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Podcast:
In this video:
00:28 A great learning tool to becoming a successful Forex trader
02:02 What makes Andrew Mitchem’s webinars different?
03:06 Learning and getting inside the mindset of a professional trader
06:04 Taking trades live in front of people
Why live trading room webinars are such an important part of learning how to become a successful Forex trader
I want to share with you why attending a live trading room webinar is such an important part of becoming a successful Forex trader especially when you’re learning how to trade.
Let me tell you more right now.
Hi, this is Andrew Mitchem here the Forex Trading Coach today is Friday the 1st of November. I want to talk about live trading room webinars. It’s something that I offer my clients and it’s something I believe is so important and such a great learning tool to help you becoming a successful Forex trader. I want to tell you a few reasons why because really in my opinion there’s no better way of learning. Like I offer a video course and also live tuition and all of that is fantastic and it’s a great way to learn the basics.
But attending a live trading room webinar is something that’s a little bit different. It’s a step above everything else. But it’s important to have the right kind of webinar as well. I mean all sorts of people offer webinars online and most of them are completely useless and boring and don’t really tell you anything.
What makes Andrew Mitchem’s live trading room webinars different
What I offer for my clients is a live trading room session and I want to tell you a little bit about that. To let you know how it can help you. You see I hold these sessions every two weeks. They’re live. They’re in the European session. I have up to a hundred clients can attend those webinars. They’re all recorded so they can be viewed at a later date. But the important thing is that with trading live, I trade all my charts here behind me on live accounts using the software that my clients have. And we’re talking about trading in real time. That’s the important thing. We’re looking at the right hand side of the chart. Looking at what’s happening right now. There’s no hindsight involved. There’s no cherry picking the best trades. If they’re good winning trades, they look good. If there’s losing trades, there’s losing trades. It’s part of trading. And you can’t get away from that.
But it’s also important and one thing that I believe makes my webinars different to most others is, I show my account. I show my account historical trades and I show my account live. I show taking the trades live. I’m not saying “Oh, I’m just taking a trade on the Euro/USD selling at blah, blah, blah price.” I don’t do that. “Oh I’ve just closed part of my trade.” I don’t do that. I show the trade being taken live. You can see me taking the trade on my account. You can see the position size. You can see the entry price. You can see me enter my stop/loss, my profit target. You can watch the trade progress. You can see trades that I’ve got already open when the webinar starts and you can see all of the trades that I take during the session.
Learning and getting inside the mindset of a professional trader
The important thing is, one of many, one proves that I’m taking the trades and in real time and that helps you to learn because we’re discussing the trades set up. We’re scanning through the charts. Looking at different time frame charts. Looking for good set ups. So, for your point of view, it helps you to learn and get inside the mindset of a professional trader. What I’m looking at and why I’m looking at taking this trade or not taking this trade. You know I’ll go through and say look I really love to look up at set up but I’m not taking it because of reasons A,B,C. or I’m liking the look of this set up and if the one hour chart closes in ten minutes time then I’m taking it. But let’s say in ten minutes time the one hour chart closes not in an ideal formation so you’re learning about candle patterns and formations in real time.
Now, I’ll give you some examples of last night’s webinar. It was a two and a half hour session. It was a great session. Like they all are. But this one had some really good trade set ups occur. I had five trades on the one hour charts and four of them hit full profit and one was stopped out. I had three trades on the five minute charts so based on the longer time frame and then we scaled down to the five minute charts for our entries.
Trading live in front of my clients
Took three trades, two of them made full profit and one was stopped out. On the four hour charts I took just one trade. It was on the Euro/ NZD. If you have a look at the Euro/NZD for Thursdays European session you’ll see that it absolutely crashed. But it did that after I was already in the trade. Before that I could see a short position coming and so I said to my clients on the four hour chart I’m jumping in now and taking this trade. And it went really well. So, out of those nine trades, seven of them hit full profit.
5% account gain
If you had risked half of one percent so, 0.5% of your account on each of those nine trades there’s a 5% account gain to be made. Just from those live trades in that session. Pretty amazing. That’s a five percent gain just on those trades. On five one hour charts, three five minute charts, and one four hour chart just in that session. A five percent gain on your account. Brilliant results. And it just shows what can happen. And so it means that you can follow along in real time, you’re sharing ideas with other traders because I have clients typing in “Hey Andrew I’m looking at a set up or can you explain this trade that worked for me last week or didn’t work for me?” There’s question and answers that go on in between the actual taking of the trades but there’s the taking of the trades in real time, that’s the important aspect. And that in my opinion is one of the very best ways you can learn how to trade because you’re doing it live right now in front of hundred people plus of course hundreds of other clients that watched the recordings but that is the best way for you to learn in real time for the right hand side of the chart. Forget your hindsight; forget what’s happened and I did take those trades and I would’ve taken that one. The could’ve, should’ve, would’ve excuses don’t wash with me. It’s taking a trade live in front of people in real time that makes a difference between being a great trader in maybe demo or hindsight to being a profitable trader on a live account in real time. That’s the difference.
So, I just wanted to pass that information on to you. I hope you’ve enjoyed the video and the podcast. I look forward to talking to you this time next week. This is Andrew Mitchem from the Forex Trading Coach.
Bye for now.
