Podcast:

Play

Lining up your ducks in a row

In this video:
00:24 – Becoming a better and more consistent trader
01:02 – Tips to help you create a trading plan
01:46 – Lining up everything in your favour
02:25 – Get the bigger picture from the Monthly charts
03:12 – You’ll still need a good strategy and identify a good trade
03:54 – Take a look at the USD/CHF price level
05:33 – Line the ducks in a row to help your trading results

Lining up all the ducks in a row to make you a more profitable trader. How does that work? Let's talk about that and more right now.

Hi, Forex Traders. It's Andrew Mitchem here from the Forex Trading Coach with video and podcast number 326.

Becoming a better and more consistent trader

I want to talk about how you can become a better and more profitable trader with consistent trades by lining up all the ducks in a row.

Let me explain more about that. You see, trading is all about probabilities. There are no certainties in trading, and the other thing that you have to work out when you are wanting to become a trader, is you need to have a plan and you need to stick to it. But, how do you create that plan? What do you do in order to create a plan? Because, everybody says, “Hey, you need a plan to become a good trader.” Well, where do you start? What do you do?

Tips to help you create a trading plan

I've got some really beneficial and realistic practical tips to help you with this because, like I said, trading is about probabilities. Nothing is certain. You can have the best looking set up and it won't work. It's not absolute guaranteed to work. Nothing's really guaranteed in life, is it? You probably have to go to school when you're a child. You probably and should be paying taxes when you're an adult, and you are going to die. So, really, the last one's the only certainty, but in trading there are no certainties. You can have absolute everything looking really good. Doesn't mean to say it's going to work. But, if you do that often enough with the high probability behind you, then chances are you're going to do really well as a trader.

Lining up everything in your favour

Getting all that lined up, everything lined up, is really, really important. I was on a webinar last night with my clients and I was discussing with some of my more experienced and more successful clients, about what they do to line up all the ducks on a row. It was really interesting about the philosophy that they have, and what we are looking at here is getting all different timeframes lining up.

Now, I'm not saying go through your MT4 charts and get every single one lining up absolutely perfectly because that's not going to happen.

Get the bigger picture from the Monthly charts

What we're saying is, at the beginning of the month look at your monthly charts and write down a list of likely directions of where you see strength or weakness, your bias for the bigger picture of the monthly directions. It's a real simple exercise. You just need to do it once a month. It might take you 10, 15 minutes once a month. And then, at the beginning of the week, do the same on the weekly charts. Try and line up pairs that have the same direction or potential same direction as the monthly charts. And then, on a daily basis, we then scale down and write on the membership site. We also put the weekly charts, but also the daily charts with specific trades. But, if you have the daily charts lining up with the weekly charts, and that lines up with the monthly charts, then surely that has to start to line up a few ducks in a row there for you.

You’ll still need a good strategy and identify a good trade

Now, of course, you don't just randomly go and say, “Oh, the monthly's looking like it's heading down. So is the daily and … So is the weekly and now the daily. Just take a sale trade.” That's not what you need to do. If the, say, likelihood is everything climbing up to say, “This currency pair is heading down.” You still need to see a technical chance set up based on all the other factors that we use for our strategy. But, it's giving you that bigger picture bias. There's nothing better to add to that than having something like a round number. Now, I call round numbers any trading price that ends in zero zero or 50. I don't look at any of the others. It's 50 or zero zero. Zero zero's been the exceptionally strong level.

Take a look at the USD/CHF price level

Now, you take the US Franc, for an example. So, here we are in June 2019. Go and have a look at the US Swiss Franc. It's just crossed below one. So, 1.0000, a massively strong level. So, on my webinar, I suggested a sale trade based on the 12 hour chart. We have the ability to trade off line charts, such as 12 hour charts. A sale trade on the US Franc, because it had come up to the one level, gone just above it, closed back below it, had that level to protect the traders a stop-loss. All of a sudden, after we took the trade, we had a small retracement and then the currency pair of the Swiss Franc dropped away really well.

You've got to look at your monthly charts, the US Swiss Franc, based on the close of May, was heavily bearish. The weekly chart of last week, although last week's did pull back a bit, overall we're still looking at bearish patterns based on where the weekly chart is in relationship to other things. We'll look at Bollinger Bands, et cetera. This week in particular, we are starting to see the weekly chart go bearish again. The daily chart's bearish. Everything's suggesting bearish, plus we have a chart set up. We have a pull back. We have exhaustion. We have a huge round number. You cannot get bigger than one. It's a massive round number on the US Swiss Franc, and the candle pattern was there. There was everything we are looking for, plus we'd lined our ducks up in a nice row with our weakness in the US Swiss Franc. And guess what? We had a highly profitable, very low risk, high reward to risk trade.

Line the ducks in a row to help your trading results

So, I hope that helps. Lining those ducks up in a row will help you with probability, and the likely outcome is very, very good. If you'd like help with finding out more about trading and how we can help you, hey, you can join our five star Forex Trading Coach Course.

Just drop me an email. [email protected] or have a look on my website Theforextradingcoach.com and we'd be more than happy to help you.

So, once again, this is Andrew Mitchem at the Forex Trading Coach. I'll see you this time next week. Bye for now.

Click Here To Check My AM Trade Copier Service

Click Here To Know More About The Course

Play

© 2020 The Forex Trading Coach Ltd (NZ FSPR:FSP37396) provides general information and educational courses and materials only. This is not an offer to buy/sell financial products. We do not provide personal advice nor do we consider the needs, objectives or circumstances of any individual. Financial products are complex and all entail risk of loss. Over-the-counter derivative and foreign exchange products are considered speculative because they are highly leveraged and carry risk of loss beyond your initial investment, hence should only be traded with capital you can afford to lose. Please ensure you obtain professional advice to ensure trading or investing in any financial products is suitable for your circumstances, and ensure you obtain, read and understand any applicable offer document.

Latest Podcasts / Videos

#349: Removing the Confusion from Your Trading

Podcast: Removing the Confusion from Your Trading In this video: 00:26 – Trading Confusion and how to overcome it 00:55 – Confusion to Clarity 02:00 – Knowing what to look for 02:50 – Feedback from new clients 03:59 – Pick the charts and time frames that...

#348: Making 2020 a Fantastic Trading Year for You

Podcast: Making 2020 a Fantastic Trading Year for You In this video: 00:35 – What can you learn from your trading in 2019? 01:10 – We start trading on 13th January and have our trading plan ready 01:27 – Daily trades made +23.87% gain in 2019 02:17 – We know...

#347: Becoming a Better Trader in 2020

 Podcast: Becoming a Better Trader in 2020 In this video: 00:25 – 2019 has been an excellent year 01:01 – We post our daily trades every day of the trading year 01:50 – Other trades posted on our forum site and taken on our webinars 02:10 – How you...

#346: Trading Forex from Anywhere

 Podcast: Trading Forex from Anywhere In this video: 00:25 – We’re not geographically restricted 01:15 – All about Nelson 02:05 – What’s the freedom worth to you? 02:47 – Plan now as we head towards the end of the year The great thing about trading...

#345: The Value from Being Part of a Trading Group

 Podcast: The Value from Being Part of a Trading Group In this video: 00:29 – What happens when you join a group 00:59 – It’s a lonely business 01:25 – Feedback from our trading community 02:17 – What our new traders like about the course 03:23 – The...