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#505: How to Avoid Spending Hours Watching the Charts?
Manage episode 365745794 series 1567435
תוכן מסופק על ידי Online Forex Trading Course. כל תוכן הפודקאסטים כולל פרקים, גרפיקה ותיאורי פודקאסטים מועלים ומסופקים ישירות על ידי Online Forex Trading Course או שותף פלטפורמת הפודקאסט שלהם. אם אתה מאמין שמישהו משתמש ביצירה שלך המוגנת בזכויות יוצרים ללא רשותך, אתה יכול לעקוב אחר התהליך המתואר כאן https://he.player.fm/legal.
How to Avoid Spending Hours Watching the Charts? Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #505: How to Avoid Spending Hours Watching the Charts? In this video: 00:33 – I’m going to save you a lot of time 01:49 – Don’t know when to look at your charts? 02:05 – The fix 02:35 – The Weekly charts 04:12 – Pick the times to look that suits you 05:45 – Trade through Blueberry Markets Today, I'm going to show you how you can avoid spending far too much time glued to your chart, sitting at a computer and not making any money. Does that sound good? Well, it should do, because with this one simple trading tip and technique, I'm going to change all that for you. Let's get into it right now. Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video on podcast number 505. I’m going to save you a lot of time And that's right. I'm going to today save you a lot of time. I'm going to save you a lot of mixed emotions and probably make you a lot of money as a result. So it should sound pretty good to you. Unfortunately, most people out there, most people watching this, most people listening to this will be spending far too much time sitting at their charts watching every pip movement up and down, scared to leave their charts, forcing trades, getting emotionally involved in their trading. And as a result of that, you're not doing yourself any good. You're not making any money, not doing your health any good, and you're wasting too much time. Look, I know I used to do it myself long time ago when I started trading, and it's a very easy trap to fall into. And it doesn't do you any good. It doesn't make your longevity as a trader any good because you're forced to sit there hour upon hour because you're scared about moving missing a move. It also means if you're in a trade, you tend to find that you forced yourself into trade. And if you're in a trade, you tend to jump out early because you see the trade moving in your direction. Then it pulls back. And I should just take it now because something's better than nothing, right? And it's an issue that so many people face. I’m going to save you a lot of time It also means that they don't know when to look at their charts. And that confusion and from looking at maybe like, can I say, a 15 minute chart saying the market's moving up and our chart says it's moving down a daily moving up and you get this complete mix going on and you don't know what to do. The fix So a very, very easy way of avoiding all that is only look for a new potential trade set up upon the close of a candle. And what does that mean? Well, the forex market opens at 5 p.m. Eastern Standard Time. That's New York time every day. That's when the new day starts. So the market opens 5 p.m. on the Sunday New York time and it closes 5 p.m. on a Friday New York time. The Weekly charts So at the beginning of each week, just once a week, you could look, let's say at the weekly charts, you know, when they open, they open the beginning of each week. They're not going to change throughout the week or the previous weeks. Information is going to change once the weeks close. You look at the weekly chart, you can make your analysis exactly the same on a daily chart. You know, when the daily chart opens, it's 5 p.m. New York time. At that time, the previous day's candle is complete. You can make your analysis. So if you traded just once a day on the daily charts, you can do very, very well. Also, you could then say let's go something slightly shorter. You could look at the 12 hour charts. Now conveniently, they also open at 5 p.m. New York time and of course, 12 hours later will be 5 a.m. New York time. So if you wanted to look at the 12 hour charts, you could look just twice a day. And that will give you a lot of trading opportunities within a day. Of course,
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485 פרקים
Manage episode 365745794 series 1567435
תוכן מסופק על ידי Online Forex Trading Course. כל תוכן הפודקאסטים כולל פרקים, גרפיקה ותיאורי פודקאסטים מועלים ומסופקים ישירות על ידי Online Forex Trading Course או שותף פלטפורמת הפודקאסט שלהם. אם אתה מאמין שמישהו משתמש ביצירה שלך המוגנת בזכויות יוצרים ללא רשותך, אתה יכול לעקוב אחר התהליך המתואר כאן https://he.player.fm/legal.
How to Avoid Spending Hours Watching the Charts? Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #505: How to Avoid Spending Hours Watching the Charts? In this video: 00:33 – I’m going to save you a lot of time 01:49 – Don’t know when to look at your charts? 02:05 – The fix 02:35 – The Weekly charts 04:12 – Pick the times to look that suits you 05:45 – Trade through Blueberry Markets Today, I'm going to show you how you can avoid spending far too much time glued to your chart, sitting at a computer and not making any money. Does that sound good? Well, it should do, because with this one simple trading tip and technique, I'm going to change all that for you. Let's get into it right now. Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video on podcast number 505. I’m going to save you a lot of time And that's right. I'm going to today save you a lot of time. I'm going to save you a lot of mixed emotions and probably make you a lot of money as a result. So it should sound pretty good to you. Unfortunately, most people out there, most people watching this, most people listening to this will be spending far too much time sitting at their charts watching every pip movement up and down, scared to leave their charts, forcing trades, getting emotionally involved in their trading. And as a result of that, you're not doing yourself any good. You're not making any money, not doing your health any good, and you're wasting too much time. Look, I know I used to do it myself long time ago when I started trading, and it's a very easy trap to fall into. And it doesn't do you any good. It doesn't make your longevity as a trader any good because you're forced to sit there hour upon hour because you're scared about moving missing a move. It also means if you're in a trade, you tend to find that you forced yourself into trade. And if you're in a trade, you tend to jump out early because you see the trade moving in your direction. Then it pulls back. And I should just take it now because something's better than nothing, right? And it's an issue that so many people face. I’m going to save you a lot of time It also means that they don't know when to look at their charts. And that confusion and from looking at maybe like, can I say, a 15 minute chart saying the market's moving up and our chart says it's moving down a daily moving up and you get this complete mix going on and you don't know what to do. The fix So a very, very easy way of avoiding all that is only look for a new potential trade set up upon the close of a candle. And what does that mean? Well, the forex market opens at 5 p.m. Eastern Standard Time. That's New York time every day. That's when the new day starts. So the market opens 5 p.m. on the Sunday New York time and it closes 5 p.m. on a Friday New York time. The Weekly charts So at the beginning of each week, just once a week, you could look, let's say at the weekly charts, you know, when they open, they open the beginning of each week. They're not going to change throughout the week or the previous weeks. Information is going to change once the weeks close. You look at the weekly chart, you can make your analysis exactly the same on a daily chart. You know, when the daily chart opens, it's 5 p.m. New York time. At that time, the previous day's candle is complete. You can make your analysis. So if you traded just once a day on the daily charts, you can do very, very well. Also, you could then say let's go something slightly shorter. You could look at the 12 hour charts. Now conveniently, they also open at 5 p.m. New York time and of course, 12 hours later will be 5 a.m. New York time. So if you wanted to look at the 12 hour charts, you could look just twice a day. And that will give you a lot of trading opportunities within a day. Of course,
…
continue reading
485 פרקים
כל הפרקים
×How Trading the Candle Close Can Improve Your Results <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> 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 #589: How Trading the Candle Close Can Improve Your Results In this video: 00:32 – When should you look at the charts? 01:05 – When we look for a new trade at The Forex Trading Coach. 02:21 – Only look for a trade at the close of a candle. 04:09 – Multiple time frame charts change over at the same time. 04:50 – Reduce the amount of chart time. 05:34 – Get onto my 17 minute masterclass or book a call with us. 05:58 – Blueberry Markets as a Forex Broker. 06:29 – Like, share and subscribe to receive notification of more trading videos. Did you know that if you only look at your charts at the close of a candle, it’s going to massively improve your trading performance and also massively reduce the amount of time that you spend looking at the charts. So let’s talk about that very important topic and more right now. Hey there, Traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 589. When should you look at the charts? So a lot of people struggle when it comes to knowing when they should be looking at their charts and what time of day that should be, what time frame charts to look at, what pairs, what markets, etc.. Is it the European session, the London session? You know, the Asian session, the US session. What is it? And they get very, very confused with all that happening. And they really don’t know when to look at charts. So as a result of that they tend to spend far too much time looking at the charts, waiting for this pip to move up and down, or that line to cross over that line or a dot to appear because it doesn’t work. When we look for a new trade at The Forex Trading Coach. So what can you do to simplify things? Well, very easy really, the way that we tried here at the Forex Trading Coach and the way that I’ve traded now for over 20 years is I only look for a potential new trade upon the close of a candle. So, you know when the candle closes, because the market opens each new day at 5 p.m. New York time. So if you were trading, let’s say, four hour charts, you know that at 5 p.m. New York time, the new day starts. So you know that four hours later from then, which will be 9 p.m. New York time, the four hour charts will change over. And therefore, you know, if you add four more hours to that becomes 1:00 Am, 5:00 Am, etc. How easy it is to know when the four hour charts change over. Now, obviously in a day this is one day the candle and you know when it changes. Obviously within the 24 hour time period there are two 12 hour charts. Guess what? There are 5 p.m. and 5 a.m. New York time. You know, there are three eight hour charts. There are four six hour charts. There are six four hour charts. Very, very easy to do this. . Only look for a trade at the close of a candle. And so if you look at the close of a candle, a number of things happen from a simplistic point of view. You know when to go and look at your charts. What does that do for you as a trader? Well, it gives you a little bit of time. You can look five minutes prior and you can scan through the charts, and you know that when they change over, if there are any suitable trade set ups, when they change over, the candle closes, nothing else moves. You can make your decision quite easily. It takes a lot of emotion out of trading because you’re not. They’re scared about moving, you know, missing every moving pip up and down. You’re not there watching this line cross over that line. And of course they keep moving. And so when the candle closes, nothing else around it, whatever indicator you’re using or horizontal level, nothing changes from that point onwards. So it makes it very easy to see. Has this bounced off this level? Has it closed below this round number? Has it bounced off a previous high of you selling all these type of things? Has it had a trend line break? All the different things you might look at on indicators even they’re set. They are not constantly moving. So not only do you know when to go and look at your charts, you can get a bit of a heads up for a few minutes prior. You can make your decision. It removes a lot of the emotion out of your trading because you’re not there, scared that things are changing, or I took this trade because this line crossed that one. And like a couple minutes later, they cross back again and it’s like, oh, well, that was a shame because when I took the trade, it was looking good. Now it’s not looking good. None of that will happen if you trade on the close of a completed candle. You know when to look. You know what to look for. You can look in advance. Everything set. It’s so much easier. Multiple time frame charts change over at the same time. The other thing is, of course, is that different time frame charts can change over at the same time. Give you an example if you are looking at the 5 p.m. New York close of day, the new day starts at that same time. The 12 hour charts change over as to the eight hour charts, as to the six hour to the four hour. When it comes to 12 hours later, it gets to 5 a.m. New York time. The 12 hours, of course, change over again, as do the six hours and the four and the three and the two. So you’ve got an one hour chart. So of course each hour you’ve got multiple options of trading, multiple time frame charts at that same time. Reduce the amount of chart time. And so when you think about that, you can massively narrow the amount of time, the short cut, the time that you are spending looking your charts. And you could trade once a day, twice a day and do very well looking at multiple charts, multiple timeframes, multiple markets, it makes life so much easier. You’re not sitting there panicking and that you’re going to miss a trade because, you know, this line’s crossed over that line. Forget that it does not work. Look for a close of candles to make the decision. Then if you want to add more to that, you can do. What we do is use limit order. So you’re taking away even more of a motion because you’ve got time, to place the trades. You don’t have to be there at the exact time that the chart changes over. Get onto my 17 minute masterclass or book a call with us. So if you’re interested to know how you can do this to trade full time in 30 minutes or less per day, what I suggest you should do is jump on my very short on demand masterclass or book a call. I’ll put a link to both of those, around this video on this page somewhere so you can book a call to have a chat with us so you can watch that masterclass to see how we do it and decide if this is right for you. Blueberry Markets as a Forex Broker. If you’re out there looking for a good broker to place your funds with and to trade through, I can highly recommend Blueberry Markets. They of course offer the MT4 and MT5 platform multiple time frame charts on MT5, all built in, a large array of markets. So you can be really selective on what trades you’re taking based on the highest probability setups. And that’s the beauty of trading through some of like Blueberry Markets. We got lots of choice in terms of time frames and lots of choice in terms of markets to trade. Like, share and subscribe to receive notification of more trading videos. So I hope that helps. And don’t forget to like and subscribe. We’ll share this around and any questions you have you’d like me to discuss on future videos and podcasts, just like this one. Send me an email personally to Andrew@TheForexTradingCoach.com. I see you this time next week for more trading tips and information. Bye for now. Episode Title: #589: How Trading the Candle Close Can Improve Your Results 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…
What You MUST Know Before Using AI in Forex <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> 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 #588: What You MUST Know Before Using AI in Forex In this video: 00:25 – Can you trade using only AI? 01:22 – You are brave to trust AI to trade your money. 02:02 – Are you too lazy to trade? 03:20 – The knowledge and ability to trade for yourself. 04:34 – Knowing how to trade first. 05:09 – Get onto my 17 minute masterclass. 05:28 – Blueberry Markets as a Forex Broker. 05:40 – Have a chat with us. 05:57 – Like, share and subscribe to receive notification of more trading videos. Can you trade using only AI? It’s a question I’ve been asked this week. I want to give you my opinion on that, so let’s get into that a more right now. Hey, this is Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 588. Can you trade using only AI? I received an email just this week from somebody saying I’d like to trade using only AI, and I’d like to pass a prop firm using AI trading system through only using AI. Can I do that? How do I do it? Well, you see, the obvious issue here is that is this person doing it because they want to save some time? Are they lazy? Do they not understand trading? Or maybe they do understand trading? You see, there’s a lot of variables out there when it comes to AI because of course it’s all around us and what we really like it or probably don’t like it, depending on your point of view. It’s here to stay. But from a trading point of view, both from a personal point of view, mentally, a trading point of view is AI all it’s cracked up to be, and can you use it purely as your only way of trading? You are brave to trust AI to trade your money. Well, first of all, I would say you’ve got to be pretty brave if you’re going to be allowing your own personal capital. Let’s say, to be traded purely by AI. You’ve got to be quite brave. Let’s say you know something about trading. Okay. So you’re going to create an AI system. How did you go about it? What are the rules and the obvious upsides of expert advisors or trading bots or AI whatever you want to call it is it takes emotion out of trading. That’s the obvious upside. You know, it works 24 hours a day. I get all that. You know, it’s there’s a lot of, obvious upsides to it. Are you too lazy to trade? But the problem is, is if you are doing it simply because you can’t be bothered or you’re lazy or you think you’re too busy to trade, well, do you have enough knowledge about trading to know what it is that you’re creating? How do you know what rules to create? How do you know when it’s working or when it’s not working? Sure, you can go, well, it’s making me money or it’s not okay, so let’s say it’s making you some money. What happens when it stops making you money? Is that the bot that suddenly or AI that suddenly changing? Or is that the conditions in the market? How do you know about testing this back? Testing it live for testing. If you don’t put time and effort into it, you see people I believe think that AI is going to be this magic shortcut to being lazy, not putting time, effort, or knowledge into it. I can see that the upside to AI is going to work for someone who is prepared to work hard, who does understand trading, who does know what they’re looking for, and it’s just using it as an aid to maybe place the trades for them and manage trades for them, or they’re looking for new ideas. Those type of people will probably do okay from AI. The person out there that just, thinks that can magically make them a multi-millionaire next week because they really can’t be bothered to learn how to trade. I don’t think you’re going to do well, and I don’t think it’s going to end well, or it’s the right way for you to go. The knowledge and ability to trade for yourself. You see the other point that as a manual trader, I think that’s so underestimated. It’s up here. It’s that ability for you as a person to have that knowledge, that reward that, that, ability to see something on a chart, to make a decision with your brain and your common sense and your information, your knowledge, your eye, and to be profitable and to be right, and the immense amount of satisfaction that you have, knowing that you can do this. You see, if you put all your eggs in the AI basket and it suddenly stops working, then what would you do? How would you know it stop working? Apart from losing you a lot of money. But how do you fix that if you don’t understand trading? So I think it’s really important that you have to understand trading. Have a background, knowledge, information, whether you then decide to actually place the trades manually or place the trades automatically or create your own bots, AI. I would strongly suggest that if you don’t know how to trade manually, by yourself, then you should do that first. Regardless of where your end goal or destination might be. Knowing how to trade first. So you have to know how to trade mentally. It’s massive to know that you can control your financial future by having that decision that influence on what you do when you do it, how much risk you’re taking, what trades you’re taking, what markets you’re trading, what time frames you’re trading, all those type of things massive when you can do it properly. Believe me, it’s just an amazing feeling. It’s a little bit like me learning to sing now or learning to play the guitar or when I was learning to fly, learning to, you know, to practice karate, all these things, they all are massively rewarding once you put the effort in upfront. Get onto my 17 minute masterclass. And so if you’d like to find out how we trade and how we can help you to trade and be successful as a trader, by the way, we trade noble in 30 minutes chat time a day, so you don’t have to be sitting there glue to your charts. Click on the link to watch. My short masterclass is on demand so you can watch it when it works for you. Blueberry Markets as a Forex Broker. If you’re out there looking for a top quality broker, I can highly recommend Blueberry Markets. I’ll put a link to Blueberry markets there as well. Multiple markets, multiple time frame charts on their MT5 platform especially. And if you’d like to book a call to have a chat with one of us to find out if we’re a good fit and if we can help you to become a good trader. Have a chat with us. I’ll put a link here so you can, book up a time to, to have a chat with us and to see if we can help you becoming a profitable trader. Like, share and subscribe to receive notification of more trading videos. So that’s it for this week. This is Andrew Mitchem here at The Forex Trading Coach. Don’t forget to like and subscribe or share this around if you’re watching. And I’ll see this time next week. Bye for now. Episode Title: #588: What You MUST Know Before Using AI in Forex 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…
How This One Forex Strategy Stood the Test of Time <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> Podcast: Click Here to Signup For Our 16th Birthday Sale 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 #587: How This One Forex Strategy Stood the Test of Time In this video: 00:32 – 16 years of coaching Forex traders from all around the World 01:18 – A proven trading strategy 01:55 – I won a global signal service competition 02:50 – How I started The Forex Trading Coach 04:30 – Clients in 108 Countries and a global trading team 05:56 – Register for our 16th birthday sale – click here https://theforextradingcoach.com/16th-birthday-sale/ 07:37 – Blueberry Markets as a Forex Broker 08:04 – Thank you for being part of the journey We turned 16 years old here at The Forex Trading Coach this week. It’s something we’re immensely proud of, and I like to share our journey with you and to see how we can help you to become a successful forex trader. Let’s get into that a more right now. Like. Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 587. 16 years of coaching Forex traders from all around the World So that’s right we turned 16 years old this week here at the Forex Trading Coach. Something that we are immensely proud of. And it’s a huge achievement when you consider the overall opinion of the forex market. And when I look back to when I started coaching back in 2009, and you look to see who’s still out there today, helping people, either coaching or brokers, whatever it is related to the forex market, who are actively working today and we’re active back then, there’s not many of us out there. So our longevity and what we do, our credibility, I think, just absolute testament to the hard work that goes into doing what we’re doing. A proven trading strategy And also the quality of the trading strategy to have, you know, something that back then was working really well. And let’s continue to and today and 2025 continues to work just as well on even more time frames and even more markets that we now have available to trade for us. So it’s it’s absolutely, brilliant that the strategy work, it works so well and has helped so many thousands of people from right around the world over those last 16 years. In fact, we have clients in 108 countries. I won a global signal service competition Now, jump back a few years prior to that, back in about 2006, 2007, I entered a signal service competition where they tracked, people, selling signals for about six months or a year. I think it was. And my strategy won. So out of hundreds if not thousands of people selling signals or sending signals to this company back then, I won and it was a great achievement. I was very proud of doing that. And that then led on to The Forex Trading Coach starting almost by accident. I was contacted by a number of people who were buying my signals and they said, look, I see you’ve won this competition. It’s great that we’re making money from the signals that you’re emailing us once a day, but I’d really like to know how to do this for myself. And that was the general overall kind of, you know, feedback that I was getting from people. How I started The Forex Trading Coach So I jumped on the plane back 16 years ago, flew across to Noosa in Australia. Gorgeous place. Stayed with a family there for about 4 or 5 nights, and I taught the guy how I trade my strategy, and it was really good and fascinating to get that information across to someone sitting side by side with them. Now to this day, I’m not going to mention the guy’s name. He is on my website, but to this day he still trades and he trades because he’s a very busy person and owns a chain of restaurants and he’s a professional chef. He still trades longer time frame charts, weekly monthly charts. To this day, using my strategy. And that’s something I’m immensely proud of as well because, you know, it’s proven to have worked so well for people that they continue to be successful after all these years. And what happened then is when I got back, from Noosa in Australia, I then, contacted some of those other people who had messaged me and said, look, I’ve just put together the course, it’s been really successful. The guy’s happy with it. Would you like me to come and teach you? So I then did a bit of a round the world trip, and I flew across from New Zealand here to Malaysia, then to Sri Lanka, spent about 4 or 5 days there. Absolutely loved it. And then went up to Spain, France, the UK and then flew back home. And so that was the, the beginning of The Forex Trading Coach by helping these individual people who were prepared to have me fly around the world and to teach them individually, sitting beside them how I trade and how they can trade the same way. So that was the beginning. Clients in 108 Countries and a global trading team And of course, over the last 16 years, things have evolved in the internet. It’s got better and membership sites, and it’s just meant that we can offer what we do to so many more people at such a low price, and the quality and everything that we offer has got more and more, and with technology, the price that’s been able to come lower and lower. So it’s actually a win-win for everybody. We’re helping more and more people. And over those, you know, that time more people have helped me and come on board. And we’ve got Paul over in the US who helps, teach people in the US and Canada. And on that time zone, we’ve got Mikalai in the UK who helps with European time zone. We’ve got Ryo over in Singapore and we’ve got Mhel in the Philippines now. Paul and Ryo and Mikalai all have been successful and are successful. All, clients of the course who have then done so well that I’ve offered them roles within the company to help teach other people and to help monitor the forum site and to take webinars, etc. because we’re now, you know, not just New Zealand based, we’re a global company and we it doesn’t matter where I live or where you live, we cater for people right around the world. And that’s the, the beauty of technology. And the amazing thing with the community of traders that we have built from right around the world, all trading the same one strategy. So, where this leads from today onwards for you. Register for our 16th birthday sale – click here https://theforextradingcoach.com/16th-birthday-sale/ If you’re new to trading, this is a great opportunity to learn the right way. First time, if you’ve been trading for some time and it’s just not working, and you’re pulling your hair and you’re frustrated and you think, oh, of giving up or just give it one more, go have a look at the course because as mentioned, has got so much proof and longevity behind it. That you really should, do justice to yourself if you’ve been trading and struggling for a while to give it a go, because, you know, this is a great opportunity to finally, put all that time and effort, money that you’ve put into learning, probably unlearn most of that. I think most of it’s probably not good. And learn the way that we trade properly. So you can take your trading forward. Now, if you are out there looking at coming on board with this, this is going to be the perfect opportunity for you. This week because on Wednesday, the 7th of May could be Tuesday the sixth. If you live in Europe or the US. Start time, we’re holding our 16th birthday sale. There’s a link here. I really encourage you to click on that link, have a look through the page and register your interest. And when that thank you page, then counts down on the on the count time countdown time to zero. The live page will then appear. Now the sale is going to give you the opportunity to join us at the lowest price. It’s ever been in 16 years. And the price will be going up hour by hour. So make sure you find the start time in your local start time and your local time zone. I should say find the start time in the time that where you live, making sure you have that right. Jump in, set your alarm if you need to, but getting near the beginning because that first hour the price is going to be the lowest ever. Blueberry Markets as a Forex Broker And finally, if you’re out there looking for a top quality, very high quality broker who we’ve done a lot of work with here at the Forex Trading Coach over the years, it’s Blueberry Markets, I can highly recommend them. They are absolutely fantastic, a great broker to deal with, great people. Great platform, great prices, great markets that they offer. I’ll put a link here to Blueberry Markets as well. They’re considering a top quality broker. Thank you for being part of the journey So once again thank you for being part of the journey. Whether you’ve been watching videos like this or listening to podcasts, whether you’ve been on free webinars, downloaded my calculator, e-book, whatever it might be, if you’re actually a client already, thank you for being part of the team and the community. And if you are looking at joining us, joining us, click on the link to find out about this week’s sale. Because there’s going to be no better time to take your trading forward to that next level. This is Andrew Mitchem here at The Forex Training Coach. Looking forward to 16 more years. I’ll see you soon. Bye for now. Episode Title: #587: How This One Forex Strategy Stood the Test of Time Click Here to Signup For Our 16th Birthday Sale 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…
How to Trade Monthly Charts for Massive Reward:Risk Trades <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> Podcast: Click Here to Signup For Our 16th Birthday Sale 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 #586: How to Trade Monthly Charts for Massive Reward:Risk Trades In this video: 00:25 – I’m too busy – how can I trade? 01:24 – How long does a Monthly trade remain in the market? 02:02 – When to trade Monthly charts? 03:40 – 1to 5 trades show on most months. 05:00 – Register for our 16th birthday sale – click here https://theforextradingcoach.com/16th-birthday-sale/ 06:41 – Blueberry Markets as a Forex Broker. 07:25 – Like, share and subscribe to receive notification of more trading videos. Do you want to know how you can successfully trade just once a month off the monthly charts? Let’s talk about that and more right now. Hey, traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 586. I’m too busy – how can I trade? So I get questions from people that say, look, I’m not interested in trading, you know, all the time staring at charts all the time. What can I do? Well, for me, and it’s there for start to consider the higher time frame charts. And the best example of that where you only need to look at your charts just once a month, will be trading off the monthly charts. Now, the beauty of the monthly charts is they contain so much information because obviously each chart, each candle contains one month’s worth of information of price action. And the other great thing about that, because there’s so much information that they tend to be one of the most reliable chart setups. And you have to be aware that because they are monthly charts, you will find that trades will take potentially slightly longer to work out. But just think of it as a candle or a bar. How long does a Monthly trade remain in the market? In other words, if you were trading on, let’s say, a four hour chart, you might expect they trade to last in the market maybe one, two, three, four bars. And therefore when you’re trading on a monthly chart, it’s no different. So you have to be willing to leave trades in and let the market and the price action do its thing. But the great thing about trading monthly charts is all you need to do is look at your charts just once a month, and that’s on the last day or the completed day of the month. So, for example, for this month, we have, the 1st of May coming up on Thursday of this week. When to trade Monthly charts? So on Thursday, the 1st of May, the Wednesday candle, which is the 30th of April, would have close. And therefore we can then when all those, candles close at, 5 p.m., New York time, when the candle is closed, the next month will open, which is the 1st of May. And at that point, we can go and make our analysis on all of the closed and completed April charts. So we can go through the charts and scan through all the different markets. I scan personally through all the forex markets, the metals, the commodities, the indices, the cryptos. And I scan through all of them and it takes like ten minutes tops, to go through them all on the monthly charts and just to scan through, look at what setting up what has room to move for, potential for a new buy trade or a new sell trade for that month. Now, because the, price action within a monthly chart is so much bigger, the way that I trade it just means that we get massive reward tourists. And depending on the actual trade itself, we’ll get reward to risk some about 3 to 1 minimum through to about 6, 7, sometimes 8 to 1 reward to risk off those monthly charts. Now, the issue is that some people will look at a monthly chart and they go, oh, I can’t trade it because the stoploss is too big. That’s not actually the case. What you have to do is reduce your lot size, and you can, in most cases, depending on your account size. Of course, trade very accurately with, accurate risk and position sizing on those bigger time frame charts. And so depending on the month, yeah, I’ll get some months. There’ll be 1 or 2 trades on the monthly chart. Sometimes there’ll be 5 or 6 trades. It just depends on what’s happening at the time. But the monthly charts are just a great way to have some trades running in the background. You see them once a month. You put the trades on just once a month and let them, you know, do their own thing. Now, the way that I personally trade is I split my positions up into two, positions. I take one part of my risk at the market order, and so I want to jump straight in at the market, because the danger is if, let’s say the market’s moving up and you get a good strong candle close in April. In May, may just continue straight up. And so I take a part of my position at the market order, but I also take another part of my position at a buy limit order. So that means if the price retraces first or at some stage within that month, it then fills me at a buy limit order, which is a lot lower than when the candle opens. So I’m looking for, first of all, the price to retrace. Come lower, get my buy order filled, and then move up into the anticipated direction. When you see that happen, your reward to risk becomes really large on those particular type of trades. Register for our 16th birthday sale – click here https://theforextradingcoach.com/16th-birthday-sale/ So if you’d like to find out how you can trade just once a month, or on weekly charts once a week, or on daily charts just once a day, and you’d like to know how to take your trading to the next level with low risk per trade. Doesn’t matter what the stoploss is, or the market or the size of the candle, it’s completely irrelevant the way that we trade is identical across all time frame charts of what we’re looking for in terms of candle patterns, so it’s just one trading strategy that makes it very easy to scan through your charts. So on your monthly charts, as mentioned, once a week, put the trades on, leave them alone. If you’d like to find out how to do this, your timing is absolutely perfect. Because, next week, on Wednesday the 7th of May, we are turning 16 years old here at the Forex Trading Coach. And to celebrate that, I’m offering a massive discount on our five star rated coaching course that’s been running for now, 16 years. And it’s going to be offered to you, at the lowest price it’s ever been in those 16 years. So if you’re serious about trading and taking your trading to the next level register, I’ll put a link here so you can find out how to register for that sale and make sure that you are on my site next week, Wednesday the 7th of May. That may be Tuesday the 6th of May, depending on where you live, especially if you’re in the UK, Europe, US, Canada, etc. and it’s going to be a 24 hour time sale, but it’s going to go up, by $53 every, every hour. So the first hour of the price is going to be the lowest ever in 16 years. And then each hour it’s going to go up and up. So make sure that you register, find that specific details about when it starts and how you can take advantage of that and learn how to trade properly. If you’re out there looking for a really, really good broker, high quality broker that you can trade monthly charts and all other time frame charts across multiple markets. Blueberry Markets as a Forex Broker. And by the way, they just keep adding more and more markets all the time. I highly recommend you take a look at Blueberry Markets they are a fantastic bunch of people. Great. Great. You know, service, the customer service you cannot speak highly enough of. It’s absolutely exceptional. Great broker. Really good. You know, platform in terms of Metatrader 5/4, but a massive array of markets across different time frame charts. Check out Blueberry Markets. I’ll put a link to them here as well. And don’t forget to check out our 16th Birthday Sale which just next week. I’ll put a link to that so you can register for that. Like, share and subscribe to receive notification of more trading videos. If you’re watching, don’t forget to like and subscribe or share the video if you’re listening. I hope you’ve enjoyed the session and I will see you this time next week. Bye for now. Episode Title: #586: How to Trade Monthly Charts for Massive Reward:Risk Trades Click Here to Signup For Our 16th Birthday Sale 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…
How to Trade Market Crashes Caused by Tariff News <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> 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 #585: How to Trade Market Crashes Caused by Tariff News In this video: 00:30 – Tariffs in the news. 00:55 – Technical trading allows us to trade long and short. 02:10 – Market rises earlier this year and then falls. 03:18 – Watch the charts and remove emotion. 03:59 – 20 minutes Masterclass and book a call with us. 04:28 – Blueberry Markets as a Forex Broker. You’ve probably heard over the last couple of weeks that tariffs have been in the news. Let’s talk about tariffs and trading and how as a trader we can bypass that news and profit whether the market’s moving up or down. Let’s talk about that a more right now. Hey there, Traders! This is Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 585. Tariffs in the news. So unless you’ve been living under a rock, you probably have heard about tariffs in the news over the last few weeks and how the markets have been all over the place. And, you know, there’s a lot of, people grumpy about what’s happening, and the mainstream media are doing their best to stir it up because, you know, of who’s doing it. Just typical mainstream media. Technical trading allows us to trade long and short. The great thing is, though, as a trader, as a technical trader, where the market’s moving up and down and whether it’s tariffs or somebody is saying something or something’s happening, it doesn’t really matter. You see, the press have been winding up the moves that Trump’s, had a result of because of his tariff speech, as market crashes. And that’s just, again, mainstream media trying to make big news out of something. And trying to discredit someone, whereas what’s actually happening is all that’s happened. Yes, the market, moves so big and yes, they fell away. But as a technical trader, I can look at my charts on most of the like the Dow Jones and the S&P 500 and the and the UK Footsie in different markets like that around the world. And see that all that’s happened is the prices come down to a technical level of where the markets were towards the end of last year, towards the end of 2024. So from a technical trader’s point of view, there’s nothing extravagant that has happened. Although you wouldn’t, believe that from watching mainstream media news. Market rises earlier this year and then falls. And the prices has gone up through, you know, December, January, February, March. And it’s just come back. Yes. It’s happened quickly. Yes. It was a big move, but it’s just come back to support technical levels. And now the price is moving back up as I’m recording this right now. The interesting thing is that yet again, mainstream media, nobody talks about the benefits of, oil prices dropping, you know. Yeah, that’s crashed. But again, they tended for some reason, wonder why I keep very quiet on those sort of things. So they’re very selective and what they want you to listen and believe. But as a trader, the advantage is if the market’s moving down well, there’s just opportunities for us to take sell trades on some of those markets. And now that the market started to move back up again there’s opportunities. Guess what. For us to take buy trades on those markets. So again you got to be very careful. The vast majority of people unfortunately don’t understand that the vast majority of people believe what the mainstream media say, and it’s all doom and gloom. Whereas in reality, if you know what you’re doing, it’s not at all. Watch the charts and remove emotion. So as a trader, as someone that looks at the charts and doesn’t get emotional about trading on who’s saying what and how it happened and what happened. You can learn to profit from moves in either direction. Really important that there’s a trader. You’re looking at the charts and you’re you’re looking at what’s actually happening, not what, you know, certain media outlets are making you believe. So it’s just shows the difference between people who are actually trading and people who just believe everything that, you know, is in the newspaper. So it’s very it’s really quite not, not, not a big deal at all. And it opens up lots of great opportunities for us. 20 minutes Masterclass and book a call with us. If you’d like to know how we do this, I suggest that you jump on one of my masterclasses. They’re free, but, 20 minute long masterclass on demand. You choose when you jump on. Just spend 20 minutes, have a look at, how we trade forex markets, but other markets as well. Cryptos, indices, metals, commodities, etc. like that in exactly the same way. If you’d like to book a call, have a chat with us then, please do so I’ll put the link so you can book, call and, chat to myself, one of the team. Blueberry Markets as a Forex Broker. And if you’re out there looking for a top quality forex broker who offers other markets like the indices that you can trade Footsie, Nasdaq, S&P, etc., Dow Jones, all those markets. I will put a link to Blueberry Markets their MT5 platform offers all those markets and many more, for you to be able to trade and to take advantage of these market movements. There won’t be a weekly video and podcast next week due to, the Easter break. So I’ll be back the week after that. I’ll talk to you then. Bye for now. Episode Title: #585: How to Trade Bigger Time Frames with a Small Account 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…
How to Trade Bigger Time Frames with a Small Account <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> Podcast: Click Here to Download my Lot Size Calculator 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 #584: How to Trade Bigger Time Frames with a Small Account In this video: 00:34 – Do you have a small trading account? 01:17 – Understanding risk and your lot size correctly. 03:58 – Profit targets are all relative to the movement in the market. 05:34 – Use my free MT4/MT5 Lot Size Calculator Script. 05:45 – 17 minutes Masterclass and Book a Call. 06:02 – Blueberry Markets as a Forex Broker. 06:45 – Comments, Like & Subscribe. Do you often find that with the small trading account, you have difficulty placing trades on charts like daily or weekly or monthly charts that need a bigger stop loss size, and therefore we cannot take the trades. If that’s you. Listen up, I’ve got some great tips and information to share with you. Let’s get into it right now. Hey there, Traders! Andrew here, the Forex Trading Coach with video and podcast number 584. Do you have a small trading account? So I want to talk about people with small trading accounts because a lot of the times I hear people say to me, look, I can’t take those longer time frame charts. I can’t take trades on a daily chart or weekly chart. So monthly charts, because I don’t have a big enough account size to allow for a big stop loss. And unfortunately, it’s a bit of a common misconception that people think they cannot trade on those higher time frame charts, which, by the way, are quite often some of the better trades to take because of the quality of the trades. And the people think they cannot trade them because they require too big a stop loss, and their account is not big enough to allow for that. Understanding risk and your lot size correctly. So the issue actually comes down to understanding risk and understanding how to calculate your stop loss correctly. Because most people don’t do that. A lot of people say, I’m just going to put on 0.1 lots or 1.0 lots or 0.5, whatever it might be. They just put the same lot size on every trade. And if you do that, the problem is, is either, you know, one that when it gets stopped out the, stop loss amount, it’s going to be way too much. And so therefore it could argue lots of smaller gains. And that again comes down to not understanding how to calculate your losses correctly. Now to help you out I’m going to put a link here which you’ll find to my free lot size calculator. You can download my MT4 or MT5 lot size calculator. It’s a script. Put it on your charts and you’ll use it all the time and it will massively help you. But the issue becomes, let’s say, you have a monthly chart trade. It requires looking to make up some numbers at 200 pips, stop loss and someone goes, oh, I can’t take it because my account is not big enough. You probably can. You know, you might end up needing, let’s say, a 0.01 lot size, but you can still take the trade. And the reason it needs to be a bigger stop loss is because it’s all relative to the candle size in the market movement at the time. Now you take that down to a, let’s say, a one hour chart trade, where obviously the movement is a lot smaller and the stop loss needs to be a lot tighter. It might again, for ease of numbers, let’s say it has a ten pips. Sorry, at 20 pips. Stop loss. The monthly chart has 200 pips. Stop loss. The, our chart has a 20 pips. Stop loss. All it means is on your one hour chart, you could probably going to be trading with ten times the, the lot size. The risk is still the same. So you’re not trading at ten times the risk. The risk in terms of the percentage of your account remains the same. It’s just the lot size might be 0.1. Lots on your one hour chart, whereas on your monthly chart it might be 0.01 lots. It says this a ten times, increase in the size of the position because the stop loss again, assuming it’s the same pair and your account size remains much the same. A lot of assumptions. But just to give you a generalization, you stop loss becomes, you know, ten times smaller. Therefore your, your lot size becomes ten times bigger. The risk is still the same. And that’s how you can trade, according to any time frame chart and any stop loss size. So use my lot size calculator. It will massively help you because if you’re not taking trades on longer timeframe charts and you think it’s due to your small account size, you’re really missing out on really good opportunities. Profit targets are all relative to the movement in the market. Now, when it comes to profits on those trades, again, we trade according to candle size. The market movement at the time, and it’s all relative. So again, to use some very basic numbers, let’s say on your monthly chart trade your profit target it was 600 pips. And that’s three times 200, obviously. It’s not 600 pips just because it’s three times. I’m giving you some basic numbers here, but let’s say on your one hour chart, it was a 60 pip profit target with a 20 pip stop loss. You see how the both trades have the same risk in terms of percentage, and both have the same reward to risk. They both have a 3 to 1 reward. The risk. Now for a 60 pip movement on a one hour chart, with 20 pips stop loss, that’s giving you plenty of room to move. Likewise, on a monthly chart where you’re going to need even more room to move, but you’re going to get bigger movements up and, you know, against you and in your direction, your 600 pips stop for you. 200 pips. Stop. Sorry. A 600 pip profit for your 200 pip stop is still a 3 to 1 reward to risk trade. So you see how it’s all relative. And let’s say one trade works and the other doesn’t. It doesn’t matter which way round it is, the trade that loses is going to lose, let’s say 1% on your account and the other one that makes is going to make a 3% account gain, net 2%, even though you’ve won one of the trades and lost one of the trades. So it’s really important that you understand risk to reward and it also is important to allow you to take trades on these bigger time frame charts with the bigger stop losses, that you understand your lot size calculation correctly, so that every trade has low, equal, controlled and known risk. Use my free MT4/MT5 Lot Size Calculator Script. So as mentioned, there will be a link here somewhere that you can find my to download my MT4 or MT5 lot size calculator script. It’s really important to do that. 17 minutes Masterclass and Book a Call. So if you’d like to find out more about how we trade and how we can help you, click on the link here that you’ll find for my 17 minute On Demand masterclass. If you like a book, a call to have a chat with one of us about how we trade and how we can help you, I’ll put a link to that as well. And if you’re out there looking for a very, very good broker, who offer the MT4 and the MT5 platform with a massive array of different markets, especially on MT5 and of course, more built in time frame charts on MT5. Great bunch of people. Very great, you know, excellent spreads, great customer service. Accounts in multiple currencies and denominations. Blueberry Markets as a Forex Broker. Click on the link here to find out more about, Blueberry Markets. I’ve been with them for a long, long time, as have thousands of people. I’ve sent to them. And the feedback is always the same. Always so good about how good they are to trade with and how good they are to deal with as well. So have a look at Blueberry Markets if you’re out there looking for a good broker. Comments, Like & Subscribe. So this is Andrew Mitchem, The Forex Trading Coach. Don’t forget to like and subscribe if you’re watching on social media or YouTube or share the video around or the podcast around any questions you have, please email me and I will personally answer them. Andrew@TheForexTradingCoach.com see this time next week. Bye for now. Episode Title: #584: How to Trade Bigger Time Frames with a Small Account 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…
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Online Forex Trading Course


Why Most Traders Fail Prop Firm Challenges and How to Succeed <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> Podcast: Click Here to Register My Upcoming Webinar – “Prop Firm Mastery: How To Get – And STAY – Funded… So You Can Transform Your Income In Just 30 Minutes A Day” 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 #583: Why Most Traders Fail Prop Firm Challenges and How to Succeed In this video: 00:26 – Advantages and disadvantages of trading on a prop firm. 01:05 – People jump in too soon and then fail. 02:02 – Prop firm challenge example. 03:44 – Large gains for a small investment. 04:25 – Use a VPS and copier software. 05:24 – A free and LIVE webinar for passing a prop firm challenge. 06:16 – 17 minutes Masterclass and book a call with us. 06:27 – Blueberry Markets as a Forex Broker. So you want to know how to pass a prop foam challenge and to make money by making commissions via prop firm. Let’s talk about that a more right now. Hey there, traders! Andrew Mitchem here at the Forex Trading Coach with video on podcast number 583. Advantages and disadvantages of trading on a prop firm. Today is about passing prop firm challenges, the pitfalls and the advantages of trading via a prop firm. Now, if you don’t know, all approximates, go and have a look online. If you do know what one is. Then you’ll know that they’re not always as easy to pass as you might think. They look really good, and for a lot of people, they look to be a fantastic way of making some very, very good, substantial profits from trading. But with that, needing your own funds and that is the obvious advantage of them. But there are a number of things you have to be careful of. People jump in too soon and then fail. One of the most common issues that I see is that people jump into a prop firm way too soon. They should don’t know how to trade, and they just think they’re going to pay $500 to get $100,000 account. Pass a few demo challenges onto real money, make a fortune. The reality is that for most people, that’s not going to happen. And it comes back to, as I’ve mentioned, that they jump too soon. So for me, it’s really important that you look at a prop firm maybe as something maybe like 6 to 12 months from now. So it’s a profitable first, get yourself profitable and have confidence in strategy and understand it on a demo account. Then a small live account and then maybe a larger live account. And at that point, with consistency and with the meeting, the rules of a prop firm. You can then go and successfully pass the challenge. Now this printed out some, a prop firm challenge here. This happens to be from, blueberry funded. And they have one and two step processes. I actually really like the two stage process. The two step process. I’ll tell you what, because you have to prove yourself twice on a demo account before you go to live money. And what I like about it is because you have to prove yourself twice, and you will probably take a little bit longer to pass the demo, challenge or challenges. Prop firm challenge example. As a result of that, you get given a larger drawdown amount. And to me, probably the most, well, the biggest reason why people don’t pass prop firm challenges is because they get stopped at and they reached the drawdown criteria, and that means that they’re risking too much and they’re having too many losing trades, etc.. What I like with this idea is that you need to make a, a 10% gain, but also they allow you up to a 10% drawdown. So there’s a lot more flexible in there. And so by going through a two stage process, having that bigger drawdown, ability, when you get on to the real account, things become a lot easier. You think about it, if you have the ability to have, let’s say, a 10% drawdown as opposed to maybe a 5 or 6% drawdown when it comes to real trading and real money. It just gives you a lot more flexibility. So don’t just pick like the quickest solution or the cheapest solution. Pick one that’s going to suit you. And don’t be in a race to pass the demo challenge to get on to real money. Large gains for a small investment. When it comes to real money, if you think about things just in very basic terms, let’s say cost $500 to have a $100,000 account and you pass the demo challenges and then on the real money of 100,000, you have to get to, let’s say, 10%, and obviously it’s $10,000 or an 80/20 profit share means that you potentially could be on a an $8,000 profit every time you reach the, the next stage of their criteria. So if your $500 investment sure might take you a little bit longer to get to the real money. But then when you’re off and rolling with that bigger drawdown criteria, you’re making some good amounts. Use a VPS and copier software. Don’t forget also, you don’t have to stick to one challenge or one broker or, you know, one prop firm. You can have multiple going. And what you could do and what I suggest you consider, if that’s the case, is you use a virtual server and a bit of copy service, to copy between accounts. So you just focus on your one, personal smaller account, knowing that the trades are being copied behind the scenes automatically according to the size of the account that you traded, and everything becomes automated. It’s far easier for you to trade and focus on your one account. Let’s say $10,000 person live account. Knowing that the trades have been copied, then calculating your entry in your exit and your risk. Lot size, etc. on multiple accounts of various sizes. So focus on your one account, knowing that behind the scenes that get copied automatically for you. A free and LIVE webinar for passing a prop firm challenge. If you’d like to know more about how we can help you to pass a prop firm challenge, this, Thursday morning, my time, New Zealand time at 8:00 in the morning. I’m holding a free webinar, live webinar for the public who are interested in passing prop firm challenges. So if you’re in Europe/US, that’s going to be on your Wednesday afternoon, evening time, depending on where you live. I’m going to put a link here. It’s this week. It’s the for me it’s the 3rd of April. Thursday 3rd of April. So it’s going to be your Wednesday afternoon and evening or early hours of Thursday, depending on where you live in the world. Register so you can find out how we can help you to pass a prop firm challenge successfully, and to really elevate your trading and take it to another level and to gain substantial returns from your trading. 17 minutes Masterclass and book a call with us. It all comes back to knowing how to trade that. So make sure you jump onto that webinar. Or if you’ve not been on to my, 17 minute on Demand masterclass, have a look at that. I’ll put a link to that as well. If you’d like to jump on a call and have a chat with us to see how we can help you with your trading. I’ll put a link to that. Blueberry Markets as a Forex Broker. And if you’re out there looking for a really good forex broker, I can highly recommend Blueberry Markets. As mentioned, they also have Blueberry Funded, which is their prop firm. As well. But Blueberry Markets as a broker, fantastic brokerage. Lots and lots of different markets both Forex and Non-Forex, especially on the MT5 platform. I’ll put a link to them as well. If you need any help with anything trading related send me an email Andrew@TheForexTradingCoach.com. Be glad to help. Bye for now. Episode Title: #583: Why Most Traders Fail Prop Firm Challenges and How to Succeed 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…
How to Avoid Useless Forex Indicators <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> 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 #582: How to Avoid Useless Forex Indicators In this video: 00:24 – What trading Indicators should you use? 01:31 – Most Indicators don’t work. 01:52 – You must look at the price. 02:23 – Horizontal levels and Candles are good indicators. 04:50 – Blueberry Markets as a Forex Broker offering a 50% credit bonus. 05:19 – Book a Call and speak with us. 05:35 – 17 minutes Masterclass. What is the best trading indicator that you can use on your charts as a trader? Let’s talk about that more right now. Hi there, Traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 582. What trading Indicators should you use? Today I want to talk and discuss indicators. As a trader, if you open any charting package, whether it’s MetaTrader like I’ve got the Me here or Trading view, whatever it is that you use, you will find that trading package, that charting package absolutely full of various indicators. They can be dots and lines and arrows and triangles and all sorts of different things on your charts. And I’ll tell you what, they look amazing, don’t they? They look so good, especially if you’re a new trader and everybody falls for it. I know I did this like 20 years ago. I had this moving average crossing over that one and a swing low here and a MACD there, and I looked absolutely beautiful, and I knew that I was going to become a multi-millionaire in no time at all, because as soon as this line crossed that line there, and this dot showed there and below it and all those things, it was going to be a brilliant, simple, easy trade. Said reality is, none of that is true. That is the truth. Most Indicators don’t work. The reality is that almost all indicators that you see on a standard charting package, they lag time, they tell you what’s already happened, they can’t help you, most of them with what’s likely to happen or any sensible trading decisions. Sure, there are some that can be used as a bit of an age once you know what you’re doing. You must look at the price. But in general, most people get completely caught up because they don’t look at the obvious thing. And that’s the right hand side of the chart, and they do not look at the price. If you don’t look at the price and you rely on dots and arrows and lines, etc., you’re going to get spaghetti on your charts and you’re not seeing what’s really happening. You’re not seeing the true psychology behind what’s happening. What’s really happening are the buyers are the sellers. Has it bounced at that level before all those type of things? You’re completely ignoring because you’re failing to look at the price? Horizontal levels and Candles are good indicators. I much prefer a number of indicators. Horizontal levels are absolutely fantastic. Why? Because they never move. A horizontal level that you see is the same as what I see at the same time. You know, again, the price, whether it be the daily pivot point, support and resistance level, swing high swing lows, those things never change. And so by having those on your chart, it’s giving you something that’s an absolute that’s actually happened. If the price pulls back to a round number and that happens to be a previous swing low and it bounces at that level, well, quite likely, then you’re going to get that support level holding and the price is likely to move up. So then I add another, indicator of a sort and that’s candle, patterns and understanding candles themselves. What they’re telling me are they exhaustion candles. Are they indecision candles. Are they confirmation of a change in direction? Are they confirmation of a continuation pattern or a reversal pattern? All these type of things are really important for you to understand, as a trader. And you can only really make that decision about a candle upon the close of a candle, because then it becomes again, like a horizontal line. It set is an absolute and it’s never going to change. There are a few extra little indicators that I do like, to help me give a likely, change in direction such as divergence. I think that is a very, powerful, way of looking at using an indicator. Can help with reversal and continuation patterns if you have it set up right. You cannot just take every divergence signal and go, here’s a buy or sell again, you still need to include those round numbers, those support and resistance levels and the candle patterns as well. But you can start to see now when you put some common sense, and some real trading knowledge into it, how very simple indicators like that will work and do work and be proven to work as opposed to and lines and arrows and things on your standard trading package, which just will give you lots of headaches. In reality, as a trader. And so that would be my suggestion. You find some, someone that understands how to trade properly. Someone has a proven system in the strategy, and you join and follow that. Blueberry Markets as a Forex Broker offering a 50% credit bonus. Now, if you’re out there, looking for a very good broker right now until the end of March, Blueberry Markets have a fantastic 50% credit bonus. There are a few terms and conditions about which countries can apply and maximum bonus, etc.. I’m going to put a link to that if you’re interested. Have a look at it doesn’t matter whether you’ve not traded with them or if you have an existing account. They’re doing that on both. Just through The Forex Trading Coach only. So make sure you take advantage of that if that’s something you want to do. Book a Call and speak with us. If you would like to book, call to speak to myself or one of my team to find out how we can help you to decipher indicators and what works and what doesn’t. I’ll put a link so you can book up a free 30 minute call with us and see if we can help you with the trading. 17 minutes Masterclass. And if you have not been on my masterclass, I’ll put a link to that as well. Jump on that. It’s only a very short on demand masterclass, gives you heaps of free information and will massively help you with your trading. So this is Andrew Mitchem here at The Forex Trading Coach. I see this time next week. Bye for that. Episode Title: #582: How to Avoid Useless Forex Indicators 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…
How to Choose the Best Forex Pairs for Trading <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> 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 #581: How to Choose the Best Forex Pairs for Trading In this video: 00:22 – Forex pairs – what to choose? 01:37 – The best pair to trade is …….. 02:00 – Assessing Strength and Weakness. 03:13 – Fine tuning to pick the best setup available. 04:25 – 17 minutes Masterclass. 04:33 – Blueberry Markets as a Forex Broker offering a 50% credit bonus. 05:05 – Book a Call and speak with us. As a forex trader, what are the best forex pairs that you can look at trading? Let’s talk about that a more. Right now. Hey traders, Andrew here at The Forex Trading Coach with video and podcast number 581. Forex pairs – what to choose? What to talk about forex pairs as a trader you have a lot of pairs available and a lot of people, especially when they start. I get very confused with the different currency pairs. You standard main pairs you get you exotics, you get your minors, and more and more pairs now are available to us as traders. So really the question is what is the best pair to trade? Well, a lot of people think you need to trade just the euro US dollar or just the US yen because their spreads are tight. And in the case of the EUR/USD, it tends to have the most movement or not some movement, but the most volume traded on it, per day in general. And then other people look at pairs like the GBP/JPY because it moves a lot and they think they need to trade that. And then people look at pairs like the EUR/CHF, which doesn’t move a lot, and they think they can’t trade it. So that becomes a lot of confusion out there. Do you need, like the most liquid pair, the tighter spread. Do you need one that moves a lot? Do you need one that doesn’t move at all? The best pair to trade is …….. And so my answer is it depends. And I know I say that to a few things because it’s true. I don’t just trade the NZD/USD or against the JPY because I live in New Zealand. You shouldn’t do that either. You shouldn’t have an emotional tie to a currency pair. What you should do is look through all the currency pairs. And the reason I say that there’s a few reasons. Assessing Strength and Weakness. Number one, you can assess strength and weakness very well. If you do that. As an example, rather than just looking at the EUR/USD, why don’t you look at also the EUR/JPY, the EUR/GBP, the EUR/AUD, EUR/NZD, EUR/CAD and make a full assessment. So if for example you can do that and you see let’s say all of those pairs were moving up, that’s going to give you a fairly good indication that the Euro is very, very strong. But if you didn’t do that and you looked at just the EUR/USD and is moving up, you don’t know whether the strength in the Euro or whether that movement of the EUR/USD heading up is, is just because the US is extremely weak right now. So you might be taking a by trade on the EUR/USD thinking the strength in the Euro, whereas it may just be the US weakness that’s pushing it up. And the Euro against other pairs may actually be dropping. So you’re not doing yourself any favors there. So to assess multiple currency pairs is going to be your best option. Fine tuning to pick the best setup available. The other thing that gives you is let’s say you see really good buy trades on the EUR/USD, the EUR/CAD, the EUR/AUD, the EUR/NZD, the EUR/CHF. Let’s say they’re all showing some fairly good setups at the same time. And by the way, I only trade on the close of a candle. Let’s say you see that what you really then should do is fine tune those setups and maybe pick 1 or 2 of the very best ones setups that give you a high probability chance of a success for trade setups that have round numbers in their favor. On a buy trade that doesn’t need to break a previous swing high, things like that. So you can be really, really critical of setups and fine tuned to make sure that when you take your trades and there’s multiple trade showing at the same time, you can be selective and choose the highest quality trades. So that’s why I say you should be looking at multiple currency pairs. And it’s very easy to do once you know what you’re doing. Once you understand candle patterns, you can very easy scans through multiple pairs very, very quickly on the close of a candle and identify the best quality setups. 17 minutes Masterclass. If you like to know how we do that and how we can help you to do the same, have a look at my short on demand masterclass. There’s a link here, Blueberry Markets as a Forex Broker offering a 50% credit bonus. And if you’re out there looking for a fantastic broker right now, Blueberry Markets are offering a 50% credit bonus. There’s some terms and conditions countries like the US and Australia cannot, sign up for it unfortunately. But have a look at the link that I’m putting on here. If you, are interested in opening an account with blueberry markets or increasing your current account, size with blueberry markets, you’re going to the end of March to take advantage of their offer. Again. I’ll put a link here, check that out for yourself and see the terms and conditions, etc. Book a Call and speak with us. if you’d like to book a call with us, I’m going to put a link here so you can, book a free consultation call with us to discuss about your trading and how we can help you to become a better trader again. Have a look at that link here. This is Andrew Mitchem at The Forex Trading Coach. I see you this time next week. Bye for now. Episode Title: #581: How to Choose the Best Forex Pairs for Trading 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…
What’s More Important: Win Rate or Risk-Reward? <span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> 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 #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. But let’s for example, assume like some basic numbers. So three times my risk is my reward. So I have five trades five trades lose 1% each 5% loss five trades win 3 to 1. They make 3% each 15%. So I’ve lost 5%, made 15%. Obviously it becomes a net gain. Positive 10%. But I’ve lost 50% of my trades. And you go well how can you lose half your trades and still be profitable? Well, I’ve shown you. So you take that scenario further and you can see like at 40%, 30%. And you know, you work out the numbers and the mathematical and, you know, numbers there and the stats, and you realize that you don’t have to have a 90% win rate. It’s more important to have the quality trades and the high reward to risk than it is simply to aim for maximum wins. Summary of what’s important to be a profitable trader. So I hope that helps explain that scenario. I think it’s really important that you you understand that because it will massively, potentially change it or help you with your trading, but change the way you’re thinking of trading and get right to looking for high quality trades that are going to more likely give you high reward to risk. Have your low controlled risk on every single trade. High profitable trades. Think of it as stepping. You have like, little losses, big gains, little losses, big gains like that. That’s how you become successful and profitable. Far more so than worrying just about you win rate. If you’d like to find out more about that and you’ve not been on my masterclass yet, click on the link that you’ll find probably below this video or on this page. 17 minutes Masterclass and Book a Call. It takes you through to a 17 minute free on demand, webinar masterclass and I’ll explain about what we do, how we trade, how we teach, how we can help you. If you’d like to book a call. You’ll find the link also here. Blueberry Markets as a Forex Broker. And if they’re looking for a high quality forex broker, I can highly recommend Blueberry Markets. I’ll put a link to them here as well. They offer not just the forex market but other markets like indices, metals, commodities, cryptos as well. Great bunch of people, high quality service and highly recommend them. So if you have any questions that you’d like me to answer or any topics you like me to discuss on future videos and podcasts like this, send me an email or drop a comment. Comments, Like & Subscribe. Don’t forget to like and subscribe! I’ll see this time next week. This is Andrew Mitchem here from The Forex Trading Coach. Happy trading. Bye for now. Episode Title: #580: What’s More Important: Win Rate or Risk-Reward? 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…
What Every Trader Needs to Know About Broker Time Settings 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 #579: What Every Trader Needs to Know About Broker Time Settings In this video: 00:28 – What time do your charts start the new trading day? 01:56 – 5:00 P.M. EST New York time is when the charts open for the new day. 02:50 – Does your broker have a “Sunday candle”? 03:58 – Have a look at the brokers that I use – see here https://theforextradingcoach.com/forex_trading_resources/ 04:32 - 17 minutes Masterclass and Book a Call. 05:03 – Comments, Like & Subscribe. Is your Forex Broker’s Trading Platform set to the right time zone? If it's not, it could be causing you many unnecessary losses. Let's find out about that and more right now. Hey there, Traders! It's Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 579. What time do your charts start the new trading day? You can ask the question about forex brokers and the time that their platform start the trading day and the trading week. It's really important that you get this right, because maybe there's a lot of people out there that just don't understand it and don't understand understand the importance of getting it correct. So it doesn't matter where you live in the world, the correct start time of the new week and each day of the trading week is always at 5:00 P.M. New York time. That's Eastern Standard Time. So again, it doesn't matter where you live. Doesn't matter where I live. All you need to do is convert your local time into that 5:00 P.M. Eastern Standard Time, new York time start of day. And obviously with most people around the world, they will have daylight saving. When you change from, you know, into summer, into winter, etc. and that's the same also in New York. But 5:00 P.M. New York time is always 5:00 P.M. New York time. So the only thing that's going to change is what that converts to in your local time zone. So really important that you understand that. And there could be differences like for me right now in, March, we are in summer time in the southern hemisphere. But of course, in the northern hemisphere where New York is, it's still like wintertime, winter in the spring. And, you know, vice versa. When they go to summer, we go to winter. 5:00 P.M. EST New York time is when the charts open for the new day. But you have to understand that 5:00 PM New York time is always 5:00 P.M. New York time. So get that bit right and you'll be fine. So how do you check that on your forex brokers trading platform? Well, the easy way to do that is to see when the new week starts. So when the charts open for the first time in the week, that should be Sunday 5:00 P.M. New York time, and each subsequent day will be 5:00 P.M. New York time. And if you're seeing that on your charts, generally if you go down to like a one hour chart, it will start at 00:00 Timestamp and you will see that on your charts and you'll know in your local time zone what time that is. You'll know that's the start of the day. You'll also figure out that that converts to 5:00 PM New York time. Perfect. You're good to go. Does your broker have a “Sunday candle”? The issue that we find not as much today is it used to happen, but some brokers used to have what we call a Sunday candle, and that would have been a candle that lasts 2 or 3 hours, at the beginning of the week before their first full day starts. Now, when you think about the problems that causes is the charts. So if you're using light indicators or support and resistance levels whenever you're using, it assumes that one bar is equal. So it assumes that in the correct chart you should have five days on the daily charts. Each of them having exactly 24 hours. And if you do, fantastic.…
Top 5 Forex Trading Mistakes to Avoid 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 #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 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 #577: How to Avoid Common Forex Strategy Failures In this video: 00:25 – Failing trading strategies. 01:00 – A lack of trading knowledge. 02:09 – What is the actual price? 03:35 – A signal service website. 04:33 – What makes us different? 05:15 – 16 years of coaching. 06:01 - 17 minutes Masterclass and Book a Call. 06:21 – Blueberry Markets as a Forex Broker. 07:01 – Comments, Like & Subscribe. Why is it that so many trading strategies fail to deliver? They look promising and then they fail? Let's get into that a more right now. Hey there, Traders! This is Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 577. Failing trading strategies. Today I want to talk about failing trading strategies. Why do so many strategies fail? You hear the stats out there like 90-95% of all people lose money when trading. So what is it about that the why? Why this strategy is just not working? It's quite annoying for people. You know, people would put a lot of time and effort into developing trading strategies. They do a lot of backtesting, a lot of research, and inevitably things go wrong when they take it live. So a few reasons. A lack of trading knowledge. One of the main reasons is actually a lack of trading common sense and knowledge within the strategy itself. And what I mean by that is a few things. A lot of people just fail to actually understand what is happening in the market right now. Actually, is it a good time to be trading right now based on what you're seeing on the charts? And that, of course, can determine by the timeframe chart you're trading, the time of day you're trading the currency pair or even the market. If you're looking at cryptos or metals indices, etc.. But a lot of people just rely so much on a big mismatch of indicators. And this one crossing over that one and all these results look really cool. The indicators look really flashy and and look how I've done it myself. Years and years ago I did exactly that. I was over optimizing things. I was making the perfect, you know, curve, results and and everything on paper was looking amazing until I took it live. And time after time after time, the strategy failed and I lost money. And it gets very frustrating because, as mentioned, people spend a lot of time trying to work out a strategy for them, but they fail to look at things like the price, the obvious thing, like what is the price right now? The amount of times I see people like selling signals and services. And as an example, there's a big right number in the way, and they're taking it buy trade straight into that round number. Like why would you do that? That just makes no sense to me. But whether that's an automated system or that's because this line crossed over that line and it says buy now that's what they do. What is the actual price? They fail to look at the right hand side and go, that's a round number. And oh, let's have a look back through history. You wouldn't believe it. But every time that round number has been hit in the past multiple currencies, it hits that level and falls away again. So guess what's likely to happen right now? It's likely to head back up there and drop away again. And so if you understand candles and you have a strategy that looks at the price and understands what's happening in the market, you can look at that and say, I think is a great opportunity for sell trade here. My longer term might be down. You know, all these things that we look at could be saying a sell trade but a lot of other people were looking at this and they're crossing over, something's crossing over another line and they're just taking it by trade just willy nilly,…
How Indecision Candles Can Boost Your Trading Performance Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass #576: How Indecision Candles Can Boost Your Trading Performance In this video: 00:31 – What are Indecision candles and how do you use them? 01:11 – Examples of using an Indecision candle. 03:21 – Your trading edge. 03:57 - 17 minutes Masterclass and Book a Call. 04:48 – Blueberry Markets as a Forex Broker. 05:36 – Comments, Like & Subscribe. 05:45 – Improving your trading performance. Today I'm going to talk about indecision candles, how to trade them, how you can use them, how you can take advantage of them, and how they will likely improve your trading performance. Let's get into that a more right now. Hi Traders! This is Andrew Mitchem here at The Forex Trading Coach for a video on podcast number 576. What are Indecision candles and how do you use them? Outside again today, another stunning New Zealand summertime day. I want to talk today about indecision candles. They are candles that open and close at pretty much the same price. There are candles that are small so they can be called or look like a hanging man candle or a pin bar or doji, depending on where they show within the charts. Now, do we trade them just by themselves? Absolutely not. You always need to have some form of confirmation candle after the indecision candle to give you the trade entry. However, they can be what I call an early warning system, and that can be really important to your overall trading success. I'll give you a few examples. Examples of using an Indecision candle. Let's say that you saw a big uptrend, and then the uptrend suddenly stalled and a indecision candle formed. It could be a hanging man pattern let's say. That's giving us the clue after the uptrend. That is some stage during that hanging man. That the sellers were in control and had started to push the market down. Now by the close of the candle the buyers had pushed it back up again. But it tells us that there are sellers out there within the market. And so the beauty of that is it gives you a clue of what could be coming. Now the other important thing is to see that indecision candle bounce at a certain level. It could be a round number. It could be a previous high some form of resistance level to give you a clue that it's actually happening for a reason. We don't still take a trade. We then need to wait for the next candle to form a bearish confirmation candle, and that then gives us the confirmation to go short. So a great way of saying well potentially there's a trade coming here. Now I've seen confirmation. Now I get in the trade as a reversal. Same thing with a continuation trade as well. The other scenario could be that would help you is let's say you were in a trade. Let's say you in that same uptrend and you're not quite at your profit target. And you see an indecision candle. Well that's giving you again the same early warning signal to say potentially our uptrend could be coming to an end. You may not see the reversal signal come next and the trend might continue back up again. Still hasn't got your profit target. Let's say there's another indecision candle that something to tell me that may be this uptrend not going to continue. So that potentially then could be your clue to get out of the trade either completely or partially or maybe move your stop loss, whatever it is that you do as a trade management tool to ensure that when the trade does turn around, let's say, and it starts dropping, that you don't lose out on that trade and your winning trade ends up turning around to, let's say, a complete loss. That's just what you don't want is what you need to do everything to avoid. Your trading edge. And so to me, looking at charts and seeing what actually the mea...…
How to Trade Forex in Under 30 Minutes A Day 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 #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,…
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