My Top 5 Trading Takeaways from This Year

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#485:My Top 5 Trading Takeaways from This Year

In this video:
00:32 – My top 5 trading takeaways from 2022
00:47 – #1 Trade the Market that is Active
02:33 – #2 Trade What You See and Not What You Think
04:07 – #3 Get Yourself Educated and Part of a Trading Community
05:45 – #4 Be Consistent in All You Do 
06:53 – #5 Enjoy Your Trading – Here’s How
08:05 – Next Week’s Video and Podcast

I’m gonna give you my Top Five Takeaways that I’ve learned from trading this year and how you can use those top five tips to aid your trading into 2023.

Let’s get into that more right now.

Hey there traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 485.

My top 5 trading takeaways from 2022

I want to give you today my top five trading tips and takeaways that I’ve taken from trading the FX market and other markets this year as we draw towards the end of 2022.

Let’s start with #1.

#1 Trade the Market that is Active

So #1 is trade.

The markets that are active . And what I mean by that is different markets have different conditions throughout the year, and of course you never know what those conditions are going to be ahead of time. But what you can do is you can see which particular markets are trending well at the time, which are moving, which have volatility, and therefore, which markets are giving you the best opportunities

Now that in the Forex market can be, sometimes some pairs go quite flat. Other times you’ll find that most pairs go quite flat. Other times everything seems to be moving. So as a phrase I used going back to my farming days of 20 plus years ago of “make hay while the sun shines”. I’m sure you’ve heard that phrase.

And it’s no different in trading. If the market conditions are active, things are moving, things are volatile. Great conditions there. That’s the time to be identifying trades. Now you go and look at the crypto market. This year, for example, there have been some massive, massive moves earlier in the year in the crypto markets.

But you go and look at the last month, you look at like, let’s say November, and now into early December. Most of the crypto markets are just completely and utterly flat. I haven’t taken hardly any trades on the crypto markets in the last, say, like almost two months now, because the market conditions have not been there yet.

The forest markets have been fantastic. The metals are starting to move. Oil right now is dropping a lot, so the other markets are showing some great opportunities. So trade the markets that are giving you the best trading conditions at that time.

#2 Trade What You See and Not What You Think

Take away #2.

You should trade what you see and not what you think.

Really important that you do that as a technical trader and not a news fundamental trader. I trade what I see on the charts, so therefore I’m trading what I’m seeing is actually happening, not what Andrew or someone else or someone on a news station thinks might be going to. and you see things have changed slightly when it comes to the news.

No longer do we get those massive great big spikes and big gaps and non-farm payrolls. You know, that’s jumping up maybe three, 400 pips in 30 seconds like it used to, some 10, 15 years ago. And when you think about what’s happening globally right now, like almost everybody’s sort of heading into.

Everybody’s got inflation. Everybody’s lifting interest rates. And so that differential between different countries, like you used to have a number of years ago, for example, when the Japanese interest rate was negative and the New Zealand was huge, it was like 6%, 7% or something, you know, it was always a massive differential.

Whereas today, everybody’s sort of moving in the same direction, so therefore you can’t go, ah, look, the unemployment. Country A is really bad because lightly, it’s the same in other countries. Or you know, my country might be going to lift the you know, let’s say you lived in the us, the US is gonna lift their interest rates, therefore the US is gonna be strong.

Well, no, because Australia’s lifting New Zealand’s lifting, Canada’s lifting, euros, lifting, you know the British are lifting, so it doesn’t really have a great deal of significance any longer. So you’ve gotta trade what you see on.

#3 Get Yourself Educated and Part of a Trading Community

Point #3

yourself educated and get yourself a trading system, a trading plan or mentor, and a trading community.

I cannot underestimate how important that is, and the reason I bring that into my takeaways from this year. Is that consistently throughout the year, I’ve received email, after email, after email, I see posts on our forum site, all these feedback just coming through with the same theme of, look, Andrew,

I joined you as a last resort, or, I joined your course, but didn’t really put a lot, lot of effort in up front and now I’ve gone back and revisited and now it’s going well.

You know, I didn’t know anything about trading. I’ve done exactly what you’ve said and it’s going really well. So, The community aspect, the strategy that works, the mentorship, someone to bounce ideas off, someone to follow someone, to watch a group of people all thinking the same. Right-minded people, all with the same goals and outcomes, all trading the same way.

Were none of this backstabbing and arguing and rubbish going on. That happens on almost every other forum. You’ve gotta have a community of like-minded people, sensible, smart, forward thinking, progressive people, but also people with knowledge and experience. And that’s what we bring to the table. And that’s why so many of our clients are just making incredible success from their trading.

Yes, there’s some effort required on your part, and if you’re not willing to put the effort in, then we are not the right people for you. But if you are and you want to make this work, we’re a good match. So that was point #3

#4 Be Consistent in All You Do 

Point #4

be consistent in what you do. Show up, turn up, put in effort.

Look at the patterns that you want to trade. Understand what it is that you’re doing, and do it consistently. If the market conditions as in point #1, the market conditions are there, you trade the pattern, you trade your strategy, your risk is known. It’s low, it’s controlled. It’s the same throughout the.

You know, if you put in that consistency, that is when you will achieve results. If you are the sort of person that just sort of rocks up and go, oh, what’s on the charts right now, I’m gonna force myself to take a trade because I’m ready, or I can’t be bothered to see what it does, or it’s only a demo account.

It doesn’t really matter. Oh, I forgot to put a stop loss in. Oh, I got, you know, I, I put in 10 times the risk that I should have. Oh, look, the trade work, how lucky was that? You know, oh, someone on YouTube told me that cryptos were gonna be, you know, Bitcoin was gonna be a hundred thousand dollars, which by the way, is what they told you are gonna happen by last Christmas, and they look what it’s doing this year.

You know, if you are that sort of person, you’ve gotta change, you’ve gotta get that consistency back into your trading. So that’s a really important point.

#5 Enjoy Your Trading – Here’s How

#5

you’ve gotta enjoy your trading and you’ve gotta wake up each day looking forward to trading. You’ve gotta start the beginning of the week looking forward to getting back into it again.

And to do that, there’s a few things I think really helped. The first point would be only look at taking a trade on the close of a candle that allows you to know exactly when the market’s closing and when you can go and look at your charts. Number two, try to get onto the slightly higher timeframe charts.

It means that less is more approach. , your trading is more consistent. The quality of the information given on a higher timeframe chart. I mean, I go down to sometimes two hours in the odd time on live webinar, one hour charts, but the majority of my trading will be four hours, 6, 8, 12 daily, weekly, monthly.

And, and so that you know, you’ve got that nice blend of real long term, you’ve got slightly shorter. You’ve got your dailies where you can have multiple trades in a week, and then you’re going down when you can or when you want to have a look. You know, some of those sort of 12,8, 6, possibly four hour charts, but only on the close of a candle, maybe look at your charts.

Once, twice, three times max a day, you’ll do well. So I hope that helps. Next week I’m going to talk about your year in general and

what you can learn from your year of 2022 and how you can make 2023. For the best trading year yet. So looking forward to helping you with that next week.

Next Week’s Video and Podcast

But for now, have a great week ahead and I’ll see you next week.

For the last video and podcast for the year, bye for now.

Episode Title: #485: My Top 5 Trading Takeaways from This Year


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