Only Trade on the Close of a Candle
#372: Only Trade on the Close of a Candle
In this video:
00:25 – Knowing when to trade
01:01 – Simplify your trading
01:50 – Trade at the close of a candle
03:07 – Trading the right time frame charts
04:16 – Another +1.2% gain on Autopilot for TFTC Pattern Trader
04:56 – The price for TFTC Pattern Trader will be increasing soon
05:50 – Go to TFTCPatternTrader.com for more details
I’m going to explain why I only look for a new trade upon the close of a candle.
Let’s talk about that and more right now. Hey, Traders, Andrew here at the Forex Trading Coach and welcome to video and podcast number 372.
Knowing when to trade
So I want to talk about understanding when you should look for trades, and at the end, I’ll also give you an update on our hundred percent automated Pattern Trader Software, which has had another positive result again this week.
So, when to look for trades. It’s really important because a lot of people get very, very confused. I had an email yesterday from somebody who said, “Hey, Andrew, do you ever look at a trade midway through a candle?” Very easy answer. The answer is absolutely not. Why would you? Because things are not set, things are changing all the time.
Simplify your trading
So in order to simplify your trading, not only in terms of your mindset, knowing exactly what to do, lower stress, having a lot more control in your trading, it also helps you to get away from your charts. Because if you know exactly when to look for trades, that can really help you with your longevity as a trader.
And the mistake that many traders make when they get into trading, and look, I did exactly the same myself when I started trading, is that people think that they have to sit there all day, watching every PIP move up and down. They’re glued to their charts. And although it’s quite exciting to start with when you start trading, realistically, you’re not going to continue trading and have that love and that passion and enjoyment for your trading if you just are completely glued to your computer.
Trade at the close of a candle
So, end of the chart, or end of a candle, means a lot of things. It means that you have all your, if your trading indicators, have all your levels set, nothing’s moving. Nothing’s moving up and down and changing. It also means that if you’re analysing strength and weaknesses that you can look at different pairs at exactly the same time.
So it means, for example, you can trade and look at, say, there’s a bullish movement on the Euro/US Dollar. Is that because the Euro is strong or is it because the US Dollar is weak? And so therefore you can go to like the Euro/Yen, Euro/Aussie, Euro/Kiwi, Euro/Frank, and look through those to actually get a good analysis overall of what’s really is strong and what’s weak. So it helps you with that. It helps you massively with stress levels because, quite frankly, it takes all that away because you’re not desperate to get into a trade and making mistakes with lot sizes and stop losses. Especially if you trade the way that we trade, where we use limit orders. So you’re not even jumping in at the market straight away at that time anyway. It really allows you to focus properly and take good high quality trading decisions with accurate position sizes without having that stress like a lot of new traders do, for instance.
Trading the right time frame charts
Has also the benefit of allowing you to take advantage of the different characteristics, different movements within the market.
So what I mean by that is this. Sometimes you will see, for example, that the four hour chart trades might be showing some really good examples. On other days or other weeks, you’ll find the daily charts are showing really good trade setups. And so by having the ability to only look at a trade setup at the close of a candle, for instance, you can look when the daily charts close and then open for the new day, which is 5:00 PM New York time. At that time I look at the 12 hour charts, the eight hour, the six hour, and the four hour charts. Very, very easy to scan through several different timeframes at that exact time. You don’t have to be sitting there not knowing when to trade or looking at five minute charts, one minute charts or anything like that. Very, very easy to do that. So I highly encourage you to look at the close of a candle. It will massively help your trading and it will help your overall enjoyment. And, almost certainly, it will help your results.
Another +1.2% gain on Autopilot for TFTC Pattern Trader
Now talking in results, our Pattern Trader has had another positive week. Right now I’m up 1.2%, 100% automated trading. That follows on from, I think it was about nine and a half percent, three weeks ago. Last week when I made the video on my Friday, I think I was up about 3.8%. In the end I closed the week at about four and a half percent for the week last week. This week’s been certainly a lot quieter on the charts, but still it’s positive. It’s still another positive week. So the last three weeks since I’ve been reporting here on these videos and podcasts, all three weeks have been positive, 100% automated trading. Very, very low draw downs as well.
The price for TFTC Pattern Trader will be increasing soon
If you’d like to know more about that we are going to be keeping our membership price, our coaching clients membership price, open for the Pattern Trader Software for the next two weeks only. And then that gives you the advantage to trial the system for free and then jump on board if it’s for you. In two weeks time from now, which will be on Monday the 13th of July, we are then going to be increasing the price of the Pattern Trader Software for all of my non coaching clients. So if you’re a coaching client of the Forex Trading Coach, you’re always going to keep up that low price. If you’d like to keep and take advantage of that low price that the clients have access to, make sure you jump on board in the next two weeks because after then we’ve done that kind of introductory special where people can jump on board at a low price. The price certainly will be increasing to reflect the quality of that software.
Go to TFTCPatternTrader.com for more details
So have a look on this link and go to TFTCPatternTrader.com, and as mentioned you can take advantage of a free trial to the basic version of this incredible software. And also on that page you can see how you can subscribe to the paid versions and allow that incredible software to be traded on your account and go to the level three of the software, where you can have the option to completely put the software onto autopilot.
So I hope that helps. This is Andrew Mitchem here, the Forex Trading Coach see this time next week. Bye for now.
Episode Title: #372: Only Trade on the Close of a Candle