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Podcast:
In this video:
01:10 Live trading room webinars during the European time
03:29 One minute charts showing really good setups on the session
06:36 A brilliant way of being financially free
Is it worth paying someone money to teach you how to trade Forex successfully?
Is it worth paying someone money to teach you how to trade Forex successfully? I believe it is but let me share my reasons with you right now.
Hi it’s Andrew Mitchem here the Forex Trading Coach. Welcome along today is Friday the 21st of February. It’s a question that so many people ask all the time. It doesn’t matter where you go within the Forex road whether it be on forums or wherever it may be. People were all saying, “You know shouldn’t really have to pay for trading, should you, everything is available online, why pay someone all this money or go to a course, so buy a book whatever it might be. Why pay people money to do things you can find just on Google.”
Well you can find a lot of trading information on Google, of course not all of these are good information but a lot of information is there no doubt about that. But I want to share with you one really important aspect about my course that I believe makes it stand out above almost all others out there and why I believe my clients or the vast majority of my clients become such a successful Forex traders and that’s true to my live webinars. I held a live trading session webinar yesterday during the European time and I had clients from all over the world attending that session. It was 2:15 long, it was a live, it was trading during the European session. The fantastic thing about it is not only we interacting and answering questions and asking questions and looking at previous trades, etc., which is a great way to learn but the best thing is that we’re trading live. There’s no substitute for it, there’s no “cherry picking” just the best trades and making these really great videos just showing you the perfect trades or showing you screenshots of trades that work but secretly hiding all the ones that didn’t, there’s not all that and that’s the beauty of it. You know I go through and I show you the trades that I’ve taken over the last couple of weeks since we last caught up and I show all the trades there, the good ones, the bad ones because of course you can learn from losing trades just as well as you can learn from the profitable trades but during the session themselves we’re looking at taking live trades.
All Time Frame Charts Covered
Now just to give you an example on yesterday’s webinar I had traders there that were taking trades on one minute charts, five minute charts, fifteen minute charts, one hour charts, four hour charts, daily charts and weekly charts. We covered all the spectrum so there’s something there to suit you regardless of what timeframe trader you are because of course it’s really important to find the right style of trading that suits you. I can provide you with strategy, that’s fine; no problem there. I can provide you with a strategy that works really well across all timeframes, across all currency pairs.
The thing that you need to do is work out what suits you. I give you some examples. I had some clients on the session last night who trade just daily charts and weekly charts. It’s what suits them, they love it, and they don’t want to be at their charts all the time. Completely the other end of the scale I had traders who trade just one and five minute charts for a couple of hours during each session for three days a week and that’s it but they both make money.
On the session yesterday we were finding that the hour charts were not producing very good setups yesterday. In fact I didn’t take a single trade on the hour charts live. However I took trades on the one minute charts because they were showing really good setups on the session when we’re on live. We found that the Euro was looking particularly weak yesterday and we had some short positions on the EUR/USD the EUR/JPY and particularly the EUR/NZD. The NZD was showing some strength into the session and there were fantastic pull backs all the time. In fact the downtrend overall was just a really good downtrend through the session but within that on the one minute and then also a few on the five minute charts there were pull backs all the time. So downtrends move pull back go short again; small pull back go short again, small pull back go short again and it just continued.
5:1 Reward:Risk Trade
We were taking trades that ranged between a 1 to 1 risk to reward. One client had a 5 to 1 risk to reward trade during the session live. It’s pretty amazing he was trading a one minute chart and he had a 5 to 1 risk to reward. I think he was trading half of 1% risk to that trade and he had a 2.5% gain on his account from that one session. Just a brilliant trading there you know you can’t speak highly enough of that type of trading. A 2.5% gain just in that one session.
Client Makes 1% Per Day Trading the EUR/JPY
I had another trader who says, “Hey Andrew I just trade the EUR/JPY and that’s it, that’s all I trade.” And he’s making 1% a day. I had another person who I’ve been talking to today from Florida. He’s trading just the daily charts and he has made 15% so far just on the daily charts this year between about, it’s just over a month isn’t it between around the middle of January to about the middle of February. Just over a month he’s at 15% trading just once a day on the daily charts.
So it’s what suits you that’s important but don’t forget to trade with low risk. I have to tell you this at the end. I had an email from someone he’s not a client probably never will be. He’s said to me, “Hey Andrew I’ve just don’t know what to do. I’m unemployed, I have no job prospects the only money I have I put into trading. I made 25% on my account on the first week and now unless you can help me with this one trade I’m going to blow my account.” And its like, “What you want me to do about that, I can’t control the market, you’ve taken obscene amount of risks and while you were probably joyful and just jumping out of this screen on week one when you made 25% now just a few weeks later you’ve blown a whole lot and all your account is resting on just one trade, that’s ludicrous absolutely ludicrous but people do that. Please don’t do that please trade a very low risk, have controlled risk, don’t treat trading as a gamble. Don’t see it as your only way out if you have no money, it’s not going to happen.
A Great Way To Be Financially Free
Trading is like any other investment you need good quality education, you need to take your time, you need to have low risk. Put all things together you have a brilliant way of being financially free and making great passive income. Do it the wrong way it will blow your account.
That’s all for now, this is Andrew Mitchem from the Forex Trading Coach. Hope you’ve enjoyed the session. Please learn from that low risk approach.
If you want my help in terms of helping you become a successful trader please do remember that the live webinar is just a brilliant way of learning and I provide them for my clients every two weeks; great way of learning, the only way to trade live and to learn from someone trading live. That’s it for now. I’m off to enjoy this fantastic sun it’s very bright. Catch you next week. Bye for now.
