In this video:
00:19 3% made in just two trades this week
00:59 The charts this week
01:43 Looking at the daily charts – New York Eastern Standard Time
02:12 Higher probability of profit target
3% In Just Two Trades This Week – Let Me Show You How
Hi, Andrew Mitchem here, the Forex Trading Coach,
Today is Sunday the 26th of May. I’m in Kolkata (Calcutta), which is on the east coast of India, on the last few days of holiday here in India. I just wanted to tell you about that 3% that I made on my two trades this week. I only took two trades. One of them was on Monday, on a breakout system that I used, and the other one was on Friday using just the daily charts.
And so it just goes to show again that by trading less, you can actually make more. I’m more than happy being on holiday here, touring around India and just trading a couple of times this week when I’ve seen good set-ups and making 3% for the week, it’s a really good return.
Just shows that you don’t need to be sat watching one minute or five minute charts all day long, because ultimately you end up paying your spread back to the broker all the time and being completely tied to the computer, and really that’s not what any of us really want out of trading.
Looking At The Charts This Week…
On the charts this week, we’ve seen some strength in the Swiss Franc, and we’ve seen a little bit of strength in the Euro, and towards the end of the week, we’ve seen quite a lot of strength in the JPY. And again, towards the end of the week, the US has weakened, but also seen quite a lot of weakness throughout the entire week on the NZD, the AUD, and the GBP.
And where we’re heading into next week? Well that comes back to looking at charts again.
The Importance Of Routine In Daily Trading
So, it’s important to have a routine with your daily trading. For me, as I specialize mostly on the day charts and the four hourly charts, I like to do the same thing every day. And when I’m on holiday, it means just checking the daily charts, so I’m not interested in trading anything shorter term this week. But on a daily basis, I’ve been looking at the daily charts about a half an hour before the close of the day, based on the 5:00 p.m. New York Eastern Standard Time close of day, so around 4:30, a quarter of five, New York time.
I’ve been looking at the daily charts, looking for potential set-ups, looking for candle patterns that are likely to occur, looking for support and resistance levels, looking at places for my stock losses and for my profit targets.
Is there enough room to move from my profit target before the last swing high or swing low? If there is, then it gives me a higher probability of my profit target for the new day to be reached.
So, I do that every single day, and it doesn’t take long, it’s something that’s a routine in my daily life and I don’t do it, obviously, I miss it at weekends because I can’t do it, but I look at it on a day by day basis.
How To Make Your Trading More Successful
So, if you want to trade just fifteen minute charts, then make sure you do the same thing at the same time every day.
If you want to trade four hourly charts, then make sure you can get to your charts every four hours.
So, it’s really important to do that, because then it sets up a plan, it sets up a routine for your trading, and ultimately it makes your trading far more successful.
So, that’s it for now.
Next week I’ll be coming to you from back in New Zealand again, after about a 17 hour flight.
So I look forward to talking to you then and hopefully you have a really good week with your trading.