The One Secret to Becoming a Successful Trader
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#534: The One Secret to Becoming a Successful Trader
In this video:
00:26 – What’s the one secret to becoming a successful trader?
00:47 – 8x Monthly chart trades for February.
02:24 – Benefits of trading the Monthly charts.
03:05 – Also we’ve posted 5x D1 trades and 2x H12 trades.
03:46 – A live 2 hour webinar with our clients.
04:09 – Trading the longer time frame charts is also more enjoyable.
05:36 – Most newer traders want to be scalpers.
06:19 – Blueberry Markets
06:31 – Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/
I’ve got asked this week what would be the one secret I would give to someone who is looking to become a successful trader? Let me share that with you and more right now.
He there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 534.
What’s the one secret to becoming a successful trader?
So this week I got asked on a webinar by someone who’s looking to trade, and they said, Hey, Andrew, if you could keep one secret in trading to help me to become successful, what would that be? And to me, it’s quite simple. It’s looking at the longer timeframe charts. And today’s a perfect example.
8x Monthly chart trades for February.
So I’m making this video on Thursday, the 1st of February day earlier than normal. And the reason I’m doing that is because I’ve just taken the February monthly chart trades. And on our membership site we identified and I’ve placed eight trades on the monthly charts. So based on the January candle close taken at the beginning of February, and with those trades because the longer timeframe charts, they have many advantages.
One, you don’t have to be that your charts at the exact time that they you know the new day opens or the new candle opens and you’ve got hours, days, maybe even longer. And especially the way that we trade with using limit orders or retracement orders as well. It also means that not only are those candle patterns higher quality because they contain more information, more data.
When you think about it, they contain the whole month months worth of price action. So when you get a high quality set up are all showing in the right positive chart, it’s going to have a higher probability chance of working. Today, most of those trades, those eight trades have taken a continuation trades. So they are continuing the main longer term trend.
But after a recent pullback over like, you know, let’s say October, November, December, January and they’re they’re ready to then head up or down again in the overall bigger picture. So that again, adds more weight, more credibility, more probability to the trades.
Benefits of trading the Monthly charts.
On top of that, because that monthly chart trades the rewards, the risks are even better as well.
Spreads becomes almost like completely insignificant. And so with the trades that we’ve taken, they all range between the 3 to 1 is the smallest reward to risk. So let’s imagine if you’re risking, let’s say half of 1%, one and a half percent is the smallest gain I’m going to make on a profitable trade. But the the biggest gain is a 6 to 1 trade.
So that means half a cent risk means I’m making a 3% gain. If that trades hits its for profit target and so they all range between 3 to 1 to 6 to 1 On those eight trades I’ve taken.
Also we’ve posted 5x D1 trades and 2x H12 trades.
Not only that is today, I’ve also taken five trades on the daily charts that have all been published on our membership site for our clients to follow.
But we also put 2 12 hour chart trades on that. So you’ve got the eight monthlies, the five daylies it’s 13. 2 on the 12 hour chart. That’s 15 trades we’ve placed on our membership site today. In real time for everybody to learn from, but also hopefully we get it right and the market does its right thing to earn from as well.
So you can see there a massive amount of information that gets published to help our clients to, like I said, to to learn and also to earn
A live 2 hour webinar with our clients.
Later tonight, my time, I’m holding a live two hour webinar with our clients in the European session. At the end of that session, when we finish, we look through the depending on what’s happening in the market.
We might go as low as the two hour charts, but more likely the four hour of the six hour and the 12 hour chart. So we’re probably going to take some more trades live on that session as well. So just go to show what can be done.
Trading the longer time frame charts is also more enjoyable.
Now, going back to our original question, why have I picked trade the longer time frame? Just because it’s more enjoyable. You can go and do things. I’ve just jumped at the pole here behind me now, unlike other people that you will see on, you know, YouTube and Facebook and things that hire a red Ferrari or hire a helicopter or, you know, go and sit in a hotel somewhere. I do fly. It is my helicopter.
On Tuesday, I flew. For those of you who follow me on Facebook, you’d see that last week I was on the beach. You had seen last week with my daughter and a friend on the horses. This is my house behind me. This is. This is real. This is what? Trading. Once you know what you’re doing, I can help you to achieve.
Now, I’m not out there saying you’re going to suddenly going buy yourself, a helicopter, a couple of horses or a hash to the pool next year because you’re not going to. That’s not real. But over time, the actual learning of knowing what to do with low risk, high reward, the risk and making it enjoyable is all of those things, along with everything else that we provide the community and the suggestions and the advice, etc. All of that combines to make for me, trading the longer timeframe charts the best thing you can do because it’s just more enjoyable.
It’s longevity you can keep doing. I’ve been doing this for 20 years, don’t forget. And you know, and I’m still loving it because I’m not glued to the charts. I think that’s a really important point.
Most newer traders want to be scalpers.
So most people, when they start actually want the opposite, they all want to be scalping. They want to trade. One minute, five minute, 15 minute time frame charts.
They want to be taking in hundreds of trades a day. They want to sort of think they’re an A.I. machine. But, you know, realistically, that’s just not going to be profitable for you. Spread is screen to suddenly destroy your trades, your emotions. You know, all these things that we’ve talked about all the time come into trading. And also, you know, the longer timeframe charts are more reliable.
Therefore the shorter time frame charts are less reliable. You know, your rewards risk massively reduced and so put all those things together. Trade longer timeframe would be my number one key suggestion for you.
Blueberry Markets
And if you’re out there looking for a broker, I can highly recommend Blueberry Markets, they based in Australia. Really good bunch of guys and been with them for years and so a lot of my clients.
Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/
And if you’ve not yet been on my masterclass I strongly recommend you spend an hour, turn your phone off, turn all your social media stuff off, go and sit down for an hour. It’s on demand. So you choose the time that that is right for you and sit down and watch it and learn from it and follow along. See what we do. And you know, you can gain a lot of information from that. So I’ll put a link to that on this video and podcasts as well.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now.
Episode Title: #534: The One Secret to Becoming a Successful Trader
Signup For my Forex Masterclass
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
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