Make Hay While The Sun Shines
In this video:
00:28 – Difficult trading conditions last week but this week has been amazing
01:02 – Account up +4.6% for the week
01:28 – Important to trade the market conditions at the time
02:01 – When the trades are showing, you must take them
02:28 – Don’t get too greedy – be sensible
03:05 – Clients success stories mentioned on trading webinar
03:34 – Client becomes a full time Forex trader trades just a few minutes per day
04:32 – Great feedback from my free course – a link is below
05:03 – Strength and weakness helps you keep on the right side of the market
As a Forex trader, you need to learn how to make hay while the sun shines. Let's talk about that and more right now.
Hi Forex traders, Andrew Mitchem here, The Forex Trading Coach. Today is Friday the 2nd of September. I've got some wonderful news about making hay while the sun shines.
Difficult trading conditions last week but this week has been amazing
You see last week on last week's video and podcast, I said we had a really difficult trading week last week. Very quiet trading conditions, very difficult to get good trends or to get good technical trade set ups. There were a few, but very few.
This week a complete change. There have been very strong trends, continuous trends, wonderful setups, all over the place. I've had profit target after profit target. My clients have had that, the trade suggestions that I put out to clients on daily and weekly charts, strengths and weaknesses, everything has been an absolute dream week.
Account up +4.6% for the week
So far this week I'm up 4.6% on my live account with a half percent risk per trade, and clients who did nothing else than just copied my daily and weekly suggestions this week will be up that same amount plus trades that they've taken by themselves on other time frame charts. That's just with half of one percent risk, 4.6% gains so far this week.
Important to trade the market conditions at the time
The thing I want to mention is that when you get quiet trading conditions as last week, you have to have the mental ability to withstand a few losses, and also you have the mental ability to not take trades just for the sake of taking trades. All you're doing is feeding your brokers back pocket really and taking money from your account by forcing trades to show when they're not A grade setups. So that's one part of trading, the mental side of trading.
When the trades are showing, you must take them
Likewise you get this week, and when there's just trades all over the place, you have to take them, you have to make hay while the sun shines, according to our farming phrase. You know, when the conditions are good, you have to take the trades. You have to see the trades, take the trades. So don't get all gloom and doom from last week when there's nothing happening or you might be a bit disappointed with your strategy, because look at your trading on a longer term perspective.
Don’t get too greedy – be sensible
Likewise, when you get good trades this week, make sure you take those trades but also don't get too greedy.
Again, that's another important psychological part of trading. You see later today we have the US non-farm payrolls, the monthly employment data out of the US, so you've got to be sensible about these things. You have a major news announcement coming up later today, so if you've had a great week, don't spoil it by just taking silly trades or leaving your trades open over that news announcement, it's just pointless. If you've had a week like we've had this week, be sensible about it and don't go giving it all back to the market.
Clients success stories mentioned on trading webinar
I held a live webinar last night for my clients. Had a wonderful webinar, just trades hitting profit after profit, just a really dream, dream webinar. On that webinar, Colin, who's been with me for probably two to three years, he sent through an email with all of his trades for August. Very low risk, he made 12.24% gain on a live account in August, and August is traditionally a very difficult month so well done Colin!
Client becomes a full time Forex trader trades just a few minutes per day
I also read out and showed my clients an email from Ivo who lives over in Ireland. Now Ivo started with me almost five years ago, and now five years later, he's written and said, “Hey Andrew look I'm just, so grateful for what you taught me on your course and continue to teach, but I'm now a full-time forex trader”, so he's full-time trading, he's trading my strategy, and he's also creating a few robots around what I've helped him teach plus a couple of other methods, breakouts, et cetera. And he's now a full-time forex trader, but as he said he's not trading all the time, he's trading my methods on daily and weekly charts, plus he's got his robots going in the background, and like he said he's enjoying spending time with his family, not time glued to a computer screen, but he's still a full-time forex trader.
It's really great news when that happens, so how can this benefit you? These are people that have been with me for several years.
Great feedback from my free course – a link is below
If you're new to trading or you've just found me online, wherever it might be, podcast, YouTube, how does this help you? Well, the feedback that I've had from my free course that is freely available on my site, there's a link below this video by the way, get onto that. The feedback has been wonderful, people are loving it, people are making some excellent money, it's helping people understand a bit of technical analysis and how candle patterns work and round numbers et cetera. Just excellent, excellent feedback.
Strength and weakness helps you keep on the right side of the market
Yesterday, Thursday, the first of September, I made 11 suggestions for where I saw strength and weakness. Like the strength and weakness overall for the day, all 11 pairs closed the day in the anticipated direction, so what that meant is when you use my free course and you scale it down to four out charts or one out charts, whatever it is the time frames that you like, and you see the setups, there were just ample trading opportunities. This is free information, it's a free course, it's free daily information logging into my website, looking at strength and weakness. It's all there for you.
Sure if you want to take your trading further and join the full course? That's entirely up to you. You don't need to. You right now can get my free course and free strategy that you can use in real time, learn to trade the markets, learn to make profits on the market and get yourself on the side. You all hear the stories of only 5% of forex traders make it, get onto this free course and get yourself educated and make sure you're one of those 5%.
Once again, enjoy the free course. Enjoy the lessons from this video and podcast. As I said, when the sun shines, make hay, make money, enjoy your trading. See you this time next week.