In this video:
00:11 Two reasons why Andrew is in Sydney
01:11 Two ways of managing your trading
02:21 Feedback about experience trading webinars
02:47 What is good trading all about?
Let's talk about profit targets now I'm in Sydney.
Hi this is Andrew Mitchem here, the Forex Trading Coach and today is Thursday the 18th of July, and I'm in Sydney here for two reasons:
1. I'm here representing New Zealand at the World Karate Champs and
2. There is the Sydney Forex Expo on this weekend.
Trade Daily Charts When Away
So two reasons to be here. Remember when it comes to being away, travelling, look at daily charts, concentrate on those it means that you can actually travel and trade. You don't need to be watching five minute charts, one minute charts – and that's something that so many new people come to me with that problem they're always focused on watching the charts all day and night and basically end up losing money so my advice is always going for those longer time frame charts. When I'm at home it's the one hour charts the four hour charts and the dailies and now I'm travelling like here, it's the daily charts.
Profit Targets and How To Manage Them
Now let's also talk about profit targets. This time last week, we talked about stop loss placement, another problem that so many people have is where to put the profit target. Now I like to put my profit target in there for a technical reason.
When I've got the trade in, I've got the profit target in there, let the trade do its own thing. Two ways really of managing it: I prefer to set and forget and leaving the trade alone. I've placed my profit target there for a reason, so I'm anticipating that the market is going to get it, so let it do its thing.
The other way you could trade of course is to manage the trade slightly on a candle by candle basis. Let's say you're buying a currency pair and you suddenly saw, after your trade has been in for a number of hours on an hour chart, you see a reversal pattern then that's the time to look at managing the trade. You can close part of your position, you can completely exit the whole position or you can just move stops up to breaking even or even profit, depending on what the trade is.
So managing your trade is really important as well, and whichever method you take whether it's the management of the trade or the set and forget approach, just do that consistently. And so, really that's the main thing that I wanted to point out there.
Use My Free Lot Size Calculator To Help Your Trading
The other thing is, use my lot size calculator, take away pips from your trading, keep your trade having an equal risk doesn't matter what the pair, what the time frame, use that lot size calculator it helps control your emotions within your trading also.
Experience Traders Webinars
And lastly, I wanted to talk about the experience trader’s webinars that I’ve been holding now for a couple of weeks. Just fantastic feedback from people and also people also commenting on really how simple a good trading strategy is. You don't need to over complicate things – some people looking for this hugely over complicated method of trading because people have the idea that the more complicated the strategy the more important and the higher profitable that strategy will be.
Not the case at all, absolutely not the case. Good trading is about doing the same thing over and over again, and it's about keeping things simple. So if you've not attended one of my webinars yet, either the newer traders webinar or the experienced traders webinar, make sure you get on those, lots of really good tips and valuable information there.
So that's all for now, I'm off to enjoy the great sights of Sydney and the Opera House behind me here.
Look forward to talking to you this time, next week.