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Daily Currency Movements and Trading Videos

#281: The roller coaster ride when you trade Forex

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The roller coaster ride when you trade Forex

In this weekly video:
00:25 – The ups and downs of trading Forex
00:55 – 90-95% of traders lose money
01:25 – Why you should seek good quality education
02:30 – An interesting graph describes the traders journey
03:45 – It took me 4 years to become successful but I can short cut that time for you

Want to talk about the swings and cycles involved with what happens to a new forex trader. So let's talk about that and more right now.

Hi, forex traders. Andrew Mitchem here, the Forex Trading Coach with video and podcast #281.

The ups and downs of trading Forex

Now I've had a client of me called Sean from Australia who wrote a post on our client's forum site this week, and it's up behind me here. I'm not sure if you can see it, but it's a graph showing Sean's performance over the last 12 months and his 700 trades taken live since he joined my forex coaching course. The good news is that right now he's in some great profit. He's up almost 70%.

90-95% of traders lose money

Now just taking back a step. Last week I mentioned the commonly known figure and accepted figure that somewhere between 90% to 95% of all forex traders lose money. And why is that? Well, so many people give up too early, they risk too much, they blame someone else, they blame the market, they blame the broker. You know, “It's too hard, it's not working straight away for me”—all those kind of things. And you may well have experienced those same kind of thoughts and emotions yourself.

Why you should seek good quality education

But the good thing is, is when you see good quality education it can definitely assist you and change your trading around. Now I am not saying that by taking my course, and despite it having a five-star rating and helping thousands of traders for more than nine-and-a-half years, it is not a get-rich-quick scheme. It is not some magic pill that Andrew's suddenly gonna give you this magic formula to suddenly change your financial world situation around. It still requires some hard work.

Now why am I telling you this? Because I could go and say, “Take my course and you will suddenly become a multimillionaire.” But the thing is, the reason why we're still operating so successfully after nine-plus years is we tell the truth. I'm here recording this at home in my office with my charts behind me here. We are real traders. I'm a fund manager and I have a trade copier service and I'm a forex educator and a trader. And we tell the truth. So that's what I'm gonna tell you. It is still not easy, even if you take my course. And with our help, things can certainly would done.

An interesting graph describes the traders journey

So the graph behind me here that Sean sent and posted on the membership site, on the forum site, it's quite interesting. I'll run you through it if you can't see it. He started off with an absolute hiss and roar. Trades were fantastic and he was making lots of money. I think he was up about 30% after the first, let's say, hundred trades.

He then stalled a little bit, and then he said in his own words that he thought he knew everything. He started adding a bigger risk, bigger position sizes, taking more trades. And guess what. He then gave most of it back again. So his curve started going really well, it stalled a little bit, and then it came back, almost back to break even.

It then stalled a bit longer. Why did it stall? Well, he was then going back to lower risk and working things out, seeking our help. And now over the last couple of hundred trades it's then gone way up past the original peak, and now it's up almost 70% in the first 12 months. On a live account this is.

So it's pretty outstanding, but it's also a good lesson, that things are not as simple as most other people out there will tell you they are.

It took me 4 years to become successful but I can short cut that time for you

I'm here. I'm a realistic trader. It took me four years to finally become consistently profitable.

Now with my coaching course and our help we can drastically reduce that because, one, you're getting a decent strategy that works, has proven to work over so many years and so many markets and conditions, etc., plus you're getting the ongoing help. But even with that you still need to put some effort in by yourself.

But think of it this way. Are you realistically prepared to put some effort in and to stick at it? If you are, fantastic. Why don't you become the next Sean? 70% return. It's there on the graph, on the live account, in the first 12 months. Is it a 70% straight line? Absolutely no, because he went thorough that learning curve and that process that you will go through. But if you stick at it, with a proven strategy and with someone's help, it will absolutely work.

So what I'm gonna do is put a link below this video and podcast to my course. If you've any interest at all in progressing your own education and your financial future with our help, have a look at it. I think you'll be really pleased. But ultimately I'm not here to sell it to you; it needs to be your decision. We're all making money. We're quickly happily … Sean's making 70% in the first 12 months. Imagine what he's gonna do next year, in the next 12 months. We're all making money, so it's your call. And that's where the difference with the way that our approach is. We don't go cold-calling people. We won't go phoning you up or bugging you. It needs to you be your call to want to join us. If you do, we give you 110% effort to make sure it works for you.

So that's it for now. Have a think about that. It's not a spoonfed get-rich-quick scheme. Absolutely not. If that's what you want, don't join us. If you want to learn how to trade profitably by yourself and become the next Sean, absolutely jump on board with us.

So once again, this is Andrew Mitchem from the Forex Trading Coach. Look forward to talking to you this time next week. Bye for now.

Click here to know more about my Online Video Coaching Course

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#280: Your Profit Is Not Everything

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Your Profit Is Not Everything

In this weekly video:
00:29 – Profit is not the most important number
01:15 – Real examples – with a 421% return
02:17 – Trade Copier at +20% gain in 6 months
03:30 – A massive drawdown
04:15 – Look at the bigger picture

I'm going to talk about why the profit you make as a Forex trader is not the most important number. Sounds interesting. Let's talk about that and more right now.

Hey Forex traders, Andrew Mitchem here, the owner of The Forex Trading Coach. Video and podcast number 280.

Profit is not the most important number

And it's a bit of an odd discussion. Why is the profit that you make not the most important number as a trader especially when so many people don't make money or don't make a profit through Forex trading? You've all heard the stats, 90, 95% of people fail to make money. So, why is it then that I'm saying, well, those who are profitable, it's not the most important thing to know that I've made so much money per year. Because here's the problem, for the people who don't make money, it's very easy to criticise the people who do make money. It's the whole social media hide behind the screen type of thing, and it just happens all the time, and I get it consistently.

Real examples – with a 421% return

I'd like to share with you a few examples, two from myself and one from another company. So, with my own example. If you had started following my daily trading suggestions with a $100,000 account back in 2011, and today, that account would be, with compounding, $521,000. So, it's a $421,000 profit that you've made on your original 100,000 in seven and a bit years. Now, that works out at a 60, six, zero percent return per year on average on your original funds. Quite an outstanding figure for something that all you need to do is copy what I'm putting on the membership site each day at half a percent risk per trade.

So, that becomes part of the equation, the half percent risk per trade to make 60. So, that's one example. So, I think that's a very outstanding figure considering it's just one time frame, five minutes work, once a day.

Trade Copier at +20% gain in 6 months

The other example is this. My trade copier which is running on the combination of trading robots that I've created myself. So, so far, in just over six months, it's up plus 20% right now. And again, it's quite an outstanding figure considering the drawdown is very low and the risk per trade is very low, but a lot of people don't see that as exciting. And I had a discussion with somebody this week, and he was saying, “Look, here's another trade copier service and it's made 200% so far this year, and we're only at the beginning of July.” And I said, “Very good. That's outstanding. Why don't you go and join it?” Because he said that my 20% wasn't good enough.

Now, the thing here is that the company that was selling the 200% profit in six completed months to this guy sounded outstanding, and to most people it would sound outstanding too. The problem is, is that when I actually pointed out that the drawdown had been over 81%, I don't think he quite understood the importance of that. Think about it this way.

A massive drawdown

You have $100,000 there. Let's say you've got that drawdown right at the very beginning when you joined. Would you really want your $100,000 to be worth $19,000? Think about it.

So, yes a 200% return in six months sounded amazing, but an 80% drawdown is not realistic, in terms of, do you really want that? So, maybe the 20% return is actually not too bad after all, or the daily trades worth 60% return, considering we're controlling risk and our drawdowns are small. So, that's the message of this video on podcasts.

Look at the bigger picture

Just always look at the bigger picture. Don't just look at the returns and think, “Oh, this guy's made so many pips,” or, “This guy's even made percentages.” Yes, that's important to look at, but in the context of the overall scheme of things, look at the bigger picture, look at the drawdown, look at the risk, and then make your decision. It's likely to change the other way.

So, once again, this is Andrew Mitchem, The Forex Trading Coach. I'll see you this time next week. Bye for now.

Click here to know more about my Online Video Coaching Course

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#279: Price Action is King

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Price Action is King

In this weekly video:
00:24 – How price action trading can help you
01:25 –  A handful of candle patterns and shapes that work
01:55 – Assess a candle only once it has closed
03:00 – A confluence of events
04:12 – The close of a candle
05:17 – Understanding price action is so important

Price action is king. It really will help you with your trading success. Let's talk about that and more right now.

Hi, Forex traders. Andrew Mitchem here. The Forex Trading Coach video and podcast number 279.

How price action trading can help you

And I want to talk all about the power of price action trading and how it can really help you to become a profitable Forex trader.

There's a number of things that you need to understand. Price action is key, and it's understanding what part of the chart we're in right now. It's understanding a few technical base things such as understanding a handful of useful candle shapes and patterns. It's also understanding what context of the chart we're in. Are we in areas buying into likely resistance? Are we in areas selling into likely support? Are we at areas we might find struggle to break through either higher or lower? What's happened prior to the price action that we're in right now? Are we in a big downtrend and maybe that formed a support level? However, we could also have a big downtrend and a pullback, and then looking for the opportunity to go short again.

A handful of candle patterns and shapes that work

When it comes to candle patterns and shapes, there are handful that I use and I teach in my coaching course. Now, you can go online and find all number of candle patterns and candle shapes, but I found that realistically, there's only about five that are really useful, and it's not so much about looking at like the set of overall pattern in terms of wedges and triangles. To me, it's more about the understanding the individual candle that is just closed.

Assess a candle only once it has closed

Because a practical way of trading is to assess what's happened once a candle has closed. Why is that practical? Well, a number of ways. If we have some previous indecision, and let's say we've had a downtrend, and then some previous indecision, and then a potential reversal candle. That's telling me that already, after a downtrend, we've seen some indecision in the market, and now we're getting confirmation that we might be seeing a pullback. It could be a complete reversal. It could just be a temporary pullback, but it's telling me by looking at just not only the candle that just closed, but also the previous one and the previous trend.

It's giving me an idea of what's happened, but you can't just use that by itself. You have to use a number of other factors. You have to use the bigger picture trend. Maybe that bigger picture is we're already currently in a trend, so do I want to take that buy trade against the trend, or do I just want to accept that we made … not be seeing a retracement, and then I'm going to wait for that selling opportunity to sell with the bigger trend? There's a number of factors that you need to add into this.

A confluence of events

So you need a confluence of events. You need to add more things than just purely the candle itself. What part of the chart is it in? What is the price that it's at? Has it stored and bounced at a level that may previously have bounced back in the past whether that'd be a number of hours, or days, or weeks, or months away? It's all on … and that depends on what timeframe chart you are trading.

The other benefit of looking at a candle at the close of it as candle is that you know exactly when you need to be at your charts. You see, to me, there's nothing worse than talking to traders and especially new traders who just say, “Look, Andrew. I'm trading 6, 8, 10, 12 hours a day and it’s not, well” Yes. When you're learning, it's good to get some time understanding what's happening, but you really don't want to be long-term trading like I've been trading 15 years.

I can tell you. There's nothing worse than sitting, watching your chance all day long because it's not enjoyable and it's not realistic. Yes. To some extent, it's good way of learning, but long-term, that's not an enjoyable way of trading.

The close of a candle

The beauty of trading at the close of a candle is I know exactly when that's going to happen. Let's say I'm looking at the close of a four-hour candle. I know exactly when that four-hour candle closes, so I know when I need to go and have a look at my charts.

If I'm trading a daily chart, I know that the daily chart closes at 5:00 p.m. New York time, Eastern Standard Time, so I know when I need to go and look at the daily chart. Things like that make trading not only less stressful. It makes it more enjoyable. It makes it more practical and a longer term prospect for you, so it also means that you have less emotions within your trading because if you sat there watching every peep move up and down, then realistically, you're going to be more stressed about your trading. You're going to be more twitchy on your mouse key … on your mouse. You're going to be looking at entering more often or closing trades out without the actual thought process of what's behind that trade. Therefore, you're likely to go away from your trading plan.

Understanding price action is so important

Bringing all that back to one thing, it's all about price action and understanding technical analysis correctly, and that is what will make a massive difference to your trading. Look, as I've been trading myself for many, many years and it's how I've been teaching thousands of clients and thousands of Forex traders just like yourself all around the world since 2009, if you'd like to jump on board and take advantage of these five-star-rated coaching course, I'm going to put a link below this video. If you're listening to the podcast, the best thing to do is have a look at my website, theforextradingcoach.com.

Once again, this is Andrew Mitchem, owner and head trader of theforextradingcoach.com. I look forward to seeing you this time next week. Bye for now.

Click here to know more about my Online Video Coaching Course

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#278: Copy my trades

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Copy my trades

In this weekly video:
00:24 – Have my trades copied to your account
01:12 –  Trading Algorithms and Trade Copier Software
01:55 – Results to date
02:26 – What’s the cost for this?
03:29 – A link to find out more details is below

Would you like to have my trades copied directly onto your account? If you would, listen up, I've got some great news to share with you.

Hi Forex traders, Andrew Mitchem here, the Forex Trading Coach, video and podcast number 278.

Have my trades copied to your account

I wanted to give you an opportunity to have some of my trades copied automatically onto your account. You see, this is for you if you are too busy. Too busy to learn how to trade, you're frustrated with trading and it's not working for you. You don't want to learn how to trade but you may be after a higher-than-average return on investment. You may have been wanting something to complement your trading, or you might just want a passive income. Whatever it is, it maybe that you can't afford to do my course let's say, but you'd like to have some trades taken on your account that are going to make you money. So whatever one of those you fall into, whichever category, this solution is perfect for you.

Trading Algorithms and Trade Copier Software

You see, I've created a group of trading algorithms and I have those trade on a live account of mine. Then that live account gets replicated 100% automatically behind the scenes using some trade copier software from a company in the UK called Forex Solutions. It means that my trades get automatically placed at the same ratio onto your account automatically. It's a great system. All you need is a MetaTrader 4 account, an MT 4 account, and you can then link your account to my account through the Forex Solutions software. Now there's a few options there as well.

Results to date

You can have your account trade at the same percentage risk that I do, which is very, very low. If you've done that, then in the last seven months since November, you would be up 16% on your account right now as I'm recording this. You could then decide to multiply that by two or three, so you could be up say 32, or even 48% in the last seven months, just by multiplying the risk that I take. A 48% return in seven months is something very attractive, and that's still with low drawdown.

What’s the cost for this?

So what does this cost? Well for the whole thing, for the copier service from myself and the software, which means you need no server, you don't need to be spending $40, $50 a month for a virtual server and you don't need any trade copying software. You don't need to do any updates to the server, you don't need to do anything. It really is a 10-minute once off signup process, and then you pay a monthly subscription fee of $78, which is US dollars. Pay that as a monthly fee, automatically gets taken for as long as you want to remain as a client of the copier software. It just means that 100% automatically, the trades that my account gets places, get put onto your account behind the scenes.

It's an amazing way of trading if you are too busy or you're just really wanting an investment, or like I said, you either don't want to learn how to trade or you maybe can't afford my course. You maybe wanted to jump on board with us, but this is a good low option, low-price option to allow you to jump on board with us, take some of my trades, and grow your account at the same time.

A link to find out more details is below

So if that's something you'd like to know more about, I'm going to put a link below this video. If you're listening to the podcast, just jump onto my website under the “Join now” button, and you'll see a link to AM Trade Copier.

So I hope that helps, and as I said, that's a great way for you to grow your account 100% automatically, a once off 10-minute signup process, and that is it. It really is an exceptional way of making some great passive income.

 So I hope that helps. This is Andrew Mitchem, the Forex Trading Coach. Talk to you this time next week.

Click here to know more about my Trade Copier Service

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#277: How to survive when the market is quiet

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How to survive when the market is quiet

In this weekly video:
00:29 – Tight, rangebound trading conditions
01:00 – How to trade during tough conditions?
01:54 – Having a confluence of events in your favour
02:54 – Examples of what makes a good trade setup
04:53 – Giving yourself a higher probability chance of success
05:16 – Email me if you need any help

As a Forex trader, it's important for you to know how to survive when the market conditions are quiet and not favourable. So let's talk about that important subject and more right now.

Hi Forex traders it's Andrew Mitchem here, the Forex Trading Coach Video and Podcast Number 277.

Tight, rangebound trading conditions

I want to talk about the conditions right now. Go and look at your charts and you see that most of the currency pairs are in quite a tight range band market right now. There's not a lot of strength or weakness either way. I'll give you an example; have a look at the New Zealand dollar against the US dollar. It's stuck around the 70 level, the 0.7000 level against the US. It's been there for quite a while. If you look back over the last couple of trading weeks, you'll see that the pair has fluctuated around 100 pip movement; very, very hard to make money when that happens.

How to trade during tough conditions?

So what can you do about that and how do you trade those conditions? Because of course, I can look back now and say the last two weeks it's moved 100 pips in two weeks. But at the time you don't know that, and that's the hard thing with trading. Which is why I always say to people, a good trader has the ability to trade in realtime and from the right hand side of the chart. The internet trader, of which are there are many so-called experts out there, have the ability to show you charts and show you trades with the benefit of hindsight.

So that's what makes me different in that I take trades live for my clients on a daily basis, we post them on the forum site. I have specific trades, and of course I trade live on a live webinar. On top of that, I manage funds for people as well. But let's get back to the point in hand, which is how do you trade when the conditions are quiet?

Having a confluence of events in your favour

For me, it's all about having a confluence of events all showing at the same time. Because trading is about probability, and it's all about adding multiple layers upon each other to give yourself an overall higher probability chance of that trade being a good one and justifying why you should actually take the trade in the first place.

In general, if conditions are tough then be really, really selective about your trading and don't keep trying to want to take trades just for the sake of it. That's a really important first point. But when it comes to the charts, as a trader I give away my Engulfing Candle course for free, and it's looking for engulfing candles. But when it comes to my real trading and my coaching course, of course there's more to it than just looking for every engulfing candle. There's other candle patterns that we're looking for as well. But more importantly, it's knowing where they occur within the chart; what part of the chart are we in right now. So it's adding that confluence of events, multiple factors together.

Examples of what makes a good trade setup

For example, have we had a prior trend? Let's say we've had a prior downtrend and now we're looking for a bullish pattern. Fantastic, because now we're looking for a reversal or a continuation of a main trend after a pullback. What type of the part of the chart are we in? Are we near the upper Bollinger? The bottom? The middle? Are we in no man's land? What about divergence? Does that help us? Have we bounced at round numbers? Have we bounced at previous support or resistance levels? If we're taking a buy trade, are we buying directly into a level that may have recently or even some weeks ago have been a previous strong bounce level? All those kind of things we need to put in to our equation, our mix, basically building the layers together to say, “Hey, this is actually a really good candle pattern here.”

Looking at, let's say, the Euro-US Dollar, well if that looks like a good setup that's fine, but let's have a look at this a little bit deeper. Is the Euro … Let's say we're taking a buy trade Euro-US Dollar, is the Euro really strong against the Pound, against the Aussie, against the Kiwi, against the Yen, the Canadian, et cetera? Or is it sort of pretty average against those but just it's looking strong against the US because the US may be particularly weak? Therefore, is it really strengthened the Euro, or is it just the weakness in the US that's making the Euro-US pair look strong? So it's things like that that we add to the mix as well. It's getting that overall perspective of the bigger picture where the weekly charts are showing us things are going, and scaling that down on a daily basis. Is that Euro really strong, yes or no? Is that US really strong, yes or no? Okay, so the Euro is massively strong against most other currencies, the US is particularly weak against most other currencies, and we have the candle pattern and it's bounced at a certain level, and we've had trendline breaks and we've had divergence, we may be bouncing off the bottom or the middle Bollinger band. We've probably got a round number to back up our trade to protect our stop loss. Things like that.

Giving yourself a higher probability chance of success

So it's all about adding layers and layers together to give yourself a higher probability chance of success. Don't just say, “There's an engulfing candle and today Andrew said the Euro-US is going to go up so I'm just going to take it.” That's not how you trade. There's a lot more behind the scenes needed than just looking for an engulfing candle.

Email me if you need any help

If you need any help at all, then I personally respond to all emails that come through to me. My email address is [email protected] Drop me an email; I'd be pleased to help you. Once again, this is Andrew Mitchem, owner of the Forex Trading Coach. Video and Podcast Number 277. I'll see you this time next week.

Click here to know more about my Full Forex Course

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#276: Don’t stress about the news

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Don’t stress about the news

In this weekly video:
00:21 – Decisions are based off the charts
01:05 – Look at the news announcements once a day
01:36 – The charts tell me all I need to know
01:52 – News is your opinion
02:48 – Should you straddle the news?
03:23 – Should I be watching the news channels on TV?
04:05 – H12 AUD/JPY Sell trade live on a webinar makes a +1.25% account gain

Hey Traders, Andrew Mitchem here, the owner of The Forex Trading Coach, video and podcast number 276.

Decisions are based off the charts

Now, as you know, I'm a technical trader, I look at the charts and I make my decisions based on what I see on the charts because as a technical trader, the price action tells me everything that I need to know. I'm not a news trader, I'm not a fundamental trader, and I know that when I mention that some people get upset, and there are certain people out there, and you know who you are, that say, “Hey Andrew, you can't be a trader purely technically.” But, I've been doing this for 15 years and yes I am, and so are my coaching clients.

So, I'm not saying that news trading doesn't work, so don't get worried if you're a news trader. But, I'm saying they don't need to stress about news trading because to me there's a better way, and that's technical trading.

Look at the news announcements once a day

Now, I look at Forex factory once a day purely for my own interest and knowledge about what news announcements are coming up, and what will the announcements of some of the major impact news yesterday, just purely for my own global knowledge of what's happening. But it does not effect my trading.

You see, as a technical trader I believe that I see everything I need to know on the charts. And as mentioned, I've been doing this 15 years and it's worked over that time pretty well. So, it's unlikely not to work in the future.

The charts tell me all I need to know

Because the charts tell me everything I need to know. They tell me where I see certain candle patterns that I'm looking for, they tell me whether we're in an overbought, oversold area. I can look at strength and weakness with other bigger timeframes, and then use that to my advantage on shorter timeframes.

News is your opinion

Whereas to me news is quite opinionated. You see, when a news release comes out, is that better or worse than the anticipated level? And then it's like, well, how much better or worse has it? And what some people see as good news, others would see as very average or poor news. And that becomes the problem as a technical trader looking at the other side of fundamentals. It becomes too opinionated.
You may say, “Well, that employment rate was really good.” I might go, “Well, it was okay, but it was nowhere near as good as expected or last months went down.” Those kind of things. And then how does that affect the currency? Whereas, as a technical trader the charts tell me everything. I don't need to still be worrying about whether this is good or bad news. It doesn't matter. The fact is that the price is either moving up or down, and that's really how I benefit as a technical trader.

Should you straddle the news?

And you get a lot of people who may say, “Look why don't I just straddle the news.” As in like take a buy stop, if the news moves the pair up and take a sell stop if the price moves down. Well that's okay, but that's basically just a technical way of trading a news item, because it's basically saying you've got no idea what's happening, it just means that if it moves up and breaks out upwards you're taking a buy trade and if it breaks that downwards you're taking the sell trade. Well that's not fundamental news trading. That's basically taking a punt each way. It's either going head up and get going or head down and keep going. And so that becomes the problem.

Should I be watching the news channels on TV?

You see, I had someone that contacted me, and the reason I'm making this video is they were saying, “Look, you know, do I need to be watching these news channels on TV? Do I need to be subscribing to news feeds or these type of things?” And I said, “Well, not saying don't do it, but in my opinion, you don't need to.” Because basically what you're doing is sort of consuming yourself and stressing yourself about all these conflicting news events, and basically like with most news, it's someone else's opinion and it's generally too late by the time most people get to see that information anyway.
So again, it comes back to what works and you know, for me, technical trading clearly works.

H12 AUD/JPY Sell trade live on a webinar makes a +1.25% account gain

Give you an example. It might be quite hard to see, but over my shoulder here, I took a trade on the 12 hour chart Australian dollar Japanese yen, yesterday, live on a Webinar with my clients. And I said the Aussie yen is stalling at around the 84/50 level. Go and have a look at your charts. We're currently today the eighth of June. So have a look at your charts sort of leading seventh and sixth of June and you'll see that 84/50 has been quite a high resistance level on the Aussie yen.

And I said to clients, “Look it's bounced here several times over the last few months and it's looking like it's about to drop.” And on the 12 hour chart we saw a great setup. I took it live on the chats with a half percent risk, both myself and my clients who took that same trade, which took us about two minutes to see and take, made a 1.25 percent gain on our account with half percent risk. It was a 2.5 to 1 reward to risk trade. Put it on, see the trade, put it on, wake up this morning, hit full profit. That's technical trading. That's why it works.

Click here to know more about my Full Forex Course

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