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Join Me as I Trade in 30 Minutes a Day While Exploring the US
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#595: Join Me as I Trade in 30 Minutes a Day While Exploring the US
In this video:
00:30 – I’m heading to the US
00:59 – Trading and travelling – Join me.
02:05 – Catching up with Paul Tillman.
02:20 – 20-30 minutes chart time each day.
03:05 – Trading and enjoying life.
03:23 – Get onto my 17 minutes masterclass.
03:37 – Have a chat with us.
03:45 – Blueberry Markets as a Forex Broker.
Would you like to be able to travel and trade at the same time, and make money while you're on holiday? If that's something you'd be interested in, listen up. I've got a great podcast and video for you. Let's get into it right now.
Hey there, Traders! It's Andrew Mitchem here at the Forex Trading Coach video on podcast number 595.
I’m heading to the US
Just a few months ago, my wife celebrated her 50th birthday. And so, to celebrate that we are off in a short time to the US and we're going to be traveling around the US looking to have a great time. Lots of experiences. Meet some great people. While we're there though, I'm going to be trading while some traveling while some on holiday. I'm going to be trading exactly the same as I do at home here in my home office in New Zealand.
Trading and travelling – Join me.
And during that time I'm going to be taking some videos, maybe doing some live feeds and showing you the trades that we're taking and the results of those trades. So if you'd like to follow along while I'm doing that, then I'd love to share that journey and experience with you.
We're flying in and out of Houston, and so being in Texas, I have to go and experience, some Texan barbecue. I've been there before, but this time it's with my wife. It's going to be, just the two of us traveling around having a great time. So I'm big into my barbecue. Want to see how they do it correctly and the right way of doing it in Texas.
And as you may know, I'm now heavily into my music with, guitar playing and that starting to sing. So Memphis and Nashville, we've got to go there and experience what those, two great places have to offer. After all, we're going there for my wife's birthday, and she's into horses. So we're going up to Kentucky to, have a look around a few horse studs, and she farms up that way.
Catching up with Paul Tillman.
And then we're back to North Carolina to catch up with Paul, who works with me and his family. And, we're going to do some traveling with him, and then we'll make our way back down via New Orleans and back to Houston. So that's going to be our trip.
20-30 minutes chart time each day.
And as mentioned, I'm going to be trading exactly the same. You'll be taking trades exactly the same. And probably 20-30 minutes max chart time of day. Enjoy the rest of the day. Trade travel. Make money whilst on holiday. And so the beauty of that is with the laptop of course. Take my phone for a hotspot. That's all I need. So I've done it before. And you may have in the past seen when I've done similar things.
Traveling around Europe and the UK and India and America in the past. And so we've done this many times and it just shows how you can quite easily trade and travel well. If you're not traveling. That doesn't matter.
Trading and enjoying life.
It shows how you can trade and carry on with normal things in life, whether it be work or family or hobbies, whatever it is, and just fitting around your trading around what you do.
So follow along. That journey was over there in the US enjoying some, Northern hemisphere sunshine. And if you'd like to find out how we trade right.
Get onto my 17 minutes masterclass.
Now, you can, -
Andrew Mitchem and Marc Walton: Top 5 Forex Mistakes & How to Avoid Them
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#594: Andrew Mitchem and Marc Walton: Top 5 Forex Mistakes & How to Avoid Them
In this video:
00:12 – Andrew and Marc discuss their backgrounds and how they started trading.
08:18 – Become a better trader and have a check list.
15:00 – Trading Gold and Silver.
20:53 – Trading Bots and brokers widening spreads.
29:30 – Riding a bike is like learning to trade.
34:00 – Marc’s average day and setting up the new trading week.
39:15 – Trading keeps you mentally active.
44:50 – How can you monetise your knowledge.
50:33 – Trading and living where we want to.
Andrew Mitchem:
Alrighty! Hi, everybody! Andrew Mitchem here at The Forex Trading Coach. I'm really excited today to be joined by Marc Walton from Forex Mentor Pro. Good day, Marc! Nice to see you.
Marc Walton:
Good day. How are you.
Andrew and Marc discuss their backgrounds and how they started trading.
Andrew Mitchem:
Very very well thank you. I thought Marc, we'd just, spend half an hour. So I just have a bit of a chat two people been trading. Sounds like similar amount of time, some backgrounds. And, just give people a bit of a insight of what we've done over the years and, and, the pros and cons of what we've done and how we're trading today and the changes we've seen.
Marc Walton:
Yeah. I was just saying just saying your path is very similar to mine. We neither of us came from finance. I actually failed math. So level three times.
Andrew Mitchem:
Right?
Marc Walton:
It's ironic. I also have something called dyspraxia, which I never realized until, like, one of my kids had it. But the only way really affects me is I'm not very. I'm kind of number blind, which is bizarre considering what we do for a living. Yeah, yeah. But yeah. But then again, it's to me it's all about pattern recognition.
Marc Walton:
And so I think the main thing is for folks not to get too stressed with, the math side of things, as long as you can control the risk and, and work a simple calculator for it to get the risk right, then maths is not important. I was saying to you earlier, I left the UK. When I left the UK early 2000.
Marc Walton:
Went to live on a little island off the coast of Africa, the Lanzarote in the Canary Islands, which was which is a beautiful place to live. And, I went to sing and play guitar in a band for five years and, thought I'd semi-retired at 40. And then you realize when you retire, you spend more money than you ever did, because.
Marc Walton:
Right. Well, kids in school did now and then, you've got so much free time. So I started looking at trying to make money online. Stumbled on forex, which 20 years ago there was hardly any of it. We we have the other extreme nowadays, as we know with, with YouTube, where there's millions of people stood next to their mates, Ferrari or whatever in Dubai and, and pitching this and the other and they said that, I mean, I paid $4,000, I think, for a course, 20 years ago and, struggled like everybody else.
Marc Walton:
And, and I did a webinar with the other day with my mentor, Rich, who's a psychologist, and I have the list here of things that went wrong in my trading. And when he put this slide up for the benefit of people in the webinar, it was like, oh crikey, it's me again. So I'll just read a few.
Marc Walton:
It's yeah, I see this. They repeat the same errors over and over again over trading. I've tried to pull the trigger over a leveraging retrench, revenge trading, afraid to lose money. Room by emotions, cook win is short. Let loose his run not disciplined. Jump from system to system. And there's many more. And, I did all of them and, I, I know from your background with farming and things, -
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Why I Trade Coffee, Cocoa, and Crypto Too
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#593: Why I Trade Coffee, Cocoa, and Crypto Too
In this video:
00:27 – We don’t only trade the Forex market.
01:06 – More metals now available.
01:25 – We trade Indices, Commodities and Cryptos.
01:56 – More trading opportunities for high quality patterns.
03:14 – Trades I have open right now on non-FX markets.
03:50 – All trades have equal and low risk.
05:23 – Get onto my 17 minutes masterclass.
05:44 – Have a chat with us.
06:15 – Blueberry Markets as a Forex Broker.
Today, I want to explain to you why we don't only trade the forex market. We look at other markets as well. So let's talk about that more right now.
Hey there, Forex Traders! It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 593.
We don’t only trade the Forex market.
Now being called The Forex Trading Coach you would assume that we trade only the forex market. Well we used to. And that's because years ago all that was available to us were forex pairs.
And like the GBP/USD and USD/JPY, USD/CHF, etc. the main pairs. And then over time more and more pairs. What were called exotics or minor pairs got added. Things like NZD/CAD and then other pairs got added as times gone on, like ZAR/JPY, things like that, some more and more have been added. And then years ago they introduced a couple of metals and we could trade gold and silver against the US.
More metals now available.
And then more recently we've got access to more metal markets. So example Gold and Silver against the Pound and against the Uen and against the Chinese Yuan and different crosses like that, but also more metals such as, Palladium and Platinum and Copper.
We trade Indices, Commodities and Cryptos.
We can trade indices like the Nasdaq and different American markets and different Canadian and Swiss franc markets, Yen markets.
We can trade, things like commodities. We can trade coffees and Cocoas. We can trade cryptos, Bitcoins and Ethereums, etc.. So the beauty of trading today on a platform such as MetaTrader 5 is that you have access to so many more markets.
More trading opportunities for high quality patterns.
And you could think of that and go, well that's just going to create more work. Andrew. No, not at all. What it does is it gives you the opportunity once you know what you're looking for, and once you have a strategy that you can scan through the markets really quick, it's giving you more and more opportunity to look for the pattern on a higher quality chart.
So for example, years ago you might have said, well, this trade on the GBP/USD, it's okay. It doesn't quite fit my criteria but it's okay. And you might have taken that trade. Rightly or wrongly. Whereas now you've got the opportunity to scan through more and more markets. And so the way that we trade I don't particularly care what I trade. It's the pattern that I'm looking for. It's where has that candle formation appeared within the chart.
Has it got room to move to? The profit target has the stop loss got protection? All these type of things that we look for. And so if I'm trading the pattern, I'm giving myself a very high probability chance of success, because I'm looking for only the highest quality patterns, regardless of the market or direction. So simply because I live in New Zealand, it doesn't mean I have to trade New Zealand dollar pairs more, or I have to trade the EUR/USD because it's the biggest traded forex pair. Not at all.
Trades I have open right now on non-FX markets.
As an example, I've got a a monthly chart trade on Cafaro, which is one of the coffee markets on the commodities. I've got two weekly chart trades open right now on Dogecoin and Solana. -
Two Traders Talk Prop Firm Trading, Mindset and Lifestyle
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#592: Two Traders Talk Prop Firm Trading, Mindset and Lifestyle
In this video:
00:25 – Andrew Mitchem and Rimantas Petrauskas talk trading.
01:05 – Rimantas’s background and how he got into trading and coding.
05:12 – Andrew’s background and how he started trading.
06:50 – How Rimantas discovered trading.
14:15 – Andrew’s style of trading.
20:40 – Breakthroughs for Rimantas.
29:39 – The dangers of algorithm trading.
36:12 – Controlling your emotions.
43:45 – Prop firm trading.
51:49 – How much do you really want to be a good trader?
58:39 – Andrew’s and Rimantas lifestyle outside of trading.
01:05:20 – Controlling your risk as a trader.
01:10:05 – Summary and contacting Rimantas https://www.mt4copier.com/
Hi everybody. It's Andrew Mitchem here at the Forex Trading Coach. I'm, really pleased to be joined today by Rimantas Petrauskas, who's over in Lithuania. Rimantas lovely to see you. Nice. Nice to be there. Thanks Andrew for having me here. Awesome! Look, I think we'll be really cool if we can give everybody the next half an hour or so, depending on how long we spend.
Andrew Mitchem and Rimantas Petrauskas talk trading
Just talking a little bit about us, how we got into trading difficulties are trading, breakthrough secrets. That we found, you know, things that we're looking at doing into the future. Some pitfalls that people may have, you know, the common issues that people fall into. And then to show everybody a little bit about us as people and what we do with, you know, friends, family, hobbies, etc. would be really cool.
If we can do that because, I think we've both got a very similar kind of story, different different topics and different hobbies, but kind of similar in a way on different sides of the planet.
Rimantas’s background and how he got into trading and coding.
So, yeah. Tell us about yourself. Where are you based? And, and you know, family background, etc.. Yeah. So I just mute the phone. It's just buzzing there. So I am from Lithuania. Yes. A small country in Europe. A lot of people don't even heard about it. Like when I travel to US or somewhere, somewhere further from from Europe.
A lot of people though, you know, like, where is it? You know, and I'm like, oh, it's next to Poland, this small country, you know. So we have to do some background story about Lithuania. So yeah, I'm born and raised here all my life. I love living there. Lifestyle, taxes low, you know, all that stuff. And you can pretty much travel anywhere you want, especially with the freedom that you are on business.
And, and trading can give you. Yeah. So that's what I love about it. And, yeah, my story began, I would always say 15, 16 years ago, you know, you know the saying, well, there's this, famous saying, they say, you get you get you get two lives, like the first one when you're born and the second one when you realize that there is not, you know, the time is not unlimited.
Yeah. So that's when you start living. So I remember in like 2009, I went through a lot of transformations. I lost 30kg. I started exercising and started eating healthy. Started learning, you know, developing myself basically got into self-development, reading a lot of books, courses, starting flying to seminars, all that stuff, basically. So there's been going on ever since, you know.
So I always improve myself year after year after year. So I created my own business, got into trading, and it just never stops, you know, and I believe that it's one of the most important things for everybody. It's like, especially those who who feel stuck, you know, those people who feel stuck. There is a reason why you're stuck. -
Why Smart Traders Let the Market Come to Them
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#591: Why Smart Traders Let the Market Come to Them
In this video:
00:32 – Why does the trade always go against you?
01:22 – Why do you enter the trade where you do?
02:32 – I use limit orders to enter a trade.
04:22 – Entering the market for a reason.
04:50 – Get onto my 17 minute masterclass.
05:18 – Blueberry Markets as a Forex Broker.
Do you feel that as soon as you enter a trade, the market goes completely against you? You've entered a buy trade. What happens? The market drops. Well, if you do. I've got a great solution for you to help you with that problem. So let's find out about that a more right now.
Hey there, Traders. It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 591.
Why does the trade always go against you?
An issue that I find so many people feel that they have is they see a trade. They place a trade. Let's say they place a buy trade on the EUR/USD and they're expecting the market obviously to move up. Well, what happens when market moves down.
And they feel that as soon as they get into that buy trade the market's changed direction. It falls against them. And they take a loss on the trade. And they feel frustration because it's almost like the market knew I was ready to place a buy trade. And it waited for me to place that buy trade. And then it fell.
Why does that happen? Complete and utter frustration. And people feel it all the time. And they have done for years and years. And I know when I started trading, I used to feel exactly the same. So there's a few things here to help you with.
Why do you enter the trade where you do?
When you place that buy trade, for example, why do you place that buy trade at the time you do? Do you place that buy trade? For a technical reason, let's say if you're a technical trader, do you place it at a just above a round number or just above a previous support level or a resistance level from a while ago now becomes a new support level, a swing low that may have been at that level already, or it's the daily pivot point.
Or why do you place that trade? Do you have anything else to back the reason for entering that trade right now, other than “I'm ready, I've seen a set up, I'm placing buy”. Because if all you're doing is placing by for some random reason, then why would the market suddenly go in your direction? Because quite often you might be finding that the market will keep falling back to that support level or something which is below your entry price. Don't forget that most people place a trade because they happen to be ready, and that's not how you should trade.
I use limit orders to enter a trade.
For me in most of my trading, I'm mainly use what are called limit orders. So as a buy trade, for example, I'm entering below the current price and I enter the trades for a reason at that price for a reason.
So I'm not expecting just to randomly go buy sell, buy sell because I happen to be ready. What you should be doing is looking. Let's say you're talking about this same buy trade. And let's say that the market's been moving up really nicely and it pulls back rather than just buying randomly, more likely near the top of the market.
Wait for it to retrace and then into your buy trade. So when you think about this logically, with a buy trade, a buy limit order, I'm buying below the current price. So naturally I'm expecting the market to move in waves up and down, which it does naturally anyway. It's just by using that buy limit order. I'm not sitting there waiting for it to keep coming back and back and back and back and back and now I'm going to press buy.
I'm not doing that. I'm seeing the trade set up and I'm saying I'm taking a buy t... -
What Every Struggling Trader Needs to Hear Today
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#590: What Every Struggling Trader Needs to Hear Today
In this video:
00:25 – What is holding you back from being a successful trader?
00:52 – Examples of common frustrations.
01:31 – Email me [email protected]
02:47 – We want people to be successful traders.
03:24 – Get onto my 17 minute masterclass.
03:33 – Blueberry Markets as a Forex Broker.
04:09 – Contact me https://theforextradingcoach.com/learn_to_trade_forex/
What's holding you back from being a fantastic and successful trader? Let's talk about that a more right now
Hey there, Traders! It's Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 590.
What is holding you back from being a successful trader?
So I'd like to find out from you what's holding you back. The reason I wanted to do this is because I want to help you. We're already, like, into June. The year is disappearing fast. So rather than the usual videos and podcasts where I'm giving you information, I thought I'd change this around and ask you to provide me with information like what is it that is holding you back?
Examples of common frustrations.
It might be a number of things. It's probably not just one thing, but to give you an example. It could be that you just don't know what you're doing. You've got confusion. You've got analysis paralysis. You might not think you have enough money to start trading or enough time to start trading. Or you might think you live in the wrong part of the world. On the wrong time zone or too many kids. So you're working too many hours, or your strategy doesn't work, or you're on forums all the time trying new things and nothing seems to work, or you think it's time to start blaming the market, or your broker, or you're not sure what markets to trade. There could be a variety of things.
Email me [email protected]
But what I'd love you to do in order for me to help you, I'd love you to send me. Send me an email. And my personal email address is [email protected]. I'll put a link to that somewhere on this page. If you're watching or if you're listening, you can just write that down and email me directly. But I'd love to get some feedback from you of what are the main things.
As I've mentioned, it's probably not just one thing. Give me a list of reasons that's holding you back with us that you feel is holding you back from being profitable. What is it that I can provide content with to help you to become successful?
Obviously you can't change the market. So if your issue is the market is not doing anything, which is probably not very true, but let's say that was your issue. I can't help you. We've had the market is, of course, but everything else or pretty much everything else. I can probably with my 20 plus years of experience and my 4000 plus people of clients who I've helped to trade. I can give you some fairly good, information back to help you the best that I can.
We want people to be successful traders.
And that's what I do as a coach. I want to see people being successful. That's the whole reason I do. What I do is the whole reason why there's 590 videos here. Let's try and get a community of people from right around the world of all ages and, and backgrounds and levels experience and different jobs and careers and everything else.
But let's get everybody who wants to trade, who wants to put some time and effort into their trading. Let's get people successful. Because that's, after all, is why we do what we do. So send me an email, give me feedback and information, and I'd love to be able to help you that,
Get onto my 17 minute masterclass. -
How Trading the Candle Close Can Improve Your Results
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#589: How Trading the Candle Close Can Improve Your Results
In this video:
00:32 – When should you look at the charts?
01:05 – When we look for a new trade at The Forex Trading Coach.
02:21 – Only look for a trade at the close of a candle.
04:09 – Multiple time frame charts change over at the same time.
04:50 – Reduce the amount of chart time.
05:34 – Get onto my 17 minute masterclass or book a call with us.
05:58 – Blueberry Markets as a Forex Broker.
06:29 – Like, share and subscribe to receive notification of more trading videos.
Did you know that if you only look at your charts at the close of a candle, it's going to massively improve your trading performance and also massively reduce the amount of time that you spend looking at the charts. So let's talk about that very important topic and more right now.
Hey there, Traders! It's Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 589.
When should you look at the charts?
So a lot of people struggle when it comes to knowing when they should be looking at their charts and what time of day that should be, what time frame charts to look at, what pairs, what markets, etc.. Is it the European session, the London session?
You know, the Asian session, the US session. What is it? And they get very, very confused with all that happening. And they really don't know when to look at charts. So as a result of that they tend to spend far too much time looking at the charts, waiting for this pip to move up and down, or that line to cross over that line or a dot to appear because it doesn't work.
When we look for a new trade at The Forex Trading Coach.
So what can you do to simplify things? Well, very easy really, the way that we tried here at the Forex Trading Coach and the way that I've traded now for over 20 years is I only look for a potential new trade upon the close of a candle. So, you know when the candle closes, because the market opens each new day at 5 p.m. New York time.
So if you were trading, let's say, four hour charts, you know that at 5 p.m. New York time, the new day starts. So you know that four hours later from then, which will be 9 p.m. New York time, the four hour charts will change over. And therefore, you know, if you add four more hours to that becomes 1:00 Am, 5:00 Am, etc.
How easy it is to know when the four hour charts change over. Now, obviously in a day this is one day the candle and you know when it changes. Obviously within the 24 hour time period there are two 12 hour charts. Guess what? There are 5 p.m. and 5 a.m. New York time. You know, there are three eight hour charts. There are four six hour charts. There are six four hour charts. Very, very easy to do this. .
Only look for a trade at the close of a candle.
And so if you look at the close of a candle, a number of things happen from a simplistic point of view. You know when to go and look at your charts. What does that do for you as a trader? Well, it gives you a little bit of time.
You can look five minutes prior and you can scan through the charts, and you know that when they change over, if there are any suitable trade set ups, when they change over, the candle closes, nothing else moves. You can make your decision quite easily. It takes a lot of emotion out of trading because you're not. They're scared about moving, you know, missing every moving pip up and down.
You're not there watching this line cross over that line. And of course they keep moving. And so when the candle closes, nothing else around it, whatever indicator you're using or horizontal level, nothing changes from that point onwards. So it makes it very easy to see. -
What You MUST Know Before Using AI in Forex
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#588: What You MUST Know Before Using AI in Forex
In this video:
00:25 – Can you trade using only AI?
01:22 – You are brave to trust AI to trade your money.
02:02 – Are you too lazy to trade?
03:20 – The knowledge and ability to trade for yourself.
04:34 – Knowing how to trade first.
05:09 – Get onto my 17 minute masterclass.
05:28 – Blueberry Markets as a Forex Broker.
05:40 – Have a chat with us.
05:57 – Like, share and subscribe to receive notification of more trading videos.
Can you trade using only AI? It's a question I've been asked this week. I want to give you my opinion on that, so let's get into that a more right now.
Hey, this is Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 588.
Can you trade using only AI?
I received an email just this week from somebody saying I'd like to trade using only AI, and I'd like to pass a prop firm using AI trading system through only using AI. Can I do that? How do I do it?
Well, you see, the obvious issue here is that is this person doing it because they want to save some time? Are they lazy? Do they not understand trading? Or maybe they do understand trading? You see, there's a lot of variables out there when it comes to AI because of course it's all around us and what we really like it or probably don't like it, depending on your point of view.
It's here to stay. But from a trading point of view, both from a personal point of view, mentally, a trading point of view is AI all it's cracked up to be, and can you use it purely as your only way of trading?
You are brave to trust AI to trade your money.
Well, first of all, I would say you've got to be pretty brave if you're going to be allowing your own personal capital. Let's say, to be traded purely by AI. You've got to be quite brave. Let's say you know something about trading. Okay. So you're going to create an AI system. How did you go about it? What are the rules and the obvious upsides of expert advisors or trading bots or AI whatever you want to call it is it takes emotion out of trading. That's the obvious upside. You know, it works 24 hours a day. I get all that. You know, it's there's a lot of, obvious upsides to it.
Are you too lazy to trade?
But the problem is, is if you are doing it simply because you can't be bothered or you're lazy or you think you're too busy to trade, well, do you have enough knowledge about trading to know what it is that you're creating?
How do you know what rules to create? How do you know when it's working or when it's not working? Sure, you can go, well, it's making me money or it's not okay, so let's say it's making you some money. What happens when it stops making you money? Is that the bot that suddenly or AI that suddenly changing? Or is that the conditions in the market?
How do you know about testing this back? Testing it live for testing. If you don't put time and effort into it, you see people I believe think that AI is going to be this magic shortcut to being lazy, not putting time, effort, or knowledge into it. I can see that the upside to AI is going to work for someone who is prepared to work hard, who does understand trading, who does know what they're looking for, and it's just using it as an aid to maybe place the trades for them and manage trades for them, or they're looking for new ideas.
Those type of people will probably do okay from AI. The person out there that just, thinks that can magically make them a multi-millionaire next week because they really can't be bothered to learn how to trade. I don't think you're going to do well, and I don't think it's going to end well, or it's the right way for you to go. -
How This One Forex Strategy Stood the Test of Time
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#587: How This One Forex Strategy Stood the Test of Time
In this video:
00:32 – 16 years of coaching Forex traders from all around the World
01:18 – A proven trading strategy
01:55 – I won a global signal service competition
02:50 – How I started The Forex Trading Coach
04:30 – Clients in 108 Countries and a global trading team
05:56 – Register for our 16th birthday sale – click here https://theforextradingcoach.com/16th-birthday-sale/
07:37 – Blueberry Markets as a Forex Broker
08:04 – Thank you for being part of the journey
We turned 16 years old here at The Forex Trading Coach this week. It's something we're immensely proud of, and I like to share our journey with you and to see how we can help you to become a successful forex trader. Let's get into that a more right now. Like.
Hey there, Traders! It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 587.
16 years of coaching Forex traders from all around the World
So that's right we turned 16 years old this week here at the Forex Trading Coach. Something that we are immensely proud of. And it's a huge achievement when you consider the overall opinion of the forex market. And when I look back to when I started coaching back in 2009, and you look to see who's still out there today, helping people, either coaching or brokers, whatever it is related to the forex market, who are actively working today and we're active back then, there's not many of us out there.
So our longevity and what we do, our credibility, I think, just absolute testament to the hard work that goes into doing what we're doing.
A proven trading strategy
And also the quality of the trading strategy to have, you know, something that back then was working really well. And let's continue to and today and 2025 continues to work just as well on even more time frames and even more markets that we now have available to trade for us.
So it's it's absolutely, brilliant that the strategy work, it works so well and has helped so many thousands of people from right around the world over those last 16 years. In fact, we have clients in 108 countries.
I won a global signal service competition
Now, jump back a few years prior to that, back in about 2006, 2007, I entered a signal service competition where they tracked, people, selling signals for about six months or a year.
I think it was. And my strategy won. So out of hundreds if not thousands of people selling signals or sending signals to this company back then, I won and it was a great achievement. I was very proud of doing that. And that then led on to The Forex Trading Coach starting almost by accident. I was contacted by a number of people who were buying my signals and they said, look, I see you've won this competition.
It's great that we're making money from the signals that you're emailing us once a day, but I'd really like to know how to do this for myself. And that was the general overall kind of, you know, feedback that I was getting from people.
How I started The Forex Trading Coach
So I jumped on the plane back 16 years ago, flew across to Noosa in Australia. Gorgeous place. Stayed with a family there for about 4 or 5 nights, and I taught the guy how I trade my strategy, and it was really good and fascinating to get that information across to someone sitting side by side with them. Now to this day, I'm not going to mention the guy's name. He is on my website, but to this day he still trades and he trades because he's a very busy person and owns a chain of restaurants and he's a professional chef.
He still trades longer time frame charts, weekly monthly charts. -
How to Trade Monthly Charts for Massive Reward:Risk Trades
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#586: How to Trade Monthly Charts for Massive Reward:Risk Trades
In this video:
00:25 – I’m too busy – how can I trade?
01:24 – How long does a Monthly trade remain in the market?
02:02 – When to trade Monthly charts?
03:40 – 1to 5 trades show on most months.
05:00 – Register for our 16th birthday sale – click here https://theforextradingcoach.com/16th-birthday-sale/
06:41 – Blueberry Markets as a Forex Broker.
07:25 – Like, share and subscribe to receive notification of more trading videos.
Do you want to know how you can successfully trade just once a month off the monthly charts? Let's talk about that and more right now.
Hey, traders! It's Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 586.
I’m too busy – how can I trade?
So I get questions from people that say, look, I'm not interested in trading, you know, all the time staring at charts all the time. What can I do? Well, for me, and it's there for start to consider the higher time frame charts.
And the best example of that where you only need to look at your charts just once a month, will be trading off the monthly charts. Now, the beauty of the monthly charts is they contain so much information because obviously each chart, each candle contains one month's worth of information of price action. And the other great thing about that, because there's so much information that they tend to be one of the most reliable chart setups.
And you have to be aware that because they are monthly charts, you will find that trades will take potentially slightly longer to work out. But just think of it as a candle or a bar.
How long does a Monthly trade remain in the market?
In other words, if you were trading on, let's say, a four hour chart, you might expect they trade to last in the market maybe one, two, three, four bars. And therefore when you're trading on a monthly chart, it's no different. So you have to be willing to leave trades in and let the market and the price action do its thing. But the great thing about trading monthly charts is all you need to do is look at your charts just once a month, and that's on the last day or the completed day of the month. So, for example, for this month, we have, the 1st of May coming up on Thursday of this week.
When to trade Monthly charts?
So on Thursday, the 1st of May, the Wednesday candle, which is the 30th of April, would have close. And therefore we can then when all those, candles close at, 5 p.m., New York time, when the candle is closed, the next month will open, which is the 1st of May.
And at that point, we can go and make our analysis on all of the closed and completed April charts. So we can go through the charts and scan through all the different markets. I scan personally through all the forex markets, the metals, the commodities, the indices, the cryptos. And I scan through all of them and it takes like ten minutes tops, to go through them all on the monthly charts and just to scan through, look at what setting up what has room to move for, potential for a new buy trade or a new sell trade for that month.
Now, because the, price action within a monthly chart is so much bigger, the way that I trade it just means that we get massive reward tourists. And depending on the actual trade itself, we'll get reward to risk some about 3 to 1 minimum through to about 6, 7, sometimes 8 to 1 reward to risk off those monthly charts.
Now, the issue is that some people will look at a monthly chart and they go, oh, I can't trade it because the stoploss is too big. That's not actually the case. What you have to do is reduce your lot size, -
How to Trade Market Crashes Caused by Tariff News
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#585: How to Trade Market Crashes Caused by Tariff News
In this video:
00:30 – Tariffs in the news.
00:55 – Technical trading allows us to trade long and short.
02:10 – Market rises earlier this year and then falls.
03:18 – Watch the charts and remove emotion.
03:59 - 20 minutes Masterclass and book a call with us.
04:28 – Blueberry Markets as a Forex Broker.
You've probably heard over the last couple of weeks that tariffs have been in the news. Let's talk about tariffs and trading and how as a trader we can bypass that news and profit whether the market's moving up or down. Let's talk about that a more right now.
Hey there, Traders! This is Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 585.
Tariffs in the news.
So unless you've been living under a rock, you probably have heard about tariffs in the news over the last few weeks and how the markets have been all over the place. And, you know, there's a lot of, people grumpy about what's happening, and the mainstream media are doing their best to stir it up because, you know, of who's doing it. Just typical mainstream media.
Technical trading allows us to trade long and short.
The great thing is, though, as a trader, as a technical trader, where the market's moving up and down and whether it's tariffs or somebody is saying something or something's happening, it doesn't really matter.
You see, the press have been winding up the moves that Trump's, had a result of because of his tariff speech, as market crashes.
And that's just, again, mainstream media trying to make big news out of something. And trying to discredit someone, whereas what's actually happening is all that's happened. Yes, the market, moves so big and yes, they fell away. But as a technical trader, I can look at my charts on most of the like the Dow Jones and the S&P 500 and the and the UK Footsie in different markets like that around the world.
And see that all that's happened is the prices come down to a technical level of where the markets were towards the end of last year, towards the end of 2024.
So from a technical trader's point of view, there's nothing extravagant that has happened. Although you wouldn't, believe that from watching mainstream media news.
Market rises earlier this year and then falls.
And the prices has gone up through, you know, December, January, February, March. And it's just come back. Yes. It's happened quickly. Yes. It was a big move, but it's just come back to support technical levels. And now the price is moving back up as I'm recording this right now. The interesting thing is that yet again, mainstream media, nobody talks about the benefits of, oil prices dropping, you know. Yeah, that's crashed.
But again, they tended for some reason, wonder why I keep very quiet on those sort of things. So they're very selective and what they want you to listen and believe. But as a trader, the advantage is if the market's moving down well, there's just opportunities for us to take sell trades on some of those markets. And now that the market started to move back up again there's opportunities.
Guess what. For us to take buy trades on those markets. So again you got to be very careful. The vast majority of people unfortunately don't understand that the vast majority of people believe what the mainstream media say, and it's all doom and gloom. Whereas in reality, if you know what you're doing, it's not at all.
Watch the charts and remove emotion.
So as a trader, as someone that looks at the charts and doesn't get emotional about trading on who's saying what and how it happened and what happened. You can learn to profit from moves in either dire... -
How to Trade Bigger Time Frames with a Small Account
Podcast:
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#584: How to Trade Bigger Time Frames with a Small Account
In this video:
00:34 – Do you have a small trading account?
01:17 – Understanding risk and your lot size correctly.
03:58 – Profit targets are all relative to the movement in the market.
05:34 – Use my free MT4/MT5 Lot Size Calculator Script.
05:45 - 17 minutes Masterclass and Book a Call.
06:02 – Blueberry Markets as a Forex Broker.
06:45 – Comments, Like & Subscribe.
Do you often find that with the small trading account, you have difficulty placing trades on charts like daily or weekly or monthly charts that need a bigger stop loss size, and therefore we cannot take the trades. If that's you. Listen up, I've got some great tips and information to share with you. Let's get into it right now.
Hey there, Traders! Andrew here, the Forex Trading Coach with video and podcast number 584.
Do you have a small trading account?
So I want to talk about people with small trading accounts because a lot of the times I hear people say to me, look, I can't take those longer time frame charts. I can't take trades on a daily chart or weekly chart. So monthly charts, because I don't have a big enough account size to allow for a big stop loss.
And unfortunately, it's a bit of a common misconception that people think they cannot trade on those higher time frame charts, which, by the way, are quite often some of the better trades to take because of the quality of the trades. And the people think they cannot trade them because they require too big a stop loss, and their account is not big enough to allow for that.
Understanding risk and your lot size correctly.
So the issue actually comes down to understanding risk and understanding how to calculate your stop loss correctly. Because most people don't do that. A lot of people say, I'm just going to put on 0.1 lots or 1.0 lots or 0.5, whatever it might be. They just put the same lot size on every trade. And if you do that, the problem is, is either, you know, one that when it gets stopped out the, stop loss amount, it's going to be way too much.
And so therefore it could argue lots of smaller gains. And that again comes down to not understanding how to calculate your losses correctly. Now to help you out I'm going to put a link here which you'll find to my free lot size calculator. You can download my MT4 or MT5 lot size calculator. It's a script. Put it on your charts and you'll use it all the time and it will massively help you.
But the issue becomes, let's say, you have a monthly chart trade. It requires looking to make up some numbers at 200 pips, stop loss and someone goes, oh, I can't take it because my account is not big enough. You probably can. You know, you might end up needing, let's say, a 0.01 lot size, but you can still take the trade.
And the reason it needs to be a bigger stop loss is because it's all relative to the candle size in the market movement at the time. Now you take that down to a, let's say, a one hour chart trade, where obviously the movement is a lot smaller and the stop loss needs to be a lot tighter. It might again, for ease of numbers, let's say it has a ten pips.
Sorry, at 20 pips. Stop loss. The monthly chart has 200 pips. Stop loss. The, our chart has a 20 pips. Stop loss. All it means is on your one hour chart, you could probably going to be trading with ten times the, the lot size. The risk is still the same. So you're not trading at ten times the risk.
The risk in terms of the percentage of your account remains the same. It's just the lot size might be 0.1. Lots on your one hour chart, whereas on your monthly chart it might be 0.01 lots. -
Why Most Traders Fail Prop Firm Challenges and How to Succeed
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#583: Why Most Traders Fail Prop Firm Challenges and How to Succeed
In this video:
00:26 – Advantages and disadvantages of trading on a prop firm.
01:05 – People jump in too soon and then fail.
02:02 – Prop firm challenge example.
03:44 – Large gains for a small investment.
04:25 – Use a VPS and copier software.
05:24 – A free and LIVE webinar for passing a prop firm challenge.
06:16 - 17 minutes Masterclass and book a call with us.
06:27 – Blueberry Markets as a Forex Broker.
So you want to know how to pass a prop foam challenge and to make money by making commissions via prop firm. Let's talk about that a more right now.
Hey there, traders! Andrew Mitchem here at the Forex Trading Coach with video on podcast number 583.
Advantages and disadvantages of trading on a prop firm.
Today is about passing prop firm challenges, the pitfalls and the advantages of trading via a prop firm. Now, if you don't know, all approximates, go and have a look online. If you do know what one is. Then you'll know that they're not always as easy to pass as you might think.
They look really good, and for a lot of people, they look to be a fantastic way of making some very, very good, substantial profits from trading. But with that, needing your own funds and that is the obvious advantage of them. But there are a number of things you have to be careful of.
People jump in too soon and then fail.
One of the most common issues that I see is that people jump into a prop firm way too soon. They should don't know how to trade, and they just think they're going to pay $500 to get $100,000 account. Pass a few demo challenges onto real money, make a fortune. The reality is that for most people, that's not going to happen. And it comes back to, as I've mentioned, that they jump too soon. So for me, it's really important that you look at a prop firm maybe as something maybe like 6 to 12 months from now.
So it's a profitable first, get yourself profitable and have confidence in strategy and understand it on a demo account. Then a small live account and then maybe a larger live account. And at that point, with consistency and with the meeting, the rules of a prop firm. You can then go and successfully pass the challenge.
Now this printed out some, a prop firm challenge here. This happens to be from, blueberry funded. And they have one and two step processes. I actually really like the two stage process. The two step process. I'll tell you what, because you have to prove yourself twice on a demo account before you go to live money. And what I like about it is because you have to prove yourself twice, and you will probably take a little bit longer to pass the demo, challenge or challenges.
Prop firm challenge example.
As a result of that, you get given a larger drawdown amount. And to me, probably the most, well, the biggest reason why people don't pass prop firm challenges is because they get stopped at and they reached the drawdown criteria, and that means that they're risking too much and they're having too many losing trades, etc.. What I like with this idea is that you need to make a, a 10% gain, but also they allow you up to a 10% drawdown.
So there's a lot more flexible in there. And so by going through a two stage process, having that bigger drawdown, ability, when you get on to the real account, things become a lot easier. You think about it, if you have the ability to have, let's say, a 10% drawdown as opposed to maybe a 5 or 6% drawdown when it comes to real trading and real money. -
How to Avoid Useless Forex Indicators
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#582: How to Avoid Useless Forex Indicators
In this video:
00:24 – What trading Indicators should you use?
01:31 – Most Indicators don’t work.
01:52 – You must look at the price.
02:23 – Horizontal levels and Candles are good indicators.
04:50 – Blueberry Markets as a Forex Broker offering a 50% credit bonus.
05:19 – Book a Call and speak with us.
05:35 - 17 minutes Masterclass.
What is the best trading indicator that you can use on your charts as a trader? Let's talk about that more right now.
Hi there, Traders! It's Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 582.
What trading Indicators should you use?
Today I want to talk and discuss indicators. As a trader, if you open any charting package, whether it's MetaTrader like I've got the Me here or Trading view, whatever it is that you use, you will find that trading package, that charting package absolutely full of various indicators.
They can be dots and lines and arrows and triangles and all sorts of different things on your charts. And I'll tell you what, they look amazing, don't they? They look so good, especially if you're a new trader and everybody falls for it. I know I did this like 20 years ago. I had this moving average crossing over that one and a swing low here and a MACD there, and I looked absolutely beautiful, and I knew that I was going to become a multi-millionaire in no time at all, because as soon as this line crossed that line there, and this dot showed there and below it and all those things, it was going to be a brilliant, simple, easy trade. Said reality is, none of that is true. That is the truth.
Most Indicators don’t work.
The reality is that almost all indicators that you see on a standard charting package, they lag time, they tell you what's already happened, they can't help you, most of them with what's likely to happen or any sensible trading decisions. Sure, there are some that can be used as a bit of an age once you know what you're doing.
You must look at the price.
But in general, most people get completely caught up because they don't look at the obvious thing. And that's the right hand side of the chart, and they do not look at the price. If you don't look at the price and you rely on dots and arrows and lines, etc., you're going to get spaghetti on your charts and you're not seeing what's really happening. You're not seeing the true psychology behind what's happening. What's really happening are the buyers are the sellers.
Has it bounced at that level before all those type of things? You're completely ignoring because you're failing to look at the price?
Horizontal levels and Candles are good indicators.
I much prefer a number of indicators. Horizontal levels are absolutely fantastic. Why? Because they never move. A horizontal level that you see is the same as what I see at the same time. You know, again, the price, whether it be the daily pivot point, support and resistance level, swing high swing lows, those things never change.
And so by having those on your chart, it's giving you something that's an absolute that's actually happened. If the price pulls back to a round number and that happens to be a previous swing low and it bounces at that level, well, quite likely, then you're going to get that support level holding and the price is likely to move up.
So then I add another, indicator of a sort and that's candle, patterns and understanding candles themselves. What they're telling me are they exhaustion candles. Are they indecision candles. Are they confirmation of a change in direction? Are they confirmation of a continuation pattern or a reversal pattern? -
How to Choose the Best Forex Pairs for Trading
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#581: How to Choose the Best Forex Pairs for Trading
In this video:
00:22 – Forex pairs – what to choose?
01:37 – The best pair to trade is ……..
02:00 – Assessing Strength and Weakness.
03:13 – Fine tuning to pick the best setup available.
04:25 - 17 minutes Masterclass.
04:33 – Blueberry Markets as a Forex Broker offering a 50% credit bonus.
05:05 – Book a Call and speak with us.
As a forex trader, what are the best forex pairs that you can look at trading? Let's talk about that a more. Right now.
Hey traders, Andrew here at The Forex Trading Coach with video and podcast number 581.
Forex pairs – what to choose?
What to talk about forex pairs as a trader you have a lot of pairs available and a lot of people, especially when they start. I get very confused with the different currency pairs. You standard main pairs you get you exotics, you get your minors, and more and more pairs now are available to us as traders.
So really the question is what is the best pair to trade? Well, a lot of people think you need to trade just the euro US dollar or just the US yen because their spreads are tight. And in the case of the EUR/USD, it tends to have the most movement or not some movement, but the most volume traded on it, per day in general.
And then other people look at pairs like the GBP/JPY because it moves a lot and they think they need to trade that. And then people look at pairs like the EUR/CHF, which doesn't move a lot, and they think they can't trade it. So that becomes a lot of confusion out there. Do you need, like the most liquid pair, the tighter spread. Do you need one that moves a lot? Do you need one that doesn't move at all?
The best pair to trade is ……..
And so my answer is it depends. And I know I say that to a few things because it's true. I don't just trade the NZD/USD or against the JPY because I live in New Zealand. You shouldn't do that either.
You shouldn't have an emotional tie to a currency pair. What you should do is look through all the currency pairs. And the reason I say that there's a few reasons.
Assessing Strength and Weakness.
Number one, you can assess strength and weakness very well. If you do that. As an example, rather than just looking at the EUR/USD, why don't you look at also the EUR/JPY, the EUR/GBP, the EUR/AUD, EUR/NZD, EUR/CAD and make a full assessment.
So if for example you can do that and you see let's say all of those pairs were moving up, that's going to give you a fairly good indication that the Euro is very, very strong. But if you didn't do that and you looked at just the EUR/USD and is moving up, you don't know whether the strength in the Euro or whether that movement of the EUR/USD heading up is, is just because the US is extremely weak right now.
So you might be taking a by trade on the EUR/USD thinking the strength in the Euro, whereas it may just be the US weakness that's pushing it up. And the Euro against other pairs may actually be dropping. So you're not doing yourself any favors there. So to assess multiple currency pairs is going to be your best option.
Fine tuning to pick the best setup available.
The other thing that gives you is let's say you see really good buy trades on the EUR/USD, the EUR/CAD, the EUR/AUD, the EUR/NZD, the EUR/CHF. Let's say they're all showing some fairly good setups at the same time. And by the way, I only trade on the close of a candle. Let's say you see that what you really then should do is fine tune those setups and maybe pick 1 or 2 of the very best ones setups that give you a high probability chance of a success for trade setups that have round numbers in their favor.
On a buy trade that doesn't need to break a previous swing hig... -
What’s More Important: Win Rate or Risk-Reward?
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#580: What’s More Important: Win Rate or Risk-Reward?
In this video:
00:23 – What should your win rate be?
01:03 – Controlling your emotions.
01:23 – An example of a 90% winning system trader.
03:01 – A high reward:risk is more important.
04:47 – Summary of what’s important to be a profitable trader.
05:24 - 17 minutes Masterclass and Book a Call.
05:47 – Blueberry Markets as a Forex Broker.
06:03 – Comments, Like & Subscribe.
What percentage win rate do you need to be a successful and profitable trader? Let's get into that and more right now.
Hey there, Trades! Andrew Mitchem here at The Forex Trading Coach. Video on podcast number 580.
What should your win rate be?
Want talk all about a winning percentage level rate. What should it be? and what do you need that to be in order to be a profitable trader. Now the answer is quite interesting. And it may not be quite what you're expecting me to say.
You see, if I ask most people out there, what should your percentage win rate paid? They'll go, oh, it needs to be 80%, 90% in order to be profitable. Then it's not actually true. There's more to it than just the win rate. Yes, sure. The win rate is very important. And yes, it's more than just how many winning trades you get.
Controlling your emotions.
It's the whole mental approach to trading. There's two things in trading you need to control. Like I've said, one's ahead, one's your heart. You've got to control your emotions. And so obviously having more winning trades, more profitable trades is a good thing psychologically, emotionally it helps you trading. Of course it does gives you confidence. Everybody wants to see winning trades.
An example of a 90% winning system trader.
But here's a scenario, I had someone many years ago, and you may have heard me talk about this in the past, who came to me with and this was a real situation, by the way, came to me with a 90% winning system. So every ten trades, they had nine profitable trades, one loss. You'd think, especially if you're relatively new to trading.
Wow, what an amazing system. I want to know how they did it. The issue is, is that person was losing money. And you think about it. How does that happen? Well, it's quite simple. What they were doing is having small wins and a big loss. And to put it in very simple, basic terms, let's, let's talk pips.
You know, I don't like pips. And I don't believe in pips as a way of identifying profit. But let's make it simple. And let's say that they had nine trades in a row making an average of ten pips profit. So therefore they made 90 pips. You could think of it as like percentages. And they had one loss out of those ten trades that lost let's say 100 pips.
So now the minus ten pips. If they were making 1% all the time and they lost 10%. Yeah. Same thing. You know, they're negative, but the win rate's really good, which is what you all want. And I'm here to say, well, maybe it's not quite as important as you think. So for me, there's more important factors.
A high reward:risk is more important.
And a good strategy to me should always have a high reward to risk. And that's more important. And let's do some very quick numbers again. Let's imagine we still have ten trades. And let's imagine instead of being a 90% winning system we're only a 50%. So we're losing half the trades. We take one and every two trades we take will now lose. Okay. In this scenario. Now let's say we have a 3 to 1 reward to risk trade.
So that means on every single trader take I have a stop loss. Let's call it 1%. And I have a profit targets. Let's say it's three times. Now of course in reality it's not always going to be exactly that. -
What Every Trader Needs to Know About Broker Time Settings
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#579: What Every Trader Needs to Know About Broker Time Settings
In this video:
00:28 – What time do your charts start the new trading day?
01:56 – 5:00 P.M. EST New York time is when the charts open for the new day.
02:50 – Does your broker have a “Sunday candle”?
03:58 – Have a look at the brokers that I use – see here https://theforextradingcoach.com/forex_trading_resources/
04:32 - 17 minutes Masterclass and Book a Call.
05:03 – Comments, Like & Subscribe.
Is your Forex Broker’s Trading Platform set to the right time zone? If it's not, it could be causing you many unnecessary losses. Let's find out about that and more right now.
Hey there, Traders! It's Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 579.
What time do your charts start the new trading day?
You can ask the question about forex brokers and the time that their platform start the trading day and the trading week. It's really important that you get this right, because maybe there's a lot of people out there that just don't understand it and don't understand understand the importance of getting it correct.
So it doesn't matter where you live in the world, the correct start time of the new week and each day of the trading week is always at 5:00 P.M. New York time. That's Eastern Standard Time. So again, it doesn't matter where you live. Doesn't matter where I live. All you need to do is convert your local time into that 5:00 P.M. Eastern Standard Time, new York time start of day.
And obviously with most people around the world, they will have daylight saving. When you change from, you know, into summer, into winter, etc. and that's the same also in New York. But 5:00 P.M. New York time is always 5:00 P.M. New York time. So the only thing that's going to change is what that converts to in your local time zone.
So really important that you understand that. And there could be differences like for me right now in, March, we are in summer time in the southern hemisphere. But of course, in the northern hemisphere where New York is, it's still like wintertime, winter in the spring. And, you know, vice versa. When they go to summer, we go to winter.
5:00 P.M. EST New York time is when the charts open for the new day.
But you have to understand that 5:00 PM New York time is always 5:00 P.M. New York time. So get that bit right and you'll be fine. So how do you check that on your forex brokers trading platform? Well, the easy way to do that is to see when the new week starts. So when the charts open for the first time in the week, that should be Sunday 5:00 P.M. New York time, and each subsequent day will be 5:00 P.M. New York time.
And if you're seeing that on your charts, generally if you go down to like a one hour chart, it will start at 00:00 Timestamp and you will see that on your charts and you'll know in your local time zone what time that is. You'll know that's the start of the day. You'll also figure out that that converts to 5:00 PM New York time. Perfect. You're good to go.
Does your broker have a “Sunday candle”?
The issue that we find not as much today is it used to happen, but some brokers used to have what we call a Sunday candle, and that would have been a candle that lasts 2 or 3 hours, at the beginning of the week before their first full day starts. Now, when you think about the problems that causes is the charts.
So if you're using light indicators or support and resistance levels whenever you're using, it assumes that one bar is equal. So it assumes that in the correct chart you should have five days on the daily charts. Each of them having exactly 24 hours. And if you do, fantastic. -
Top 5 Forex Trading Mistakes to Avoid
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#578: Top 5 Forex Trading Mistakes to Avoid
00:33 – What you must do in order to succeed as a Forex trader.
00:46 – #1 You must have confidence in your trading strategy.
02:00 – #2 Forget Pips and understand Percentages.
03:50 – #3 High Reward:Risk trades.
05:35 – #4 Don’t let trading control your life.
06:40 – #5 Belong to a trading community.
07:52 - 17 minutes Masterclass and Book a Call.
08:52 – Blueberry Markets as a Forex Broker.
09:14 – Comments, Like & Subscribe.
Today, I'm going to discuss the five things that you must have as part of your trading plan in order to be a successful, independent and profitable forex trader. Really important this. Let's get into the more right now.
Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 578.
What you must do in order to succeed as a Forex trader.
That’s right today I'm going to give you my five top points that you must have in order to become a successful trader, but a profitable trader and also an independent and knowledgeable trader. So let's get into it.
#1 You must have confidence in your trading strategy.
Now the first point is you must have full and utter confidence in your trading strategy. You must know exactly what to do when to do it. You must have proof in your strategy that it's been proven across different markets, across different time frame charts, across a large amount of length of time that you've traded that on demo and small live accounts before taking it a little bit more serious on a bigger candle problem.
But you have to have that strategy. Why? Well, otherwise you're going to doubt yourself. Aren’t you? Going to see something and you go, I'm not quite sure what to do here or you start gambling or you leave a trade because you've had a few losing trades. And of course, that's the one that would have won. And you do all these silly things and you break the rules, you break your plan and it all comes down to having no confidence or a lack of confidence in what you are doing as a trader yourself and or your trading strategy.
It's because it's not proven, because you're not really 100% committed and confident with it. And so to have a trading strategy, you're fully on board with is the most important thing as part of being a successful and independent trader.
#2 Forget Pips and understand Percentages.
The second point is you must understand risk. Forget pips, do not count your success or your failure on pips is just madness.
Luckily, over the last number of years, more and more people have figured that out. But when I started, everybody talked in pips and I'm talking 20 years ago now. But luckily today people understand percentages of risk. Now, for me, it's vitally important that you have low and controlled risk on every single one of your trades and it's equal.
So what that does is one, it gives you peace of mind that knowing that if a trade goes against you and we all have trades, it get stopped in you. No it's perfect. It's a part of trading. You got to accept it. But if a trade goes against us that's fine. Providing that the set up that we took at the time look good and you can have some fantastic looking trade setups.
And sometimes the market goes against you. Something happens, news announcement, somebody says something, whatever it is and the trade just goes wrong, that's that's life. Okay? But if the trade goes against you, you have to know that you lose a set low and pre known amount as a percentage of your trading account. Therefore it doesn't matter if you're trading $1,000, $10,000, $100,000, $1 million, it doesn't matter.
It's still the same percentage risk. -
How to Avoid Common Forex Strategy Failures
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#577: How to Avoid Common Forex Strategy Failures
In this video:
00:25 – Failing trading strategies.
01:00 – A lack of trading knowledge.
02:09 – What is the actual price?
03:35 – A signal service website.
04:33 – What makes us different?
05:15 – 16 years of coaching.
06:01 - 17 minutes Masterclass and Book a Call.
06:21 – Blueberry Markets as a Forex Broker.
07:01 – Comments, Like & Subscribe.
Why is it that so many trading strategies fail to deliver? They look promising and then they fail? Let's get into that a more right now.
Hey there, Traders! This is Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 577.
Failing trading strategies.
Today I want to talk about failing trading strategies. Why do so many strategies fail? You hear the stats out there like 90-95% of all people lose money when trading. So what is it about that the why? Why this strategy is just not working?
It's quite annoying for people. You know, people would put a lot of time and effort into developing trading strategies. They do a lot of backtesting, a lot of research, and inevitably things go wrong when they take it live. So a few reasons.
A lack of trading knowledge.
One of the main reasons is actually a lack of trading common sense and knowledge within the strategy itself. And what I mean by that is a few things. A lot of people just fail to actually understand what is happening in the market right now. Actually, is it a good time to be trading right now based on what you're seeing on the charts? And that, of course, can determine by the timeframe chart you're trading, the time of day you're trading the currency pair or even the market.
If you're looking at cryptos or metals indices, etc.. But a lot of people just rely so much on a big mismatch of indicators. And this one crossing over that one and all these results look really cool. The indicators look really flashy and and look how I've done it myself. Years and years ago I did exactly that. I was over optimizing things.
I was making the perfect, you know, curve, results and and everything on paper was looking amazing until I took it live. And time after time after time, the strategy failed and I lost money. And it gets very frustrating because, as mentioned, people spend a lot of time trying to work out a strategy for them, but they fail to look at things like the price, the obvious thing, like what is the price right now?
The amount of times I see people like selling signals and services. And as an example, there's a big right number in the way, and they're taking it buy trade straight into that round number. Like why would you do that? That just makes no sense to me. But whether that's an automated system or that's because this line crossed over that line and it says buy now that's what they do.
What is the actual price?
They fail to look at the right hand side and go, that's a round number. And oh, let's have a look back through history. You wouldn't believe it. But every time that round number has been hit in the past multiple currencies, it hits that level and falls away again. So guess what's likely to happen right now? It's likely to head back up there and drop away again.
And so if you understand candles and you have a strategy that looks at the price and understands what's happening in the market, you can look at that and say, I think is a great opportunity for sell trade here.
My longer term might be down. You know, all these things that we look at could be saying a sell trade but a lot of other people were looking at this and they're crossing over, something's crossing over another line and they're just taking it by trade just willy nilly, -
How Indecision Candles Can Boost Your Trading Performance
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#576: How Indecision Candles Can Boost Your Trading Performance
In this video:
00:31 – What are Indecision candles and how do you use them?
01:11 – Examples of using an Indecision candle.
03:21 – Your trading edge.
03:57 - 17 minutes Masterclass and Book a Call.
04:48 – Blueberry Markets as a Forex Broker.
05:36 – Comments, Like & Subscribe.
05:45 – Improving your trading performance.
Today I'm going to talk about indecision candles, how to trade them, how you can use them, how you can take advantage of them, and how they will likely improve your trading performance. Let's get into that a more right now.
Hi Traders! This is Andrew Mitchem here at The Forex Trading Coach for a video on podcast number 576.
What are Indecision candles and how do you use them?
Outside again today, another stunning New Zealand summertime day. I want to talk today about indecision candles. They are candles that open and close at pretty much the same price. There are candles that are small so they can be called or look like a hanging man candle or a pin bar or doji, depending on where they show within the charts.
Now, do we trade them just by themselves? Absolutely not. You always need to have some form of confirmation candle after the indecision candle to give you the trade entry. However, they can be what I call an early warning system, and that can be really important to your overall trading success. I'll give you a few examples.
Examples of using an Indecision candle.
Let's say that you saw a big uptrend, and then the uptrend suddenly stalled and a indecision candle formed. It could be a hanging man pattern let's say. That's giving us the clue after the uptrend. That is some stage during that hanging man. That the sellers were in control and had started to push the market down. Now by the close of the candle the buyers had pushed it back up again. But it tells us that there are sellers out there within the market. And so the beauty of that is it gives you a clue of what could be coming.
Now the other important thing is to see that indecision candle bounce at a certain level. It could be a round number. It could be a previous high some form of resistance level to give you a clue that it's actually happening for a reason.
We don't still take a trade. We then need to wait for the next candle to form a bearish confirmation candle, and that then gives us the confirmation to go short. So a great way of saying well potentially there's a trade coming here. Now I've seen confirmation. Now I get in the trade as a reversal. Same thing with a continuation trade as well.
The other scenario could be that would help you is let's say you were in a trade. Let's say you in that same uptrend and you're not quite at your profit target. And you see an indecision candle. Well that's giving you again the same early warning signal to say potentially our uptrend could be coming to an end. You may not see the reversal signal come next and the trend might continue back up again.
Still hasn't got your profit target. Let's say there's another indecision candle that something to tell me that may be this uptrend not going to continue. So that potentially then could be your clue to get out of the trade either completely or partially or maybe move your stop loss, whatever it is that you do as a trade management tool to ensure that when the trade does turn around, let's say, and it starts dropping, that you don't lose out on that trade and your winning trade ends up turning around to, let's say, a complete loss. That's just what you don't want is what you need to do everything to avoid.
Your trading edge.
And so to me, looking at charts and seeing what actually the mea... - もっと表示する
