What Makes an A+ Quality Trade Setup
In this weekly video:
00:24 – This is so important to your trading success
00:49 – Live trading webinar
01:25 – Trading is not just about the next one trade
02:16 – Training your eye to see that good quality setup
03:03 – A good strategy will win through over time
04:00 – Client makes +3% on the live webinar
What makes an A+ quality trade set up on your charts? It's really important. Let's discuss this and more right now.
Hey traders, Andrew Mitchem here, the owner of the Forex Trading Coach with the video and podcast number 309.
This is so important to your trading success
Now I wanted to talk about something that's really, really important to your trading success. It will help you in so many ways. And it's all about identifying what we call an A+ quality trade set up on your charts. Why is that important? Well it will help you become more successful. It would almost guarantee your success if you stick to these rules.
Live trading webinar
So last night with my clients, we held our live weekly two hour trading room webinar. And we talked about the importance of this, about looking for A+ trade setups. But what is an A+ trade set up? So each person, depending on your strategy, it will be different. But at the Forex Trading Coach, we have a defined, clear set of rules that we're looking for to enter a trade. Now it's really important to understand, to help you with your emotions and help with psychology that you go through this process and you stick to it.
Trading is not just about the next one trade
Because a lot of people will take one profitable trade and all of a sudden they're over the moon and trading is fantastic and then they do something stupid next time.
Or they'll have a loss or two or three losses in a row and all of a sudden trading's terrible, I hate it, I'm losing money. It's my broker's fault, and whatever it is. You get the picture.
So what I suggest to clients do is I'm suggesting that they have the set of rules that we look for and every time they take a trade, does this individual trade set up meet this set of rules that we're looking for? Yes or no. And not all the time is every single one of those going to be perfect, but do the vast majority of these setups or this setup, does it have the vast majority of these technical trade set up things that we're looking for? And if it does, fantastic, take the trade.
Training your eye to see that good quality setup
Because what it means is you get to train your eye to look for that setup. It doesn't matter what the timeframe chart is, what the currency pair is, whether it's the New Zealand dollar because I live here, or whether it's the US dollar because you live in America. It does not matter. Trade the set up because what that will give you is the ability to train your eye to see the setup no matter what the pair, no matter what the timeframe.
What it also does is it takes away those highs and lows of that emotion, because if the trade matches your criteria that you're looking for and you take the trade and it gets to your profit target, fantastic. If it doesn't, if it gets stopped, that is something changes, it doesn't matter because you traded the trade setup itself.
A good strategy will win through over time
And you know if you have a good system, a good strategy like we do that has a high reward for risk, but we know without doubt that if you traded 100 setups of what we call A+ quality setups, over those hundred trades, you will without a doubt be profitable. So that's why it's really important to do that.
Now a client of mine created a journal and every trade he takes he analyses, is it good enough to meet our criteria? Yes or no, if it does he takes the trade, takes a screenshot. And that he said itself is massively helping him. So that is one thing I really want to stress there about making sure you journal your trades and your entry rates. It's take a screenshot and it will help you build that library, that portfolio trades that in your strategy will help you.
Client makes +3% on the live webinar
Now on that same webinar last night had an amazing comment midway through the webinar from a guy called Scott. And Scott said to me, do you know Andrew, I made 3% just from copying your trades on the webinar so far.
Now at that time we'd taken three trades and all three had hit their profit. Now in total on that two hour webinar last night, I actually took seven trades in total, and so far four them have hit their profit target. One got stopped out and two are still open right now as I'm recording this, that are still in profit. Seven trade setups taken live. You can see me analysing the chance, see me taking the trades while I'm taking the trades and actually see it happen in real time. There's no fiddling anything, there's no just cherry picking the best trades and just kind of quietly hush hush, ignore the ones that don't work. There's none of that, it's just this two hour live webinars, seven trades taken in front of everybody. And that's the importance of coming on board with us and just getting that experience of training your eye. You get that everyday with our daily trading suggestions as well.
But on those webinars that we hold, I hold a European session webinar yesterday. Next week, Paul who works with me over in America holds a US session. The week after back to my European session, etc. So it doesn't matter where you live in the world, you can jump on one of those live webinars every single week and watch us trading live. And there is nothing better than that.
So I hope that helps. Look forward to catching up with you this time next week. Don't forget that trading journal to get what you classify as an A+ trade set up. It will almost guaranteed improve your trading.