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By The Forex Trading Coach

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New Zealand

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By The Forex Trading Coach

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English

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Episodes

#540: How to Survive a Financial Crisis

3/17/2024
How to Survive a Financial Crisis  Podcast: Signup For my Forex Masterclass 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 #540: How to Survive a Financial Crisis In this video: 00:24 – How do we survive the next financial crisis. 00:57 – Increase income, decrease expenses and save more. 02:55 – What are my thoughts? 03:36 – You need to change your mindset. 03:58 – Plan and prepare. 04:54 – Upskill yourself today in preparation. 06:31 – Forex offers so may more benefits. 06:51 – Live webinar with trades and my account is at +2% gain for the week to date. 07:57 – Trading with a prop firm. 09:02 – Give yourself 6-12 months to learn how to trade properly. 10:00 – Trade through Blueberry Markets. 10:06 – Attend my Masterclass, Prop Firm webinar and book a call with us. Today I'm going to talk about how you can plan for, prepare for and get through the next financial crisis. Let's talk about that and more right now. Hey there, traders! It's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 540. How do we survive the next financial crisis. Now, I ask people to give me some topics to talk about, things that will be helpful for you. And one of the main topics those come up is how do we survive the next almost certainly coming financial crisis? So to start and to prepare for this, what I've done is had a look on the Internet and I want to talk about what they suggest and then my thoughts after that. First of all, I have to let you know that what I'm about to say is not financial advice. It's purely my own thoughts and opinions, which may or may not work for you. Increase income, decrease expenses and save more. So did some research online, typed in how to survive a financial crisis. Upcoming standard answers of #1 increase your income, #2 decrease your expenses and #3 increase your savings. Quick overview on those. Increasing your income. How are you going to do that? Well, you probably going to if you're in a corporate job, work harder and up the ladder, which means less time at home, etc. like that. More stress. You may be working more hours in your current job. Not a great outcome either. Or you might be going there for a second or third job. Again, not a great outcome. So there's better ways you can do that. Number two, and decreasing your expenses is something that most people can do. From my own point of view, we like to be completely self-sufficient here. I say we're about maybe 80-90% self-sufficient in what we eat at home, and we choose to do that. We choose to grow our own food as much as possible with our own, you know, the fruit, vegetables, meat, etc. like that. Everything we try to do is our own choice for health reason and enjoyable reason of actually growing and eating our own food. We know what we're eating and less reliant on the system, on the supermarkets and the crazy inflated prices out there. So that may or may not be something you could do as an example. The third one to increase your savings. Not very practical for most people around the world, giving the cost of living just as an example, we've had interest rates come off here. Just last week, for me personally, at 2.79, they wanted it to float it at eight point something or fix it at seven point something. Just massive expenses going up there for everybody. A cost of living, a cost of groceries, food, as we've mentioned. Your fuel, your rate, your taxes. You know, everything goes up and up the whole inflation. So saving more for most people was not really a practical outcome there. So Bense what the Internet says What are my thoughts? These are now my thoughts of what you potentially could do because for me surviving or anything financial, a lot of it comes down to your mindset, your thoughts, your emotions.

Duration:00:10:34

#539: Forex Trading’s Preflight Check: Building Your Plan

3/10/2024
Forex Trading's Preflight Check: Building Your Plan  Podcast: Signup For my Forex Masterclass 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 #539:Forex Trading's Preflight Check: Building Your Plan In this video: 00:34 – Heading off for a flight and carrying out my checks. 02:01 – You need a trading plan. 03:00 – Put in the time to ensure a good outcome with your trading. 03:45 – The market does not have even trading conditions. 04:42 – Trade through Blueberry Markets. 05:06 – Attend my Masterclass, Prop Firm webinar and book a call with us. Today, I'm going to discuss the importance of learning to plan properly, planning your training, See now exactly what you're doing, whether you're flying a helicopter like behind me here, or if you're trading the forex market, you have to plan properly. Otherwise, you plan to fail. Let's get into that a more right that. Hey there, Traders! Andrew here, at the Forex Trading Coach, a video and podcast number 539. Heading off for a flight and carrying out my checks. As you can see, I'm out at the hanger. I'm heading off tomorrow morning. Quite early on a flight, quite a long flight, probably about a three and a half hour return flight. And so as a result of that, I'm spending some time here today when there's no pressure and I'm going through my entire preflight and doing all my checks. I've got my my flight plans here. I've got my airports where I'm going to inside here. I've covered everything I need to know in terms of the cockpit. I've got a huge manual here. It's about 800 pages that's just specific to this machine. And on that, I have to know all that. Of course, long before today. But you know, you've got to keep updated on that. I've been through the machine here. I've checked through and, you know, engines and oils and up on the rotor blades there. I've checked everything. All my preflight checks and the tail here, everything is checked. My fuels good is clean. It's all on board. I know exactly what I've got. I know where I'm going. I know my radio calls. I'm discharging my headsets up. So that's ready. I've got a spare batteries. I've got my iPad. I've got my phone. I've got everything I need to know to do the flight properly, safely, and, you know, to get a good outcome and enjoyable experience for everybody on board and to know what's going to you know, we're going to get there safely and just have a great day. You need a trading plan. So me doing this is no different to me trading. You know, I've got my plan and this is what I want to stress to you, that I just see so many people that don't have a plan, don't know what they're doing. You wouldn't believe the number of emails that I get saying, Look, I've been trading for six months and I go back and I go, Great, Well, you've obviously got a problem because you're contacting me. So. So what are you doing? And they go, I'm just putting on, you know, one lot on this trade and I'm trading, you know, different times of the day. They trading. They don't know what they're trading. They see something all that, let's say a daily chart that's telling a buy on an hourly chart. They're saying sell. They don't know what to do. There's no light, there's no money management, there's no risk management. There's no no, no strategy at all. They don't know why they're doing what they're doing. They just know they want to trade forex. And because they're probably seen it's really good and seen something on YouTube or somewhere. Put in the time to ensure a good outcome with your trading. And that becomes the problem is that people don't put enough preparation time into learning the skill that they want to be good at. And you know, it's like anything is like flying this thing. There is nothing that beats flying.

Duration:00:05:46

#538: 7 Points to Help Develop Your Own Trading Plan

3/3/2024
7 Points to Help Develop Your Own Trading Plan  Podcast: Signup For my Forex Masterclass 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 #538: 7 Points to Help Develop Your Own Trading Plan In this video: 00:25 – 7 points to help develop your own trading plan. 00:36 – #1 Your personality. 01:15 – #2 What type of trading do you like? 02:16 – #3 What are your goals? 02:55 – #4 Risk management. 03:51 – #5 Know your strategy. 05:16 – #6 Demo, live or a prop firm? 05:50 – #7 Journal and record your trades. 07:10 – Attend my Forex Masterclass. 07:19 – Prop firm Masterclass. 07:40 – Book a call to chat with us. 07:52 – Blueberry Markets. Today. I'm going to give you some helpful tips and information to help you to develop your own trading plan as a forex trader. Let's get into that and more. Right now. Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 538. 7 points to help develop your own trading plan. Today is all about developing a trading plan that's going to work for you. I'm going to give you seven points. That's going to be something that if you put this together. Massively help you. #1 Your personality. Let's start with point number one. So first of all, you have to understand yourself. What type of person are you? What personality do you have? What what makes you tick? You know what you like as a trader. Now, I find that naturally most people, when they start trading and I did exactly the same almost 20 years ago myself. They tend to navigate through to the shorter timeframe charts, the one minute, five minute, 15 minute chart. Some people think that's the where the most opportunities are, where the most money is to be made, and that's why people do that. And then they realize that probably doesn't work quite as well as they thought it might do. And then they start to look at something a little bit longer timeframe charts. #2 What type of trading do you like? So figure out where you are on your trading journey and what type of trader you are. Are you someone that likes to watch the news? I'm someone that likes to watch the charts. Are you a fundamental or technical trader? And then what you need to do there is work out the trading style and that will become, you know, in the cooperation of both of those two. Possibly it could be, you know, looking at the longer timeframe charts, this sort of more medium timeframe or the shorter timeframe. So look at what works for you. If you're out there, you know, you've got family, you've got travel to do, you've got work to do, you've got music, sport, whatever it might be, you might go, Well, you know what the reality is? I only want to look at my charts maybe just once a day or a couple of times a day or just a few times a week. Therefore you're going to have to go to those longer timeframe charts. You may go, Well, you know, I've got a couple of hours. I can look at the European session or the US session a few days a week, and therefore I might look at say, the 30 minute, the one hour, the four hour timeframe charts or blend whatever works for you. #3 What are your goals? The next thing you need to do is define your goals, your personal goals, your financial goals, the time goals as well. Don't forget, time is really important. You know, it's all well and good to write down. Say I'm going to make 10% every month and I'm going to do this and I want to do that. But also is you got to realize that to do this successfully and properly, it's got to work around what your time restrictions are. Everybody has time restrictions. We all have 24 hours in a day. It's what you do within that day that counts. So how much of that time per day or per week do you want to dedicate to learning or trading or studying charts or watching news events?

Duration:00:08:34

#537: The Realities of Learning How to Trade

2/25/2024
The Realities of Learning How to Trade  Podcast: Signup For my Forex Masterclass 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 #537: The Realities of Learning How to Trade In this video: 00:26 – A trading reality check. 01:00 – Do you want it now or can you wait? 01:41 – Adults are no better than children at wanting instant gratification. 02:23 – How much can I make? 03:23 – Doing the hard work first. 04:33 – Not everything will go in your favour. 05:09 – Don’t knock someone who’s trying to help you. 06:00 – We can help you if you would like to trade well. 06:26 – Book a call with us. 06:38 – Blueberry Markets. Today, I'm going to talk about the realities of learning how to trade properly and why it's probably not quite as easy as you think it might be. Let's talk about that and more right now. Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 537. A trading reality check. Now today it's a bit of reality check. And it's kind of like not being grumpy day, but just wanted to keep things real. I've had just a few interactions with people over the last week or so that just got me kind of beating my head against the wall. One was a client and the other is not a client, and it just makes me realize that there's so many people out there that are not real with their trading. Do you want it now or can you wait? Now, you may have heard about the experiment. I don't know who did it. It was quite some number of years ago where they got a bunch of kids, put them in a room, and they said to them they put like a sweet or lolly chocolate and in front of them and said, You can have one right now. But if you wait, you know, 15 minutes, we'll give you three. And of course, most of the kids go, I'm just going to take the one that they can't comprehend. You know, if you just wait for a little bit longer, you'll get three times the amount for just a little bit of, you know, dedication. And that was a kid's experiment. Adults are no better than children at wanting instant gratification Now, I think the same logic, unfortunately, applies to so many adults today as well, now that whether it's me, show my age or what, I don't know, but whether it's, you know, an instant gratification thing, whether it's a cell phone thing, an Internet thing, a Netflix thing, you know, another thing, everything just seems to be instant. And people unfortunately don't seem to be able to. A lot of people anyway, don't seem to be able to. And accept the realities of hard work, dedication and a bit of time, commitment and effort. And also not an instant answer, an instant fix. How much can I make? Now, I want to talk about that because I think that you've got to get your head around that if you're going to give yourself a realistic chance of being a successful fighter because everybody wants to know how much am I going to make, how long is it going to take me, how much do I need to my account? How many prop firms do I need? All these? How to what's the answer? And without actually figuring out that they need to actually study and listen to people that have done this before and not only ask questions, but when someone gives you an answer in their best interest is to help you listen to that answer and possibly accept it. And I find that people struggle to do that. And maybe it's because it's not the answer that they want or it's not the quick fix solution. It's not the you're going to become a multimillionaire next week solution. It's and that kind of thing. I just I struggle with, I suppose, because I suppose I'm about a year away. Doing the hard work first. You know, you did the hard work moving to New Zealand with a couple of suitcases to the other side, the world, you know, with no Internet back then and no cell phones and, you know,

Duration:00:07:08

#536: Should You Trade Only the Major Forex Pairs?

2/18/2024
Should You Trade Only the Major Forex Pairs?  Podcast: Signup For my Forex Masterclass 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 The5ers webinar #536: Should You Trade Only the Major Forex Pairs? In this video: 00:32 – Should I trade just the Major FX pairs? 01:34 – Don’t limit your options. 03:08 – Trades on Minor and Exotic pairs this week. 04:00 – Be careful with Sell trades and widening spreads. 05:10 – Attend my Masterclass and book a call with us. 05:22 – Webinar with The5ers. 05:38 – Blueberry Markets. Is it best to trade the major forex pairs only, or is it best to trade the exotic pest? It's a question that I get asked quite often, and this week I've got some great examples of why I trade both. Let's get into it a more right now. Hey there, Forex Traders! This is Andrew Mitchem here. The Forex Trading Coach with video and podcast number 536. Should I trade just the Major FX pairs? So as more and more platforms and more brokers offer more currency pairs, the question becomes, should I just focus on the major currency pairs? And there are obvious advantages to that. Pretty much the main ones would be spreads are generally tighter, you generally find the gaps and you generally find there's more people trading it. So the volume, liquidity, etc. is better. Therefore the moves are generally more flowing, more consistent. It also means, if you like, trading the shorter time frame charts that you or like trading quite often with frequency, you'll find that you'll find the spreads been so much tighter means that you can take trades on shorter time frames and more often and you're not paying, you know, massive spreads in the big movements just to get to break even. So there are certainly some advantages to trading just the major pairs. Don’t limit your options. Now, some of the disadvantages would be this one, it completely limit your options. So to me as a trader who's looking for sudden like couple of patterns, why limit your options? It's like, why limit the markets? This week I've taken trades on the Nasdaq and the S&P and we've taken trades on the JPN225 So why limit to just, you know, the forex pairs? That's my thought. If the system the strategy worked on other markets as well. Last week you'd have heard me talking about a corn trade that I took, you know, which quite often take metal trades. We take crypto trade. So I don't think you should limit yourself if you find that your strategy worked on those other markets. Likewise, the downside were trading and focusing just purely on the main major forex pairs is that you tend to find they pretty much get dominated by the US dollar. So for instance the EUR/USD, GBP/USD, AUD/USD, the NZD/USD, USD/JPY, the USD/CHF and you know the old US dominant. And of course there are other, you know, sort of major pairs as well, but you tend to find that the US and you know and the yen kind of dominate those major pairs and you can find that from time to time there will be some quite dull price action. And we've already seen that for parts of this year. So far we've you seeing some quite dull price action on some of the major pairs. Trades on Minor and Exotic pairs this week. So moving on to the exotics and the minor pairs, just this week I've taken trades on the NZD/CAD, the NZD/SGD, the USD/ZAR, the SGD/JPY and the CHF/SGD. So I've taken profitable trades on those. Now my prop firm account you'd have heard me mention last week was, you know, continuing to go well this week. So far we've still got all of one or Friday still to go. I'm at 1.9% with 0.25% risk trade. So for me, if you can average that sort of one and a half to two and a half percent per week on a prop firm with incredibly low drawdown, you only need a few weeks and you passed your next firm challenge. So for me,

Duration:00:06:26

#535: What’s a Sensible Amount of Risk to Take per Trade

2/11/2024
What’s a Sensible Amount of Risk to Take per Trade  Podcast: Signup For my Forex Masterclass 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 Download my Lot Size Calculator #535: What’s a Sensible Amount of Risk to Take per Trade In this video: 00:26 – Preserving capital. 00:40 – Control your emotions. 01:31 – Have a low and known risk per trade. 02:20 – Most people suggest a 3-5% risk per trade. 03:40 – A +2% gain for the week. 04:38 – Attend my Masterclass and book a call with us. 04:57 –Trade through Blueberry Markets. What's the sensible amount of risk the issue should take for each trade that you place as a forex trader? Let's talk about that important subject and more right now. Hey there, traders! Andrew Mitchem here, the owner of the Forex Trading Coach video and podcast number 535. Preserving capital. Today I want to talk about risk preserving capital, keeping your drawdowns low. And it all comes back to how much should you place on a trade in order to be a successful trader. Control your emotions. You see, for me in trading, there's two things you have to control. One's up here, the head ones in his heart. You have to keep those emotions under control. And you can do that quite easily by controlling your risk, because the fear and the greed always come into the trading as self doubt. But then greed when it comes to making money. Risk management is absolutely crucial. And unfortunate, far too many people don't know that and they don't know how to control that and they don't know how to implement that practically on day by day basis into their trading. You see, I think there's a lot of people out there that just don't know how much risk they're placing on a trade that is place to trade. And they got I've got a 20 pip stop loss and I'm going to put one lot on it or 0.1 lots. Because that's just what they think they should do. That is not how you trade. Have a low and known risk per trade. For me, the best way of trading is to have a known and low risk on every single trade. So you go into a trade and it doesn't matter what the currency pair is or even what the market is. I've taken a trade on Corn this week, you know, and it doesn't matter where it's corn on a weekly chart or the EUR/USD on a four hour chart, it doesn't matter. Every single trade has the same risk. It's known and it's low. So you have to adjust your position. Size according to a stop loss needs to be in order to calculate that. And it's very easy. And I have a free lot size calculator that does all that for you. But by doing that it means that every single trade that I take has the same risk, and by doing that, I can control my emotions and I can control my drawdowns. Most people suggest a 3-5% risk per trade. Now, you have a search out there online, and you'll find that most people will tell you to risk somewhere between about a 3 to 5% risk per trade. I think that's utterly crazy. You know, you have, let's say four trades go wrong and you're instantly 20% down on your account. Now, you need a lot of good trades to go right to make that 20% up just to get to break even. Now, that in itself is not a good way to trade. For me personally, I risk half of 1% per trade. So my four trades go wrong. I'm now 2% down. When I'm trading on a prop firm, I risk half of that again. So I risk only 0.25% risk per trade. In other words, if four trades go wrong, I'm now 1% down. That is within the rules, the criteria of a prop firm. It means I can have multiple trades all go wrong in a row, which is incredibly unlikely to happen. But let's say it did before I get anywhere near the maximum drawdown at most prop firms, which is somewhere between so maybe 5% or 6%, that will never happen if you're trading such a low risk per trade. So it's really important that you preserve capital.

Duration:00:05:40

#534: The One Secret to Becoming a Successful Trader

2/4/2024
The One Secret to Becoming a Successful Trader  Podcast: Signup For my Forex Masterclass 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 #534: The One Secret to Becoming a Successful Trader In this video: 00:26 – What’s the one secret to becoming a successful trader? 00:47 – 8x Monthly chart trades for February. 02:24 – Benefits of trading the Monthly charts. 03:05 – Also we’ve posted 5x D1 trades and 2x H12 trades. 03:46 – A live 2 hour webinar with our clients. 04:09 – Trading the longer time frame charts is also more enjoyable. 05:36 – Most newer traders want to be scalpers. 06:19 – Blueberry Markets 06:31 – Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/ I've got asked this week what would be the one secret I would give to someone who is looking to become a successful trader? Let me share that with you and more right now. He there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 534. What’s the one secret to becoming a successful trader? So this week I got asked on a webinar by someone who's looking to trade, and they said, Hey, Andrew, if you could keep one secret in trading to help me to become successful, what would that be? And to me, it's quite simple. It's looking at the longer timeframe charts. And today's a perfect example. 8x Monthly chart trades for February. So I'm making this video on Thursday, the 1st of February day earlier than normal. And the reason I'm doing that is because I've just taken the February monthly chart trades. And on our membership site we identified and I've placed eight trades on the monthly charts. So based on the January candle close taken at the beginning of February, and with those trades because the longer timeframe charts, they have many advantages. One, you don't have to be that your charts at the exact time that they you know the new day opens or the new candle opens and you've got hours, days, maybe even longer. And especially the way that we trade with using limit orders or retracement orders as well. It also means that not only are those candle patterns higher quality because they contain more information, more data. When you think about it, they contain the whole month months worth of price action. So when you get a high quality set up are all showing in the right positive chart, it's going to have a higher probability chance of working. Today, most of those trades, those eight trades have taken a continuation trades. So they are continuing the main longer term trend. But after a recent pullback over like, you know, let's say October, November, December, January and they're they're ready to then head up or down again in the overall bigger picture. So that again, adds more weight, more credibility, more probability to the trades. Benefits of trading the Monthly charts. On top of that, because that monthly chart trades the rewards, the risks are even better as well. Spreads becomes almost like completely insignificant. And so with the trades that we've taken, they all range between the 3 to 1 is the smallest reward to risk. So let's imagine if you're risking, let's say half of 1%, one and a half percent is the smallest gain I'm going to make on a profitable trade. But the the biggest gain is a 6 to 1 trade. So that means half a cent risk means I'm making a 3% gain. If that trades hits its for profit target and so they all range between 3 to 1 to 6 to 1 On those eight trades I've taken. Also we’ve posted 5x D1 trades and 2x H12 trades. Not only that is today, I've also taken five trades on the daily charts that have all been published on our membership site for our clients to follow. But we also put 2 12 hour chart trades on that. So you've got the eight monthlies, the five daylies it's 13. 2 on the 12 hour chart.

Duration:00:07:07

#533: Trading Full Time in 30 Minutes a Day

1/28/2024
Trading Full Time in 30 Minutes a Day  Podcast: Signup For my Forex Masterclass 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 #532: Trading Full Time in 30 Minutes a Day In this video: 00:31 – At the beach and trading just twice a day. 01:04 – 2 trades taken on the D1 charts and 1x H8 and 1x H12 trade. 02:10 – Look at the charts twice a day. 02:46 – A 3% gain from Wednesday’s D1 trades. 05:18 – View my Masterclass. 05:30 – Book a call with us. 05:39 – Blueberry Markets. In today's video and podcast, I'm going to explain why I much prefer trading the longer timeframe charts. Looking at my charts a couple of times a day and being able to enjoy life. So let's talk about that more right now. Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 533. Something a little bit different today. At the beach and trading just twice a day. I'm at the beach. This is called Rabbit Island, just out of Nelson. Now, way back there somewhere, my daughter and her friends on their horses going for a ride. Why am I telling you this? Well. Because that's the beauty of trading. The longer timeframe charts. You know, I don't need to be sat at home right now, sitting on my computer, just glued to say, like five minute charts, 15 minute charts, just waiting for something to happen, almost forcing something to happen. Because that's when I'm ready. 2 trades taken on the D1 charts and 1x H8 and 1x H12 trade. Instead, I took two trades today on the daily charts. I took a sell on the Pound/Franc and I sell on the US/Franc and I'll take in a buy trade on the Pound/New Zealand and a buy trade on the Euro/New Zealand on the 8 and 12 hour charts. So four trades, they took me maybe 15 minutes all up earlier today at the 5 p.m. New York change of day to look at my charts, put the trades on after six because that's when the spreads drop. I'm using limit orders anyway, so it doesn't matter where you live in the world or what your time schedule is, you can take those trades and that then frees me up for the rest of the day. I'm going to have a look at later tonight my time, which is then 5 a.m. New York time, and at that time I'll scan through the 12 hours, the 6 hours, maybe the 4 or the 2It has nothing happening on the higher timeframe charts, but most days we tend to stick to the 6 and 12 hour charts. Why? Well, because there's plenty of opportunities there. Look at the charts twice a day. And so what that means is by looking at my charts just twice a day, I can come and do things like this. I'm probably spending half an hour, absolute max chart time. I know the pattern, so I'm looking for the currency pairs. Well, I'd look at strength and weakness, but if the currency pair is showing the setup to me, it doesn't really matter what the pair is. Just because I live here in beautiful New Zealand does not mean I wouldn't need to trade the New Zealand dollar. I'll trade whatever showing the set ups as mentioned today. Pound/Franc, US/Franc both selling those two on the daily charts. A 3% gain from Wednesday’s D1 trades. Yesterday I took a Euro/New Zealand Daily chart trade and I took the Hong Kong 50 index and the China H index. Quite unusual, but that was the market or those were the markets that were showing the setups. And guess what? The set worked. We had our retracement all this filled up beautifully and by the time I woke up this morning at the both trades to pull back, there were buy trades. Both traders said pull back got filled absolutely perfectly. And then turned around going up to the profit target. Absolutely perfectly. So we got those trades, absolutely pinpoint, accurate and made some fantastic returns on those. They were about I think there are 2.8 to 1 return. I think one might have been 3 to 1 return. And so a small risk, you know,

Duration:00:06:24

#532: Making 2024 The Year You Become a Successful Forex Trader

1/21/2024
Making 2024 The Year You Become a Successful Forex Trader  Podcast: Signup For my Forex Masterclass 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 #532: Making 2024 The Year You Become a Successful Forex Trader In this video: 00:26 – Why you need to make this year your trading year. 01:28 – Australian employment figures crash. 02:09 – Give yourself plenty of time and seek help. 03:33 – Joining a community and start on a demo account. 04:32 – Start with the basics. 05:18 – Trade through Blueberry Markets. 05:35 – Attend my Masterclass and book a call with us. How are you going to ensure that 2024 is the year that you become a successful and profitable trader? Let's talk about that and more. Right now, Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 532. Why you need to make this year your trading year. It is all about 2024. How are you going to make this year, the year that you become a successful trader with no doubts at all? This is the year for you to do it. How are you going to do that? Well, have a look around the world and I'm going to show you why you need to do it first. You know, you have a look at what's happening around the world with cost of everything, inflation rates. You know, look at how much it costs to book a flight. Look at how much good quality food cost these days and how many people are out there. Cannot afford good meat, good vegetables. And so therefore, they're living on really poor, low nutritious food because that's all they can afford and sugary drinks and things like that. You know, it's everywhere. Look around your town. How many shops in your local town do you see either closed or boarded up, you know, going out of business and people can't afford to pay staff. People aren't going to restaurants. Australian employment figures crash. There's all these kind of issues going on out there and, you know, look at just yesterday from Australia, across the ditch in Australia, their monthly employment figures, they were expected to have 15,000 jobs created. That result came out as -65,000 jobs. So look at the job losses going on around the world. So put all that together and everything else that's happened over the last few years and the craziness that's going on in the world. And, you know, you realize you're kind of on your own. You're fighting for yourself. So event doesn't give you motivation to go. You know, this year I'm going to learn how to trade. Then I can't help you. Give yourself plenty of time and seek help. So let's start sensibly. Let's give ourselves time. While it's not absolutely critical, you see, when I get people come to me and they go, Andrew, I want to give up my job, you know, in two months time, and I want to become a full time trader or I've got, you know, like $500 and I want to make, you know, like $10,000 a month type of thing. You know, I get these crazy questions all the time. You know, those people aren't real. Now, the important thing is, is with anything that you're learning to do is to seek help from people that are successful in that field and also to start slow. Don't rush. Do the groundwork properly. If you've ever done any form of painting inside your house, let's say the preparation is the boring but important work putting the paint on at the end, the last coat of paint, which makes it all look nice and shiny. Yeah, that's the easy bit, but unless you do the preparation first, the rest of it is going to fail. So trading is exactly the same. So while we're not under this and, you know, massive pressure of needing to have to make money today, you know, for most people around the world, the world's still surviving just while we're at that stage. Use this kind of lower pressure time and say to yourself, I'm going to dedicate this year to learning how to do this properly.

Duration:00:06:34

#531: 2023 Trading Year Review

12/17/2023
2023 Trading Year Review  Podcast: Signup For my Forex Masterclass 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 #531: 2023 Trading Year Review In this video: 00:30 – A summary of 2023. 01:27 – More traders using MT5. 02:24 – Prop firm trading. 03:13 – Clients in 104 Countries. 03:40 – Have a great Christmas. 04:07 – View our on-demand Masterclass webinar. 04:48 – Blueberry Markets and book a call with us. 05:04 – Looking forward to trading in 2024. 05:18 – Consider joining us now so you can learn the strategy while the market is quiet. As we come towards the end of 2023. Just wanted to make a bit of a summary video of what we've experienced this year. I wish you all fantastic Christmas and an awesome 2024 ahead. Let's get into that and more right now. Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 531. A summary of 2023. Outside in the beautiful New Zealand summertime here and just a couple of weeks to go before Christmas. I hope you're looking forward to that. Just wanted to give you a bit of a summary of 2023 of how things have gone here at the Forex Trading Coach. We have just had another awesome year, some excellent results, all right. Across various timeframe charts and our daily trade suggestions have been profitable yet again every year since we started it in 2010, they've been profitable with just half a percent risk on your trades. Copying what we do just once a day, literally 5 minutes of work, we're probably going to end the year about a 30%, 3-0% gain just off that one time frame chart. And then you add on to that all the other time frame charts, we look at. Trades we take on our forum site, trades we take on our live webinars, trades that our clients take themselves and you can see that yet again, we've had another really, really good year. More traders using MT5. A more and more people changing across to Metatrader 5 from MT4. More timeframes readily built in which is making life easier, just gives more trading options. And of course MT5 has a lot more markets such as the indices, the cryptos, the metals, commodities, etc. built in, which just gives us more and more trading opportunities because all we're doing really is looking for the high quality trading pattern. The actual market that we're trading is less important, it's more the pattern. And have we got some stop loss protection? We've got room to move our profit target. Is it a reversal or is it a continuation, etc.? So again, more markets, more timeframes equals more opportunities to pick high quality trades and then not be kind of where people have that so feeling they should be forced to take a trade. This may be a big quality. No need to do that now because we have so many more trading options. Prop firm trading. And so prop firms. Another thing you'd have heard me talking about prop firms all year more and more and my clients are just doing really well from prop firms. It's a bit of a game changer in all honesty. And if you get a good prop firm, make sure that you have a prop firm that does not have a time limit on when you can make that 10% gain and those prop firms that do have a time limit I'd personally stay away from. And it's why that we look at FX2Funding. It's why we look at The5%ers those kind of people that have been around for some time. They know what they're doing, there good quality companies and there's no time restriction on making the gain. You know, whether you make it in a week, you make it in two or three months, it shouldn't matter. It's all about keeping within that low drawdown criteria, so that’s the prop firms. Clients in 104 Countries. We now have clients in 104 countries and as time goes on. We are 15 years old next year at the Forex Trading Coach, our communities, it grows and grows and just gets better and better....

Duration:00:05:41

#530: An Interview with The 5%ers Prop Firm

12/10/2023
An Interview with The 5%ers Prop Firm  Podcast: Signup For my Forex Masterclass 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 Visit The5%ers Website. Click here! #530: An Interview with The 5%ers Prop Firm In this video: 00:27 – There’s a lot of interest in prop firms right now. 01:37 – What makes a trader a successful prop firm trader. 03:50 – You must be able to trade first. 04:58 – Different account types with The 5%ers. 05:38 – What’s the payout performance ratio? 07:00 – What makes The 5%ers a better prop firm? 09:48 – Our clients have success with The 5%ers. 12:00 – Prop firms can remove emotions from your trading. 13:37 – Contacting The 5%ers. Andrew Mitchem Hi! Everybody. Andrew here at the Forex Trading Coach, welcome along to this week's weekly video and podcast. Something different for you this week. I am joined by Saul who's the manager of the firm called the 5%ers. Welcome along. Saul Lokier Yeah, thank you, Andrew. Thanks for having me. There’s a lot of interest in prop firms right now. Andrew Mitchem Awesome to have you here! Yeah. Look, we’re getting a lot of people interested in prop firms. Now, I know you guys have been around since 2016, and I can see on your website, which is probably one of the oldest prop firms around. Could you just give everybody a bit of an overview of what you do, what a prop firm is for those who don't know and how traders can take advantage of using a prop from. Saul Lokier Yeah, good start. So basically we are recruiting. We're looking for traders, retail traders to get evaluated by us, you know, through our challenges, through our evaluation programs. And once they complete those challenges to come and start managing our capital. So you might be familiar with the old prop firms in which, you know, you have a few amount of traders managing very large amount of accounts of money. Andrew Mitchem Yes. Saul Lokier So we're doing something similar. But instead of giving, you know, billions of dollars for management to a few traders, we have many, many traders. We have literally thousands of traders managing relatively small accounts. So so that's the idea. What makes a trader a successful prop firm trader Andrew Mitchem Yeah. Nice. And over those that time, what have you found is the right type of person to be more successful. Like, is it a trading style? Is it a money management thing? Is a mindset thing. What in general would sort of make the more successful person? Saul Lokier It's the view that you answer me because, you know, back in the day before started managing the company, I, I used to spend a lot of time talking to our traders and talking to our higher funded traders. And I started doing a little bit of research what this traders had in common, because, you know, I saw some of them use indicators and some of the used some of them used to live in Australia and some of them live in the US. Saul Lokier So I wanted to understand what they were doing, you know, the same way. And amazing is very simple things that arbitrated and start doing. But these traders really do it. Okay, so the first thing is these traders master what they do. These traders know the strategies inside out. So I could ask them. “Andrew, what’s a poor quality set up for you?” and they could tell me I could ask them, when shouldn't you be trading? Saul Lokier And they could answer. So they knew all the rules, all the, you know, all the parameters over the strategy, everything. And so so they really instead of jumping from a strategy to strategy or system to system, they really must, you know, what they did. So that's number one. Saul Lokier The second is they they keep track. They really you know, they backtested, they they they journal what they do the journal these sales, they they journal their trades and they you know,

Duration:00:05:57

#529: What’s the Difference Between a Pin Bar and a Hanging Man?

12/3/2023
What’s the Difference Between a Pin Bar and a Hanging Man?  Podcast: Signup For my Forex Masterclass 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 #529: What’s the Difference Between a Pin Bar and a Hanging Man? In this video: 00:29 – Pin bars and a Hanging Man candle. 00:52 – I trade neither candle. 01:12 – How to use a Pin bar or Hanging Man candle. 01:52 – How the Pin Bar and Hanging Man are formed. 04:35 – Find out more about how we trade and how we can help you. 04:55 – Book a call and have a chat with us. 05:06 – Trade through Blueberry Markets. What's the difference between a pin bar and the hanging man candle formation? And how can they help you to increase your performance as a trader? Let's get into that and more. Right now. Hey traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 529. Pin bars and a Hanging Man candle. Now I want to talk about two candle patterns that often cause confusion for people. And one is a pin bar and the other is a hanging man. And for a lot of people, they kind of look the same and they don't quite understand how to use them and what's actually happening behind the scenes in the market conditions to create those patterns within your charts. I trade neither candle. It's important to note also that I do not trade a pin bar or hanging man purely as a candle pattern. However, they can be really influential in my trading because they give me an early warning system or give me a clue as to a potential change of direction. How to use a Pin bar or Hanging Man candle So if I'm not in a trade, they can give me the clue that. “Hey, look, the market may be just stalling here, here, or potentially changing direction.” I still need confirmation after the pin bar or the hanging man. The other scenario is if I'm already in a trade and I see a pin bar or hanging man pattern show on the charts, but I haven't quite reached my profit target yet. So what that is telling me is, “Hey, look, this could be a really good opportunity now to potentially really look at closing some of the trade or X thing and total the entire position and early because we could now be getting a change in direction against where we're looking for the trade to move.” So what is a pin bar? What is a hanging man pattern? Well, basically to me they both are Indecision Candles. They tell me there's a lot of movemant in the market, but the market's not quite decided which way it's heading. So let's use an uptrend as an example. If the market's currently in a really good, strong uptrend and we see a pin bar show, a pin bar will be a candle with a small body but a long upper wick. And what that means is that the uptrend has continued and it's gone really strongly upwards. And at some stage during that candles formation, that would have been a good, strong bullish candle. However, before the candle is closed, the price has come all the way back down to either just above its open or even potentially just below. It's opened, it's open price and it's formed that small body, but with the long upper wick in an uptrend. So that tells me that the price is exhausted. It may have hit a certain level and now the sellers are starting to push the market down. I still need a confirmation candle to come next. So next outside bar and engulfing bar, probably an engulfing bar in that scenario. To suggest that, yes, the downtrend is about to then be strong enough to justify a trade. If we use that same bullish uptrend, but instead of the pin bar, we get a hanging band pattern that means that we get a small body near the top of the candle, yet along with lower wick. What that tells me is that the price has moved up and then when the hanging man pattern is formed during that candle formation, the sellers really took over and pushed the price down. However,

Duration:00:05:57

#528: Good Trading Does NOT Need to be Complicated

11/26/2023
Good Trading Does NOT Need to be Complicated  Podcast: Signup For my Forex Masterclass 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 #528: Good Trading Does NOT Need to be Complicated In this video: 00:27 – Don’t make trading harder than it needs to be. 01:25 – You need a simple and solid strategy. 02:16 – The 3 things that can happen in the market. 03:02 – The 2 basic patterns we trade. 03:50 – Trading is a probability, not a guarantee. 04:32 – Book a call and attend my Masterclass. 04:45 – Trade through Blueberry Markets. Good trading does not need to be complicated. Don't forget, the wheel is simply round and it works. So let's talk about that and more right now. Hey, there traders! Andrew Mitchem here at the Forex trading Coach with video and podcast number 528. Don’t make trading harder than it needs to be. I want to talk about a topic that a lot of people get stuck in their minds and they think that trading needs to be overcomplicated. They think it needs to be difficult and they get this, I suppose, perception by thinking that like it's something only the pros do or it's something you need to be in a 50 story, you know, tower block in London or Dubai or New York or something, and you need to walk around in a big flash suit and shirt and tie in order to be a good trader. And so I think people get the impression that you need all these complicated systems and algorithms and things going on and insider knowledge of what's happening in order to do well at trading. And the reality is you don't need any of that to do well at trading. You need a simple and solid strategy. Well, you need a good, simple, solid strategy that works. And like most simple things, they work. Again, like I said, think of the wheel. Don't reinvent the wheel. It's round. It's simple. It cannot be more any more simple. And it works. You know. Other examples. I love cooking. So what's my favorite medium to cook on? You know, you can have all your electrics and gases and all the rest of it. Fire is with that that the best in terms of enjoyment and certainly taste and flavor. You know to cook on fire and charcoal. Nothing beats it. And why? Because it works. And why? Because it's simple. Trading is exactly the same. The 3 things that can happen in the market. Now, putting it in absolute basics. What can happen in the market? In any currency pair, any market, It's going to go up. It's going to go down. It might go a bit sideways, a bit rangebound. That's really all that can happen. So the market's going sideways. Okay. Rangebound generally for the way I trade means there's no trades there because I'm looking predominately at candle pattern and that's my initial set up is the candle. If it's rangebound, there's nothing, you know, there's no prior indecision. It's just going flat. It's not over bought. It’s not oversold. it's got a trend line break. So therefore no trade. Very easy just to move on to the next market. The 2 basic patterns we trade. And so we look at two quite basic and quite simple patterns, and we look for continuation patterns and we look for reversal patterns. And so those two are really when it comes down to it, all we teach and all we trade and it's all we've ever taught and traded because they work, because they're simple, they're easy to identify. Now when I go through and look at trades that have been successful and I go through our forum site, I go through our webinars. I go to our daily trades and I analyze my trades and I go back and look at the trades that have been really good. They pretty much all take all the boxes of what we're looking for a successful trade. Trading is a probability, not a guarantee. So trading is not a guarantee, it's a probability just because the patterns worked for the last five times and you see it again,

Duration:00:05:14

#527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour

11/19/2023
How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour  Podcast: Signup For my Forex Masterclass 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 #527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour In this video: 00:30 – A great trade on the NZD/CAD H4 chart. 01:29 – The trade made an incredible 7:1 R:R. 03:05 – 2:3 R:R on the USD/CHF. 03:35 – Clients passing Prop firm challenges. 03:50 – Get onto my trading Masterclass. 04:07 - Chat with us 04:14 – Open a trading account with Blueberry Markets. We've had a client make a massive 7 to 1 reward to risk ratio trade in under one hour while we were on a live webinar. Let me explain more and how you can do exactly the same. Right now. Hey there, Traders! This is Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 527. A great trade on the NZD/CAD H4 chart. Now, just earlier this morning I was on a live for us session webinar with our clients and during that session someone already had opened a four hour chat trade on the New Zealand dollar, Canadian dollar, and it's a buy trade and it was going really quite well. But at the time we were talking, the price had retrace down to the entry level because we were taking a buy limit and actually going further down towards the stop loss level. However, the stop loss on that trade on the New Zealand Canadian dollar was below the round number of 82, 0.82. And while we were talking, a number of other clients said, Hey Andrew, look, because we've got that stop loss protection, can I jump in at the market right now? And I said, Yeah, of course you can, because the trade still valid. The stop loss was holding. We'd had previous resistance levels and now we come down and we were using that 82 as a support level. And I said, Yeah, jump into the trade. And so a number of people did. The trade made an incredible 7:1 R:R. Now, within under one hour we had clients saying that they closed out of the trade, it hit the profit target before we finished the webinar and it made an incredible 7 to 1 reward to risk on that trade. So if you use my my suggested level of half of 1% risk of your account per trade, that meant that those clients made a massive 3.5%, three and a half percent gain on their account in under one hour just by being on the webinar. So what does that mean? Well, first of all, we are identifying high quality trades and we're discussing them. We're talking about them. We're saying the reasons why we're taking the trade or why we're not taking the trade. And so for me, the quality of that life in discussion cannot be underestimated. It's something you just will not get by yourself or if you on some forum site somewhere and no one really knows what it is that you're trading. We are all trading the same system, looking at the same charts at the same time, all with the common goal of helping each other. So that to me is absolutely incredible. And you cannot underestimate how valuable that is for anybody, regardless of your trading experience. If you're a brand new to trading, it's going to be incredibly valuable. But if you've been trading for a while and just to jump on once a week or every couple of weeks and just view what we're doing in real time and discuss that, that is absolute gold. And, you know, it's just shows with the returns that we made. 2:3 R:R on the USD/CHF. I also took a trade on the four hour chart on the US Swiss franc, which made a 2.3 to 1 reward to risk not quite as high as the massive 7 to 1, but that was more random, normal reward to risk levels that we get. I've also taken some trades on the 4 hours and 8 hours that are still open behind me right now, but just goes to show what happens when you build yourself a community like minded people all around the world. And so that's how we can help you to achieve your trading goal...

Duration:00:05:29

#526: Slow & Steady Wins the Day

11/12/2023
Slow & Steady Wins the Day  Podcast: Signup For my Forex Masterclass 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 #526: Slow & Steady Wins the Day In this video: 00:29 – Why a slow & steady trading style is best. 01:13 – My background really helps. 02:04 – Karate & Flying. 02:48 – Raising a large family. 03:31 – Consistency in our own trading. 04:21 – Get onto my trading Masterclass. 04:45 – Trade through Blueberry Markets. 05:20 – Like & Subscribe to our channel. I'm going to explain why a slow and steady trading approach is your best chance of success to be a full time forex trader or prop firm trader? Let's get into 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 526. Why a slow & steady trading style is best. Now I want to talk about a slow and steady approach to trading You see in life right now everybody's fast pace wants action, wants instant results. Everything's available on your phone. No one can wait any longer. Everybody wants things now. Now, now, now. All the time. And the danger with that is that when it comes to the reality of trading, well. Most people, unfortunately, take that same approach. They want to be a multimillionaire next week. They want to pass a firm challenge within two days. They want to you know, how much do I need, Andrew, in order to give up my job and make $10,000 a month? You know, everybody always wants that that instant result and answer without doing the prior work. My background really helps. Now, I'm quite fortunate in many ways. One, I'm a little bit older. But two, I come from a farming background, and I think that has been a massive help for my own trading because you realize in farming that consistently doing things properly and planning and a slow and steady approach whilst always having an eye on the future and never being stuck in your ways is a really good way of farming successfully. You have to turn up, You have to do things consistently as a dairy farmer. You have to milk the cash twice a day. You know, you have to be planting crops at the right time. You have to be doing things. It doesn't matter whether it's raining or it's Christmas Day or your birthday or you're not feeling well, you have to show up. And so that consistency is is absolutely vital, I believe, to success. And as a trader, that consistency of constantly showing up is also vital as well. Karate & Flying. Now, other things that have helped me personally and I hope can help you. I've studied karate for many years and again, that slow, steady, consistent, repeatable approach is what gets you from being a white belt through to a black belt. You're not going to get there instantly. You're not going to go and watch a whole heap of videos and suddenly, wham, next week you're a black belt. That doesn't happen. It's that consistency, that hard work, that dedication. As many of you know, I also own and fly helicopter. The same thing applies. You cannot go out there and do like five lessons and suddenly go and fly one of the most difficult machines on the planet, the race to fly, you know. So you have to be slow, steady, consistent, show up, do the hard work, and then the rewards follow. Raising a large family. And you also may know we've got five children. So same thing. You know, a lot of hard work, a lot of dedication, a lot of consistency through bringing up five children. And now more recently, I'm learning to play the guitar exactly the same thing. I cannot go and stand on stage within 5 minutes. You know, you have to learn the whole basics and get better and better and more practice and you learn to go up and then you have a few down days or weeks and then you go another level again. So that consistency turning up. So whatever we do in life,

Duration:00:05:42

#525: From Brand New to Trading on a Prop Firm within 3 Months

11/6/2023
From Brand New to Trading on a Prop Firm within 3 Months Podcast: Signup For my Forex Masterclass 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 #525: From Brand New to Trading on a Prop Firm within 3 Months In this video: 00:33 – Jae has taken 3 months from new to trading on a prop firm. 01:29 – Making mistakes like every new trader does. 02:23 – Ready to trade on a prop firm. 03:52 – Our on-demand Masterclass. 04:09 – Book a call with us. 04:22 – Open an account with Blueberry Markets. 04:51 – How to contact me Today, I'm going to explain how a client of ours who has never traded at all only three months ago, is now preparing to trade through multiple prop firms. Let me talk about that and more and show you how he did it. Right now. Hey, traders, Andrew Mitchem here at the Forex Trading Couch for a video on podcast number 525. Jae has taken 3 months from new to trading on a prop firm. That's right! I want to talk about a client of ours called Jae. Now Jae joined us on the 2nd of August this year 2023. Today is the 3rd of November as I'm recording this, have a chat with Jae last night. So exactly three months since he joined and three months ago Jae had never traded. He never got into trading. He knew nothing about it. It does a bit of research, but he never even traded on demo. He joined us three months ago and over those three months he's put a lot of time, effort, dedication into learning the strategy, asking questions, turning up on webinars. If he can't turn up live. He's been watching replays, he's been going through previous webinars, the forums sides following our daily trades and taking trades by himself and communicating this trade so he's learning from them. Making mistakes like every new trader does. Now being new to trading. Jae's made mistakes. Of course he has, and one of the interesting things that he said to me last night on our conversation on the Zoom call was he said, You know, Andrew, every time I've deviated away from your rules, I've had losing trades and I've gone back in of analyze that and I realize I've made mistakes and I've changed things and then I've gone back and stuck to rules and taken trades that are in line with what we teach and how we trade. And guess what? The results have come back right again. And it's a journey. And as a path that everybody goes through, you know, from trading one minute charts, staying up all day and night through to, you know, finally figuring out that if you stick to a strategy, stick to and you know, the of can do everything that we talk about week after week after week, the strategy does work and the results will therefore follow. Ready to trade on a prop firm So fast forward after only three months. It's hardly a fast forward, is it? But the reality is that we were then talking last night about how Jae can get onto prop firms, which wants to consider using a virtual server trading only on you one like made a candle of yourself and having your trades copied automatically to a prop firm or multiple prop firms, which is Jae's Jae sort of journey that he's looking at going on. And so what I asked him and what I'm going to do for you is I've said to him, Look, what I'd love to do is come back in a couple of months and do a live zoom conversation and record that and share that with you so that I can then track Jae's progress. So now we've gone from absolute beginner to now I'm ready to get onto a prop firm, so I want to give him a few months to get into prop them, open an account, maybe two or three by then, and track his progress and have a conversation with him with an update. So I think by doing that, you'll be able to see how someone who's put that effort in has gone along really quite fast and made massive progress. So that shows me that anybody can do this. I know that. But now I'm having conversations with people who are proving ...

Duration:00:05:06

#524: Are You Getting Stopped Out All Of the Time?

10/29/2023
Are You Getting Stopped Out All Of the Time?  Podcast: Signup For my Forex Masterclass 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 #524: Are You Getting Stopped Out All Of the Time? In this video: 00:26 – Do you keep getting stopped out? 00:47 – What are the issues here? 01:32 – Not knowing where to place your stop loss? 02:02 – Trading is emotional. 02:35 – How to avoid being stopped out all of the time. 03:40 – Consider Blueberry Markets 03:48 – Book a call with us and watch my Masterclass Why do I keep getting stopped out? Today, we're going to delve into that question that has annoyed many a forex trader. So let's get into that and talk about it and more. Right now. Hey, everybody! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 524. Do you keep getting stopped out? Now, are you getting stopped at all of the time? It's a frustrating experience. You've done your analysis, you place your trades you set your stop loss only to find that the market momentarily dips far enough to hit a stop loss and then it goes back in your intended direction. It's like the markets go a personal vendetta against you, right? That's how it feels. What are the issues here? Well, let's have a look to see what you can do about that to stop that happening. Because the most common reason that I find that many people have is their stop loss is too tight. A tight stop loss might seem appealing because it minimizes your risk, or so you think on paper, but often it doesn't account for the natural volatility in the market. Now financial markets ebb and flow. They rarely move in straight lines. So if you're a stop loss is too tight, you're probably going to get stopped out during these minor counter movements. And it's something that you need to be aware of and because not every single time are you going to place a trade that moves straight up into your direction all the time. Not knowing where to place your stop loss? The second reason and again, probably a very common reason is because most people don't know where to put their stop loss for each trade they take. Most people use the same stop loss all the time for some reason. Now each market condition requires a different stop loss size. The size of the stop loss should reflect the timeframe of the chart being traded. The pair been traded, and also the market conditions at the time. Because don't forget, different pairs move in different speeds and different amounts. Trading is emotional. And thirdly is emotion and let's face it, trading is an emotional endeavor, and especially when money is on the line. Now, some traders, they move their stop loss because of fear or greed that leads to inconsistent outcomes. And now a well calibrated stop loss is based on a sound trading strategy and knowing where to put your stop loss and why. Each time. So the danger is if you become emotional, you do things that are erratic. So you need to stick to your plan and don't offer it. Don't change your plan just on a whim. How to avoid being stopped out all of the time. So what can you do to avoid being stopped out? Well, here's a few quick tips for you. So is understanding what to do and when to do it. Making sure that your trades have equal risk per trade regardless of the stop loss size. Most people think that they're stop loss needs to be small because that means they're going to lose more if the stop loss gets taken out. That is not true. We can certainly help you there to understand that a lot more. So adjust your stop loss, adjust your stop loss size accordingly so you can put your stop loss in the right place for that trade at the time you stop losses there. It's a tool to protect your capital. Don't forget that you will get stop that from time to time. But you need to remember if you've got a good, sound strategy and the trade goes against you,

Duration:00:04:36

#523: Adapting Your Trading Strategy to the Current Market Conditions

10/22/2023
Adapting Your Trading Strategy to the Current Market Conditions  Podcast: Signup For my Forex Masterclass 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 #523: Adapting Your Trading Strategy to the Current Market Conditions In this video: 00:32 – How often should you change your strategy? 01:24 – I’ve been trading for 20 years 02:14 – We look at Price Action 02:56 – The way we deliver the course and more markets available to trade 04:38 – Get to view my Masterclass 04:55 – Book a call with me and my team - https://theforextradingcoach.com/call-application/ 05:03 – Blueberry Markets I received a question this week from someone that says, “Hey, Andrew. Is your content ever updated to adapt to the current market conditions?” So I thought I'd make this video on podcast this week. Outside in the sun and answer that question for you. Hey, there traders! This is Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 523. How often should you change your strategy? I've been asked the question about changing your strategy to adapt to the market conditions. Is that something that I do regularly? And if so, when? And it's a question is actually a really good, smart question because unfortunately, far too many people would do that and they find that the trading is not going to well, something's happened in the market. It may be more rangebound or there could be more price action. And so therefore, they change their system in their strategy and their whole approach to adapt to what's actually happening in the market at that time. The issue I have with that is how do you know how long to give it when things are going bad? In order for you to realize that you're doing something wrong and therefore you need to make a change. And that becomes the old issue that everybody has. And it's like in hindsight, it's fantastic. In reality, things don't go so well. I’ve been trading for 20 years Now, as someone who's been trading the forest markets for 20 years now and teaching for over 14 years, I can tell you that in the 14 years that I've been teaching and around three years prior to that, I've never changed the strategy at all. It's not changed. If I look back at my daily trade suggestions back in 2009, I look back at my first live webinars I did with clients back in 2010. Nothing's different. And that's the beauty of what we do. And you see, you got full confidence in knowing that the way that we trade, the way that we look at the market, the way that we teach, the way that we analyze everything that we do on the webinars, on the forums, on the daily trades, etc., is exactly the same. Nothing at all has changed. And so how do we manage that? I suppose would be the obvious next question. We look at Price Action Well, it's all to do with the strategy and the way that we trade and we look at price action, we look at the price itself, we look at candle formations where they showed on the chart. What part of the chart are they in? Do they have stop loss protection? They've got room to move. They have strength and weakness with them. All those type of things that we look at on the charts to actually give us the initial chart sets up and the yes or no, do we have a trade here or not? Now, you will probably know that we only trade on the close of a candle. So that makes our trading very easy to know when to trade and reality is you can trade just sort of once or twice a day. I look at multiple timeframe charts at that exact time. The way we deliver the course and more markets available to trade Now, the only thing that has changed over those years is just the way that we deliver the course. It's, you know, obviously like everything, it's improved. It's got cheaper, it's got more efficient. You know, we're not flying like seen people around the world any longer.

Duration:00:06:01

#522: Why Sell a Successful Trading Strategy?

10/15/2023
Why Sell a Successful Trading Strategy?  Podcast: Signup For my Forex Masterclass 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 #522: Why Sell a Successful Trading Strategy? In this video: 00:30 – Why would you sell your trading strategy? 01:10 – How I started 02:25 – Teaching the strategy 03:40 – The number of clients expands 04:10 – The start of the TFTC community of traders 05:28 – Teaching clients for a broker 06:47 – Helping like-minded people worldwide 08:30 – Blueberry Markets 08:45 – Book a call with me and my team - https://theforextradingcoach.com/call If a trading system is so good, why would the developer of that trading system wish to sell it and share it with other people? Let me answer that question for you and more right now. Hey there, Forex Traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 522. Why would you sell your trading strategy? Now received an email this morning from a trader for John over in the UK. They said, Andrew, I need to ask you this question. It's the the obvious question to ask and it's like if you're so good at trading and if your system is so good. Why do you need to sell it to people? And it's quite a, you know, an obvious question. And so what I'd like to do on today's video and podcast is to give you a bit of detail and background about the Forex Trading Coach and my trading. To help you to understand where we've grown over the years, where we are today, and why we do what we do. How I started So I've been trading for just around 20 years now and back in around 2007 I ended up being the top trader on an auto trade company. Back in the early, early days of trading where you could buy signals off people. And I won the competition, won the global competition. I had a system that worked really well and it topped everybody. There were hundreds and hundreds of traders even back then. And so back then, people could follow along. Had no idea who you were, but they could follow along and buy off that company. Now, that was okay, but I thought, okay, I've come and won this. So what I ended up doing is creating a very basic signal system. Back in the early days, you know, websites were very basic. There was PayPal and nothing else. And then what I ended up doing is I ended up developing an email each day that went out and it was like, buy here, stop loss, their profit target there. And people would pay a monthly subscription for that. And it went really well. Teaching the strategy And I got to a brand end of 2008, early 2009. And then I received an email from one particular subscriber who lives over in Noosa, in Australia. And he said to me, Andrew, I'm really enjoying your signals. They're doing well. I'm making really good money from it. But more importantly, I'd love you to come and teach me how you do what you do. So rather than just relying on your email each day, I can find out how to do this for myself because ultimately I could get hit by a bus, you know, no more Andrew and this guy went from making a lot of money to suddenly no emails, and that was it. So he wanted to develop that information, that knowledge education for himself, which is fair enough. So I put together the course into like a word document, took it down the road to the printers and say how you make this into a real nice, colorful page doc in a booklet for me. And that's what we did. It was really was as as basic as that went across to Australia, took a back up flash drive in case I lost everything and I spent three or four days with this guy. He's still a client to this day. And with him and his family teaching him how to trade it was really enjoyable to discuss trading in person with someone. So that was the very first client. The number of clients expands

Duration:00:09:10

#521: Why a 90% Winning System is a Bad Idea

10/8/2023
Why a 90% Winning System is a Bad Idea  Podcast: Signup For my Forex Masterclass 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 #521: Why a 90% Winning System is a Bad Idea In this video: 00:26 – Traders get excited over win rates 01:32 – Small gains and big losses 02:47 – My way of trading 03:34 – Closed trades from this week 04:44 – Book a call with myself and my team 05:01 – Blueberry Markets I'm going to explain why a 90% winning rate trading system is not a good idea. Let's talk about that and more right now. Hey there, Forex traders! Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 521. Traders get excited over win rates Now I want to talk about win rates. You see so many people get very excited with win rates and they tend to put almost like too much emphasis on a win rate of a system and the strategy and especially a lot of inexperienced people, they see something that's got, let's say, like a 90% win rate and they think has to be the answer to their successes and it has to be a fantastic trading system. I can tell you that is not the case. Now, a little while ago, I was talking to someone who had a 90% winning system and he was losing quite a lot of money. And as a new trader, you might question like, how is that possible? And as a more experienced trader and a profitable trader, I can tell you the win rate really doesn't matter quite as much as you may think. Yes, it's important, but it is certainly not the most important aspect and the most experienced and most profitable Traders have win rates that are drastically lower than and sometimes pretty quite a lot lower than what you might actually think. Yet, they are very profitable. How has that happened? Small gains and big losses Well, the issue with most people is, first of all, they trade with pips and the guy that has the 90% win rate. That was a problem also. But what he was doing was having lots of small gains. Now, let's use the PIP example and let's say he had ten trades. Now 90% win rate, of course, means nine out of his ten trades were profitable. Now, let's say he was making, pick a figure. Ten pips per profitable trade let’s say and again you can see why I don't trade pips but let's go with it because that's what he was doing. Therefore, nine trades, ten pips profit means even if we're not worrying about spread and we're saying that's ten pips net, which by the way it wasn't, but let's say it was to make his system even better, he's made 90 pips. The problem was that when he had one losing trade, let's say he lost 100 pips on that trade, he was then negative ten pips, yet he had a 90% win rate system. And you can only imagine how much damage that would do psychologically when you get smashed by a big losing trade like that. And that becomes the problem. My way of trading Now, if you've been following me for some time, you would know the first of all, the key to trading. Not only do you need a successful system, but you need to have low and controlled risk per trade and forget pips. So with my personal trading, I never risk more than half of 1% per trade. But also it's very important that you have high return trade, so high reward to risk profitable trade. So with the guy that had the 90% winning system but was losing money, he had lots of small gains. One big loss and big losses with me is the opposite. When I have losses, I have small losses, but when I have gains I have big profitable gains. And that that change of mindset and that flipping around of the wins and the losses is one of the keys to success. Closed trades from this week Now, just this week, I'm going to read some examples here. Just this week we've had a monthly chart trade close. We're now into October that trades been open since March on the ChinaH. The Chinese index that made a 4.

Duration:00:05:49