My Typical Trading Day as a Full Time Forex Trader
#509: My Typical Trading Day as a Full Time Forex Trader
In this video:
00:33 – How I start my trading day
01:06 – H6 trade on the USD/SEK hits the profit target
03:19 – 4 trades on the Daily charts for the day
05:19 – Trades taken live on the clients webinar
06:23 – 4 more Daily chart trades for Friday
07:29 – Trading a maximum of 30 minutes of chart time a day
What is a typical trading day look like for me? Well, today I’m going to take you on a journey and share with you all the trades I’m taking and everything that I’m doing in the day. Typical trading day. Let’s get into that and more right now.
Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 509.
How I start my trading day
I want to share with you today a typical trading day. So first of all, I’ve just got up in the morning, have a look at my charts here and seen some green lights, which is always a bonus. I’m going to try and turn my camera around.
So if you’re listening on the podcast, I apologize. This is going to be a little bit kind of bitty but I’m going to use this. So if you’re watching on YouTube or my website in the video, you’re going to get a lot better experience on today’s video. So it’s now half pass seven. Today’s Thursday the 13th of July 2023.
H6 trade on the USD/SEK hits the profit target
Just woken up and a US/Swedish Krona trade that I took on Monday has just hit the profit on the six hour chart. Turn the camera and chill and show you that trade. And also I took four trades last night, my time on the 12 hour charts at the 5 a.m. Eastern Standard Time and change over. And all four of those trades are in right now and they’re looking really good and in some profit.
So let me turn the camera around and I share those with you right now. Okay. So I hope you can see that I’m not them. So I post the trade here on the US Swedish krona on AM on Monday, and the trades now go on a profit. You can see down the bottom there you can see the trade has hit the profit target nicely in that happened earlier this morning.
Great thing was I wasn’t even watching the charts when that happened. Okay, We’re now on to the 12 hour chart. So this is the US Singapore dollar, which if you have a look, hopefully focuses there we go down then you can see the trades. Where are we in the corner there. I’ve got the pound. Australian, the US, Chinese, US, Singapore and the US say that we can and I can turn my camera around.
You can see in here right now those trades all going very nicely. They were taken on the 12 hour charts for them. They mentioned on our forum site and again it’s the power of the forum site that we have here. There’s the US/Chinese is going really well. So for trades on the US/South African here and you can see those trades in there, great retracements 2 buy trades in there.
And the last one was the Pound/Australian, which I will scroll across to and find for you that is in here and there’s the Pound/Australian. So that’s a quick summary of the trades that I’ve got open and have taken overnight my time. Next thing I’m going to do in about an hour and a bit from there I’m going to start scanning through the daily charts, which will be the 5 p.m. Eastern Standard Time, New York Time, close day charts takes me back 10, maybe 15 minutes to scan through those charts and see what trades I’m taking for today on the daily charts.
I’ll also look through the 12, eight and six hour chart, so I’ll come back to you shortly.
4 trades on the Daily charts for the day
Okay. Got a bit of an update for you. I’ve just taken four trades based off the daily charts and also I need to let you know that today is Thursday, the 6th of July. I think at the beginning of the session I said it was the 13th.
I’m a week ahead of myself. It’s actually Thursday, the 6th of July 2023 today. So just taking four trades based off the daily charts, I’ve just taken them here now live. It literally took me 10 minutes to scan through all the daily charts today and then about another 5 minutes I went through the 12 hours, eight hour and six hour charts as well.
I’ve taken the four trades based off the daily charts. I put them on our membership site and place them here on my live account behind me. I have taken a buy trade on the Pound/Australian sell trade on the Australian/US dollar, a sell trade on Gold/US dollar and a buy trade on the US/Singapore dollar that’s been placed behind me here, all with a half per cent risk.
So in other words, a total of 2% risk on my account if all four trades get filled, and if all four get stopped, that maximum I can lose is is 2%, but the trades have around about between a 2 and a 3 to 1 reward to risks a very good upside potential on their going to do absolutely no looking at my chance whatsoever until later tonight my time I’m holding a live webinar for my clients 7 to 9 p.m..
My time, that’s 3 to 5 a.m. Eastern Standard Time because it’s a European Session webinar and I’ll come back to you at the end of that webinar and I’ll see what trades we’ve taken during that live webinar with my clients and at the changeover at the 5 a.m. Eastern Standard Time, we’ll be looking through the one out of the two, the three the for the six and the 12 hour chart.
So I’m hoping on that session, on that live webinar, it’s not my time with my clients. We’ll get several trades and I’ll update you. Come back here. Once we finished that session. So no more trading for me now for the whole rest of the day frees me up to go and do what I want today. I’ll talk to you later.
Trades taken live on the clients webinar
Okay. So I just finished my live to our webinar with my clients, which we hold each week, one week in the European session, the following week in the US session. This was a European session webinar, had some really successful trades. The US/South African Rand 12 hour chart trade that I showed you earlier has now just hit the profit target.
And on the webinar live of taken a Euro/US one our a Euro/Yen one hour chart trade a sell trade on the US/Thai Baht. Quite an unusual pattern the three hour chart and we’ve just taken a buy trade on Etherium on the 12 hour as well just going to turn the camera around that and show you that the US/South African Rand trade okay so you.
Can see the US South African rand there and you can see that they have hit the profit target and there is the trade. So it went really well. And we’ve got a as mentioned, the Euro/Yen going along nicely on the one hour chart. And I’ve also taken the Etherium trade on a 12 hour chart. Let’s see how those go and I’ll update you tomorrow morning. My time.
4 more Daily chart trades for Friday
Hey there back again, it’s now Friday morning here in New Zealand and we had a fantastic webinar yesterday and nice to see also the US/Singapore dollar trade that I shared with you yesterday on the 12 hour chart, one of those trades with stopped out the other one, the profit for about a 3 to 1 reward risk.
And today being Friday, I’ve just taken four daily chart trades today and I’ve taken a sell trade on the Silver/Euro. I’ve taken a sell trade on the New Zealand/Swiss franc. I’ve taken a buy trade on the Euro/New Zealand and I’ve taken a buy trade on the Euro/Singapore dollar. So a couple more minor pairs there again tonight just the way that the market is So and it is also Friday or later today it’s Friday us time the monthly non-farm payroll non-farm employment changes it’s called these days jobs announcements monthly jobs news.
So I’ve been looking at closing out most of my trades prior to that. I’ll keep the weekly and monthly open, but everything else, I’ll be closing prior to that.
Trading a maximum of 30 minutes of chart time a day
So I hope that gives you a really good understanding of how we trade off. Just traded, what, 10 minutes this morning and 10 minutes yesterday and a little bit longer on the webinar.
But if it wasn’t for the webinar, it would be in about 10 or 15 minutes last night. And that’s my trading day is a full time trade and that’s all you need to do to be able to trade properly the mindset the people have. They think they have to trade all the time. Staring at the charts all day long is completely incorrect.
And I’ve just taken those four trades yesterday on the dailies. A few at the 5 a.m. change over and again today, four on the day these again and that’s my trading done for the week.
So I hope you’ve enjoyed this bit of an insight of how we trade and any questions you have. Please let me know. I’ll see you this time next week.
This is Andrew Mitchem here at the Forex Trading Course. Bye for now