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Do You Need A Forex Doctor?

In this video:

00:43     The need for A Forex Doctor
02:18     The importance of Psychology within Forex
05:52     The new look website is now live 

Time For A Forex Doctor? 

Do you feel that you need yourself a Forex Doctor? If you do I’ve got some really valuable information I’d like to share with you right now. Hi Forex traders it’s Andrew Mitchem here and I’m the owner of the The Forex Trading Coach one of the biggest Forex education companies online today with the 5-year history of teaching clients all around the world. 

Now I’d like to talk about psychology within trading in this session because it’s something that is really underestimated and I’ve had quite a number of requests from people on YouTube comments and also from non-clients and also from clients to talk about the need for Forex Doctor or to talk about Psychology behind trading and the importance of it in order to be a trader who can make money consistently and over a period of time and it’s something that’s underestimated. 

When people jump into trading all they want to do is they want to understand how the charts work behind me here that you know they want to understand candle patterns or news and all those things and it’s really important but if you don’t have the mental stability in terms of being able to take trades, when to pull the trigger, when to exit a trade, when to stick to your plan if you can’t do that then a lot of the other important things become watered down because you’ve got to have a strong mindset to trade but you’ve got to be comfortable with your trading system so a whole Psychology behind trading especially when you’re talking about trading with real money. 

It hurts you when you have losing trades and you see your account going down and you see negative trades it really does hurt you and it affects you in two ways: It affects your head and it affects your heart and your emotions. There’s no question about it and as I’ve mentioned it’s a very underestimated but very important part of being a successful Forex trader.
 

Understand Your Strategy

So we spend quite a bit of time with my clients yesterday on our live 2-hour trading room sessions talking about the importance of Psychology within Forex. There’s a number of things that I would like to talk about because to me you have to be comfortable with the strategy that you employ. You’ve got to have full confidence in it. It doesn’t matter what that strategy is, it means that you have to be comfortable with the style and its approach so it means to be something that suits your personality. Now it’s the same when it comes to the time frame charts that you chose to trade. If you’re the sort of person who likes to trade real short time frames then great go for it but don’t be placing trades on weekly and monthly charts likewise if you’re the sort of person who likes to just look at your charts once a week or once a day then you need to be on those longer time frame charts but again it what suits you.

We had a question on the webinar last night from a client who was saying to me he has 80% win rate yet he wasn’t quite happy with his trading and it was because he was feeling that he was being so picky with setups that he was missing out on a lot of trades that he was 50/50 with but unable to pull the trigger and I suppose there’s two ways of looking at the solution there. First of all an 80% win rate is outstanding so my first suggestion was don’t change too much because an 80% win rate in terms of picking good trades with high returns is excellent. He could potentially look at increasing his risk per trade. He could also look at trading other markets non-Forex markets as well because he was predominantly looking at daily charts and four-hourly charts now of course you don’t have to stick to Forex  if you have the right set up as a technical trader  you can branch out into other markets if you wish to. 

The other thing I suggest that he could do and again it’s more of an experiment because it depends on the individual would be to drastically reduce his risk per trade and then take trades that he was sort of 50/50 over. Just to see over a course of a week or a month what their performance would have been because it’s not into your try taking extra trades if that’s what you need to do if you’re frighten to pull the trigger if you need take extra trades then just try them. I wouldn’t necessarily say do that on a demo because you don’t get the same feeling. You need to have if you’re already trading live and this guy has been trading for about 3 years live. You need to get the feel of losing or making money on a live account but just really reduce the risk just an experiment to see what would happen.

So it really comes down to are you comfortable with the style of trading, are you comfortable with the time frame charts that you’re trading, or the range of time frame charts that you’re trading, are you comfortable with the returns that you’re getting right now from your trading, are you comfortable with knowing when to exit a trade or first of all knowing when to enter a trade, knowing when to exit a trade. Do you look at closing part of your positions, do you close all your positions, do just set and forget, do edit or alter your positions depending on what’s happening. Do you add to your positions you know there’s so many different ways of trading but it used to be a plan that you have replace and you are comfortable to stick with. So hope that helps for the whole overall understanding of this Psychology behind trading.

New Look Website

The other couple of things I want to mention is my new look website is now live and have some fantastic feedback from that so hope you like it. If you have any comments good or bad just drop me an email andrew@theforextradingcoach.com just to let me know what you think of the site and the new design.

A Strong New Zealand Dollar

Lastly on the markets themselves yesterday I was suggesting a lot of strength in the NZD that is exactly what we had. A lot of money was made by my client yesterday buying the NZD against the US, against the YEN, against the Franc, against the Canadian selling the EUR/NZD, selling the GBP/NZD. So some great money made and a lot of people commenting on the webinar that we had just about how those NZD trades were working really nicely.

Today I’m looking for some strength in the GBP again after it’s been little bit flat. Against the USD the GBP was now broke in the strong resistance level of 1.700 so the 1.700 level very powerful level round number horizontal lines a hugely powerful it’s not broken that level so right now I’m anticipating the GBP to be increasing in value and to use the 1.700 as a support level now. 

Today I’ve actually taken a buy trade on the GBP against the USD and with a bit of EUR weakness I’m selling the EUR against the GBP because the strong 0.800 level 0.800 has not been broken and we’re now below that level so the 0.800 level should now in theory become a strong resistance level looking for EUR/GBP to continue further down. 

So I hope that this webinar and podcast has helped you with your trading Psychology and a little bit of insight into the market that way I trade and the way that I can help you as a Forex coach. So this is Andrew Mitchem from the Forex Trading Coach have yourself a fantastic weekend and I look forward to talking to you this time next week.