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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. -
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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
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#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... -
How to Trade Forex in Under 30 Minutes A Day
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#575: How to Trade Forex in Under 30 Minutes A Day
In this video:
00:24 – Trading in 30 minutes or less per day.
01:20 – New traders think they need to be taking trades all of the time.
02:30 – Less is more.
03:18 – My 2 preferred trading times.
04:18 – We use limit orders to place trades.
05:00 – Some clients just trade once a week.
05:40 - 17 minutes Masterclass and Book a Call.
06:11 – Blueberry Markets as a Forex Broker.
06:32 – Enjoy your trading.
07:31 – Comments, Like & Subscribe.
How do you trade in less than 30 minutes a day? Is it possible and is it realistic? Let's talk about that a more right now.
Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 575.
Trading in 30 minutes or less per day.
I quite often get asked the question, look Andrew, you say that you trade in 30 minutes or less per day. How do you realistically do that and can you do that as a new trader? You see you know, the answer is yes, you can.
Of course. That's why we say so. But the problem that I find is so many new people to trading and look I did the same, you know, myself 20 plus years ago. The issue that people have is they feel that they should be looking at, taking trades all the time. And as a result of that, the fun, the excitement, the, you know, the movement, is often seen on the very short timeframe charts such as, like one minute charts, five minute charts, 15 minute charts, and people feel that they need to be looking at those because that's how they accumulate, trades and pips. People still mistakenly count their success in pips, which of course is completely the wrong thing to do.
New traders think they need to be taking trades all of the time.
And so when people start out, they think that they need to take lots of little trades. The realization comes when you realize that you're just not making money from that. One the cost of the spread just gets in the way pretty much on almost every trade you take on the forex market and, you know, just eats into any profit.
Reward to risk is very hard to achieve or a good reward to risk. And also just realistically, you tend to find that a lot of people will sit down. They see a trade, or they think they see a trade because they're ready. And so they're taking far too many trades there, forcing trades because they're sitting that.
And the other realization is that it's actually not very enjoyable when you're spending so much time looking at the charts, flicking through charts, getting very stressed when trades are open because you're watching, like, small moves up and down, you know, going into profit, then you trade goes against you. Oh my goodness, I need to close it early and you start doing all these sort of crazy, rash, things without, you know, decisions without really a lot of thought or planning behind it.
Less is more.
So for me, the answer is less is more. I've been a fan of longer time frame charts. Now, it doesn't mean to say I don't look short a time frame. When I hold webinars for my clients, I look at one hour charts, etc. two hours, sometimes 30 minutes, but not very often. But 90% of my trading is done on the longer timeframe charts of like, six hour, eight hour, 12 hour, daily, weekly, monthly.
And you'll find that those are a lot more enjoyable, are a lot more, reliability within the candles as well, within the charts. Reward risk is easier. Spread becomes you know, almost insignificant on so many of those pairs when you're on a daily, weekly and monthly timeframe charts. So that becomes better, becomes more reliable.
My 2 preferred trading times.
Now, when you know when to look at your charts. Now, my two preferred times, -
What to Do When Timeframes Disagree in Forex
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#574: What to Do When Timeframes Disagree in Forex
In this video:
00:31 – Confusion on the charts.
01:13 – The longer time frame charts are generally more reliable.
01:44 – How I’d approach this scenario.
04:03 – High Reward:Risk trading.
05:20 - 17 minutes Masterclass and Book a Call.
05:44 – Blueberry Markets as a Forex Broker.
06:07 – Comments, Like & Subscribe.
What do you do when you see this scenario happening on your charts? You're looking at the same pair, but on two different time frame charts, and you're seeing two signals but in opposite directions. It's a common issue. We have a simple solution for you. Let's talk about that and more right back.
Hey there. Traders! It's Andrew Mitchem here at The Forex Trading Coach with video on podcast number 574.
Confusion on the charts.
A common scenario that causes a lot of issues. You’re on the EUR/USD. You're on the daily time frame and you see a fantastic buy trade setting up. And you're thinking fantastic. Let's take a trade on this. Moving the market upwards in a bullish buy direction.
With the euro looking strong us looking weak. The issue is that you just taken that trade and you then scan through different time frame charts. And at the same time you're seeing on the one hour chart the EUR/USD falling and it causes confusion. What do you do in that scenario? Do you take both positions? Do you take neither?
You get confused. Do you get stopped out on both? What should you do.
The longer time frame charts are generally more reliable.
So, simple solution for you is this. In general, the longer time frame charts are more accurate. In general, they should be more reliable. They offer in general, high reward to risk trades, and they are better to take because they have more data contained in within them.
And you can allow for fluctuations in market movements because you stop losses is likely to be bigger. But of course your profit target is going to be bigger. Your reward to risk is still similar, but probably better to your one hour time frame chart.
How I’d approach this scenario.
And so what I like to do is I would certainly be taking that buy trade on the daily time frame, because that's where my bread and butter trading comes from.
However, the way that we trade is that we don't just say we're taking it buy trade on that daily time frame. We look for retracements within the market, so unexpecting at some stage within that day. For the EUR/USD to fall. And that could be the exact scenario that you're seeing at that time. But on the shorter timeframe chart where we see our sell opportunity on the one hour chart.
So on the daily timeframe, yes. Overall, I'm expecting within the next day or so for the market to move up. But I'm realistic and I'm expecting that potentially we should see a pullback or a retracement first. So when you go to your shorter time frame chart, it's like you one, two, three, four hour charts. You may well see a sell trade and see the market pull back.
Now two scenarios there. You could look at that and go well longer time. I'm seeing the market moving up. I'm ignoring that shorter time frame sell opportunity. Or you can say, well I can see that sell opportunity because it's on a short timeframe. Realistically my stop loss or my profit target a lot smaller. Again, the ratios are very similar, but there are lots more in terms of size.
So what you can do is take that sell trade at the same time, and you can profit from that small pullback on the shorter timeframe chart, whether it's one, two, 3 or 4 hour chart let’s say. You can profit on that sell trade at the same time as that moves down, you're probably going to find on your daily chart your l... -
What Every Trader Needs to Succeed in 2025
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#573: What Every Trader Needs to Succeed in 2025
In this video:
00:29 – Setting your trading goals for 2025.
01:12 – What are you going to do to become successful this year?
02:40 – Trading in less than 30 minutes a day.
03:17 – When to look at the charts and what time frame charts to trade.
03:44 – Trading on large prop firms.
04:42 – Investing in yourself up front.
05:25 – Our 16th year of coaching.
05:45 - 17 minutes Masterclass and Book a Call.
06:00 – Blueberry Markets as a Forex Broker.
06:15 – Comments, Like & Subscribe
How are you going to ensure that 2025 becomes a fantastic trading year for you? What are you going to do to make that happen? Let's discuss that and more right now.
Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 573.
Setting your trading goals for 2025.
First video on podcast for 2025. So the obvious thing that everybody talks about at the beginning of the year is New Years Resolutions, setting goals, all those type of things. Now I'm kind of going to talk about that, but I also want to make it realistic.
You see, I've sent out an email just yesterday talking about why people quit their New Year's resolutions, and already by mid January, most people are given up on diets and gyms and all these things they said they were going to do. So it's no good discussing that. Because realistically, some of those things are just not going to be achievable and you've probably already given up by now. So I'm a realistic, I like practical, realistic things, achievable goals.
What are you going to do to become successful this year?
So what is it that you are going to do to make sure that this year becomes a great trading year for you? What have you got written down? What have you set in place? What did you discuss with other people to ensure that with your trading, do you have the knowledge, the experience, the strategy, the support, to know what you're doing?
Do you know, realistically, when you can trade, practically, when you can trade, how is it going to fit in with what you do, your lifestyle, your family commitments, sporting, music, work, whatever it is that you have going on in your life? So that's how we get to the end of this year. You can look back and go, yeah, look, I pretty much stuck to my trading plan because I set realistic expectations at the beginning of the year when I can trade what markets I'm going to trade, what timeframes I'm going to look at, what type of patterns or in news events.
If you're a fundamental trader, what am I trading to make it real? What's my risk going to be? How many trades would I have open maximum at any one time. What am I realistic? Drawdown expectations. My profit expectations? Am I going to invest in myself? Am I going to invest in education? Have I already done that? If I've done that, have I actually followed through with that information and learned it properly?
Or I just sort of glossed over it last year, not really giving it a good shot. All those things you need to decide for yourself, but make it real.
Trading in less than 30 minutes a day.
That's why I say that we can trade in 30 minutes or less per day, because it's something that's realistically achievable, it's enjoyable and it can be achieved by anybody. Doesn't matter where they live in the world or what their other commitments are.
You can trade once a day at 5 p.m. New York time. You don't even need to be there, by the way. We've got clients in 108 countries. Of course, not everybody can be on at that time. So that's why we use limit orders as well. We make it real. We make it, something that is achievable to everybody. -
Forex Trading Tips for Small Accounts
Podcast:
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#572: Forex Trading Tips for Small Accounts
In this video:
00:29 – How to trade professionally if you have a small trading account?
01:06 – Dangers of gambling instead of trading.
02:05 – Understanding correct money management and having a strategy.
04:15 – You now have the skills to be able to trade.
05:18 – Trading on a Prop Firm account.
06:13 – Final video and podcast for 2024.
06:51 - My 17 minutes Masterclass.
07:07 - Book a Call with us.
07:13 – Blueberry Markets as a Forex Broker.
07:25 – Happy Christmas and I’ll be back in 2025.
I'm going to talk about how you can trade successfully if you only have a small live trading account. Let's talk about that a more right now.
Hi there, Traders! It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 572.
How to trade professionally if you have a small trading account?
I want to talk about a topic that affects a lot of you out there. And it's all about how do you trade properly and professionally. If you only have a very small trading account, you see, the issue is that a small account, depending on who you are and your financial circumstances, may be a lot of money for you. And you become nervous. You're not sure, how to trade. You're fearful of losing money and you feel it's not a sufficiently big enough account to make any sufficient and realistic money out of that account.
Dangers of gambling instead of trading.
On the other hand, you might be looking at trading, and you might find that a small account just play money for you. The danger of that is that you're likely to do something really silly, and you're likely to not understand risk management, and you're not likely to calculate a lot sizing correctly, or you're just going to gamble the money, or you don't care about stop losses or for trade on forex trades opened over a weekend, whereas maybe your strategy says to shut those trades, you might over trade and take too many positions. And so depending on which side of the of the equation you're at, the issues in some ways are still the same, because a small account can be hard to trade and to make what you call substantial gains on in terms of realistic monetary value. However, it's very important that you trade that small account as though it was a larger account size.
Understanding correct money management and having a strategy.
It's really important that you understand money management. Now, that account might be such a small account that the only thing you can do on your forex pairs is to trade 0.01 lots, and you may not have a big enough account to have really accurate, lot sizes. However, if that account is small, just trade 0.01 lots. Trade the absolute minimum lot size that you can.
The other thing that you really need to, get correctly here is a trading strategy. You know, just because you might have a lot of money and you're just putting $500,000 in the can in this kind of play money, you're probably going to end up losing it.
Or you might gamble in flukes and lucky trades, but without that strategy and that understanding of how you trade in the first place, you're kind of not doing yourself any favors. Likewise, if that small account is a fortune for you. Get yourself educated first. Either way, you have to have a strategy that you thoroughly understand and have confidence in.
You have to have trades that have high reward to risk so that you can make substantial gains. But also it's really important. Let's say you had $1,000, right? And let's say that over time you made pick a figure $200 on it, and it might have taken you six months. The issue that you have there is that someone's going to go, Andrew, I just made $200. -
Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader
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#571: Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader
In this video:
00:30– Analysing Currency Strength & Weakness.
00:54 – A real trading example using the Japanese Yen.
03:00 – Refining the pairs you trade further.
03:50 – We analyse and post the Daily Strength & Weaknesses.
05:16 – Looking at the Weekly charts at the start of each trading week.
06:10 – Learn how to analyse the strength & weaknesses for yourself.
06:25 - Book a Call and talk with us.
06:40 – Blueberry Markets as a Forex Broker.
07:10 – Comments, Like & Subscribe.
I'm going to talk about the importance of trading with strength and weakness in your favor. It's going to give you a massively improved trading performance. Let's talk about that and more right now.
Hi there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 571.
Analysing Currency Strength & Weakness.
Today is all about analyzing currency, strength and weakness. Why we do it, how we do it, and how it can massively help increase your overall trading performance. So you think about it in terms of basics. Well, if you're trading something that strong against something as weak. Logic would suggest, it has to add more probability to the trade.
A real trading example using the Japanese Yen.
Here's a classic example. Let's say the Japanese yen was very weak across the board. And you're looking at a chart, let's say it's the daily chart and you're looking at the JPY it's going up. You're looking at EUR/JPY, it's going up. The USD/JPY, the CHF/JPY, the AUD/JPY and NZD/JPY, USD/JPY, SGD/JPY, HKD/JPY, whatever it is that you have on your charts, everything against the yen is going up.
So therefore there's massive yen weakness at this point in time. Now you're probably unlikely to go and take all of those trades even if they were suitable candle patterns, even if they had some round numbers to protect, stop losses and they had room to hit that profit target. So all the things that we look for, you're unlikely to go and say take ¥8, ¥9, ¥10 related pairs.
So what you're prepared to do is analyze strength and weakness. Now, we clearly know that right now in our example, the yen is the weakest currency. But what happens if, say, the Australian dollar, the New Zealand dollar and the Canadian dollar were all fairly weak against everything else apart from the yen? So those are the commodity currencies and they tend to move together.
So let's say you're looking at the AUD/USD, it was heading down, the AUD/GBP was open, Aussie is heading up. So there's Aussie weakness. You're looking at NZD/USD, it's heading down against the franc is heading down. There's a lot of weakness overall in the New Zealand, the Aussie and the Canadian.
So that is telling us that maybe with our strength and weakness analysis that maybe that the AUD/JPY, the NZD/JPY and the CAD/JPY are probably not going to be your high probability trades on those daily charts that we talked about.
Refining the pairs you trade further.
You could also go as far as saying, well, let's have a look at, let's say the EUR/JPY and the GBP/JPY. Also looking good. You could go as far as say, let's have a look at the EUR/GBP and let's say the EUR/GBP was heading down massively big red bearish candle on the EUR/GBP. That again tells us that the euro's got weakness and the pound’s, got strength.
So now when we go to the GBP/JPY, we're now trading a very strong currency with a very weak one. And therefore you may not want to take the EUR/JPY as well. So you might only be taking, let's say the GBP/JPYH, the USD/JPY, you might see the SGD/JPY, all the HKD/JPY yen or the CHF/JPY also good. -
Every Trader Must Know About Prop Firms
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#570: Every Trader Must Know About Prop Firms
In this video:
00:21 – Tips and information to help you pass a prop firm challenge.
00:52 – Become profitable on your own account first.
01:55 – Keeping drawdowns low and your risk per trade low.
02:57 – Take your time and don’t rush the process.
04:00 – Open multiple prop firm accounts.
05:11 – My 17 minutes Masterclass and Book a Call.
05:20 – Blueberry Markets as a Forex Broker.
05:51 – Comments, Like & Subscribe.
So you want to know how to pass a prop firm challenge? Let me give you some tips that can ensure you'll do that right now.
Hey, traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 570.
Tips and information to help you pass a prop firm challenge.
Today I'm going to give you some tips and information to help you pass a prop firm challenge. So first of all, what is a prop firm? Well, there are companies out there that will give you money to trade on their behalf for profit share.
Once you've proven to them that you can trade properly within that low drawdown criteria and then understand the worth low drawdown criteria, because after all, it's their money, it is not yours and you have to meet their rules in order to pass a challenge.
Become profitable on your own account first.
Now, first of all, I suggest that you forget prop firms and you go back to basics and you make sure that you are, first of all, profitable, all on a demo account and then a live account of your own.
It doesn't really matter how big that live account is of your own. But make sure that you are consistently profitable on that first with low drawdowns. The reason I say that is that when you get on to the prop firm challenge, the numbers increase. You might have been trading a 5 or $10,000 live for kind of your own, and all of a sudden now you're on $100,000 with a prop.
From now, sure, you start on a demo account, but the numbers can be quite scary to start with, and it can be quite off putting. So what you have to do is make sure that you trade your own personal live account in the same way and same conditions that you would the prop firm when you go on to that.
Otherwise you just wasting your money and throwing it away and don't even bother start on the prop firm. So treat this real. Treat it like a business. It is, you know, serious stuff here.
Keeping drawdowns low and your risk per trade low.
So you open up your prop firm challenge and they give you 100,000 demo. Okay. They will probably have a rule such as, like a maximum 5% drawdown.
Why? Well, it's their money, not yours. Today we're starting off and we're on a demo. I get that it's not real money, but when you go on to real money, you need to trade it the same way. So let's say we have a 5% drawdown there. That means your account starting at 100 cannot go below 95,000. Otherwise they close the account on the demo.
And of course, the saying would be on the real. So what are you going to do to ensure that you have low drawdowns? Well, the most obvious thing is to have low risk per trade. I personally trade at an eighth to a quarter of 1% risk on trades on a prop firm. Why? Well, it means I can have if things go terrible.
I can have multiple trades all getting stopped out at once or in a row, which, by the way, doesn't happen. But it could do. And I still keep within the drawdown criteria.
Take your time and don’t rush the process.
Now that also means that my gains are likely to be quite small, but that's fine. There is no rush to pass a prop firm challenge. Take your time and do it properly.
Now you have to ensure that, of course, that you have high reward to risk trades so that when you are pr... -
How to Trade Bitcoin, Polkadot, and Dogecoin Safely
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#569: How to Trade Bitcoin, Polkadot, and Dogecoin Safely
In this video:
00:29 – Bitcoin hits almost USD$95k
01:31 – How do I buy Cryptos.
01:45 – This is how we trade Cryptos.
02:15 – You can trade Crypto long or short.
03:28 – Taking advantage of the big moves in Crypto.
03:42 – Learning how to trade for yourself and Book a Call.
04:19 – Blueberry Markets as a Forex Broker.
04:35 – You can trade Cryptos 24/7
05:17 – Contact us for trading help.
So you want to trade the crypto market, but you're not sure how to go about that? We don't have enough money to buy Bitcoin at $95,000. Let's talk about how we can help you to trade cryptos and make money from them. Right now.
Hey there, Traders! It's Andrew Mitchem here at The Forex Trading Coach with video and podcast him of 569.
Bitcoin hits almost USD$95k
So today we're going to talk about cryptos. A lot is happening in the crypto markets right now Bitcoin's hit almost 95,000 USD. If we go back just a few weeks ago it was around 65,000. So it's had a massive, massive increase, most noticeably in the last few weeks since, Trump won the US election.
And in November, we have seen, the price of cryptos such as, like Polkadot and Dogecoin, some of doubled, some of almost doubled just in this month of November 24th. So there's obviously a lot of action out there and a lot of people wanting to go and jump into the wonderful world of cryptos. So you're wondering how me as a forex trader is going explain about cryptos to you?
Because of course there are, you know, many complicated ways of how you could get into cryptos and had you mind things where you go for wallets and all that type of thing.
How do I buy Cryptos.
And you might also be asking yourself, how on earth do I buy a Bitcoin? Because I don't have $95,000 US sitting in my back pocket. And even if I did, do I want to go and buy a Bitcoin?
This is how we trade Cryptos.
So as a currency trader, I have a quite a simple solution for you. And it is this we trade cryptos such as Bitcoin and Polkadot and Dogecoin, in exactly the same way that we trade the forex market. We use the same charts. I strongly recommend you jump on to MT5 (MetaTrader 5) and you'll find, on almost all brokers now. A massive array of cryptos available to you.
You can trade Crypto long or short.
Now, the other beauty of that is you can trade short as well. So it's not like you're going out there and going, well, I'm going to go and buy Bitcoin now at $95,000. And I'm hoping it's going to just keep going up and up in value. But what happens if it doesn't. And it suddenly comes back to 65,000.
Are you suddenly -30 grand. it's not particularly, good. fear for your heart conditions. if that happens. But the way that we trade cryptos, it's honestly, it could be the EUR/USD. It could be the USD/JPY. It could be Bitcoin, it could be Polkadot. It does not matter. And the beauty of that is we're looking at the same charts.
We're looking at the same patterns to trade. We're still looking at support and resistance levels, round numbers. you know previous highs and lows, all that type of thing. Trendline breaks, divergence. All the things that we look at and the charts behind me here. It could be like I said it could be Bitcoin. That could be EUR/USD.
It does not matter. And the ability to trade both long and short and have your controlled and low risk is to me the key of all of this.
Taking advantage of the big moves in Crypto.
And obviously there have been some big moves. Yes. Fantastic. And you know, you can take advantage of those big moves, but you're not in the investing, you know, tens of thousands of dollars in one thing. -
Why the US Election Results Matter for Forex Traders
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#568: Why the US Election Results Matter for Forex Traders
In this video:
00:24 – Trump wins the US Election with a massive win.
00:53 – Quiet price action leading up to the election.
01:40 – W1 and Shorter time frame chart trades
02:02 – Selling Silver on the W1 charts.
03:09 – Metals dropped after the election result.
04:17 – The charts tell us what was going to happen with the election.
04:39 - My 17 minutes Masterclass and Book a Call.
05:18 – Blueberry Markets as a Forex Broker.
08:02 – Comments, Like & Subscribe.
I want to talk about the US election results and why I'm a technical trader. Let's talk about those topics and more right now.
Hey there, Traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 568.
Trump wins the US Election with a massive win.
So we've just had the results of the US election. This week has been a really good result. It's been a positive result. there's not going to be any indecision in the market now. we're not going to get any delay in the result.
We're not going to get any court action and recounts and all that type of thing. So from the markets point of view, it's been a great result. And it's been a good, strong, decisive, positive result. And that's what the market needs and was looking for.
Quiet price action leading up to the election.
Now leading up to the US election, we've had a, like a quite a quiet couple of weeks, especially on the daily charts. And we've had that indecision and not really too much happening leading up to say, last week. And then the end of last week, we had the US monthly job news, and then the beginning of this week is all being quiet leading up to the election. Then, of course, you don't want to be trading on the election day with potentially, you know, big moves or spreads widening and then we finally got the result and things are likely to now settle down again.
So it's been a really interesting couple of weeks. You see the daily charts have been and the slightly longer timeframe charts like the 12 hours have been a little bit more indecisive. Not much happening there.
W1 and Shorter time frame chart trades
However you take it out to bigger picture and the weekly charts. We've had some great results and then the shorter timeframe charts between, say, like the two and six hour charts, two, three, four, six hour charts.
We've seen some great results as well. So it's really interesting that as a trader, you have to trade what the market's giving you at the time.
Selling Silver on the W1 charts.
And an example would be, we've taken a couple of, sell trades on silver at the beginning of this week. So we're talking, you know, like three days before the election results, we saw that XAG/USD and also, XAG/EUR were both dropping based off the weekly charts.
And so we took sell trades on both of those. We suggested to our clients, we took sell trades or, they should, look at some sell trades as well. And we've profited from those trades. Now, as a technical trader, I was into those trades on Monday my time or Sunday from the US. at the beginning of the week.
and so the charts were telling us from a technical point of view that Silver was going to drop. Now, how far it goes from now. I don't really worry because I'm out of the trade for full profit. and now we're looking for maybe another trade potentially might move back up again next week. Who knows. But we saw at the beginning of this week, before the fundamental results, we saw on the technicals that the silver was falling. We entered the trade. We've hit the profit target.
Metals dropped after the election result. -
How to Know If Forex Trading Is Right for You
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#567: How to Know If Forex Trading Is Right for You
In this video:
00:20 – Is trading for everybody?
01:41 – Some people are just lazy.
03:20 – You need to be willing to work at trading.
03:51 – Trading and Painting.
04:30 – Want to join us – Book a Call first.
04:58 - My 17 minutes Masterclass.
05:05 – Blueberry Markets as a Forex Broker.
Is trading for everybody? Let's talk about that really important topic and more right now.
Is trading for everybody?
Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 567.
Now, I've had a few interesting chats this week and I want to bring this to your attention and really want to say, look, is trading for everybody. the answer is absolutely not. And as a result of what I've experienced this week, I want to explain why I'm saying it's not for everybody.
I received a call a few days ago from someone who lives here in New Zealand. He's not a New Zealander. Believe he's living here right now. And I had some doubts when I heard the conversation, and I ended up saying, look, I don't think you should do this. I don't think trading is for you.
And certainly we're not a good match. he was, you know, it was all a little bit desperate, needing the money, potentially saying there was health issues. whether there was or not, I don't know, but, you know, it was quite a sob story, and I've only got $300, and I heard it all, and I go, you know, I've heard this so many times over 20 years of trading and teaching.
This is not for you. You know, you're not in a position mentally, potentially physically, financially to do this. And if you jump on board, it's going to end badly because people like that, desperate for money, they're not willing to put the time in.
Some people are just lazy.
You know, people can be very lazy, you know, so they just want a copy. In fact, I did say to him, look, you should probably just go and buy yourself a monthly subscription to a signal service, because I don't think that you're the type of person that's going to be putting in the time, the effort, the commitment, to learn and now, important to note that just because you may not have, money today, that doesn't matter.
The thing that we're doing is we're, teaching people how to trade properly, but you still need to put that time commitment effort into wanting to learn how to do it. If you can trade. You can trade on demo. You can trade on small live accounts. You can go through the prop firms, you know, there's so many different ways to be successful without needing the funds to date.
Now, sure, if you come on board with us, you need some funds to invest in the coaching. You know, we're not at the giving, our time, our knowledge, our expertise. you know, just for peanuts. You know, we're posting trades every day without fail. We've done this since 2010. We're on webinars, forums, all those type of things and a proven strategy.
So, yes, there has to be, you know, an upfront fee to do that. You know, we are not a charity. Let's be let's be clear about this. But when we have good successful traders, you will make your investment batches countless times over. And yeah, that knowledge, for the rest of your life. But coming back to this individual person just wasn't going to be him, you know, it wasn't going to work. And so the question comes, should everybody trade? Absolutely not.
You need to be willing to work at trading.
You know, you've got to still put the time, the effort, the commitment, the willing to have ups and downs in the market. You know, if you come on board and you go, oh look I'm not making money after one month. Well that's because you're learning. You know, -
How to Trade Without Following the Major Trading Sessions
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#566: How to Trade Without Following the Major Trading Sessions
In this video:
00:26 – Which trading Session should you look at?
01:13 – I used to be up all hours of the nigh trading the US session.
02:53 – Profitable US30 and Natural Gas trades.
04:25 – Trade on the close of a candle.
05:30 - My 17 minutes Masterclass and Book a Call.
05:58 – Blueberry Markets as a Forex Broker.
06:26 – Comments, Like & Subscribe.
Should you trade the European and US Trading Sessions in order to be a successful forex trader? Let's talk about that a more. Right now.
Hey there, Traders! This is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 566.
Which trading Session should you look at?
Today I want to talk about trading sessions. A lot of people get confused and get this completely wrong. And they think that in order to be a successful trader, whether it be forex or metals or indices, whatever it might be, they think that they should trade what we call the trading sessions.
Now the Asian trading session was just based around Tokyo. Then we have the London and kind of that into European trading sessions and then the US trading sessions. And they tend to be the times when this the most activity within the market. And people get very confused and they think, well, I should only be trading the London trading session or I should only be trading the US session, or make sure I try and trade both of them, and it's something that you do not have to do.
I used to be up all hours of the nigh trading the US session.
Now, admittedly, when I started to trade, I thought that's what you had to do as well because that's what people tell you you should do. But quite often in life, with most things and people tell you you've got to do this. The reality is that there's a far better way of doing it by ignoring what they say. And there's no better example than that.
Then for me, living here in New Zealand, the London session is in our evening into our night time, and the US session is the very early hours of the morning. Utterly impossible and unrealistic. Impractical to trade.
And just this week I've taken trades on the US30 and also on natural gas. Now the US30, especially being in a US index.
Traditionally, I would have thought, well, that means I have to be up at 2:00 in the morning to trade when the US markets are open and when natural gas, slightly less of a, an issue, but again, not a main forex what you call like a mainstream forex pair because it's a gas and the metals, the gases, and the indices and a lot of the commodities as well tend to be based more around the US time of day.
Not particularly useful when you live on this side of the world. But really this applies to wherever you live in the world. If you're living in, Europe, let's say you got, well, I can't trade the London morning session because I'm at work. you may be in the US and go, well, I can't trade the London trading session because it's like 4:00 in the morning for me. And so it doesn't matter where you live in the world, the same concept applies.
Profitable US30 and Natural Gas trades.
The thing is, with trades like the US30 that I took this week, and by the way, it was a very profitable trade. We had a 3.2 to 1 reward to risk on that, and we also had a 2.8 to 1 reward to risk on the natural gas, both for profitable.
So great results. the point being is I took both of those two trades based off the daily charts, and I took them at the close of the day, which is 5 p.m. New York time. Now, the great thing is, when you understand, close of charts, close a day charts and the close of a time friend chart. -
Why Trading Multiple Time Frames Boosts Your Forex Success
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#565: Why Trading Multiple Time Frames Boosts Your Forex Success
In this video:
00:22 – What is the best time frame chart to trade?
01:01 – It depends on how you like to trade.
01:57 – What is the market doing?
02:35 – My preferred times of day to trade.
03:20 – My trading time frames this week.
05:52 – Ideally trade a blend of different time frame charts.
07:10 - My 17 minutes Masterclass and Book a Call.
07:21 – Blueberry Markets as a Forex Broker.
08:02 – Comments, Like & Subscribe.
What's the best time frame chart that you should trade as a forex trader? Let's talk about that a more. Right now. Like.
Hey there, Traders! Andrew here at the Forex Trading Coach with video on podcast number 565.
What is the best time frame chart to trade?
Want to talk about a really important topic about different time frame charts. What is the best time frame chart to trade? It's a an issue that so many people struggle with because they get confused when they look at different charts. And as an example, they may look at a daily chart and it looks like, let's say the EUR/USD is moving up.
And then they go to a one hour chart and it looks like it's moving down and they don't know what to do. You get that analysis paralysis. Which one's better, which one's more reliable. Which one should I be trading. And I quite often get asked hey Andrew, what's the best time frame if I just had to choose one? What is the best?
It depends on how you like to trade.
Now, unfortunately, there is no one best time frame chart. So really depends on you as a person and as a trader. You see, if you're the sort of person that wants to sit there for 2 or 3 hours a day studying the shorter time frame charts, almost certainly taking a trade of some inscription then probably the shorter time frame charts are for you.
However, on the other hand, if you like to do other things and you want to trade, say just monthlies and weeklies and possibly dailies and you like those longer time frame charts, then that's what you should be focusing on. But also for me as a trader, I think the important thing is to have a balance of both, because a lot of it comes down to not what you want to do or can do.
What I want to do or can do. It's just it comes down to the market conditions at the time, and that's the real important factor.
What is the market doing?
What is the market going to give us today or this week for this month? That is going to give us a high probability chance of success. And that's why for me, the answer to what is the best time frame to chart to trade is it depends.
And also you should look at multiple time frame charts. Now, I'm not saying you need to be there staring at your charts for like hours and hours a day. Far from it. You need to be smart about this, and you can trade multiple time frame charts looking for the highest quality setup by just looking at charts, just like, say, once or twice a day.
My preferred times of day to trade.
Now, if I had to pick one time of the day, that would be my preferred time. It would be at the close of the trading day, which is 5 p.m. New York time. Now that is when we analyze the markets and we post our daily chart trade suggestions, but also at that time we scan through the markets and look at 12 hours, eight hours and six hours because they close at the same time.
At the beginning of the week, you can look at the weekly charts. Beginning of the month you will look at the monthly charts. If I had to pick another time, it would be 5 a.m. Eastern Standard Time, New York time, because that's into the European session. The 12 hours change over so as the 6,4,3,2,1 hour charts, -
Why 90% Win Rate Systems Are Dangerous for Forex Traders
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#564: Why 90% Win Rate Systems Are Dangerous for Forex Traders
In this video:
00:26 – Do you want a 90% win rate system?
01:48 – A traders comment about a high win rate strategy.
03:15 – Focus on the quality trades.
05:05 – My 17 minutes Masterclass and Book a Call.
05:15 – Blueberry Markets as a Forex Broker.
05:55 – Comments, Like & Subscribe.
As a Trader. Someone gave you a system that had a 90% win rate. I bet you'd want to trade it. The reality is, you should not trade a 90% win rate system. I'm going to explain why right now.
Hey there, Traders! It's Andrew Mitchem at The Forex Trading Coach with video and podcast number 564.
Do you want a 90% win rate system?
So you heard me right. If I said to you, hey, I'm sure you love my system, that's got a 90% win rate, I. But you're going to make lots of money and you get. Yes. Please give it to me. The reality is that you're probably not going to make money off of a system like that.
Now, if you've been following me for any length of time, you'd know the story I told a real true story from a few years ago where someone came to me with a 90% win rate system, and they were very excited and it all looked really good. The problem was that they were losing lots of money because their focus was on win rate.
They were having, let's say, out of ten trades, they were having nine out of ten trades hit their profit target, hence a 90% win rate system. But the trouble is they were making lots of small little gains. And every 1 in 10 trades had a massive loss that wiped out all their gains, plus lots more. And so that becomes the, the reality of it.
You know, you've got to be very careful with win rate. Don't put all your focus into that because you'll end up not doing, you know, what you should be doing, which is looking at things like control, risk, high reward to risk, looking at what the market's doing at the time, looking at the pair you trading, the current conditions, all those type of things that mean that there are so much more to having a successful trading system than simply having a high win rate. High win rate is not necessarily good and in most cases is not good at all.
A traders comment about a high win rate strategy.
And this issue resurfaced just yesterday when I had someone come to me with something very similar to this. And I just need a high win rate system because that's going to make me feel better and and it's going to make me trade better.
And I tried to explain to them, look, the end of the day, you've got to make money out of your trading. That's the important thing isn't it? So why not focus on making money and doing it trading properly, than just being completely glued and fixated on this one thing? Because you find that with the people with 90% win rates, they do these crazy things like having there reward to risk run the wrong way, or have very structured and rigid, profits and stops which generally are not in their favor, as in they may have, let's say that pluck some figured that this guy, you know, a 50 pips stop loss and a 20 profit target.
Now, if you know the way I trade, we never talk pips. But unfortunately, the people with the high win rate systems do. And so that's their issue is they keep getting stopped out. And that reward to risk is not good. Or they'll do something like they'll have, a ten pip profit target and 110 pips stop loss. And you know, nine out of ten trades go well.
You're one big one loses. And so having their focus around the wrong way is something that they don't realize until they trade live. And they see that this 90% win rate system does not work
Focus on the quality trades.
For me, -
How to Capitalize on Q4 Forex Market Trends
Podcast:
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Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
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#563:How to Capitalize on Q4 Forex Market Trends
In this video:
00:30 – Great trading conditions ahead.
01:06 – How has your trading been this year so far?
01:58 – What do you need to change?
03:12 – Book a call to talk with Paul Tillman.
04:07 – A link to our booking calendar.
04:28 – Join my free Masterclass
04:42 – Blueberry Markets as a Forex Broker.
05:58 - Comments, Like & Subscribe.
06:15 – Finish the year strongly
How's your trading year been so far in 2024? We've got just three months left of the year that generally good trading months. What are you going to do to make sure you have a great final quarter of this year? Let's get into that a more right now.
Hi there, Traders! It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 563.
Great trading conditions ahead.
What has happened to this year? It is just absolutely flowing past. I know we say it every year, but this one seems to be even quicker. We're now into the last quarter of the year. We've been through that northern hemisphere summer time with July and August are sometimes a little bit tricky to trade.
And now we're into the last quarter. I think we're going to get some very favorable trading conditions because of all the events happening in the world. And generally October, November, December give us very good trading conditions, and that's what we need is traders. We need movement, we need volatility and we need to take advantage of that.
How has your trading been this year so far?
So my question to you is this how are you trading been so far this year. We've been trading since January. We're now into October. How has that first nine months of the year been? Has it been like pretty ordinary, pretty average for you? Is it been really good? If it's not been great, what are you going to do to make sure that you finish the year with better and improved results? What is it that you're going to do?
Have you not met your trading goals? What needs changing? Have a think about that, because honestly, I think that October, November, December, the conditions generally are good. I think with everything happening in the world, we're going to get we're going to see some good market movement. And it doesn't matter where we're on the currencies or the metals indices, cryptos, the commodities, I just see great conditions.
So let's take advantage of that together. Make sure that you are doing everything you can to, take advantage of the end of the year in these great conditions.
What do you need to change?
But it really also, I think, is important that we reflect so far that we're three quarters of the way through the year. What needs changing from your point of view if you're trading has not been quite as good?
What do you need help with? What do you need to change do differently? Because let's face it, we continue doing the same old thing. Guess what? The next quarter is going to be the same old thing, and you're going to get to the end of the year and you're going to be disappointed. so I think it's really important that they take advantage of these likely good conditions, but maybe change something in your trading if we can help.
Let me know. let us know. Leave a comment. ask questions because we're all about helping traders worldwide. On our course, we have clients in 108 countries. You know, we're a global community about helping people. So I think it's really important that you reach out and ask questions. And even if it's like other topics you'd like me to talk about and discuss on these videos and podcasts, I'm more than happy to do that because we want successful forex traders.
But also if you're out there and you go, look, -
How Live Sessions Can Transform Your Trading
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
#562: How Live Sessions Can Transform Your Trading
In this video:
00:27 – You need someone to show you how to trade.
01:23 – We trade and post in real time.
01:52 – Live webinar trades make +2.1% gain.
04:10 – This is invaluable information.
05:37 – My 17 minutes Masterclass and Book a Call.
05:56 – Blueberry Markets as a Forex Broker.
06:13 – Comments, Like & Subscribe.
I'm going to explain this week why live trading room webinars work and how they can massively help you with your trading success. So let's talk about that a more right in that.
Hi there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 562.
You need someone to show you how to trade.
Now different ways of learning how to do anything. whether it's trading or for me doing karate or learning to fly a helicopter or a guitar, whatever it is, you need someone to help you and to show you and to be able to refine things and trading's exactly the same.
You see, you can go online and you can look on YouTube in different places and you can have video course just like our one, and you can go through and read things and see some videos, and that's all well and fine. But the trouble is in trading is to make any money in trading, you have to have the ability to do this in real time.
You know, it's all well and good looking through some books and seeing some waves and retracements. And we did this at this point and look at this massive trend and you know, and there's so many videos and I see with millions and millions of hits on YouTube, but all they're doing is showing you with hindsight what happened.
We trade and post in real time.
And the reason that we do so well, as do our clients, is we do everything in real time. We're not about hindsight. We post our trades every day for people to follow in real time. We put our trades on our forum site on the shorter time frame charts in real time, and every week we hold a live two hour trading room webinar one weeks in the European session with myself. The following week is in the US session with Paul Tillman, who lives in the US.
Live webinar trades make +2.1% gain.
And yesterday I held a live European session, webinars, a two hour session where all our clients can jump on to, they all get recorded as well.
So if you cannot attend live, you can go and watch the recording. And by the way, we have all the recordings dating back to 2010 on our website. So vast amount of very valuable information now on the webinars. The beauty of them is they are live. There's no like cherry picking the hand, picking the best trades. you know, we're talking about trades, we're discussing trade set ups, etc. live in real time. And obviously no one knows the result of what we are saying, we are taking.
Now on yesterday's session at the end of the webinar, which ended at 5 a.m. Eastern Standard Time, which is in the European session, we took some trades and I posted and took three trades in front of our clients. We had a EUR/GBP 6 hour chart trade sell. Which had a beautiful retracement and hit the profit target, both positions hitting the profit target.
We had a Netherlands 25, the index 2 hour charts trade one position got filled and it was stopped out. And we had a, two hour trade on the gold against the Australian dollar. Both positions got filled and hit their profit targets.
Now the EUR/GBP made a 2.7 to 1 reward to risk a 1.35% gain. the Netherlands 25 lost a quarter of 1% because it was stopped out and the XAU/AUD had a 2 to 1 reward to risk or 1% gain.
That gave us with only a half percent (0.5%) risk per trade total split over two positions. That gave us a net gain of 2.1% on our account. So 2. -
Why Every Trader Should Consider Using Limit Orders
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
#561: Why Every Trader Should Consider Using Limit Orders
In this video:
00:24 – How to best enter a new trade.
01:11 – I mostly use Limit Orders.
02:17 – The benefit of using Limit Orders.
03:53 – Other things which add to a trade setup.
05:00 – My 17 minutes Masterclass and Book a Call.
05:30 – Blueberry Markets as a Forex Broker.
06:01 – Comments, Like & Subscribe.
What's the best way to enter a new trade to make sure that you get the best possible outcome? Let's discuss that really important topic and more. Right now.
Hi there, Traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 561.
How to best enter a new trade.
Today I want to talk about how you can enter a new trade and how you can get the most out of your trade by doing a few clever things. So there are a couple of options that we have, or three really.
you can enter what's called a market order, which means you jump into the trade straight away, and it's what most people do. or you can use a stop order. And for a stop order, it means on a buy trade, you're buying above the current price. And for a sell trade, it means you're selling below the current price.
Or you can use a limit order or a retracement order. And a limit order means on a buy limit. It means that you're buying below the current price. And on a sell trade, it means you're selling above the current price.
I mostly use Limit Orders.
Now, I'm a big fan of limit orders, and this how I place the vast majority of my trades. And the reason I do that is because I know that the market is not a straight line. You have a look at most charts and most markets and most timeframes, and you'll never see, a perfect straight line. You will never see a candle close and the next one just open and go in the perfect direction. Most times you will find there will be some form of upper or low wick on a candle, and there will be some form of, movement.
Let's say the market's moving upwards. and a candle opens most times within that candle's, formation. Let's say it's either H4 chart or our daily chart or whatever it is. Most of the time it will go up, it will come back, it will go up again, maybe come back again, and then finally go up. so you get retracements all of the time in pretty much every market and every time frame.
The benefit of using Limit Orders.
And so by using limit orders, what it does is it means we get in at a better price. It means that we, on a buy trade, we see the market at a certain level. That means we have buying if it pulls back to a lower price first, and if the market then heads turns around and heads in our anticipated direction, by the time it gets to where the candle opened, you're already in good, positive territory.
And by the time it gets to a profit target, you've made really good money. Now, what that does is it drastically improves the reward to risk that you get out of your trades. So go and have a look at any chart and you have a look at let's say you imagined, you took a trade at the market as soon as the next candle opens.
And then you have a look at how much you're going to make in terms of your stop loss, your profit target, and the reward to risk from that trade. And then do the same thing again with that same setup. Go, okay. But if it's moving up and it's buying, what happens if I bought below the current price and I'm first, looking for the market to pull back now of course, for the limit order, you're not sat there waiting for all this to happen.
You're just simply saying I'm putting a buy limiting at this price. And if the price pulls back, it gets you filled and then hopefully moves up in your anticipated direction. - Daha fazla göster
