up until Thursday, for four days of this week, we posted just one trade on the dailies. We had a really good weekly chart trade that hit profit, but only one trade on the daily charts. That was on oil as well. So we’ve had no Forex pairs for the first four days of this week. Today, Friday, we are the 22nd of October. We have posted 11 trades on the daily charts; one on Bitcoin as a crypto trade, as a sell, and 10 Forex pairs.
Just be patient and wait for the setups
So the point being is just be patient. Just wait for the setups. The setups will come, it’s just you don’t know when. So that’s why you have to be patient. If the trades are not there, don’t force anything, don’t take anything. Likewise today, and going back to the “It never rains, but it pours,” today is one of those days. It took us so long to write the daily trades up today with all the reasons why we’re taking the trade, the exact entry, the exact exit, et cetera and then actually placing the trades. 11 trades were placed on the daily chart trades today.
Trade when the conditions are good
So, “Make hay while the sun shines.” It’s a true phrase. When the conditions are right, just get out there and do it and make it and profit from it. If conditions are not good, don’t take them. And if you can overcome that mental hurdle and obstacle in your trading and learn to have patience and learn to wait, then… So that’s all about waiting, but also don’t procrastinate. So when you see the conditions, get in there and take the trades. Don’t go, “I’m not sure, I’ve only taken one I don’t want to take too many this week.” Don’t think that. If the trades are there, you take the trades according to your strategy of course. So I hope that helps. Feel free to share this video with anybody who you think may be interested in trading.
Take a look at Blueberry Markets
One more thing: don’t forget of course Blueberry Markets. Wonderful broker, lots of people are going there now. A lot of people watching these video and podcasts and see me talking about Blueberry… I’ve had a couple of phone calls just the week from people saying, “Hey look. I’m not in Australia. Can I trade with Blueberry?” Yes, you can. You can trade with Blueberry in a lot of countries around the world. Really decent broker. I’ve used them for years. I know them, met them in person back in those days. Remember those days when we were allowed to travel and go on aeroplanes and go to a different country? Back in those days I met Ben and Dean over in Australia. Neat guys, great company. If you’re looking for a decent broker, consider Blueberry Markets. I’ll put a link to them on this video post and podcast.
Take a look at Blueberry Markets
And by the way, if you’ve not been on one of my free webinars, I have webinars each week designed especially for new traders, and another one especially for the more experienced trader. Just pick the webinar time that suits you the best start time, or you can choose to watch a previous replay if you’d like to watch one straight away on demand. I’ll put the links to both of those two sessions on here as well. So I hope that helps. Be patient in your trading, wait for the right setups. When they come, take them profit. Do well from the market. That’s how you trade. I’ll see you this time next week. This is Andrew Mitchem at The Forex Trading Coach. Bye for now.
Episode Title: #433: It Never Rains but It Pours