Knowing When to Trade
#421: Knowing When to Trade
In this video:
00:27 – When should I trade?
00:51 – How I used to trade many years ago
01:27 – Do what works for you
02:35 – Some examples of when I trade
04:00 – This makes trading enjoyable
04:13 – Where to put your funds and why I use Blueberry Markets
05:22 – How and where to trade
05:44 – Share and like this video and podcast
How do you know when to look at your charts and when you should and should not be trading? Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem at The Forex Trading Coach with video and podcast number 421.
When should I trade?
I want to talk about a very important topic. I get asked this very often, and it’s all about when should I trade. Now of course, the answer for you will be different to someone else; it depends where you live in the world, what your available time is, what type of trader you are. There’s lots and lots of variables. But I want to give you some examples and hopefully help you to decide when the best time is for you. I’ll share with you when I trade myself.
How I used to trade many years ago
So years ago, I used to be looking at the charts all the time, looking at every pip movement up and down on five minute charts, one minute charts. All that crazy kind of stuff. And then I got into news trading and I thought that’s going to be the way to trade. But living in New Zealand, most of the news announcements were in my night time or early hours of the morning. So I was getting up at like 2:00, 3:00, 4:00 in the morning and looking for straddle trades, trading US news announcements. Of course it didn’t work. But it had some merit and some logic, well I thought it had merit and logic at the time.
Do what works for you
So it comes back to you have to develop something that works for you and it has to be realistic. And that’s why some 17 years later I’m still trading, because although I went through that experimental stage early on, I then very soon discovered that if I’m going to trade properly and I’m going to do this properly and I’m going to do this professionally, I need to do something that works. So for that reason, I then started to understand candle patterns and strength and weakness analysis. And when you understand candles, what you realise is there is no point in looking at a candle when it’s mid-formation. So what I mean by that is I only look at a candle and make a decision on whether I’m taking a new trade or not once that candle has closed and completed. Because then nothing else moves. Then you can make your analysis. A lot of benefits to that. Less stress, you know when to look at your charts, and if you trade the way that I trade using retracement limit orders you don’t even need to be there at that exact time when the candle changes.
Some examples of when I trade
So to give you some examples: the daily candle will close and the new day opens at 5:00 PM New York time. That’s Eastern Standard time. At that time, I personally look at the daily charts because that’s when I write my analysis. And I also at that stage look at the four hour charts, the six hour, the eight hour, and the 12 hour charts. So I can look through those five different timeframe charts, it takes me 10-15 minutes to do all of that once a day. And of course at the beginning of each week you can look at the weekly charts, scan through those in five-10 minutes. The beginning of each month, you can do exactly the same on the monthly charts. So you only need to do the monthly charts once in a month. Very, very easy. The weekly charts once a week. Very easy.
And then it depends on your available time. So for me personally, I might look at the close of a six hour chart during the day just once, and then the eight hour chart just once if I’m available. And then for me personally, I then look at the 5:00 AM New York changeover, where I can look at the 12 hour, the six hour, the four hour, and because that’s also the European session with a bit more activity, I look at the two hour and the one hour charts as well.
But all up, I can do all of that easily in under 30 minutes per day. It’s knowing when to look. If you’re not there, it doesn’t matter because the way that we trade uses retracement orders. You don’t have to be there stressing about being there at that exact time.
This makes trading enjoyable
So it makes life easy. It makes it very controllable emotionally. You know when to be at your charts, when not to be, and it makes planning very easy. So that’s how you do the trading.
Where to put your funds and why I use Blueberry Markets
The next thing you need to know is okay, so you know how to trade or you’re developing a strategy that works nicely. It’s where do you put your funds? I think that’s also a very important point. Now I’ve been with Blueberry Markets for a lot of years now. I find that their service is exceptional and unlike any other broker I’ve ever dealt with ever. Their service is exceptional, their spreads are very, very good. Their level of customer service is just absolute top-notch. Their platform’s great. They’re based in Australia. You can open accounts in various currencies. They’re ASIC regulated within Australia. There is so much going for Blueberry Markets. Now you look online; there are just brokers everywhere. There’s still brokers popping up all the time. My email behind me here gets inundated daily with different brokers asking me to promote them. I don’t promote any of them. I only promote the brokers who I use, and I can tell you without doubt Blueberry Markets are one of the very, very best brokers. Without doubt, you won’t beat their customer service. It is exceptional.
How and where to trade
So if you want to know more about how to trade, come and talk to me. Find details on my website. If you want to know where to trade, I highly suggest you consider looking at Blueberry Markets. And to help you out I’ll put a link to Blueberry Markets on this video and podcast post. So hope that helps. This is Andrew Mitchem here at The Forex Trading Coach.
Share and like this video and podcast
Feel free to share this video, this podcast, with anybody who you think may be interested in learning how to trade properly and future-proof themselves and look after their financial future. And I’ll see you this time next week. Bye for now.
Episode Title: #421: Knowing When to Trade