Removing the Confusion from Your Trading
In this video:
00:26 – Trading Confusion and how to overcome it
00:55 – Confusion to Clarity
02:00 – Knowing what to look for
02:50 – Feedback from new clients
03:59 – Pick the charts and time frames that suit you
I'm going to try and help you remove the confusion from your trading. Let's talk about that and more right now.
Hi, traders. It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 349.
Trading Confusion and how to overcome it
Now, I want to talk about trading confusion, and I believe it's very, very common and I know that because when someone joins our course, I send them an email and find out all about their trading history, so we know how to best help them. And then after a week, I ask them how they're going with the course and what they're liking, what they're finding difficult, and then the same after a few weeks, same after a month, six months, et cetera. So, we get some really good feedback from people about what stage of their trading career and the stage of their journey that they're at.
Confusion to Clarity
But what I find is that confusion is a big part of what people have before they come to us. And after they join us, clarity and an understanding of the market is a big part of what they gain out of joining the course and a well-proven strategy.
So, I want to expand on that because the confusion is a big problem. You need to understand when are you trading? When are you looking at your charts? At the close of a candle is a very easy thing to do. You probably just heard my charts just alert behind me here. It is now 11 o'clock here Friday morning, so it's 5:00PM Thursday New York time. So, as soon as I finish this video, I'm going to be looking at the daily charts. In fact, I've already had a quick look to see what's happening, and posting for our clients' specific trades based on the daily charts. I know that right now I need to look at the daily charts because the candle on the daily candle was closed.
At the same time I can look at the one hour, the four hour, the six hour, the eight hour and the 12 hour charts all at the same time. And so I have clarity of when to trade.
Knowing what to look for
I then have clarity because I know what I'm looking for. Now a little bit like riding a bicycle. Once you can do it, you can do it and you can always do it and you can get back on the bike and you know what to do. But when you're starting, there's a lot of confusion going on and it's very, very difficult because you've got to pedal and steer and look out for cars and other bikes, et cetera, and it's quite difficult to put it all together. But once someone's showing you how to do it and once you've mastered it, it becomes relatively easy.
And trading's not too dissimilar in that once you have clarity and understanding of what you're looking for, what pattern you're looking for, what the set up looks like, knowing which currency pairs you're favouring, which timeframe charts you're favouring, all those type of things, it becomes a lot easier. And just wanted to a pick up on that.
Feedback from new clients
Had some feedback forms here from clients. Just wanted to read a few from people who had joined us recently. Feedback from Sarah who said, I learned more in the last week since I've joined in the past six months of trying to trade by myself. There's another one here from Kenneth. Loved the live trading rooms. They're fantastic. I love the examples and really helps cement how to use the system. I love the emphasis on risk management.
Another one here from Derek who said, I think the content is really well covered. Love how your indicators tie into your method and the indicators incorporate into your trading strategy. Another one here from Peter. The templates are connected to help me understand which timeframes I'm looking at and the use of your technical analysis is really impressive. One here from Tully. I like that I can genuinely feel that you've put a lot of effort into the course yourself. I especially like the sequencing of how you teach effects. The parts I liked the most, I feel you're a genuine, therefore I'm open to learning and really enjoying the course.
So, just some clarity there. So for you, what can you do?
Pick the charts and time frames that suit you
Well, pick the timeframe charts that suit you and find out what works for you. What type of trader are you? Do you like to look multiple times a day at charts? Do you like to sit and look at charts for hours upon end or do you just want to trade maybe just sort of five to 10 minutes once a day? Understand what works for you. Get that clarity about the system you're looking for, reversal trades, continuation trades. Do you want to look at news trading? Personally I don't but do you want to? It's what suits you.
Get that understanding. Get to understand where your stop loss is going to go, where your profit and target's going to go, are you entering at the market, are you entering at a retracement level? Are you entering a breakout level? What is it that works for you? Get a clarity of the system, the structure, the timeframes, the risk management that works for you. Do all of that and you'll remove most of the confusion from your trading.
I better go and get these daily trades sorted out as we've just turned over 5:00PM Eastern standard time and look forward to helping you with more trading news and information this time next week. Bye for now.