Why I Hate Fridays As A Forex Trader?
In this video:
00:42 Why I never get bored of Forex
01:52 The Way That I Trade
05:24 The Simple Process of Forex Trading
I hate Fridays. Most people think I'm crazy because they hate Mondays. But I hate Fridays. Let me share with you why right now.
Hi Forex traders, it’s Andrew Mitchem here I'm the Forex Trading Coach and in today's video and podcast I wanted to explain to you why I actually hate Fridays. As I mentioned most people, they hate Mondays. After having the weekend off, people really look forward to Fridays and they hate going back to work on Monday. Why is that? It's probably because most people actually hate their job. They don't actually enjoy what they're doing. They're more forced to be in sort of that job for an income or whatever the reasons may be.
Why I never get bored of Forex
But for me, as a Forex trader, and someone who is really passionate about Forex trading and has been for the last 12+ years. I never get bored of Forex. I always look forward to it. It's always changing. The market is always changing. There's' different reasons why price is changing. Fundamental reasons, all sorts of reasons, technical reasons why things change on a daily basis. It just keeps the whole spark and the whole interest in trading alive all the time.
As a trader you actually need that. If you don't have that enjoyment and that passion to want to see what's happening in the markets and see what's happening etc… What's happening around different countries around the world? If you don't have that passion, then maybe Forex is not for you and potentially it's maybe time to look at something else.
But if you are someone that wants to be a trader; who wants to get into trading… You don't need to spend all day and night trading. You definitely don't need to do that, far from it. In fact, complete opposite. But you still need to have an interest in it and a bit of an enjoyment and a passion in trading. Otherwise, why do it, you may as well go look at some other form of investment.
The Way That I Trade
For me as a trader, it doesn't mean to say that I'm glued to my charts all day and night. Far from it. Just yesterday, for example, I traded once in the morning at 9:00 o’clock in the morning my time, which is actually 5:00pm New York time when the daily charts closed. At that time I looked at the 1-hour charts, the 4-hours, the 6, the 8, and the 12-hour charts and of course the daily charts. Then I went flying all day. I was out flying to a beautiful island called Waikiki Island with my wife and my youngest daughter and we went off for the day. I came back in the evening my time and looked at 4-hour charts at 5:00 in the evening my time, and then at 9:00 in the evening my time which is now 5:00am New York time.
I looked again at the 1-hour, the 4-hour, the 6 and the 12-hour charts. That's it, that's all I did. Just traded 3 individual times within the day and still had some great trades. You'd have known by looking at charts this week, we've had some amazing strength in the British Pound (GBP). We've had lots of weakness in the New Zealand Dollar (NZD and also in the Euro (EUR). Yesterday, I took 2 trades on the New Zealand/US (NZD/USD) and the New Zealand/Yen (NZD/JPY), short term both of them. While I was away, I stopped for lunch on the helicopter trip and looked at my phone. I'd seen both trades had hit profits.
You don't have to be there at the time, staring at charts all day and night, watching 1-minute and 5-minute charts. Those times seem to suit some people and that's absolutely fine. But, you don't have to be there all the time… Because I trade less within day and I try to find to look for the higher quality setups on those longer time frame charts… Because that's what suits me personally, it means that I don't get bored because it's not like I have to spend the entire day sitting, watching charts again. You don't have to do that. That's I think one of the points that so many people who are new to trading and more experienced people, they get frustrated with trading. They almost become bored and tired of it because they just sat just watching chats all day. It drives you completely mad. It's boring.
For those people they would be looking forward to the end of the week just to have a rest. Whereas the way that I trade; looking at charts, 2 or 3, 4 times a day sometimes. You never get bored of that, you never get tired of that, because you can plan your day around it really.
There’s been a lot of Pound strength as mentioned and also there’s been that weakness in the Kiwi and in the Euro but you put those together into the mix and anybody who’s been looking at strength in the Pound/New Zealand Dollar (GBP/NZD) for example, go and look at your charts to see what that's done this week. Look at the Euro Pound. Look how that's fallen this week. It's using the strength and currencies that are looking strong, the weakness in currencies that are looking weak. Put the 2 together, look for technical setups, ideally looking to trade in those same directions as that overall strength and weakness. Do that together, once or twice, 3 times a day and on the longer time frame charts.
The Simple Process of Forex Trading
Know what you're looking for and your trading becomes quite a simple process. If you don't know what you're looking for, what I highly suggest you do is jump onto one of the 2 free webinars that I hold each week. Find them on my website. My whole webinar is for people who are brand new to trading. I also hold webinars for people who are more experienced in trading and maybe getting a little bit frustrated because it's just not working for you. So, make sure you jump onto one of those 2 webinars, if you haven't already done so.
That's it for this week. Have a great weekend. If you can't trade, well none of us can trade at weekends. Go and do something else and look forward to getting back into some trading on Monday.
Talk to you next week. Bye.