Making More Money In Less Time
In this weekly video:
00:32 – What you can do as a trader make more in less time
01:15 – Use Set & Forget and help remove emotions from your trading
02:50 – The great thing about Set and Forget trading
03:23 – The dangers with over-managing a trade
04:05 – I took 3 trades live on my webinar and they made great returns
05:23 – The best way to make more money in less
How to make more money in less time. Are you interested? If you are, listen up.
Hi Forex Traders, Andrew Mitchem here, the owner of the Forex Trading Coach and Video on podcast #248 and I'm gonna talk about how you can make more in less time. Of course everybody's interested in that and that, as traders, is basically what we're aiming for.
What you can do as a trader make more in less time
So there's several things you can do initially that I'll talk about and then I'll talk about the main point.
As an example, you can trade the longer time frame charts, which is predominately what I do myself and what I teach. The other thing you can do is you can look at taking a trade only upon the completion of a candle and again, that's the way that I trade myself. So when a candle closes, that's when I'm looking at taking a trade. What that means is, you need less chart time because you know when a one hour chart candle's gonna close or a four hour or daily chart candle. You know when that's gonna close so those are the times that you need to be at your computer having a look at potential trade set ups.
Use Set & Forget and help remove emotions from your trading
But, the other thing you can do and that's what I want I wanna talk about on this lesson is using something called “Set and Forget”. It's very, very easy to do and it's something that unfortunately a lot of traders do not do. If you want to make more in less time, set and forget is the answer. So let's talk about that.
The way that I like to trade is I like to remove emotions from my trading as much as possible because psychologically, trading does affect you. If you're on a demo, you probably haven't experienced that too much yet but when you go live, it's real money, it's happening now, you're making dollars and cents or pounds or yen, whatever you're trading, but you're making money now in real time. You can get very excited when you make some good profitable trades. You can get very down when you have some losing trades because it hurts. You're losing money. The way to try and eliminate that is use what I call set and forget. You see a trade set up, you know exactly how you're gonna enter the trade, whether it be a retracement order using viral sell limit orders like I do, you can use market orders, stop-orders, whatever it is that you want to do as part of your strategy. I can certainly help you with that but whatever you want as your strategy. You know what type of technical set up you're looking for. You know when you're gonna enter, where you're gonna enter, and where you're stop-loss and profit targets are so therefore you know your position sizing, you know you're total risk. That's all under control.
But the problem is, you still need to allow that trade time to do its thing. The beauty of set and forget is.
The great thing about Set and Forget trading
If you have all those things under control, the set amount of risk and you have a strategy that works, you know that probability suggests that if this trade is a good trade set up then the likelihood of the stop-loss holding and the profit target of being hit up quite high otherwise you wouldn't have taken the trade in the first place. Set and forget. What that means is you put the trade on, you have confidence in your ability, you have confidence in your strategy, and you leave the trade alone. Less time, less emotions, less fiddling with the trades.
The dangers with over-managing a trade
How many times have you seen trades that you've sort of over managed and you come back later, you go, “Oh, if only I had left it. If only I had let the trade do its thing. Given it time. It got to my profit target but I decided to close out some of that trade way too early or closed the whole lot out or it started going against me so I just closed … Pressed that button as quick as I could and I got out with .1 of a percent gain instead of maybe a 1% gain. If I'd left it, it would've made another .9% more on that trade but I didn't.”
Set and forget is so very, very important. It can really help make more gains.
I took 3 trades live on my webinar and they made great returns
To give you an example, I took three trades on my live webinar with clients just yesterday. One was a 12 hour chart trade, it lost. The other was a six hour chart trade, it worked beautifully and made full profit. The other was a one hour chart trade. Now I finished that webinar at 10 PM my local time, here in New Zealand, and after the webinar … I started uploading the webinar at et cetera, but I didn't go back to the charts again. I'd taken the trade, I had all three of them. I had my known risk, which was under control. I had my stop-losses in. My profit targets in. I woke up this morning and two out of those three trades had made profit and I've made a really good overall net gain by having two profitable trades, one losing trade. I didn't do anymore work in those trades. I went to bed and I woke up this morning and saw that I had made quite a significant amount of money from a webinar that I had taken and trades that I had taken at 10 PM local time. When I looked at my charts at about seven o'clock this morning, and I thought, “Fantastic.” I had my stop-losses in place, I had my profit target in place. I had my risk controlled. I made money.
Didn't mean to say I was up at two o'clock in the morning fiddling with a trade and getting emotions involved or any of that type of thing. I didn't need to do that because I have confidence in the strategy.
The best way to make more money in less
Set and forget is the best way for you to make more money with less time. As a trader, that's all we want and that's what we're striving for. Set and forget is the way to go.
Hope this helps. This is Andrew Mitchem, the Forex Trading Coach. I'll see you this time next week for more trading tips and information. Bye for now.