In this video:
00:19 Just returned after a three week holiday and a tour of India
01:24 What sets Forex trading apart
02:12 This week on the charts
03:22 Strong and powerful bounce levels
04:29 More advanced training room webinars soon
Well the Forex market is an amazing market. It allows you to earn money that is not related to how many hours you work or what type of work you do.
So let’s talk more about that now.
Hi, it’s Andrew Mitchem here, the Forex Trading Coach.
Today is Friday the 31st of May.
I’ve just returned after a three week holiday and a tour of India, and what an amazing place that is. If you’ve not been to India, it’s a place I highly recommend you go and see, just to see it, just to experience it, as it’s so different from anywhere else that I’ve certainly been.
It really is a country of extremes. It’s a country of extreme poverty, and it also has extreme wealth. It really is rather one end of the scale or the other, and really not a lot in between. But just an amazing country to go and see, some fantastic people, lovely foods, great sites to see. So I highly recommend you do that.
Trade Forex From Anywhere
Like I mentioned at the beginning, when I’m trading I can trade from overseas, I can trade just once a day. And so that does allow a passive income, and trading’s quite a unique business, that it means you can travel, you can go overseas, you can do all sorts of things. And it doesn’t matter how much you trade, because the amount of trading that you do, the amount of time you spend on your trading, is not directly correlated to how much money you make from your trading. And that’s one thing that sets Forex trading apart from most other businesses out there.
Number one you can trade from anywhere. But also, like I’ve mentioned over the past few weeks, I haven’t taken many trades at all, been concentrating on only the daily charts, but still made very good returns whilst being on holiday.
Get away from earning x Dollars per hour
And so you don’t need to be slaving away for hours and hours and hours at a particular job to earn X amount of dollars per hour. It also doesn’t matter how far up the ladder of that business you make it, whether you’re right at the bottom or you’re the manager because with Forex trading all of that is completely irrelevant.
And so again it comes back to just how powerful good Forex trading can be and how much of an income and a great lifestyle it can help create for you. So, I just wanted to cover that.
This week on the charts, what have we seen?
This week’s strong and weak currencies
Well towards the end of the week we’ve seen some strength into the Euro, into the GBP, and the Swiss Franc. We’ve had the Australian and New Zealand dollar, so the Aussie and the Kiwi, weakness throughout the whole week, carrying on from the previous few weeks, but we’ve also at the end of this week we’ve seen some weakness occur in the USD. Whereas the last few weeks the USD has been strengthening quite a lot. So there’s some weakness coming in at the end of this week. Whether that’s just a retracement or correction, time will tell.
NZD/USD bounces at 0.8000
Heading back to the NZD against the USD it bounced perfectly at the 0.80 level. Those of you who have been watching my videos for awhile now, you know that I concentrate a lot on round numbers. And a round number is a number ending in zero, and also fifty. The zeros are even more powerful. So have a look at the charts on the NZD. It bounced perfectly for the second time in a number of days at the 0.80 level. So when you get candle patterns and other technical setups working in conjunction with a strong, powerful bounce levels, that’s when you get yourself a really good trade, so keep an eye out for that one.
Trading Webinars for you to attend
Also, now that I’m back home in New Zealand, and I’ve finished my travels for awhile, I will be starting up my weekly “Introduction to Forex webinars”, so that’s aimed at those of you who are newer to trading. So they will be starting up again, exactly the same webinars that I was holding before I went away. But if you’ve not seen one of those, make sure that you do jump on, they’re a really good learning tool.
And for those of you who have been trading for a little bit longer, so somewhere maybe six months onwards. So maybe you’ve been trading for a year or two or three years even, and you still haven’t cracked the Forex market (and I know there are a lot of people like that). If that’s you, then I’ve got some great news.
In a couple of weeks from now, I’m looking at starting also another webinar, but for those of you who are more advanced in your trading. So giving away some really useful tips and information to help take you to that next level and finally crack this amazing Forex market.
So if that’s you, look out for that in a couple of weeks, and I’ll let you know when those more advanced training room webinars will be starting.
So that’s it for now.
As of next week I’ll be back into full swing trading into daily charts, four hourly charts, and possibly some one hour charts.
So I look forward to talking to you this time next week with some more Forex news and trading tips and information.
Bye for now.