Why Forex trading is one of the best things to learn?
In this video:
00:28 Forex Trading Success Stories
02:20 The Lesson To Be Learned
03:20 The Great Thing About Trading
I want to talk about why I think that Forex trading is one of the best things you could possibly learn. Let's get into that right now.
Hi Forex traders, this is Andrew Mitchem here, the owner of the Forex Trading Coach. today is Friday, the 16th October, and I want to talk about why I just love trading Forex. There's many reasons, and I'm going to give you just a couple stories, to share with you.
Forex Trading Success Stories
I had a phone call yesterday, being Thursday afternoon, from a client of mine who lives here in New Zealand. He said, “Look Andrew, just been having some amazing success trading your strategy.” He was perfectly open and admitted that the first few months was not that great.
It took him a while to develop and understand the strategy and his own take on it, but he said, “Look, the last 10 months,” he's been with me for about a year, “has just been absolutely fantastic.” He gave me an example of five trades that he took the night before, the previous night, on the 8-hour charts, and he made over 10% on his live account. It's a pretty amazing figure when you think about it. Over 10%. I don't do 10% on one day, I certainly don't come close to 10% on one day, but this guy made over 10% on his live account on five charts. It was interesting that it was on the 8-hour charts. I've got some great software that I have for my clients, that allows us to create any timeframe charts that we wish to, on the MT4 charts.
You'd know, if you use MT4, that the standard charts are the 1-minute, the 5, 15, 30, 1-hour, 4-hour, daily, weekly and monthly. I've got great software that I give to all my clients, and allows us to create charts such as 6-hour charts, 8-hour charts, 12-hour charts, whatever timeframe you like. Even if you wanted, say, 2-minutes or 4-minutes, if you're a very short timeframe trader. Brendan was making some great trades on the 8-hour charts and he shared it with me on the phone. We went through and looked at the charts and looked at the set ups. I also then shared that with clients on my live webinar last night. It was just great to show people this is what someone's done, he's seen the set up, he's taken them.
The Lesson To Be Learned
The moral of the story, in his opinion was, you need to almost get rid of all the clutter that you think that you hear, that you see. Get back to the basics of trading what you see on your charts. He said, “If I don't take any, worry about what's happening on the news or anything like that, I'll look at my charts and I'd go off what my charts are telling me is happening. Not so much what I think. If I start thinking the Euro's going to go up, then I see some …” If you see sell/trade set ups, you may not take them, because you think it's going up, so it's really important to get back to basics and trade what you see on the charts.
That's one great Forex story I'd like to share with you. As a coach, and as someone who's helped Brendan along, I just get so much pleasure out of hearing stories like that, because it just really is such a great success story.
The Great Thing About Trading
The other story is that we're trading, as you know, you can trade from anywhere, anytime. I was around one hour late with my daily suggestions today. Very rarely am I late, because I always make a point of being exactly on time, but I said to clients, “Hey, look. I'm away today, I'm flying at the time that the daily suggestions are written. I'm going to be one hour late. Sorry for that.” In the end it didn't matter because we take pending orders, and they don't get filled at exactly the time that I write my post anyway.
The great thing was I took my wife, my two girls, we headed for an hour and a half's flight down to the east coast of the north island of New Zealand, or a place called Napier, had a few hours there looking around town, and girls playing on the beach, etc. I was in the Napier Airport Café, tiny little café, typing away, getting my daily trades posted to people and add-on free websites, and more specific trades for my clients. The great thing is that you can trade from anywhere, and that really is the beauty. I'm on my laptop, I had a lot of it all before pre-written, before I even left, of knowing what I was likely to be taking. Had three trades that I suggested to clients, wrote it all in, took the trades myself from the airport, closed the laptop and that was it. Done.
That is another wonderful part of trading that you can go and do other things, and more enjoyable things, than just sat watching charts all day long. That's great, but you've got to realize that real life is far more important than sitting glued to a screen all day. You get that combination right, of being able to trade those longer timeframe charts, the 8-hour charts like Brendan was trading. I place my daily suggestions based off the day charts, and really, apart from that, I'm personally then looking at 4-hour, 6-hours, and 12-hour charts most of the time.
I did take one 1-hour chart on the webinar last night, on the Australian Dollar/New Zealand Dollar (AUD/NZD), selling it and it hit full profit, but most of the time, those longer timeframe charts allow you to get away from the charts, and go and do other more enjoyable things than just glued to a screen.
Just needed to share that with you. Hope that helps. If you do need any more information about trading, just drop me an email, or get onto my website and fill out the contact form, and I'll get straight back to you.
Have a great weekend. This is Andrew Mitchem, the Forex Trading Coach.