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The Right Trading Conditions, with a +6.8% Gain for the Week Podcast: #383: The Right Trading Conditions, with a +6.8% Gain for the Week In this video: 00:26 – An ex-dairy farmer and pilot 01:06 – When the conditions are right 02:02 – Up +6.8% for the week so far 02:38 – Today’s trading examples 03:50 – Make hay when the sun shines As a trader, it’s really important that you wait for the conditions to be right before you jump into new trades. Let’s talk about that and more, right now. Hey, traders, Andrew Mitchem, here, at The Forex Trading Coach with video and podcast number 383. An ex-dairy farmer and pilot Now, as an ex-dairy farmer, I know quite a lot about the weather and I know about conditions and I know what to do in certain conditions. Now, as a helicopter pilot, I also know quite a bit about the weather and I know what I should and shouldn’t do according to the conditions. And as a trader it’s exactly the same. If the conditions are not right, I’m just not really looking for too many trades. I don’t go searching for trades. The conditions aren’t right. Sometimes the best thing you can do is not to trade. Now, I know that can be a little bit disappointing for some people and that you feel like you always have to be in trades, but sometimes the best thing to do is to do nothing. When the conditions are right But other times, the best thing is to do is to see trades and take them, if the market is showing you those trading opportunities. Now, I’ll give you some great examples. This week, so far, and it’s now Friday morning here in New Zealand, I’m up 6.8% account gain for the week. Now, during most of August, I found that the trading conditions were not great for most of the time. I didn’t trade so much. I actually had a losing month in August. And that happens from time to time. But I didn’t trade a lot. And so, the important thing to get out of that is if the conditions are not there, don’t take trades, or just don’t take too many trades. I had a 0.5% loss in total for August. So, virtually, a breakeven month. Up +6.8% for the week so far But already here we are into September and I’m up 6.8% in four days already. Why? Well, because the conditions are there. Conditions are good. We trade when the conditions are good and we take advantage of that. And so, the other thing to look at is maybe days of the week, also. Monday and Tuesdays are generally pretty quiet, most of the time, but then Wednesdays, Thursdays, and sometimes into Fridays, you can get some exceptional trading conditions. And we talked about this on my webinar with clients, last night, of trading when the conditions are there. Today’s trading examples To give you another example. Today, Friday, the 11th of September. I didn’t take any trades on my membership site, today, based off the daily charts. There were no trades there that I felt were suitable to take. However, we posted on our membership site and our forum site, five trades based off the eight-hour charts, today, and one trade based off the six-hour charts. So, although there were no trading opportunities on the daily timeframe, the bigger timeframe, those big moves, by the way, the parent especially has dropped considerably, some massive moves. But technically, the setups were not there on the daily chart, so we go down to the shorter timeframe chart, because we know the market’s active. It’s just that the daily charts were not showing us the right setups at the right time. So, we scaled down to the shorter timeframe charts, and we found those five trades on the eight-hour charts and one on the six-hour charts that we posted for our clients to take. And that is the beauty of having the ability to use the same strategy, but over multiple timeframe charts. You’ll generally find that if the conditions are right, there will be a suitable trade there somewhere on the charts. Make hay when the sun shines So, to go back to the farming phrase, “Make hay while the sun shines.” If the conditions are there and you’re trading, take the trades, take advantage of them, profit the gains that you can gain from this amazing market. If the conditions are not there, don’t take the trades. Don’t waste your money. Don’t end up paying commissions to your broker for no reason. So, I hope that helps. This is Andrew Mitchem, here, at The Forex Trading Coach. I’ll see you this time next week with another video and podcast. Bye for now. Episode Title: #383: The Right Trading Conditions, with a +6.8% Gain for the Week If you have been trading for less than 6 months, click here If you have been trading for more than 6 months, click here Learn More About My Course. Click Here! Click Here to Download my FREE Lot Size Calculator Click Here to Check my Recommended Brokers. The 30 Minute Trader Trip Watch how Andrew made a +12.79% gain on a live account dur

Under 30 years old and Trading Forex? Podcast: #382: Under 30 years old and Trading Forex? In this video: 00:30 – Trading for the younger generation 00:55 – The benefits for the under 30’s 02:39 – Master the skill of trading 03:50 – Time is your friend 05:02 – You’ll be used to webinars, so take advantage of my webinars 05:42 – The webinars are on-demand If you’re under 30 years old, you are in a prime position and prime stage of your life to take advantage of the Forex market to protect yourself going forward. Let’s talk about that and more right now. Hey, Forex traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 382. Trading for the younger generation Now last week I made a video about people who are 50 years and older and looking at retiring. And I had a number of comments to say, “Hey, Andrew, what about us younger ones? I’m 20 or I’m 25, et cetera.” So what I’ve done is I made this video and podcast for you. If you’re on the lucky end of the scale and let’s say you’re 25, 30 years and under. The benefits for the under 30’s So if you’re in that category, that age bracket, you have many advantages, of course, the obvious one being time. But the other obvious ones would be well, you’re probably pretty good with computers and phones and iPads. You’re probably used to online webinars, Zoom, especially during the coronavirus lockdown. So you understand webinars, you understand online memberships, you understand e-learning all that kind of thing. So you had that in your advantage. But what I really encourage you to do if you are in that younger age category is when you get into trading, if that’s what you want to do… By the way you have to want to do this. Don’t just do it because you think it’s going to be a way of making some easy cash. Don’t do it if that’s you. But if you’re at the mindset that you like numbers, you like patterns, you’re in this for the long haul. If you want to do that and learn a skill to educate yourself, to almost future proof yourself as best as you can, going forward, in terms of finances and time freedom, don’t start trading today, thinking that you’re going to give up your job and become a full time trader next year. Just don’t do that because it’s likely not going to happen. Now, a lot of people that I’ve taught do go on to become full time traders, but it takes time. And of course you younger guys and girls love everything being instant and it’s just the way the technology and things… You’re used to that. And look, the trading, the Forex market does have that danger and that image out there of just being instant rewards. This money, money, money, money, money, flash cars, sit on a beach, go on holiday. That type of thing. Master the skill of trading The reality is quite different and the reality is, is that you need to learn how to trade. And a lot of people come to me and they say, “Andrew, look, how much do I need in my account to go and make X number of thousand dollars a week?” Well, my answer is, don’t worry about that for now. You have to invest in yourself upfront just like you would, if you were going through university or anything like that, any form of education and learn to walk before you can run and you have time as your advantage. So take advantage of the fact that you have time. And don’t worry about trying to make money from day one. Learn the skill properly, start small, start on demo, then get to small live accounts and make money as a percentage gain. Don’t look at it and go, “I’ve got a thousand dollar account. How can I live on that?” Because you will not succeed at trading doing that. You’ll end up with that gambling mentality and you won’t trade correctly. So the important thing is to learn to do the trading correctly, learn how to trade. Time is your friend Time is absolutely your friend. To give you a very good example and a real example that if you’d started my course back in 2010 and did nothing else than just followed my daily trades, takes you five, 10 minutes once a day, you would have turned a hundred thousand dollars into 1.84 million today, just with the power of compounding. Now of course, the reality is that over time people would have taken funds out et cetera, but you just see the power of compounding with time, but still with low risk. And that’s the important thing. I’m not risking silly amounts here. I’m risking half of 1% of our account on each trade. Now, of course, those results, very impressive that they are, have nothing to do with any other trades that we post on any other timeframes or weekly or monthly charts or four hourly charts or hourly charts, trades that we post on our webinars on our forum sites. It’s got nothing to do wi

Trading in Preparation for Retirement Podcast: #381: Trading in Preparation for Retirement In this video: 00:27 – Preparing for retirement 01:23 – The traditional way has disappeared 02:07 – Recent examples 03:47 – Results from a client in Germany 04:39 – What can you do today to prepare for retirement? 05:30 – Contact me at [email protected] Are you looking to trade the Forex Market as a way to help you through retirement? Let’s talk about that and more right now. Hey Forex traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach, with video and podcast number 381. Preparing for retirement I want to talk about helping people in retirement. And the reason I want to do that is I was amazed at the recent survey that I held recently with a number of people who replied back who are over 50 years old. And it got me thinking about why people want to trade and want to learn how to trade. Now, obviously, the traditional ways of earning money a number of years ago, you potentially could have funds in a saving account or even a retirement account. And obviously, those type of saving accounts have just crashed. Savings accounts, interest rates through banks, and traditional means are just not what they used to be and you cannot rely on them any longer. And the likelihood going forward, at least for the next five plus years, is the interest rates aren’t going to do a lot, regardless of where you live in the world. The traditional way has disappeared So, one of the traditional safe ways of having some funds and building up a retirement fund, have now gone. And for a lot of other people who are younger, then obviously property is potentially an option for some people. But as you get 50 and beyond, you either don’t want to take on that kind of debt, you may not be able to take on that kind of debt through the bank rules, or you may be at that stage where maybe you’re 60 or older and you’re thinking, “Well, property and making some money in property in maybe 10 years time isn’t what I need today. I need to make something today.” And that’s where we come back to the Forex Market. Recent examples Now, a couple of things I want to talk to you about is that… The first one is last night, I held a live two hour webinar, in fact it went for two and a half hours, with my clients like we hold each week. And on that, I invited a client of mine who’s been trading since 2014, called Michelle, who lives over in New South Wales in Australia. And she came on to the webinar and talked for about half an hour and just gave some amazing information, and I didn’t know it at the time, but Michelle is a retired nurse. I didn’t know her complete background, but she explained why she got into trading, and then she took a break, and then why she got back into it again, and how she’s now trading. But what Michelle’s doing, which was fascinating, is she is a believer of the philosophy that to become an expert at something, you need to do it at least 10,000 times. And so, Michelle has some back testing software and she’s testing, going through almost like in real time but through back testing my strategy, looking at different candle patterns, plus of course ongoing she’s taking trades in real time. She said she was up to about 6,500 trades now of her 10,000 trade plan. But what it’s doing, it’s allowing her to trade, initially DMO, now live. But when she gets to that 10,000 and she’s consistently profitable and making really good money. She said in her own words, that she will be then happy to then trade live account as her income for retirement, and so that is an exceptionally good thing to do. And if you have a plan, it can be achieved. Results from a client in Germany Another thing I wanted to discuss with you, or talk to you about, is an email that I received here last Saturday morning, a client of mine over in Germany. And he said, “Andrew I finished this week very successfully, overall 4% profit on the four hour charts. And on the six, eight and 12 hour charts, I made another 3%. a total of 7% profit in the week.” So he said that having these hard timeframe charts is giving him a lot of trading opportunities. He’s very selective on the ones that he takes though. So you can see that with his result here of 7% in a week. Used to trade a lot of one hour charts and now has upgraded to the higher timeframe charts because of less trading time needed, higher probability charts, high reward to risk, etc. What can you do today to prepare for retirement? So blend all that together. What are you going to do? And how, if you’re at that situation where you may be starting to get towards thinking of the next five, next 10 years, or even you’re in retirement right now. What is it that you can do to help yourself learn to trade the Forex Market exactly like see that there from G

The Top 5 Issues Facing Forex Traders Podcast: #380: The Top 5 Issues Facing Forex Traders In this video: 00:26 – Issues that you’ll be facing as a Forex trader 01:22 – The 5 main issues 02:32 – #1 Lacking a working strategy 03:40 – #2 Managing and Avoiding Risk 04:15 – #3 Lack of time to trade 05:00 – #4 Don’t know when or why to enter the market 05:23 – #5 Controlling Emotions 06:25 – Contact me if you’d like a copy of my live webinar recording Today, I’m going to discuss with you the top five issues facing most Forex traders. It’s going to be really interesting. Let’s get into it right now. Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 380. Issues that you’ll be facing as a Forex trader And I want to talk to you about some issues that you’re likely to have as a Forex trader. And the reason I know that is I’ve held a survey recently from my entire database, had some great replies from people, and I’ve gone through all of those replies and I’ve categorised the replies in terms of the five biggest issues that most people seem to say that they have when it comes to trading the Forex market. And so I’ve categorised those in order to try and help you out. Now, just to let you know, also as a thank you for those people who send through the survey responses, I’ve given them access to one of my recent live two hour trading room webinars that I hold exclusively with my clients. If you’d like to get access to that same webinar replay, just send me an email or reply to [email protected], and I’ll send that through to you. The 5 main issues So moving on to the five top issues that most people seem to have at that. So the first one is most people cannot seem to settle on a working strategy, seems to be the biggest issue at. Number two, most people seem to have an issue with being able to manage their risk or avoiding risk within their trading, avoiding taking stupid demand to risk. I’m going to cover all these issues in more detail shortly. Number three, most people seem to say that they do not have enough time to trade properly. Number four, they don’t know where or what enter the market, and even when they’ve entered the market, they don’t know how to exit the market or where to exit the market. So it’s a lack of understanding. Number five, controlling emotions and how this hurts their trades. So there seems to be a lot of people out there with revenge trading or having issues with emotions or taking too big of possessions. So we’ll cover all of those issues here. #1 Lacking a working strategy And number one, the strategy issue. It’s the obvious number one problem that most people will have. So from my point of view, my strategies been working for years. It took me four years of trial and error, probably like you may be having right now to get to that situation of a proven strategy. And so for me, I strip my charts of everything. I got to look at the price. How often do you actually look at what the prices? Are you worried about indicators crossing over each other? So all those types of things have a detrimental effect. You’ve got to look at the price. You got to actually see where the price is right now. And so I started to build together an understanding of candles and where they appear on the chart, and then I introduced other things like support and resistance levels, ran numbers, Fibonacci retracements and extensions, and using a completely different way to the standard, by the way, and divergence and putting all that together to get a system that works for me. So strategy, once you understand and have a good, clear strategy, and I can certainly help you with that, you’re away. It’s a big part of your problems fixed. #2 Managing and Avoiding Risk Number two, managing avoiding risks. Well again, that can be easy once you know what you’re doing. Forget about making pips. I only trade with a maximum of 0.5% risk of my count on any one trade. That’s it, 0.5%. Sometimes it’s under a quarter. So you have to have controlled risk and known risk. That means you can trade any currency pair, any timeframe chart, any stop loss size, does not matter. Your risk is the same. How do we do that? We use our lot size calculator. Again, it’s freely available on my website and we adjust our position size. #3 Lack of time to trade Number three, don’t have time to trade. Again, easy once you know how. I can teach you how to trade in under 30 minutes a day, quite easily. Last year, you may recall if you’re following me back then I went over to the UK and Europe for four weeks with my family. When travelling around Europe, I traded for less than 30 minutes per day. I recorded all the trades. You could see them taking on my account. You can see them all actually posted on our membership site. I returned back to New Zeal

Securing Your Financial Future Podcast: #379: Securing Your Financial Future In this video: 00:31 – Coronavirus re-emerges again 01:28 – Government job payment ends soon 02:35 – Where does this leave you and your future? 03:43 – It’s time to consider the Forex market 05:22 – Few other businesses are as good as the Forex market 06:05 – Learn how to trade first 07:06 – How to find out more So the coronavirus continues to cause mayhem around the world. What are you doing to try and secure your financial future? Let’s talk about that and more right now. Hey, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 379. Coronavirus re-emerges again Glorious day. So I thought I’d come outside here and talk about actually what is an extremely important subject to almost everybody. Here in New Zealand, we thought we were doing really well with coronavirus. We were paraded around the world as having a hundred days of no coronavirus in the country. Now, all of a sudden, Auckland has gone into lockdown, and the rest of the country has gone up to a higher level. I’m guessing next week, the whole country potentially could be locked down. So things are not quite as good as everybody thought they were. Of course, around the rest of the world, the same picture is applying with countries getting second waves and more lockdowns. Although that is, I suppose, annoying from a day-to-day living point of view, there’s a far bigger problem, of course, going on, and that is money cannot just keep getting printed. Governments around the world cannot just keep propping up jobs that really are now not needed or there’s no demand for them. Government job payment ends soon Here in New Zealand, on the 1st of September, all the handouts for the jobs that the governments are just keeping people going, that stops on the 1st of September. What happens then? All those jobs. People are artificially propped up right now. Yes, that had to happen, but governments cannot keep printing money. Here in New Zealand, the official cash rate stayed at 0.25%, and they’re talking the next step they can do. Well, pretty much, the only thing they can do is to take it negative. Now, this is New Zealand. This is a country that only a few years ago had one of the highest interest rates in the world. We had this thing going on called the carry trade whereas New Zealand interest rates were very high, Japanese rates were very low, and people were just basically making money on the massive interest rate differential. But of course, here we are in the same position as the rest of the world. They are potentially talking about going negative on the official cash rate. Now, that’s just never been even heard of before, and Where does this leave you and your future? So where does this leave you as someone either with a job, or someone that’s looking to retire soon, or even someone young that’s looking at getting into a job? Where does this leave you? It’s not particularly good, and although I hear… Here in New Zealand, certainly, there are lots of people spending money. There’s people spending money on lots of cars, and sparkles, and all these type of things, which is fantastic to keep the economy running because people are not spending money on big overseas trips this year because they can’t, but that’s really good to keep the economy propped up. But none of these things are actually to do with investing. They’re all buying shiny objects, and that’s the problem I have with our government here. They just keep spending money and spending money, but not once have they actually thought about how they’re going to create money, and invest, and… Yeah, so that. That spend money mentality cannot just keep going on forever. We have to get to a stage where people start to save, people start to invest, and actually try to create money. It’s time to consider the Forex market That’s where I think it is really important that you consider. If you’ve not gone into the Forex market, you’ve got to consider looking at the Forex market. If you are in it, then you’ve got to make it work for you. You’ve got to get trading properly. Really important you can do that. Look, I just want to run past a couple of numbers that I’ve just written down here. Just last week, if you did nothing else on our membership site and just followed our daily trades, you’d have made over 1% gain on your account, and that was quite an ordinary week. It wasn’t a very good week at all, but we still made a 1% gain on the daily trades with high percent risk. On trades posted on our forum site just twice a day, we made a 3.5% account gain, again, with high percent risk just on trades posted on four, six, eight, and 12-hour charts. So all up. If you did absolutely nothing else and just followed a couple of trades that we posted o

How useful is Divergence? Podcast: #378: How useful is Divergence? In this video: 00:25 – Most indicators do not work 00:52 – Trader who joined in 2012 appreciates how good Divergence can be 01:45 – How I use Divergence 02:21 – The 2 types of Divergence 03:05 – My favourite type of Divergence 04:48 – What are we looking for? Divergence. Is it really a useful tool as a Forex Trader or is it a gimmick? Let’s talk about that more right now. Hi, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 378. Most indicators do not work Now I want to talk about a really, really special type of indicator. Now as you probably know, I’m not a fan of almost all indicators. I use horizontal levels, but I’m not a fan of different moving averages and things like that. And all the indicators that the Forex brokers constantly throw at you with most platforms that you can get, there’s hundreds and hundreds of different indicators that you can find. Trader who joined in 2012 appreciates how good Divergence can be And I want to tell you a story about a client of mine, who back in 2012 joined me. And he’s done extremely well from his Forex trading, but he said to me, the other day we had a chat and he said, “Look, Andrew, I just wasn’t aware of how good divergence was when you mix it in with all the other things that I’m looking at and I teach as part of my course in my trading strategy.” And he said, “I understood certain things about price action and pivot points and candle patterns, but I just didn’t appreciate,” and it took him quite a while to appreciate. It was only when he saw lots of examples and put it into practise. He didn’t appreciate how good divergence can be if you use it the way that I use it. And if you use it correctly. So with that in mind, when he added that to his trading, his trading just increased another level again. How I use Divergence Now I don’t use divergence just simply as there’s a positive divergent signal, therefore I’m taking a bite. Don’t do that at all. I’m using it to back up what I see with my price action trading and my candle stick analysis and my strength and weakness and bouncing off brand numbers and all that type of thing that I look for anyway. But if I get divergence at the same time or just a little bit before my candle pattern, then that gives me an added boost, an added bonus to say, yes, this is a high quality trade. The 2 types of Divergence Now with divergence, what are we looking at? Well, for me, there’s two different types of divergence. There’s regular divergence, and that’s indicating to me a reversal. So we have an uptrend, we get regular negative divergence, and then we’re likely to get a downtrend, a reversal. Likewise, we’re in a downtrend already, we get regular positive divergence, the trend generally turns around and moves up. Now, as you’d know from previous videos and podcasts, I like reversal traits, but they’re slightly higher risk. You know, you are trading against the main direction at the time. So you need to have a very strong pattern, very strong setup in order to justify taking a trend reversal. My favourite type of Divergence But my favourite type of divergence is, and there’s a lesser known type of divergence, it’s called hidden divergence. And that hidden divergence to me is when the price action is at a certain part of the chart. And when I see that happening, it’s a trend continuation pattern. And that to me is a highly strong, high probability, high quality trade setup, because it means I’m trading with the trend, but after a retracement. So in other words, if I see a hidden positive divergence, I’m seeing an uptrend and then a pullback. And then I’m seeing my candle pattern all in a certain part of the chart again, which I trade and I teach, all happening for a reason with the hidden positive divergence. That gives me the confidence to take the bullish trade, the buy trade, for the price to then start moving back up again. Likewise, in a down trend, we then see a pull back again to a certain level. And then we see the bearish set up with the hidden negative divergence looking for the trend to continue down again. So the continuation patterns are certainly the higher probability traits. The reversal patterns on your charts look really cool because you’ve taken a sell trade right at the top of a trend or a by trade right at the bottom of a trend and in hindsight, when you see a reversal trade work, it looks fantastic. But always come back to that higher quality, higher probability set up of the continuation patterns will give you a higher win rate and a higher probability of success. Although the reversals can be very, very good. What are we looking for? So what is it that we’re looking for with divergence? So with negat

Will the US Dollar Fall Over the Next 12 Months? Podcast: #377: Will the US Dollar Fall Over the Next 12 Months? In this video: 00:26 – A great question from someone on my webinar 01:12 – Some examples from the last 17 years 02:09 – The EUR/USD got very high in 2008 03:05 – The GBP/USD went over 2.0000 04:10 – What does this tell you as a trader? Will the U.S. dollar decline over the next 12 months, and if so, how do you trade it? Let’s talk about that and more, right now. Hi, forex traders. Andrew Mitchem here, at the Forex Trading Coach, with video and podcast number 377. A great question from someone on my webinar Now, I held a webinar just this morning and it was a free webinar for the public to attend. I had a great question asked on that webinar, and I’d like to read it for you and then answer the question. The question was, “Hey, Andrew. Look, there’s a lot of talk these days about the U.S. dollar, and that it’s going to decline over the next 12 months. Which U.S. dollar pairs would you recommend using to take advantage of this potential decline?” Fair enough question, you’d think. So my answer was, well, you cannot trade that way. You just cannot, because it means that you are now having a predefined … in your mind, you are set on the U.S. dollar falling, and it’s quite a dangerous way to trade because how does anybody know what’s going to happen? Some examples from the last 17 years Give you some prime examples on this over the last number of years. So I’ve been trading for nearly 17 years and over that time, to be honest, actually, when I started trading, the U.S. dollar was talked down massively at that time. Everybody was talking up the Euro, talking up the pound, talking down the U.S. dollar, and that’s not really happened. Within certain times over those last 17 years, yes, the U.S. dollar’s declined, but then it’s strengthened. The problem is, you cannot have that bigger picture idea, and back when I started trading, the monthly non-farm payroll, as it was called back then, the U.S. monthly unemployment data, the U.S. jobs news back then all the time was terrible. Huge numbers of job losses, and people were saying, “It’s the end of the U.S. dollar. The Euro’s going to take over. The new Euro, all these amalgamated countries. It’s the new thing to do. You’ve got to be on to the Euro.” The EUR/USD got very high in 2008 So, give you some examples. Back then, the Euro got as high as 1.60. It got very, very high, the Euro against U.S. dollar, 1.60. Then, from mid-2008 onwards, if you look at a monthly chart, overall, all it’s done is fallen. Like I mentioned just now, yes, there have been times where the Euro-U.S. dollar has gone up, and therefore the Euro is strengthened, the U.S. is weakened. But if you take the bigger picture since mid-2008, when the Euro-U.S. dollar hit just on 1.60, all it’s done since then is fallen. So that tells you that actually, what’s happening is the Euro is weakening and the U.S. dollar is strengthening. So if I had that bigger picture view back then of the U.S. dollar as weakening and declining, for the last 12 years, in general, I would have been wrong. So very, very dangerous thought process to go into there. The GBP/USD went over 2.0000 Another example, the pound-U.S. dollar. Back in 2007, it went over two. So the rate of the pound-U.S. dollar was over two, 2.000. It went over that level and then it crashed to 1.14. So all it’s done is the pound’s dropped, the U.S. has strengthened. Again, everybody said the U.S. dollar would weaken, and all it’s actually done, again, bigger picture, and there’s been fluctuations, yes, within that time, but bigger picture, the pound’s dropped, the U.S. dollar has strengthened. Then, of course, we add Brexit into that, and everybody again saying, now, that the U.S. was going to probably strengthen against the pound, therefore now the pound’s going to weaken. But if you look at what’s happened over the last month or so, the pound-U.S. dollar has actually strengthened. So now we get this complete confusion. Now we’re looking for, with Brexit, it’s all happened and Britain’s by itself, the pound’s going to crash even more. Yet the last month to right now, at the end of July 2020, it’s telling us that the pound’s now coming back with strength again. What does this tell you as a trader? So put all that into a big mix together, what do you get out of that? Well, you can basically get out of that that, for me, as a technical trader, I am trading completely and utterly what the charts tell me. Why? Well, because it then takes my opinion out of it. My opinion of what’s happening to the U.S. dollar, or the guy that was on the webinar today, his opinion that the U.S. dollar’s going to weaken over the next 12 months, it

Where to Invest Today? Podcast: #376: Where to Invest Today? In this video: 00:24 – My latest bank statement 01:07 – What are your options? 02:06 – Continuing to do what we’ve always done 02:21 – Client from Germany making 2.5% to 4% per week 03:45 – The takeaways from Sedat’s comments 04:45 – Bettering yourself as a Forex trader Bank interest rates continue to fall. So what do you do when it comes to investing? Let’s talk about that and more right now. Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 376. My latest bank statement Now, I’ve received a letter here from Lloyds bank over in the UK. I had a account when I was a kid with Lloyds. Still continue to have one there for when we go to Europe for holidays, not sure when that’s going to be happening next either right now with coronavirus. But anyway, what I wanted to talk about was on here, it says my interest rate will be changing to 0.01 gross interest paid quarterly. How exciting is that? A 0.01% interest, it’s incredible. It costs them more to send me the letter to New Zealand than they’re going to pay me in interest. What are your options? It comes back to what are you going to do about that? Because interest rates throughout the entire world are obviously falling, and it sounds great if you want to borrow, but of course, getting money and borrowing is actually getting harder as well. You just think about commercial property, why would you want to jump into commercial property right now when office blocks throughout the whole world are empty because more and more people have actually worked out that they can work from home? Exactly like I’m doing right now behind you here. But people don’t need to be travelling to work like they used to. Sure, it will come back a little bit, but the actual having to be at the office, having to be at work, businesses are figuring out that it’s actually cheaper, of course, not to be renting, leasing or owning so much space. So therefore, as the investor, why would I want to go out there rushing to buy office space or anything like that when the actual occupancy rates are probably going to be a lot, lot lower. Continuing to do what we’ve always done So it comes back to, for me as a trader, I’m just continuing to do what we’ve always done. Why? Well, because it works. Why? Well, because what other options do we have out there that can actually beat what Forex can offer? Client from Germany making 2.5% to 4% per week Now, I also wanted to talk to you about an email that I’ve got here from a client in Germany called Sedat. And he says, “Andrew, it’s been exactly one year, one month and eight days since I started trading according to the Forex Trading Coach system with you. Since then, I’ve only had positive months and only three or four negative weeks.” He says, “I’m not yet a full time trader, but I’m on my way to becoming one.” He also said, now this is interesting, “Few people realise that you can learn this business.” Sorry. “Few realise that you have to learn this business for many years before you can really succeed. No one can become a doctor in two months, but many people believe that you can become a trader in only a few months.” And he goes on to say, “I myself, make 2.5% to 4% profit per week and only trade the one hour charts. I trade with great passion and dedication. If I can’t trade for day, I’ll almost get psychological withdrawal symptoms with a smiley face. I think without absolute passion, no one can become a successful trader.” So that’s from Sedat over in Germany. So 2.5% to 4% per week, never had a losing month, and only three to four losing weeks in a year, one month and eight days since he joined us when he wrote that email this week. Amazing, isn’t it? The takeaways from Sedat’s comments So just think about that. Not only the return, but also think about what else he says on there. You can’t become a doctor in two months, but why is it that online everybody thinks they’re going to become a full time trader in two months? You’ve got to be thinking about it real, but also you’ve got to put that time in and have that passion and that dedication. So it all blends together. It doesn’t matter whether you’re doing it just for the enjoyment and the learning, the process. You’re doing it for an investment, or you’re seeing yourself with very, very limited other choices out there. It comes back to the fact that if you want to become a full-time trader or even a part-time trader, you have to learn how to do it properly. But if you learn how to do it properly, the profits and their results are there, plain to see, and compared with 0.01% at Lloyds Bank in the UK. Well, one of these trades go in behind me here is going to make probably around 1% to 1

The Power of a Good Trading Community Podcast: #375: The Power of a Good Trading Community In this video: 00:27 – Amazing trading results and the power of a good trading community 01:27 – Trading can be a lonely business 02:13 – You get to associate with like-minded people 03:34 – Trades posted daily to help follow, learn and earn 04:41 – The power of our Forum site and how it helps our traders 05:27 – Being part of our community, trading family and support I want to talk to you about the power of a fantastic trading community and how it can massively help you as a Forex trader. So let’s get into that and more right now. Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 375. Amazing trading results and the power of a good trading community Now we have had some incredibly good results this week. And I’ll talk about that more shortly, but I want to talk about the power of a good trading community and how important that can be to your trading success. You see, from time to time, I get people saying to me, “Hey Andrew, I can learn everything that you teach in your trading strategy on YouTube, or I can learn it from a book or anything like that.” And it’s like, well, good luck to you, off you go then, because you cannot. The simple fact is you cannot do that. You have to be, if you want to be a good trader, the thing that’s going to help you along the line, because of course you can have strategy and software and everything that we provide. And it’s really, really, really good, amazingly good. We’ve been doing this for 11 years now as coaches, but what makes it even better is the community that we have. And I think that’s the bit that’s highly underestimated by a lot of people. Trading can be a lonely business You see trading’s a lonely business. You’re generally sitting at home on your laptop, on your desktop, most other people don’t know what it is you’re doing. You’re generally sitting there doing something with not a lot of support, not a lot of help. Like the traditional online forums are just terrible, they just are. I’ve never, ever found a good one. They all start off with great intentions, but they’re just awful. But what we’ve built up over the 11 years from thousands of coaching clients from currently 88 countries all around the world, it’s something very, very special and it’s not to be underestimated the importance and the power of that family, of that community, of that spirit, that like-minded group of people all with that common goal of helping each other and to becoming a better trader. You get to associate with like-minded people Now from a personal point of view, when I go to business events, which I do from time to time, not that often, but from time to time I go to them. The reason I go to them is not only to learn something, but more importantly, it’s the people that I meet there. And it’s the unexpected bump into someone, start talking, you know somebody who knows someone else or they may be in a completely different business to you and you start talking to them and you find some sort of common goal correlation together. And to me, it’s surrounding myself with really good, decent people who are like minded people. And that’s what I get out of those events, the energy that you get from that, just decent people. We all know there’s a lot of, without putting it bluntly, people out there that just don’t have the entrepreneur spirit, they just don’t have the will to want to better themselves. All those types of things. We know that society has that unfortunately, and it always has always will do. But we also know that if we surround ourselves with good people and people with the same interest in us, whether it be a sport, music, trading, whatever it might be, you grow as a person from that. And that’s what we have with the Forex Trading Coach community. Trades posted daily to help follow, learn and earn Now on a daily basis, we post our daily trades of course, and we also post about different trades that we see taking and setting up on other timeframe charts. Now the daily charts this week have been fantastic, great, great results. But what that gives you is the ability to see in real time what we’re taking and why. We then, on a weekly basis, hold a live two hour webinar, one in the European session and then the next week in the US session. So European, US continually go around like that week after week, I held the European session last night, my time. And again, lots of people on there. Great, great chat, great interaction. I took a trade live, it hit the full profit target within about half an hour on a one hour chart, Canadian Frank sell trade bouncing off of 70, took the trade. Other people could take the trade, make money, learn, we talk, we chat, we discuss other trades, we dis

How to Calculate Your Lot Size Correctly & Easily Podcast: #374: How to Calculate Your Lot Size Correctly & Easily In this video: 00:26 – Understanding Lot Sizes 00:58 – The problem with the way most people trade 01:57 – Different pairs pay a different amount per pips 02:50 – Place the stop loss at the correct level 03:29 – Use my Lot Size Calculator 04:48 – Allows you to be smart with your trading 05:21 – Weekly chart trades made good money this week 06:11 – Controlling risk and your emotions How do you calculate the lot size that you need on every trade so that you can control your risk and your emotions? Let’s talk about that and more, right now. Hey Forex Traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 374. Understanding Lot Sizes I thought I’d come outside today as it’s a lovely winter’s day here in Nelson. Lots of good feedback on last week’s video, when I took you on a helicopter trip. So glad that you enjoyed that and I figured, well it’s so good, let’s get outside again today and explain the very important topic regarding what makes the difference between potentially a losing Forex trader and a successful Forex trader. It comes down to money management and risk and understanding how to calculate the lot size that you need. The problem with the way most people trade You see, the problem is that most people when they trade is they will put on 0.1 lots or 1.0 lots, something like that. I did exactly the same 16 plus years ago when I started trading. Because that’s what you think you should do. When you see people showing trades online they’ll put something like, you get paid $10.00 per pip and if you make 100 pips that equals $1,000.00. The problem is that’s not quite right. It’s quite a bad way of trading. Let me explain why. In order to trade with low risk and controlled risk, what you need to do is actually calculate the lot size that you need on every trade that’s specific to that trade. You can’t just go and say, well I’m going to put on 0.1 lots on every trade. It’s not a good way of trading because you’re going to find that you have different risk on each trade. Different pairs pay a different amount per pips Different currency pairs pay a different amount per pip depending on what currency pair you’re trading. But not only that, it also depends on what the account your trading is based in. For example, it may be in US dollars, it might be in New Zealand dollars, it may be in British pounds. So you can’t just say that every trade is $10.00 per pip or $1.00 a pip, because that’s assuming that you’re trading something like Euro/US dollar or the Pound/US dollar, and your account is in US dollars. If it’s not in US dollars, then the $10.00 a pip logic doesn’t even make sense anyway, it’s inaccurate. So that becomes the issue. Now it’s so easy to look online and people showing you trades that they make, like I said 100 pips equals $1,000.00. No, it’s not true. So you have to be quite careful there. Place the stop loss at the correct level What you need to do is actually place the stop-loss on the trade at the level it needs to be at. Don’t just go and say I’m going to put a 20 pip stop-loss in, because 20 pips doesn’t mean anything. You have to put that level at the price level where it needs to be for that specific trade. Then what you do is you then work out the dollars per pip or the pounds per pip of the currency that you’re trading and according to your account denomination. Then you work the lot size needed for that trade. So that all starts to sound a bit complicated, doesn’t it? Use my Lot Size Calculator The great thing about it is that I have a lot size calculator freely available on my website, and I’ll put a link next to this video and podcast, that works on any MT4 or MT5 account and all you simply do is drag it onto the screen (it’s a script, it’s not an indicator so don’t go putting it on the indicators folder it won’t work, it’s a script) drag it into your charts and it knows what your account denomination is and it knows what chart you’re putting it onto. You drag it across onto your charts and you put in your risk level, let’s say 0.5% or 1% whatever it is you want to risk, and put in the stop-loss of that trade. It tells you the exact lot size. What that also does is it gets you away from thinking, “I cannot trade something like a daily chart because the stop-loss is too big and my account size is not big enough.” It gets you away from that mentality. Because every single trade that you take by using this calculator gives you an equal risk on your account, it doesn’t matter what the currency pair is, what the timeframe is, or what the stop-loss of that trade is or needs to be. It doesn’t

I’ll Take You on a Helicopter Trip Podcast: #373: I’ll Take You on a Helicopter Trip In this video: 00:29 – Let’s go flying but first we need to prepare 02:22 – Pre-flight completed and trading completed 03:36 – Experience some of the amazing scenery 04:03 – Back on the ground 04:25 – Update on TFTC Pattern Trader June performance 05:31 – Manual trading and the TFTC Course 06:13 – Education and discipline are key to success I’m going to take you on a helicopter trip today and share with you some of the benefits of being able to trade correctly with low risk and without spending all day looking at the charts. Let’s get into this and more, right now. Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 373. Let’s go flying but first we need to prepare And that’s right, something different day. I’m going to take you on a ride here in my helicopter. I’m at the hangar. Pretty cold day, as you can see here, middle of winter here in New Zealand. And I’m going to go for a fly, but also I want to explain to you about why it is that we trade, and the benefits and the lifestyle that come with it. Now I’m, as I’ve said, at the hanger. So I just want to show you in here. I’ve just posted my daily trades from the laptop here. Trades have all been posted, and we’re now off for a fly. But one of the important things to note when you trade well and when you fly well, you’ve got to do a lot of preparation and a lot of planning. Now, inside the helicopter here, if I open up this door, you’ll see in here there is a huge amount of dials, instruments, et cetera. And the planning that goes into being able to fly is huge. Exactly like trading. So I’m now going to open up all these doors here and do a full pre-flight of the machine. I’ve got my flight plan ready. I’ve got everything prepared in advance for the flight. So I’m going to do the pre-flight and explain to you how that corresponds with trading really, because I’ve done my daily trades in there, which took me probably 15 minutes today. And it’s a public in the US coming up, and non-farm payrolls was a day early this month. And so the market’s pretty quiet. But the thing is, if you do your planning correctly, then you get the benefits from your trading and trading quickly. If you do your planning correctly with flying, we’re going to have an awesome day today. So I’ll finish the pre-flight, open the doors up here, take the helicopter outside, and I’ll see you shortly. Pre-flight completed and trading completed Okay. So back outside now, done the pre-flight. Everything’s checked in the machine. And as you can see it’s a stunning day here. And so we’ll be leaving shortly. So how does this relate to trading? Well, one, with trading gives you freedom and flexibility. I’ve been in there in the hangar and taking my trades today. I know when to take them. I know when I need to be at the charts. I’ve looked through the daily charts, the 12 hour, the eight hour, the six hour, and the four hour charts, taking my trades. Placed them on the computer, I’ve got my stop loss in place, I know my risk. And that’s it for probably six hours, maybe even 12 hours. So the great thing with that is you can go and do things in the day. If you’ve got a normal nine to five job, you can still trade properly. If you’ve got other commitments, travel commitments, family commitments, you can still trade properly. So we’ll be off very, very shortly. And I’ll hopefully get the guy that’s coming with me just to film a few seconds so you can see us up in the air crossing a few quite high mountain ranges on the way today, so looking forward to that. But it all comes back to understanding what it is that you’re doing, getting yourself educated to start with, and then getting yourself prepared. Flying, exactly the same as trading. So I’ll see you shortly up in the sky. Experience some of the amazing scenery [00:03:36 – 00:04:03] Back on the ground Okay. So we’re back again, back on the ground. Pretty good landing. Managed to get it on the yellow lines on the trolley here. So I hope you enjoyed the video. I hope you enjoyed just the few seconds of scenery there. We were up to nine and a half thousand feet at one stage, which is pretty high over those snow-capped mountains. Update on TFTC Pattern Trader June performance So I just wanted to also let you know about the pattern trader. So I’ve mentioned it in the last few weeks. We ended up closing out of the month of June with a 20% return on 100% autopilot, quite appropriately naming the autopilot, but the pilot was me today. Yeah so 20% for the month of June, which is exactly as the back-testing stats say for the same time, which is what’s so good about this software. It’s not about bac

Only Trade on the Close of a Candle Podcast: #372: Only Trade on the Close of a Candle In this video: 00:25 – Knowing when to trade 01:01 – Simplify your trading 01:50 – Trade at the close of a candle 03:07 – Trading the right time frame charts 04:16 – Another +1.2% gain on Autopilot for TFTC Pattern Trader 04:56 – The price for TFTC Pattern Trader will be increasing soon 05:50 – Go to TFTCPatternTrader.com for more details I’m going to explain why I only look for a new trade upon the close of a candle. Let’s talk about that and more right now. Hey, Traders, Andrew here at the Forex Trading Coach and welcome to video and podcast number 372. Knowing when to trade So I want to talk about understanding when you should look for trades, and at the end, I’ll also give you an update on our hundred percent automated Pattern Trader Software, which has had another positive result again this week. So, when to look for trades. It’s really important because a lot of people get very, very confused. I had an email yesterday from somebody who said, “Hey, Andrew, do you ever look at a trade midway through a candle?” Very easy answer. The answer is absolutely not. Why would you? Because things are not set, things are changing all the time. Simplify your trading So in order to simplify your trading, not only in terms of your mindset, knowing exactly what to do, lower stress, having a lot more control in your trading, it also helps you to get away from your charts. Because if you know exactly when to look for trades, that can really help you with your longevity as a trader. And the mistake that many traders make when they get into trading, and look, I did exactly the same myself when I started trading, is that people think that they have to sit there all day, watching every PIP move up and down. They’re glued to their charts. And although it’s quite exciting to start with when you start trading, realistically, you’re not going to continue trading and have that love and that passion and enjoyment for your trading if you just are completely glued to your computer. Trade at the close of a candle So, end of the chart, or end of a candle, means a lot of things. It means that you have all your, if your trading indicators, have all your levels set, nothing’s moving. Nothing’s moving up and down and changing. It also means that if you’re analysing strength and weaknesses that you can look at different pairs at exactly the same time. So it means, for example, you can trade and look at, say, there’s a bullish movement on the Euro/US Dollar. Is that because the Euro is strong or is it because the US Dollar is weak? And so therefore you can go to like the Euro/Yen, Euro/Aussie, Euro/Kiwi, Euro/Frank, and look through those to actually get a good analysis overall of what’s really is strong and what’s weak. So it helps you with that. It helps you massively with stress levels because, quite frankly, it takes all that away because you’re not desperate to get into a trade and making mistakes with lot sizes and stop losses. Especially if you trade the way that we trade, where we use limit orders. So you’re not even jumping in at the market straight away at that time anyway. It really allows you to focus properly and take good high quality trading decisions with accurate position sizes without having that stress like a lot of new traders do, for instance. Trading the right time frame charts Has also the benefit of allowing you to take advantage of the different characteristics, different movements within the market. So what I mean by that is this. Sometimes you will see, for example, that the four hour chart trades might be showing some really good examples. On other days or other weeks, you’ll find the daily charts are showing really good trade setups. And so by having the ability to only look at a trade setup at the close of a candle, for instance, you can look when the daily charts close and then open for the new day, which is 5:00 PM New York time. At that time I look at the 12 hour charts, the eight hour, the six hour, and the four hour charts. Very, very easy to scan through several different timeframes at that exact time. You don’t have to be sitting there not knowing when to trade or looking at five minute charts, one minute charts or anything like that. Very, very easy to do that. So I highly encourage you to look at the close of a candle. It will massively help your trading and it will help your overall enjoyment. And, almost certainly, it will help your results. Another +1.2% gain on Autopilot for TFTC Pattern Trader Now talking in results, our Pattern Trader has had another positive week. Right now I’m up 1.2%, 100% automated trading. That follows on from, I think it was about nine and a half percent, three weeks ago. Last week when I made the video on my Friday, I think I was up about 3.8%. In the end I closed the

Should You Trade Correlated Forex Pairs? Podcast: #371: Should You Trade Correlated Forex Pairs? In this video: 00:23 – Trading correlated pairs and the TFTC Pattern Trader results update 00:36 – Confusion over trading correlated pairs 01:38 – Other correlated currencies 02:06 – Trading examples 04:27 – Trades from last week and how I traded the correlated pairs 05:52 – TFTC Pattern Trader update, +3.6% this week on autopilot Should you trade correlated Forex pairs? Let’s talk about that and more right now. Hey traders, Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 371. Trading correlated pairs and the TFTC Pattern Trader results update And I want to talk all about Forex pairs and trading correlated pairs and also, I want to give you an update on the autopilot feature for the trade results this week for our fantastic software called Pattern Trader. Confusion over trading correlated pairs So let’s start with the question about Forex pairs and correlation. It came from a trader called Joseph and said to me, “Hey Andrew, I’ve got a question for you. I’m getting confused with knowing which pairs to trade and which are correlated. Can you help me out on a future video and podcast?” So, exactly what we’re doing. You would notice that a lot of currency pairs are quite highly correlated. For example, the Euro and the Swiss Franc are highly correlated. And what the EUR/USD does, the USD/CHF generally does the opposite because they’re both U.S. dollar related and the Euro and the Franc are related. So if the EUR/USD goes up, on your charts, generally, you will see the USD/CHF drop. You get other correlations acting like the Euro and the Pound, both are very similar markets, same time zone, et cetera. They tend to move quite similar, tend to. Other correlated currencies You get other correlations such as the commodity currencies. So in other words, the New Zealand dollar, the Australian dollar and the Canadian dollar, they all tend to move in correlation most of the time. And of course you get exceptions to that. And sometimes you’ll get the Aussie dollar move up, as the Kiwi dollar moves down. That’s generally something’s happened, whether it be a news event or something to split that correlation, but overall, you will find similarities there. Trading examples And so an example of this would be, let’s say you were trading the EUR/AUD. Now what the EUR/AUD does, let’s say it moves up. You will find that the AUD/CHF will likely go the other way. And so you have correlation there because you’ve got the Australian dollar featuring in both of those. And you’ve got the Euro and the Franc, which are correlated, so that becomes the issue that some traders have. And with Joseph, who said, he’s confused with these, you can see why, and therefore you just need to be careful. Let’s say you were trading the AUD/USD and that was a buy trade. You probably wouldn’t want to be trading a sell trade at the same time on, let’s say the NZD/USD, because you’re unlikely to find the two would work out. Now, of course, there are exceptions again, you have to trade what you see and you have to have a trade plan in place. So if your plan is to take those two trades, regardless, then you do so. But if they’re on the same time frame chart, and they show at the same time of the day, then its quite likely there that one’s going to work and one, maybe not. So what you need to do as a trader is you need to do one of few things. You have to look at this and go, do you know what, I’m going to take them both, but I’m going to reduce my risk on each trade. That is one option, or you can look at them and go, I need to take the strongest of these, so if the AUD/USD, let’s say it’s showing a bullish signal and the NZD/USD is showing a bearish signal. What I would then do is go and have a look at the AUD/NZD pair. And on that, you’re likely to see that the AUD/NZD is moving up as well, so that gives you a little bit more bias that you’ve getting this right with strength in the AUD/USD. But also you then need to look at your strategy and how these are likely to play out. Where are you going to put your stop losses? Where are your profit targets? Where are they bouncing? What part of the chart are they in? All those types of things, and you might then do your analysis and go, do you know what? I’m just going to take one of these because it looks so much better than the other. Trades from last week and how I traded the correlated pairs And I’ll give you an example. Last week, I had three Euro related trades at the same time on the daily charts. I had the EUR/NZD, the EUR/JPY and I think it was the EUR/CHF as an example. And so what I did with those, as I said to my clients, I said, all three of these are looking really, really good, they’re on th

A Massive +9.5% Gain this Week on Auto Pilot Podcast: #370: A Massive +9.5% Gain this Week on Auto Pilot In this video: 00:29 – Giving you the opportunity to try our new software 00:45 – Do you lack time to trade? 01:25 – Amazing trading software and it’s features 03:35 – This week my account is up +9.5% on autopilot 04:27 – This is how you can use the software 06:19 – The software self learns and adapts Our amazing new automated trading software has made an incredible 9.5% so far this week, and I’m going to give you the opportunity to get your hands on the software. Let’s get into it. Hey, traders, Andrew Mitchem here at the Forex trading coach with video and podcast number 370. Giving you the opportunity to try our new software I’m very excited to give you the opportunity to come on board with us here at the Forex trading coach and get our amazing new auto trade software, and you can start by getting it absolutely free. Some more about that shortly. Do you lack time to trade? The problem that a lot of traders have obviously is time, lack of time. People tell me all the time that, Andrew, I’d love to join your course, I’d love to learn trading, I’m too busy. Anything else you can do to help us? What we have done is over the last year, we have behind the scenes been developing an amazing piece of software. It is honestly like no other piece of software you’d have ever seen in the Forex market. It is based entirely on my own trading strategy, completely based on the Forex trading coach principle. Amazing trading software and it’s features The amazing part about this software, there’s actually so many, but I’m just going to name some of the principle differences with it compared with most other software. What this allows you to do is to create your own portfolio of trading bots, of trading computers, trading robots. The beauty of this is unlike most other systems out there, we have one set of optimised rules, which generally then don’t work in real time. This allows you to create different robots based on the principles that I’ve been trading myself for the last 16 years on different currency pairs, different timeframes, different patterns, everything that I trade. It allows you to create your own group, your own portfolio that suits you as an individual. The other clever thing that we’ve done is we’ve allowed a back testing aspect to this, where you can go and see all the trades over the last 10 years based on the group of bots, the portfolio, and the risk level that you have created. We’ve also taken it to the next level where we have integrated MT4 into the software. There’s no third party apps, there’s no virtual servers, there’s no expert advisors to add. There’s none of that. You don’t need any other trading software. You literally just integrate your MT4 platform into the software and all the trades are there getting traded for you. We’ve also built the software with a piece of software called telegram, and it means that you can get the trades alerts sent through to you. You can look on your phone, you can look on your computer, you can see the chart, you can see the risk, the reward of the trade, and you can determine yes or no, if you want to take the trade, or you can take that one step further and have the ability to have the software completely on auto pilot or a combination of both, depending on what suits you. It really is amazing software. It honestly is like nothing else you would have seen before. Very easy to use, very easy to create your own group of bots. It’s absolutely amazing. This week my account is up +9.5% on autopilot As I’ve mentioned at the beginning, so far this week, we’re only four days into the week. I’m recording this Friday morning, my time here in New Zealand. Another day still to go. Right now this week, the group of bots that I have created and I’m using and running 100% on autopilot on my live account are up plus 9.5% this week with a 2.2 profit factor per trade, and a 2.3% account draw down. The lowest my account was down, which was at the beginning of the week when the market conditions were not so favourable, I’ve been down 2.3%. Maximum right now I’m up 9.5% if I closed my live trades right now, my open trades, that’s open and close trades. If I close them right now, I’d be up 9.5%, 100% automated. This is how you can use the software If you would like to get your hands on the software, and by the way, we’ve been developing this for like a year. It’s taken a long time, a lot of costs, lots of effort gone into it. In early May, we’ve launched it for our coaching clients to have the option of using the software. It’s a paid for piece of software. There’s a lot of costs involved in this software, but it is really truly remarkable software. Back in May, we launched it to

Should You Use a Trailing Stop Loss? Podcast: #369: Should You Use a Trailing Stop Loss? In this video: 00:26 – How to manage trades? 01:08 – Don’t move your stop loss to breakeven 01:50 – Disadvantages of a trailing stop 03:17 – Where do I place a stop loss? 04:05 – How I manage a stop loss 06:15 – Try to avoid moving to breakeven and avoid trailing stops 06:40 – Email me if you have any questions about trading the Forex market Should you trail your stop, or should you move your stop to break even, or should you do something completely different? Let’s talk about that and more, right now. Hey Forex traders, it’s Andrew Mitchem here at The Forex Trading Coach, with video and podcast number 369. How to manage trades? Now, I quite often get emails asking me about how I manage trades, and I’ve had an email come through just today, and it’s from someone who’s saying “Hey Andrew, can you tell me the best way to trail a stop?” and they basically said they want to use trailing stops, and how should they use it? My question back to them is quite simple. It’s how big a stop-loss should you use? And it’s like “well, how long is a piece of string?” It really is a level or a number that no one can tell you what you should do, because in my opinion, you should not use trailing stops. Don’t move your stop loss to breakeven I also don’t think you should move your stop to break even either. Because when you think about it, moving a stop to break even doesn’t actually do anything. It might make you feel all warm and fuzzy, and “Well, I can’t lose on this trade,” but from a trading point of view, and if you actually look at your trade’s bigger picture longer term, if you just move your stop to break even, does that actually improve your trading success and your overall profitability? I highly doubt it does, because when you move your stop to break even, when do you decide to do that? Do you move it when you’re almost at your profit target? Do you move it really soon, and then you get stopped out all the time? How do you decide? And it’s a little bit like a trailing stop. Disadvantages of a trailing stop One of the big disadvantages of a trailing stop is that on most platforms, you actually have to have your computer on, in order for that trailing stop to work, certainly on the MetaTrader platform you do. You can’t just put a trailing stop in and turn your computer off, because the trailing stop actually sits on your computer, rather than on the broker’s service, unlike a fixed stop or fixed profit target. And then it comes down to the point of how big is your trailing stop, and when do you introduce that trailing stop? Now, an example would be the Euro British Pound, doesn’t move very much, but if you’re trading something like the Euro New Zealand or the Pound New Zealand dollar, and then the same stop loss that you use on your Euro-Pound would be stopped at all the time on your bigger moving pair. And then of course, it comes down to another thing: what timeframe charts are you trading, and how big is your stop-loss anyway. So it all becomes quite a bit… It becomes very messy and it doesn’t become something that you can do very well with consistency. It starts to become emotional and a bit of guesswork on there. And I don’t like emotions and guesswork in trading. I like to know facts on like to know actuals. And I think that’s where people who play around with their stop-losses too much actually come on stuck. They actually think they’re doing a good thing, but in reality, they’re probably not really doing themselves any trading favours. Where do I place a stop loss? So how do I approach this? Well, first of all, from my own point of view, when I put a stop-loss in, I put it there for a reason. I know that it’s generally below a round number if I’m buying or above a round number if I’m selling, or support or resistance levels, but it’s there for a reason. I also know that if I do get stopped at, at the full stop-loss, I’ve lost X amount of percent of my account. Generally for me, a quarter or half of 1%. It’s a very small risk per trade. So I have all that pre-calculated. I also know that from my own trading point of view, my reward-to-risk is very high on trades. So, when I have a profitable trade, it more than outweighs several losing trades. However, if I were to go and change a stop-loss or edited, it would be for a reason. How I manage a stop loss And I would do one or two things. I would either close part of the trade because that’s effectively locking in some profit anyway, assuming that the trades in good profit, but I would only do that if I saw a reason to stop or to get out of the trade, or I’m starting to doubt the trade. But at this point, I’m assuming it’s still in good profit, bu

We’ve Won The Best Forex Mentorship 2020 Award Podcast: #368: We’ve Won The Best Forex Mentorship 2020 Award In this video: 00:28 – TFTC Wins the Best Forex Mentorship 2020 Award 01:15 – Making trading work for our clients 02:32 – We celebrate our 11th birthday – don’t miss out on our sale 03:36 – Proud to have been coaching for 11 years 04:34 – A very quiet trading week 05:09 – Looking forward to a good trading month in June Today, we’ve just won the award for the number one best Forex mentorship programme online for 2020. I want to talk about that and more right now. TFTC Wins the Best Forex Mentorship 2020 Award Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 368. And that’s right today, we have been awarded for 2020, the number one best Forex mentorship programme online. We’re very, very proud of that. Very thrilled to have won that amongst a group of other very good online companies. It’s been awarded to us by the bestonlineforexbroker.com website, and I will put a link to their award with their top ranked Forex mentorship programmes for 2020 on this page. A big achievement. It’s taken a lot of hard work and dedication on our behalf to get there, but also it’s the reward for the hard work that goes in to ensure that the trading works for our clients. Making trading work for our clients Now, ultimately, that’s what we’re about as a mentorship programme, we’re about imparting our knowledge and our education to other people who are out there wanting to learn how to trade and how to do it well. So as a result of this award, I got in contact with the owner of the website, Edward, and I said to Edward, “Look, why have you created this programme? Why have you created this website? What is it all about?” And he said to me, “Look, Andrew”, he’s been involved in the Forex market for a number of years. And he said, “I was just fed up with the amount of scams out there, the amount of just utter rubbish or garbage, whatever you want to call it, out there in the Forex market.” And he wanted to do something about it. So he’s created the website, the bestonlineforexbroker.com, and on that he ranks different brokers, and also different online education companies, and of which we were the number one ranked for this year. So very, very pleased with that. So go and have a look at that site. Like I said, there’s a group of really good, honest, quality education companies on there. And we are one of those, but fantastic from our point of view to win the first place. So very, very happy with that. We celebrate our 11th birthday – don’t miss out on our sale So that leads on to something that we are holding right now. When you get to watch this video and podcasts, it will be this week. It is going to be on the 3rd of June. For me in New Zealand, starting, could be the 2nd of June if you’re in Europe or the US. Now we are holding our 11th birthday sale. So every year on our birthday, we hold a sale where I give a really good, massive discount on the course itself. Now this year, we’ve just delayed it slightly because we’ve just been spending the last few weeks updating and upgrading our membership sites. So now it’s a great opportunity for you to jump on board. We’ve just gone to new membership software, makes the whole joining process even more smoother, and the actual site itself is a new and improved look as well. So we’ve just delayed the sale by a few weeks, but it’s going to be this week, second or 3rd of June, depending on where you live in the world. It’s going to be a 12 hour sale and the starting price is going to be absolutely crazily low. Proud to have been coaching for 11 years But yeah, look, we’re really proud to have been in the industry for 11 years. Looking forward to many, many more years to come and to helping many thousands and thousands of traders still to help people become profitable. We’ve got actual clients who have joined the course in 88 countries around the world, and again, we’re very proud of that achievement. It’s something that’s not easy. It’s a lot of time and dedication to help people, but also just shows the structure that we’ve got in place, and how it is really working and changing the lives of so many people who are interested in trading the Forex market. So have a look at the number one award. Also have a look at the 11th birthday sale that’s on this week. It’s just 12 hours. Get in early because the price will start low and will be increasing all of the time. So that’s it from me this week. I’ll be back next week with actual trading information and news for you. A very quiet trading week It’s been pretty quiet on the charts this week. Been a very quiet week. So not a lot to report on the actual currency charts this week.

Trading in 10-15 minutes a day Podcast: #367: Trading in 10-15 minutes a day In this video: 00:26 – How much time do you spend watching the charts each day? 01:30 – Waiting for every pip 01:53 – The way we trade 03:12 – Why we trade at 5pm EST, New York Time 03:58 – 4 weeks on holiday and I made +12.7% 04:48 – A normal day 05:37 – Get away from the short time frame charts I’m going to show you how you can trade the Forex market very well in as little as 10 to 15 minutes per day. Let’s talk about that and more right now. How much time do you spend watching the charts each day? Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 367. And I want to talk about how much time you spend at your charts, at the computer as a Forex trader. And probably for most people watching this, you’re probably part-time traders doing this as an interest, a hobby, something to create a passive income. And what I tend to find is that most people seem to think they need to be set at their computer at their charts all day long or as long as they can. A lot of people say to me, “Andrew, I’m around working in the daytime, but I’ve got all evening to sit and watch the charts.” And the problem with that is it doesn’t become sustainable, it’s not reality. Yes, you can do it for a short period of time. But think about this long-term, are you going to spend five days a week just sat there watching your chance every evening? Or if you are working night times, are you going to sit there every day time watching your charts? The reality is that you’re not going to be doing that or you’re not going to enjoy doing that for very long. And that becomes a problem. Waiting for every pip Most people though, they think they’ve got to be sitting there waiting for every pip per movement, waiting for this line to cross over that line. And just in case you miss something or you’re scared to leave a trade open because you might like lose a pip or two. And that’s the problem. People thinking in the wrong terms, you should never think in pips, forget the pips, they do not matter. Think in percentages, but that’s another subject. So the reality is that the way that I teach and the way I trade is that most days I spend between 30 and 60 minutes total chart time. Now, when you start trading, when you learn a system, yes, you’ve got to put that time in the effort upfront. Absolutely you do. You’ve got to watch, you’ve got to see what’s happening. See how the market behaves, see the behaviours of different currency pairs, all those types of things. But the reality is though that once you know how to trade it’s quality, not quantity. And less is more, all those kinds of phrases that you hear, but they are so true when it comes to being a good Forex trader, because you do not need to sit watching your charts all day long in order to do well. And for me in the way that I trade, the way that I teach is that we only look for a trade at the close of a candle. Now for me, the two main times that I try to be at my computer on New York time, 5:00 PM and 5:00 AM. Those are the two times. If I’m not there exactly at that time, especially the 5:00 AM. It doesn’t matter because the way that I trade is I’m taking retracement orders anyway so I don’t need to be there. The 5:00 PM. I’m always there because that’s when I post my trades for my clients and have done so for nearly 11 years now, without fail, we’ve never missed day. Why we trade at 5pm EST, New York Time So the reasons for those times, the 5:00 PM New York time, that’s Eastern standard time. That is at the close of the trading day. That is when I can look at the daily charts, the 12 hour charts, the eight hour charts, the six hour charts and the four hour shots. I can scan through those five timeframe charts in probably 10 minutes. Look at all the currency pairs, scan through them, 10 minutes done. And then at 5:00 AM, New York time, I look at the 12, the six, the four. And because it’s then in the European time, I look at the one hour charts as well. If I think nothing else than looked at the charts at and around those two times, then you have ample trading opportunities. 4 weeks on holiday and I made +12.7% Now to give you an example, last year, you’d have seen on my website, if you’re following me back then, I went over to Europe, the UK, and France for four weeks with my family. And in that time I traded 10 to 15 minutes once a day on the 5:00 PM, New York close and that was it. In the four weeks I was away, I made 12.7% on a live account. All the trade today, you can go and view them. They were all posted on our membership site. They’re all taken in advance of the market moving, but 12.7% in four weeks trading, 10 to 15 minutes once a day in the evening in the UK and in Europe and that

How to manage a run of losing trades Podcast: #366: How to manage a run of losing trades In this video: 00:25 – Trader struggles with losing trades 01:41 – Your strategy stops working 02:26 – No trading results are ever even 03:13 – Trade a variety of different time frame charts 04:15 – 7 closed trades and a 7% account gain this week 05:15 – Things will be different next week. Be flexible 06:14 – Examples of using Fib levels What happens to you when you’re in a losing streak of trades? How do you cope? How do you manage with it? Let’s talk about that and more, right now. Hey traders, Andrew Mitchem here at The Forex Trading Coach with the video and podcast number 366. Trader struggles with losing trades So I’ve received an interesting email from somebody this week. They’re not a client, but they were saying, “Andrew, I’m having a really bad losing streak right now. My trades are mostly going wrong. I’m losing money. What do I do? How do I cope with it?” And it’s a really interesting question because of course, nobody writes to say, “Hey, I’m having a fantastic time. My trades are going really well. And I now want to change systems and jump in and take your course.” But if someone is having a losing run, then they write and say, “Well, how do I overcome this?” So it’s really interesting that that happens. And it’s a tricky one to answer, but I’ll do my best to give you an explanation of how we trade and help overcome that. Because to me, it’s really important that now I’m assuming this person has a good strategy that’s been profitable in the past. If you’re just jumping straight into a strategy and there’s no proof behind it or you don’t know how it was created or it’s a logic or it’s theory, and it’s not working. Well, that might be different. You might want to sort of think about jumping out of that one pretty quick. Your strategy stops working But I’m assuming, for now, that you’ve got yourself a strategy that’s been profitable, it’s been proven in the past, and now all of a sudden, it’s not working for you. Now, if that strategy has been good in the past, logic would suggest that there’s no reason why it probably won’t come right again, but you’ve still got to get through this time period that you’re in right now, where things are going wrong. So I think it’s really important to start with, that you actually, if you’ve got confidence and faith in your strategy, and you’ve created this strategy yourself, and you know it works, is to stick at it. Don’t go trying to tweak it. Don’t try optimising it. Don’t add other indicators or changing it because that’s likely just to mess with you and mess with the logic and the strategy. No trading results are ever even Don’t forget also that no trading or any investment for that matter is a straight-line return. It just doesn’t happen. Nothing is perfect all the way through. You’re not going to make 5% month after month after month after month, perfect straight line. It doesn’t happen. You’ll still end up with the same result maybe after a year, but you’re going to make 2% minus 4% plus 6%. Depending on how your strategy goes, but you’ll still get to that same overall result, but no way do you flat line equal results all the time. So you just need to accept that you might be in a situation where the market’s not reacting perfectly to the strategy that you have. Trade a variety of different time frame charts So here at The Forex Trading Coach, the way that we try to overcome that is we trade a variety of different timeframe charts. Now, to give you an example, this week, I’ve seen very, very little on the shorter timeframe charts. I’ve taken only two trades, three trades, sorry, on the daily charts, two of which closed for profit, one’s still in, and I’ve taken another one just today about an hour ago. So the two that have closed for profit on the pound-yen and Canadian-yen made a 2.7 to one reward to risk and 3.1 to one reward to risk. Put those two together, half percent risk on each. And that’s given us a 2.9% gain. I also have a breakout strategy that takes me about five minutes once a week on a Monday, that made a full profit for 1.5%. And I’ve taken only four 12-hour charts in the entire week. Still got Friday to go, but only taken four 12-hour charts. And they’ve netted a 2.6% return, half-percent risk. 7 closed trades and a 7% account gain this week Put all that together, I’ve actually got only four, five, six, seven closed trades, two still in, but I’ve made a 7% account gain. So it just shows that if you were only focusing on, let’s say 15-minute charts, with my strategy this week, you may or may not have

How a Client Now Owns His Own Fund Management Company Podcast: #365: How a Client Now Owns His Own Fund Management Company In this video: 00:31 – Email from a client who joined 3 years ago 01:19 – Started hedge funds and investment bank 01:51 – Look what can be achieved 03:10 – Get the basics right first 03:52 – Echo Trade Copier https://echotradecopier.com/ 04:22 – Learn how to trade properly A client has gone from being a forex student to a full time fund manager (fund management), owning his own company in under three years. Let’s explain how and how you can do the same. Hey traders, Andrew Mitchem here at The Forex Trading Coach for video and podcast number 365. Wanted to get outside again today. Beautiful day out here and make this video. Email from a client who joined 3 years ago Now, I’ve received an email this week from a client of mine who joined me just around three years ago as a student. Never really traded forex that well until he joined us. But he put a huge amount of effort in, at the beginning. Constantly asking questions, constantly being on live webinars and his due diligence that he did with his trading was incredible. Very, very impressive young guy. Did very, very well after joining us. Was very active on our forums, very sensible guy. Took trade sensibly, didn’t gamble. Did all the things that we basically teach, but the information was there provided for him. He took it, he took advantage of it, and now the change around of what he’s achieved is unbelievable. But I wanted to read this email to you that I received from him. Started hedge funds and investment bank He said, “Things are going well on my end. I’ve started a few different hedge funds over the past year and even purchased an investment bank with my business partner. We’re rapidly growing our assets under management, which is very exciting. We’re just about to close a €1.5 billion deal with a consortium in Madrid. I’m about to launch a prop firm, where I’ll be allocating funds to different traders. If you’re interested, let me know. Or if you know of any other proven traders, I’m more than happy to discuss.” Look what can be achieved So, it’s a couple of things here, is that one, look what this guy has achieved. Just by taking our course and when people say to me, “Hey Andrew, I can’t justify spending that amount of money on a course.” My response is, well, if you went to university, you’re going to get end up with a piece of paper and debt. Almost certainly. I’m not knocking university, but you get what I mean. This guy spent $2,000. It’s changed his entire life around. He’s learned how to trade properly and now he’s got to where he’s got with his own company, with potentially with this new one at €1.5 billion under management. That is an incredible turnaround. And if you think that spending a couple grand upfront to get to that stage is not a good investment, then please don’t even contemplate joining us because you’re really not the right sort of person for us. We’re not a good match. So, just shows what can be achieved. So, that’s taking it from beginner to really, really quite special. Not everybody’s going to do that, of course, but it shows what can be achieved. But you have to start somewhere and you have to take the decision to want to learn how to trade. And you have to be able to learn how to trade and prove to yourself that you can trade before you get to these next levels. Get the basics right first You see, it’s all well and good thinking, I’m going to do this and I’m going to do all these flashy things, but unless you can do the first bit right, which is what this guy chose to do, he chose to invest in himself to learn, to follow us, to follow our system and to prove to himself that it could work. Only when he did that and did that consistently for like the time to then move on to the next things. And you can do the same. I mentioned a few weeks ago on a video and podcast that there’s no reason why you cannot start with going to Myfxbook or Signal Start or one of those kind of companies and getting people to follow your trades and you can make money month after month from subscribers. Echo Trade Copier https://echotradecopier.com/ We do this with a new service that got launched last week called Echo Trade Copier. People can join on that for under a $100 a month and they can follow our trades or if you do the same, they can follow your trades and it’s a great way for you to build up a following. It’s a great way for you to build up proof that you can trade and to gain money if your account right now is not the biggest. You can reinvest those funds back into your trading account and grow them yourself. Learn how to trade properly But all of it comes back to the number one fact is that, unless you can trade proper

Which Forex Brokers Do I Use & Suggest? Podcast: #364: Which Forex Brokers Do I Use & Suggest? In this video: 00:24 – The brokers that I use and suggest 01:03 – What I look for in a broker 02:27 – List of brokers, including US brokers 02:52 – Other Forex products for you, including Echo Trade Copier 04:00 – TFTC client makes +4.5% gain this week 04:35 – Excellent trading conditions continue Which Forex brokers do I use, and which do I suggest? Let’s talk about that and more right now. Hey, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 364. The brokers that I use and suggest Now, I want to talk about Forex brokers. I get asked about this all the time. So what I’ve done is I put together a page on my website, on the resources page, which lists all the Forex brokers that I use and suggest with links to each of them on there for you to go and make your own decisions. It’s really important that you do your own due diligence, but all I can do is suggest who I use and what I look for in a broker. And the aim of that is to help you to make your decision on who you’d best trust your funds with. Because, of course, like everything, there’s a few good brokers out there, and there’s a lot of quite ordinary brokers, so you’ve got to be really, really careful. After all, this is real money. What I look for in a broker So I look for a broker who has the MT4 or MT5 platform because that’s what I use with my trading software. I then look to see if the broker is regulated, if they have segregated accounts. And also the really important point from my point of view that you need to look for is to check that your broker has a 5:00 PM Eastern Standard Time start of day charts. So that means that they start their new week at 5:00 PM New York time on a Sunday. And the week goes right through to 5:00 PM New York time on a Sunday. But each new day starts at 5:00 PM, closes at 5:00 PM and opens at 5:00, effectively at 5:00 PM for the new day. The easy way for you to go and check that is to look on your charts, and if it’s 5:00 PM New York time, and the new daily candle starts and changes over, that tells you, you have a broker with the correct charts. They’ll also have five full days within a week on the daily charts. If you see the six day, sometimes some brokers have a small Sunday candle, to me that’s not good because you start distorting indicators and price levels, et cetera. You need to have a broker that opens and starts at 5:00 PM Eastern Standard Time, New York time. So those are the criteria that I look for. List of brokers, including US brokers So as mentioned, what I’ve done is I put together a list of suggested brokers that I use and suggest. I’ve also put a list there for those of you who are in the U.S. Obviously I don’t have accounts with any of the U.S. brokers, but OANDA seems to be the broker that most of my Forex Trading Coach clients use who are based in the U.S., and they seem very, very good also. Other Forex products for you, including Echo Trade Copier So I’ve also put together on that page a list of other Forex products, VPS’s, interviews that I’ve done, trading software that would be useful for you. I’ve also put a link on there to a website called Echo Trade Copier, that’s our new trade copier service that went live this week. Right now as I’m speaking to you, we’re up 2.87% for the week so far with one day still to go, which is a very nice start. So the aim of that is to have obviously low drawdowns, high reward to risk trades. It’s a mixture between algorithm and trading that we’ve developed and manual trading, so have a look at that, if you’re interested. It’s called Echo Trade Copier. It basically means that you can have your account traded automatically with the same trades that is taken on the master account there for a monthly fee. Once you set that up, which is really no more than a 10 minute process, all of your trades are completely hands-free. You don’t need your computer on, you don’t need to VPS or any of that, it’s completely automated. So you’ll really enjoy that. Have a look at that link on that page. TFTC client makes +4.5% gain this week Also, I’ve also received an email from a client who also posted this on our forum site today and he said, “Excellent trading conditions again today. I’ve just posted three trades on the four hour charts, all of them hitting their profit target and one trade on the 12 hour chart, franc, yen reversal. I’m up 4.5% this week on my trading account, trading only the four, six and 12 hour charts and the dailies.” So again, it just shows what can be done, 4.5% With still a day to go from this client for just this week. Excellent trading conditions continue So trading conditions is still fantastic. Most of us a

Excellent Market Conditions Continue Podcast: #363: Excellent Market Conditions Continue In this video: 00:28 – Week 5 of Coronavirus lockdown 00:49 – Great trading conditions and examples of our trades 01:35 – Live webinar with clients 02:02 – What are you doing about this? 02:49 – Economically, things are not good 04:02 – There are opportunities out there 04:38 – Conditions are perfect right now, are you ready? So the excellent forex trading conditions are continuing well into lockdown. Are you taking advantage of these conditions or not? Let’s talk about that and more right now. Hey, traders, Andrew Mitchem here at The Forex Trading Coach outside again today. I’m just wanting to get away from the computer and share some beautiful scenery with you here. Week 5 of Coronavirus lockdown Look, we’re in week five of lockdown, but the great thing is is that as a forex trader, the incredibly good market conditions are continuing. A few people have said to me, “Hey Andrew, you know, with the financial markets are slowing, is this going to have any impact?” Well, right now the forex market conditions are incredibly good. Great trading conditions and examples of our trades To give you a few examples, I’ve been talking about a sell trade we took two weeks ago on the Euro/Canadian weekly chart that is now still in great profit. That pair has dropped about 300 pips from high to low so far this week. The trade continues to go well. We took some trades on our 12-hour charts posted on our forum site that have worked out beautifully this week, make very good high reward to risk trades. We’ve had sell trades on the Euro/Aussie, Euro/US that have done well this week, hit the profit targets. Right now I’m still in on a buy trade on gold that’s going really well on the daily chart as well, all mentioned on our membership site for clients to follow along to not only learn from, but also to earn from. Live webinar with clients I held a live webinar last night for clients. We had over a hundred people on there, and that’s the great thing with lockdown. I’m getting lots of people attending the client webinar live and attending the forum site, but I took a sell trade on the franc/yen and made about a one and a half to one reward to risk and it did it in I think about half an hour, and there again, makes full profit in front of people live on a webinar. What are you doing about this? So great trading conditions are there, so really it comes down to that’s all well and good for me to say, “Yeah, we’re taking lots of great trades,” but really the purpose of this video is to ask you a question. It’s like, what are you doing about this? You know, when it comes to time, for most people around the world we’re still in lockdown. We’re in week five or just about to start week five of lockdown here in New Zealand. We can’t really go anywhere, and most people are in a similar situation or worse around the world, and so what are you doing about this? I made a video about three weeks ago saying well, what are you doing to take advantage of these conditions? And now here we are three weeks later. Have you answered that? Are you taking advantage of some extra time that you may have to do something about this? Economically, things are not good Because look, realistically, economically things are pretty grim out there. Here in New Zealand, things are pretty bad. You know, even here in Nelson in New Zealand they just pulled out with 100 jobs in the maintenance here in Nelson. The company who I use personally for helicopter maintenance, they’ve gone. You know, that’s just two groups of people who I know of, but there are thousands and thousands of others. You know, the jobs have just gone everywhere. I was reading a report from the states. I’ve got it here. 26 million jobless claims in the last five weeks. 26 million, just in the US. You know, and what’s going to be the knock on effect from this? So it really is a great opportunity. You know, people say the phrase is for every bad outcome there’s a gain to be made or whatever the phrase is. You know what I mean. Try to find the positives in the situation that we all find ourselves in right now and do something about it to improve things for you financially, mentally, whatever it might be for you, your family going forward. There are opportunities out there And really that’s what this video is about is to say look, there are opportunities out there. The forex market is probably one of the very best for you to look at getting into, if it interests you. It has to interest you. It has to be something that you really want to do. Don’t just do it because I say so or because you see it as a quick fix or easy money. If you’re doing that, you’re in it for the wrong reason. If you want to do it to better yourself, future-proof yourself for the

Podcast: Can You Make Money With A Small Forex Account? In this video: 00:26 – Making money as a small time forex trader 01:22 – Yes you can make money – but once you know how to trade 02:15 – Client from Germany making great returns 03:55 – How do I make money though? 05:15 – An example of a trading service 06:12 – Reinvest the income into your own trading account 06:54 – Change your mindset Can you really make money as a trader with a small Forex account? Let’s talk about that and more right now. Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 362. Making money as a small time forex trader Now I want to get away from the coronavirus just for a bit because everybody’s talking about it and wanted to get outside away from the office and away from the charts and just talk about the practicalities of making money as a small time Forex trader. Can you do it and how do you do it? It’s a subject that I get asked quite a lot and I made a video on this exact same subject about five or six years ago and I put a comment on the YouTube page saying look, I’ll make an update because I think it’s important to refresh these kinds of things because so many people are looking at trading, but they’re not wanting to put too much into their account to start with or they can’t afford to put too much into account to start with. So how do you go about being profitable, making money as a small time trader with a tiny account? Yes you can make money – but once you know how to trade And the answer is, the good thing is yes, you can make money. But like I’ve said to people in the past, look right now your account size doesn’t really matter. If you’re looking at any form of training, education course, whatever it might be, don’t look at the value of that course and go, my account, $1,000, your course is $2,000, how on earth can I afford it? Don’t look at it like that. The important thing for you right now is to learn how to trade and that’s the really important aspect. You’ve got to understand the market, you’ve got to learn how you can trade yourself. And I think that’s really important and it’s quite underestimated. It’s something that people look over and they kind of value everything according to what they can afford right now today. Client from Germany making great returns Now I’ve got a client from Germany who joined me about six months ago. He is incredibly profitable on our forum site. He shows me his trades, but he has got quite a small account. It’s under 1000 euros. Now he trades with nano lots, so not even micro lots but nano lots and he’s constantly making really good money. He’s making like sort of three euros, five euros, six euros. So when you look at his monetary value, for some people they go, “Oh, that’s not very much.” But when you look at what he’s making per trade, and he’s making lots of trades, because this particular guy I’m thinking of likes the shorter timeframe charts. He might be making between five and 10 trades a day and he posts on our forum site. Yet when you add all those up, he might be making of two, three, four, 5% a day on his account. Now the important thing is also, because he came to me recently and said, where do I go from here? So my answer is quite simple. You’ve done the hard yards right. You’ve done the hard work up front. You’ve taken your time. You’ve not worried about your monetary return. You’ve attended webinars, you’ve understood the strategy, you’ve asked questions, you’re on our forum site, you’re constantly posting trades. You’re not embarrassed that you’re making like five euros on a trade. Someone else might be making 500 or 5,000, it doesn’t matter. The fact is that he’s still controlling his risk on all of his trades and he’s still making a good percentage gain. How do I make money though? So bring that back to the situation Andrew, that’s all well and good, but I need to live, I need to eat, I need to feed my family. So my advice to this guy was you obviously narrowed a stage that you can trade. So can you increase your account size? Can you go from 1,000 euros to maybe 5,000 or 10,000. Now for some people, that answer will be “Yes, easily, of course I can do that.” But other people will be, “No way, because 1,000 is a lot of money and that’s all I can put into my account.” If you’re in that situation and you can’t just go adding more funds to your account, especially now in the coronavirus situation where people are losing jobs, et cetera, and income’s a little bit more shaky, easy answer is once you’ve proven yourself to be a good trader and once you’ve proven that you’ve got good returns, consistent trades, low dr

Podcast: This Trade has a 14.6 Reward:Risk ratio In this video: 00:29 – Selling the EUR/CAD on the Weekly chart 00:46 – I promote high reward:risk trades 01:33 – Money management is very important 02:32 – Low risk per trade is also important 03:39 – Trade with a 14.6:1 R:R profit target, currently at 6.4:1 R:R 06:16 – Understanding what you need to do in order to trade well I want to tell you all about a trade that I’ve got on my platform right now that has a 14.6:1 reward to risk ratio. Let’s get into that and more right now. Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 361. Selling the EUR/CAD on the Weekly chart I want to talk about a trade that I’ve got on the weekly charts on the Euro/Canadian Dollar. We put it on our membership site on Monday. It has a 14.6:1 reward to risk ratio if it gets to its full profit target. More about that shortly. I promote high reward:risk trades But if you’ve been following me for any length of time, you know that I endorse and I suggest and I promote people look at trades that have a high reward to risk ratio. So what does that mean? So in easy numbers it means if you have a reward to risk of let’s say 4:1, it means if you’re risking 1 part you’re making 4. So if you’re risking 1% of your account, you’re making 4%. For me, I personally trade at half of 1% risk per trade, is what suits me. So that means I’m risking one part, of half of 1% of my account, to make 4 parts, or 2% gain on my account if the trade gets to the profit target. It’s very easy for you to do that regardless of your account size. Money management is very important To me, the biggest part of trading apart from having a strategy and a right mind set is to have that money management important that you get it right. So low risk per trade is very, very important but also high reward to risk is very important. So it means that I’m not always going to be right. I don’t need to be right all of the time. In fact, the higher the win rate most systems the worse they are. Hard to understand that, but it’s true. Think about it this way: there’s no point in having a 90% winning system if you’re losing money. Most 90% winning trade systems do lose money because they make lots of small gains, one big loss. I flip that around and go the other way. For me, something like a 40-50% win rate is amazing, because I have high reward to risk trades. Some are 2:1, some are 3, 4, 5:1. The one in particular that I’m going to talk about is 14.6:1. Low risk per trade is also important So low risk per trade is massively important also. I was looking at a post on Facebook, one of those sponsored links on Facebook, someone selling this new algorithm. It was really interesting to look into it, because it looked really cool. It looked really flashy, looked amazing. Then you look into it a bit further and I could see that they were risking 5% per trade. Now for the novice or for the completely financially person doesn’t understand trading, 5% risk per trade doesn’t sound like anything good or bad really. It’s just looks really cool and you make lots of money. The problem is if they get three or four trades wrong in a row, they’re 15, 20% down. If I get three or four trades wrong in a row, I’m 1.5 to 2% down. Massive difference especially up here and in here. Big, big difference. So if you’re listening to the podcast, I was tapping to my head and my heart. So psychologically and emotionally, it makes a big, big difference. Trade with a 14.6:1 R:R profit target, currently at 6.4:1 R:R So, let’s get onto this trade. It has a 14.6 reward to risk. It was taken this week, we published on our membership site just this week on Monday morning at the beginning of the week, selling the Euro/Canadian on a weekly chart. You can go and look at it on your chart, you can see the trade. The price pulled back perfectly to our entry level. We have a tight stop on the trade all according to the way that we trade and it’s all pre-known well in advance. But if the trade gets to its full profit target and because it’s a weekly chart trade it may take a week or two to get there, it may well do. Right now I see no reason to get out of the trade. Right now as I’m recording this, and I’m recording this on Thursday because tomorrow’s Easter, I’m recording this on Thursday the 9th of April. Right now that trade is up 6.4:1 reward to risk. So it’s nearly halfway to its profit target, not quite. If I did nothing else than close the trade out right now, I’ve still made 3.2% on my account. But I don’t need to and I’m not going to, because the trade’s looking really good. So you see the importance there of high reward to risk. Let’s say this trade gets to its full profit at a 14.6:1 reward to risk. With my really t

Podcast: What’s Your New Side Hustle While in Lockdown? In this video: 00:23 – Week #2 of the lockdown 01:16 – An amazing opportunity right now 02:09 – A real life example from a trader in London 03:20 – We’re seeing great trading conditions in the Forex market 03:53 – Can you trade well and start your side hustle? 05:21 – We have clients in 88 Countries What’s your new side hustle going to be while you’re in lockdown from the virus? Let’s talk about that and more right now. Hey traders, Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 360. Week #2 of the lockdown We’re in week number two of the lockdown here in New Zealand, and I’m sure that wherever you’re watching this around the world, you’re probably in a similar situation. I want to talk about something that could make a massive difference to you, your trading, your life while we’re in this lockdown period. Because, you see, like with a lot of things, you have a couple of choices. You can either go down the grumpy route, the sit watching TV, doing nothing, getting fed up with it. All those types of emotions come into it, and that’s perfectly understandable. But then you can also take advantage of the situation and do something now, as a side hustle, as an example, I’ll talk about that shortly, to really help you once we get to the other side of all this. An amazing opportunity right now Because as I see this now, you’ve got the opportunity to learn a new skill. You’ve got the opportunity to create a new side hustle and get that started. And you’ve got the opportunity to come out of this with a lot more knowledge. Really, when you think about it, if you don’t do any of those, when we’re out of this quarantine lockdown period from this coronavirus, if you don’t do any of those, it’s not the time that you lacked. Because, let’s face it, most people say, “I don’t have time for this, and I don’t have time to learn trading.” It’s not time that you lack, it’s discipline, and there’s no other way of looking at it. Almost everybody now, right now, has more time available to them than they probably ever have done, so it really is a lack of your discipline if you don’t do anything about it. A real life example from a trader in London Now, I want to give you a real life example. A client of mine over in London, he lost his job around two or three weeks ago, and he has been trading so well ever since that time. He traded pretty well before that, but because he’s in lockdown, an enforced lockdown, with his wife and his child, he has done some incredible trading. Just on Tuesday, he emailed me to say he made a 3.4% gain on his account. Just this morning, my time, he sent through a post on our forum site where he put five trades on there on 15 minute, 30, and one hour charts, 30 minute and one hour charts. All five made profit for another 3.2%. He’s taking advantage of this time being at home, and he is looking at the shorter timeframe charts, something that he doesn’t normally do, one, because he’s at work and, two, because the shorter timeframe charts historically have not been quite so good to trade, because of the lack of price action. We’re seeing great trading conditions in the Forex market What we’re seeing in the Forex market right now is incredibly good price action, big moves across all pairs for weeks and weeks now. Just incredible opportunities. And so, he’s taking advantage of this time being in lockdown, and he’s doing something about it. I mentioned at the beginning about one of the options, your skill, you can upgrade your skills, you can become more knowledgeable, but also the side hustle. Practically, as a trader, what can you do about that? Can you trade well and start your side hustle? Well, if you’re like this guy and you can now start to trade incredibly well with very, very small draw downs, and very high win rates, and very high profitable trades, you can do things like create a signal service. There are all number of online sites where you can go there as the trader, and get people following you, and getting paid on a monthly basis for trades, either a commission basis or a monthly set fee. If you go, “Well, my account is too small, or I’m only on demo, or I can’t afford a $5,000 account right now,” think about it differently. What is it that you can do? But, actually, before we do any of that, unless you can trade well, the rest of it’s pointless, isn’t it? You know? With this particular guy who I’m talking about, because he’s now trading so well, and he’s able to do this, he can go out there and sell himself as a trader who can make money for other people. He could trade for maybe some friends, family members. You don’t have to do it the full big scale

Podcast: What Is Forex and How Do You Start Trading? In this video: 00:26 – The basics of Forex trading 00:46 – Coronavirus and the need for additional income 01:11 – Forex is the best market to trade – here’s why 02:10 – Trading currencies in pairs 03:16 – You can also make money when the Currencies fall 05:16 – Allows you to work from home and create a passive income 05:50 – Clients can become full time traders 06:15 – Emails from clients, excellent trading results 07:57 – You need to start with the basics What is Forex? How do you trade the Forex market? How do you get into it, and what are the benefits? 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 359. The basics of Forex trading I want to take a step back this week and talk about the absolute basics of Forex trading, what it is, how do you get into it, the process you need to go to, seeing if you’re the right fit, et cetera. So if you’ve been trading for a while, I apologise that this is going to be more of a newbies video and podcast. Coronavirus and the need for additional income But the reason I’m making this right now is because with the coronavirus issue going on around the world, and yes, it even affected us here in New Zealand with a lockdown right now, a lot of people are coming to me saying, “Look, I need some form of new income. I’ve heard about trading. I don’t know about it. How do I start? What is it even?” So I wanted to make this video because it’s very, very topical. Forex is the best market to trade – here’s why So look, to me, trading the Forex market is like no other market, and it’s been my only and preferred choice of Forex market now for 16 years. I’ll explain to you what it is, and then why I trade it, and then I’ve got some emails here I’d like to read out that I’ve received just this week to show what can be achieved. So going back to the absolute basics, in the Forex market, there are eight main currencies. There are several others, but there are eight main currencies that we look at trading, and they are the US dollar, the Canadian, the Pound, the Euro, the Yen, the Franc, the Australian dollar, and the New Zealand dollar. It doesn’t matter where you live in the world, what time zone you’re on, what your local currency is. None of that really matters when you come to trade the Forex market. I don’t trade just the New Zealand dollar because I live here. If you live in the US, you don’t need to trade just the US dollar. Trading currencies in pairs So what we’re doing is when we say trading a currency, we actually trade currencies in pairs. So it means that we’re trading two of those eight together. So when you buy stocks or shares, you’re buying just one of something, and you’re anticipating it’s going to go up in value in most cases. A little bit like when you buy a house, you’re buying a house. You’re expecting it or hoping it’s going to go up in value, especially if it’s an investment property. But with currencies, we trade currency pairs, so we trade, let’s say for instance, the Euro against the US dollar. So we always trade it that way round. It’s never the US dollar against the Euro. It’s just the way that it’s written. So we’re looking at one currency to strengthen and the other to weaken. So if, for instance, we look at our charts or economically, we look at what’s happening in the Euro, and we look at the Euro to strengthen, but at the same time, the US dollar to show weakness, we’re looking at buying Euro-US dollar as a currency pair, anticipating it’s going to rise in value, so we can make money when it goes up. You can also make money when the Currencies fall The beauty of the Forex market and especially right now where things are crashing in most other markets is that we can make money equally as much, and equally as well, and equally as successfully when the Euro-US dollar is falling, providing that we’re selling it at that point. So what we’re looking at that time is for the Euro to be weakening in currency value and the US dollar to be strengthening, and that brings the Euro-US dollar currency pair down. Different ways you can do this, you can be what’s called a fundamental trader where you’re looking at economics, and GDPs, and employment data, and interest rates, all those type of things, or you can be like we are. You can see it behind me on my screen here, technical traders. Yes, we’re aware of the fundamentals and we do look at them. We’re aware of them, but we don’t trade them. We don’t let them influence what our decision-making is because as a technical trader, everything I know is factored into the charts. So all I need to be is someone that&

Podcast: If You Don’t Trade Forex Now, You Never Will In this video: 00:24 – The world has gone mad 00:36 – Traditional investing is not working 01:00 – Why we trade the Forex market 01:21 – You need to be trading right now 01:57 – Email from a client from Ireland 02:24 – Trader joins after 6 years 03:35 – It’s now or never If you don’t start trading the Forex market in these current conditions, you probably never will. Let’s talk about that and more right now. Hey traders, Andrew Mitchem here, owner of The Forex Trading Coach with video and podcast number 358. The world has gone mad Okay, so it’s official. The world’s gone mad. Everything’s in utter chaos. Everybody’s shut down. No one can go anywhere. It’s all doom and gloom. Or is it? Traditional investing is not working So obviously, with the traditional markets, the stocks, the shares, everything’s falling, everything’s crashing. Property may well do the same. Interest rates are zero everywhere. And the traditional routes of investing are not particularly good right now. Everybody’s locked up at home, self-isolation. Everybody’s all depressed. Why we trade the Forex market But the good news is, and one of the reasons why we trade the Forex market, is because what happens in all these other markets doesn’t really affect the Forex market. Sure, it affects it in terms of the Forex market moves. But the great thing is, is all we want as far as traders is some volatility, some price actions, some movement. And that is exactly what we have right now. You need to be trading right now So if you’re not trading the Forex market, you need to be. If you’ve got any interest in trading the Forex market and you wanted to learn how to do it, now is the time to do it. You’re probably stuck at home, can’t do too much else. The market is in absolute prime conditions right now for Forex traders to be doing well. We’ve just had some amazing moves on all currency pairs, so you need to be on this right now, taking advantage of it. And to be honest, these conditions are likely to last for a long, long time. So you’ve got time. But do it now. Don’t delay. Take advantage of it now. Email from a client from Ireland I need to read you this email that I’ve had from a client of mine over in Ireland. “Hey, Andrew. Yes, it’s been an unbelievable market. When you think that the stock markets have crashed more than 30%, investors are pulling their hair out, and most expert advisors or robots have blown accounts, but we are heading for one of the best trading months ever.” Just come through here this morning from a client of mine who’s been with me since 2012 in Ireland. So it just shows what can be done. Trader joins after 6 years Now, the other extreme of that is I had a client join me just yesterday from the UK who has been following me for six years, never quite pulled the trigger. Always been interested and never quite got there. Now he came to me and he said, “Do you know after all these years, things are getting so bad over there,” over here for him, over there in the UK. He said to me, “Do you know, Andrew, I have to do this. I have to take control of my finances, and no better time than right now, because I’ve been told by my employers that I’m in self-isolation, work from home type of thing.” So what a great opportunity. Good on him for doing that. And it just shows if you have that thought process, that mentality of what is happening right now, all this utter chaos and panic and everything else that’s going on … If you have the thought of, well, you can’t do much about it, so let’s take a positive out of it. Let’s learn. Let’s self-educate. Let’s protect our finances and take control of our finances ourselves by using a market that has the ability to make money when the market goes up or down. That is the Forex market. It’s now or never Like I said at the beginning, it’s now or never. If you don’t do it now, you’re probably never going to do it. You know where to find us if you need any help. This is Andrew Mitchem, at The Forex Trading Coach, loving the trading conditions right now. Bye for now. Learn More About My Course. Click Here!   The 30 Minute Trader Trip Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France. CLICK HERE TO ACCESS THE VIDEOS >>

Podcast: Are You Thriving or Just Surviving? In this video: 00:33 – Paul Tillman was here in NZ last week 01:12 – How we made profit from the Coronavirus news 02:06 – The stats show that only 5% make good money 03:05 – The system and strategy works in all market conditions 03:35 – What do you need to do in order to become a thriving trader? 05:02 – I’ve re-opened a link for you to follow 06:19 – Shows the results that you can achieve with low risk As a forex trader, are you thriving or are you just surviving? 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 357. Now, I want to talk about the difference between the very few who are thriving, and the majority who are just surviving in the forex market. Paul Tillman was here in NZ last week But first, also want to update you regarding last week’s video and podcast where I had Paul Tillman here with me in New Zealand. Now Paul works with me, he’s based out of North Carolina in the States and he covers the American live webinars that we hold and also he helps run and moderate our forum site. But it was great to have Paul and his family here for 10 days with my family here in New Zealand and it just goes to show what can be done with trading. We carried on exactly as normal. Paul brought his laptop and things just continued as normal. Another one of those great benefits from trading. How we made profit from the Coronavirus news But also on that video and podcast, you’ll remember, and if you’ve not seen it, go and watch it, that we talked about how we profited from the monthly charts by selling the Australian yen and the New Zealand yen at the beginning of February. Now, right now with early part of March and the coronavirus news and the threats and the story is going mad, not so much here in New Zealand, but globally. And the important thing is is that we saw the Japanese yen, particularly the yen strength, but also some strength in the franc and the US way back in at the end of January. And it just shows that if you can read the charts properly and you know what you’re doing, how you can profit from that and become one of those thrivers. The stats show that only 5% make good money So we know the stats that you hear and see out there, that probably only around 5% of forex traders make good money. And we are one of those, in those groups, of the 5% and we’re definitely thrivers because not only have we made good returns from this most recent news event and the strength of the yen and the weakness in the Aussie, the Kiwi and the Canadian especially. Not only is that something that we’ve done well from recently, but we’ve done well from all sorts of different events and market conditions for years and years now. I’ve been trading nearly 16 years, and over that time you kind of go through all the different conditions and news events and political events. Nothing really makes too much of a difference once you know what you’re doing. The system and strategy works in all market conditions So when people say, “Oh, does your system work in this kind of market condition?” Well, yes, it works in all kinds of conditions because it’s proven to have done that over those years. But the problem is, and we find this all the time from emails that we get from people who are struggling out there is unfortunately, 95% of the people are the survivors. And to be honest, most of those people end up giving up because it’s just too hard. It’s too difficult. It’s not working for them. What do you need to do in order to become a thriving trader? So really, if you’re one of those survivors and you’re not a thriver, what is it that you can do? Because if you’re a thriver, well done, congratulations. You are in the top elite group of people who can make money from trading. But if you’re not, and the majority are not, what is it that you are going to do right now to change that around within your trading? Because obviously, it comes down to a number of things, the strategy and the mindset being the two kind of big ones. But what is it that you’re going to do to ensure that you get to use a strategy that has been proven, that works across different timeframes, different market conditions, something that’s not going to take very long out of your day to actually implement, something that’s practical, something that’s realistic, something that gives you high reward-to-risk trades. So when you have a profitable trade, you more than make up for any smaller losing trades. Something that has very low drawdowns as well is very, very important. Far too many people get caught up in win rates and things like that. And far too many people get caught up in trying to make massive gains all the time, but then they ignore the drawdown. Now realistically, drawd

Podcast: Will the Coronavirus affect Forex Traders? In this video: 00:20 – Joined by Paul Tillman from NC, USA 00:40 – Webinars, Trades and the Coronavirus 01:00– Recent webinars and how you can benefit – view the recording 02:45 – Our trading day today 04:13 – Trading with the Coronavirus and how it has affected the charts 05:27 – Monthly chart trades make massive profits with the Yen strength 06:02 – Why we are technical traders and where are the charts heading? 07:20 – Live trading sessions in the UK later in the year 08:50 – Contact us if you are interested in knowing more about our trip to the UK for training Andrew Mitchem: Will the Coronavirus affect us as Forex Traders? So let’s talk about that and more right now. Paul Tillman: Hey traders, it’s Andrew Mitchem here, The Forex Trading Coach, video and podcast number 356 and I’m joined by Paul Tillman here. Joined by Paul Tillman from NC, USA Paul Tillman: Hello everybody. All the way from North Carolina here in Nelson, New Zealand. Good to be with you today. Andrew Mitchem: So Paul’s been over here for the last 10 days with me and with his wife and two children having a great time here in New Zealand, showing them the sights and the sands. Now a number of things we want to talk about on this video. Webinars, Trades and the Coronavirus Number one about some webinars that we held recently, and how we can help traders with trading information and there’s a link here also to the webinars that we held, and also want to share a few trades that we’ve taken recently and lastly, we want to talk about the coronavirus and how it’s already affected trading, and what it’s likely to do in the future. Recent webinars and how you can benefit – view the recording Andrew Mitchem: So Paul, let’s start at the first thing, the webinars we held just last week. Maybe you could just describe what we did and how it went and how people can benefit from that information using the links that are below this video. Paul Tillman: Absolutely. So we took lots of questions and emails and basically got it down to a few categories of what traders are having issues with or if you’re brand new experience, and they came down to trading psychology, not having a strategy, some things that brokers and indicators or, “I’ve done okay, but I’m giving away too much money, I’m losing.” And so we took all of those and we just talked about them. What we’ve seen in our course, what we’ve seen as 15, 20 plus years together have trading experience. And we took each topic and talked about it at length and it went very well. Paul Tillman: Kind of help sate solve those problems with the questions and answers and things and why we have a strategy and psychology and all these different things, and we’re part of those 5% of traders that are actually profitable and not part of the 95% that end up failing. Andrew Mitchem: Absolutely. And I think the thing that came through from it is, it was practical information. It was realistic, practical information that we use as traders every day that our clients use, and we’re passing on that information for other people to use. Paul Tillman: Absolutely. Yeah. We’ve got clients in 50 plus countries, who do well with our forum site and our webinars and our daily trades, and just being consistently profitable, which is the number one problem. The number one goal that people want to have as Forex traders. Our trading day today Andrew Mitchem: Absolutely is all we’re after. And the other thing that was important that came out of that is that maybe you just describe our morning so far today, because the important thing is that people think of Forex trading as something you got to be sat at the computer all day watching every pip move up and down and really you don’t. Paul Tillman: That’s right. We had a couple minutes look at charts early this morning to see what happened overnight, but we took Andrew’s kids to a school this morning, and then we went out for about a 30 minute kayak ride. Both of us fit on this nice little kayak. And that was a great bit of fun. And then we had a little bite to eat. I drove Andrew’s Peugeot around just a little bit, then we did a little bit of tennis. So the entire morning was just fun typical things that we’re both dads that we would do, and just taking care of certain things. Then we did daily trades. That was late morning. Paul Tillman: Woke to the charts, maybe 20, 30 minutes and put our daily trades on. Then we also took some offline charts, so some six, eight, 12 hour charts. We have unique custom made software to do. We took it’s probably … Yeah, four or five of those traits. Andrew Mitchem: Five, yeah. Paul Tillman: Now we’re sitting out here, just had lunch with both the families and yeah, we’ll check on those trades later. Andrew Mitchem: Yeah, absolutely

Podcast: What Does Your Trading Day Look Like In this video: 00:25 – How to structure your trading day 01:06 – You’re not going to be a full-time trader immediately 01:46 – Fit your trading around your current situation 02:10 – My trading day 03:45 – Looking at different time frame charts 04:32 – Looking at the changeover of different time frame charts 05:16 – Live trades on live webinars. Trade hit profit 06:15 – Trading in 30 minutes a day What does your trading day look like? Let’s talk about that and more right now. Hey traders, Andrew Mitchem here at The Forex Trading Coach. Welcome to video and podcast number 355. How to structure your trading day I want to answer a question that I get asked quite a lot about, how somebody should structure their trading day and also what does my personal trading day look like? So let’s talk about that because it’s really important that as a trader you have a plan, you have a structure and that you have a routine. Why? Well, because you never really know what the market’s going to do and you need to be there… In my opinion, you need to be looking at the same type of charts and the same time of day as often as you can. And that just gives you consistency over time and you get to understand how the market works and its characteristics, et cetera. And now, obviously we’re trading, to do it properly you’ve got to enjoy it. You’re not going to be a full-time trader immediately Now for most people, realistically, you’re not going to be a full time trader, at least to start with. You’re going to have other commitments, family, jobs, sport, music, whatever it might be. And the problem is, is that right now there seems to be a bit of a movement around the so called sort of work hard lifestyle kind of gurus out there. And they’re sort of getting into this, you’ve got to keep going, going, going, going, going, go to work sort of 12, 14, 16 hour weeks, just got to keep going, and going, and going. The problem is for those people that do that, first of all there’s no fun and secondly is, how on earth do you fit something new in like trading around that? Fit your trading around your current situation So for me it’s almost flip it the other way around. You’ve got to make the trading fit in around what you’re currently doing, especially if you’re not trading full time to start with. So for me personally, I think that less is more. I’ve always thought in terms of trading less is more. The less you interfere with the trade, the better you do. The less time you’re staring at your screen and your charts the better you do. And that has just been a proven case. My trading day So to give you an idea of how I structure my day, and bear in mind I’m in New Zealand, which is on a completely different time zone to most other countries around the world, is that you need to sort of base yourself on the New York time as well. So wherever you live in the world make that kind of adjustment. So for me, I wake up about six o’clock in the morning, kids are off to school by about quarter past seven and from then on I have a quick look at the charts about what’s happened over night my time into the later European session, and the US session. Getting an idea of what’s happened to my open positions, have they made profit or loss, just have a quick scan through the market. And then at around 10:30 my time, which is just before the 11 o’clock change over of the daily charts, I’ll then have a more serious look at what’s happening in the market. So that is based on the 5:00 PM Eastern Standard Time, New York close of day. So around 4:30 PM Eastern Standard, which for me is the next day at 10:30 AM, I’ll go and look at the charts and I’ll go through because of course I do extra write-ups for my membership site and for the free sites and different places on strength and weakness analysis, so it takes me a little bit longer than normally if I wasn’t writing that. But anyway, I’ll go through, look at the daily charts and we’ll look at what is setting up on the daily chart, specific trades plus strength and weakness for the next 24 hour time period. Looking at different time frame charts At the same time though, I can look at 12 hour charts, eight hour charts, six hour charts and four hour charts and it’s really interesting how things change around. We held a webinar just last night in the European session for clients, and there were a huge number of eight hour chart trades that have occurred this week and a little bit into last week. Yet the previous week they were all four hour charts, I think the word that was lots of those but very few sort of eight and 12 hour charts. So it just depends on what’s happening in the market, which is why we really strongly suggest if you can, when you’re looking at the daily charts, look

Podcast: We can help shortcut your learning process In this video: 00:31 – Information overload online 01:11 – 2 live webinars this week for you to attend 01:39 – Paul Tillman will be joining me in New Zealand for the webinars 02:59 – Paul now works with me at TFTC 03:24 – Webinars to help you with your biggest trading problem 04:54 – 2 trades taken live on client’s webinar – both hit their profit target Let us help shortcut your learning process and make your trading profitable, very quickly. Let’s talk about that and more right now. Hey traders, Andrew Mitchem here at the Forex Trading Coach and welcome to video and podcast number 354. So in this video and podcast I’ve got some very, very exciting information to share with you. Information overload online You see, when you look at it online, there are thousands of Forex experts. There’s lots of information, information overload, analysis paralysis, call it what you like. There’s just so much out there. The problem is in reality most of it’s not good. And what we want to do for you is to help kickstart your trading into gear. Basically get it moving, making it profitable and making it doing that without much stress on your behalf with little time used up and making it practical, making it real, making it profitable and consistent with low risk. All those things that as a trader you should be looking for. 2 live webinars this week for you to attend So we’re going to be holding a couple of webinars this week and by the time you watch this video you’ll be, it’ll be this week. Friday right now as I’m recording this, you will see this on Monday, so the webinars will be on Wednesday and Thursday. There are two of them. There’ll be a link on this page where you can choose which one that best suits you. You’re welcome to attend both if you wish to. They are going to be live, but an extra special twist is this. Paul Tillman will be joining me in New Zealand for the webinars So I’m going to be joined right here at my desk in my office at home here in Nelson, in New Zealand, by Paul Tillman. Now if you don’t know Paul, he works with me here at the Forex Trading Coach and Paul is based in North Carolina over in the U.S. And Paul started trading Forex 14 years ago. He went through everything that most people have been through. He’s been through the online stuff. He’s been through the physical courses. He’s wasted money, frustration. Courses weren’t delivered properly, promises broken, all that type of thing. And then in 2015 he gave it one last shot. I was actually in India of all places at the time. And I wrote back to Paul from my hotel room in India to say, “Hey look, I’m on holiday in India, but this is what I can help you with right now. And when I get back next week I’ll send you some more information.” And so as a result of that, back in 2015 Paul decided to join our course. And over the next few months he really got into the course. He understood it. It clicked with him. It worked. And he was attending live European session webinars, getting up early hours in the morning for him over in the U.S. But then over time he was developing into a really, really good trader, lots of good results, consistency, reliability, all those types of things. Paul now works with me at TFTC And then a couple of years later I decided to offer Paul a position and now he runs my forum site and my U.S. webinars and we trade together. So we have a fantastic relationship. Now when you get this video on podcast on Monday, Paul will be with me right here. He’s on his way to New Zealand and with his wife and two children for them to spend about 10 days here with me and I can show him around the sights. Webinars to help you with your biggest trading problem But as part of his trip here, we’re going to be holding a couple of webinars where we are going to be helping you to identify your biggest single trading problem. What’s holding you back the most from being a good trader, whether you’re brand new or whether you’ve been doing it or trying to do it for years and years. So we want to help you with good, real practical advice. And I think it’s going to be really beneficial for you to not only listen to myself with suggestions, but also especially actually from Paul because he’s been in the position that you’re probably in right now. And I’ve helped him turn his trading around and how things have just changed massively in his life as a result of what he decided to do five years ago, which was to join us. So we’re not going to be doing any selling on this session. There’s no special discounted links. There’s no giveaway prizes. None of that. It’s just going to be real honest, true above board realistic suggestions and advice from two traders living on opposite sides of the world to each other,

Podcast: Don’t try to become an overnight Forex millionaire In this video: 00:25 – 2 parts to this week’s video 00:49 – People think they are going to become an overnight millionaire 02:00 – Too many assumptions 02:42 – Trade like a builder 04:25 – I’m holding 2 live webinars in person with Paul Tillman 05:25 – Register your interest for one of the webinars Don’t try to become an overnight Forex millionaire. It’s not going to happen. Let’s talk about that and more right now. Hey, Forex traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 353. 2 parts to this week’s video Two parts to this video and podcast this week. The first is all about the subject title about making sure that you try not to become an overnight millionaire. The second part is all about two very exciting webinars that I’m going to be holding shortly and I’d like to invite you to attend one or both of those. More about that soon. So let’s go back to the first part. People think they are going to become an overnight millionaire A big misconception with people getting into the Forex market is they think they’re going to become overnight millionaires. It is not going to happen. I can promise you that. It will not happen. The downside is, is that when you look online, you see flashy cars and people on beaches, all that type of thing. You’ve seen it everywhere and people get into trading thinking that their results are going to be instantly amazing. And look, I did it myself years ago. I used to go for walks, taking my kids in the pram or the stroller for a walk, just thinking in my head about compounding and multiplying figures and how much I was going to make. But at that stage I was only on a smaller, like I think a $10,000 live account. But in my head, I was multiplying up this and if I take this crossing over that line and I’m going to make all this money and by the end of the month I’ll have this. You see the problem is that people think they’re going to become massively successful through trading, yet they’ve not even taken a handful of really good successful trades yet. Too many assumptions The other problem with that is you’re assuming a straight line. You’re assuming you’re always going to be profitable and most people when they make the assumptions like that, and they’re assuming they’re not taking any money out for living purposes, and also they’re assuming that they are risking far too much. Whereas in reality, you should be risking far less than most people place there on their trades. The problem is that people with that emotion, when they don’t see that happening in real time, is they get despondent, blame the system, blame the market, blame the broker and you know, give up. You get the picture. Trade like a builder So think of it this way. Look at say like being a builder. If you start and you’ve got no building knowledge whatsoever but you want to become a builder, whether you’re young kid leaving school or whatever age you might be, I want to become a builder. So what do you have to do? Well everybody has to start at the beginning. You may have to do some form of course qualification, a practical course, written course, and then you start as an apprentice. You start with the hammer and the nails and you’re making the teas and the coffees and you’re doing all that basic groundwork to understand the basics of what it is that goes on with on a building site. Then you build up and you might get more responsibility and you start looking at plans and understanding things and making orders for different parts and cutting and joining and working with other industries, like the plumbers, electricians, the concrete guys, all that type of thing, the roofers. It just goes on from there. Then over time you become like the lead builder, the head man, the foreman calling him what you want. Then eventually you might have your own building company and then start having people staff underneath it. But you get the picture of the layering up. Now the reality is that if you want to become a good trader, you have to do that. You have to do that ground work, that basics. It’s a harsh but true reality of it because it’s like anything, you have to do that homework and wanting to become or thinking that you’re going to become an overnight instant millionaire from your trading, it’s a ridiculous concept when you think about it, but unfortunately that’s how I did and that’s how most other people think of their trading. I’m holding 2 live webinars in person with Paul Tillman So part two of the video and podcast to help you with that. I’m really excited because I’m sure you’re aware that I worked with a few people around the world. Now one of those is called Paul Tillman. Now Paul lives in North Carolina over in

Podcast: How Trading with the Trend will help your Results In this video: 00:27 – The trend is your friend 01:02 – Looking at the bigger picture 02:15 – Eliminating pairs to trade 03:17 – Helps you to focus on the best likely pairs 03:58 – Looking for continuation patterns 04:27 – Link to the Forex Course Why trading with the trend can really help improve your trading results. Let’s talk about that and more right now. Hey traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 352. The trend is your friend Now, you’ve probably heard people say, “Trade with the trend,” or, “The trend is your friend. Stay away from range-bound markets,” all those kinds of things. The problem is, is how do you actually do that. How do you know that the market’s trending? And do you only know it’s trending when it’s too late and it’s already done that trend, and time you jump in, the market’s then going flat again? So there’s a lot of problems there about practically trading something that, in theory, sounds really, really simple and common sense to do. So I’ll explain what we do regarding that to help us profit from the market. Looking at the bigger picture So we teach our clients how to look at the bigger picture of how to look at the weekly charts. Now, each week on the membership site, and we’ve done this for years, we publish the currency pairs, the Forex pairs that are likely to be bullish through that week and the currency pairs that are likely to be bearish, or heading down for that week. Now, it does a number of really good and important things on a practical basis. One, it allows us and our clients to see where the likely bigger picture is for that pair for that week. And so when you’re trading on shorter time frame charts of daily charts or sort of smaller again, 12-hour charts or even four-hour charts, one-hour charts, it helps you to look for currency trade setups on that pair that are likely to be in the direction of that bigger picture, that weekly direction. And what that does is it gives you the ability to trade a pair that is likely to move and in the same direction. So it stands to reason that you add more and more probabilities together with your trade, and of course you still want the good setup, first of all. You’re putting all those things together and you’re giving yourself more and more chance and probability of that being a good trade. Eliminating pairs to trade The second thing that it does is it eliminates a whole group of currency pairs for that week, because if we’re looking at pairs that are likely to show indecision or not moving very much, or they’re two strong currencies or two weak currencies, therefore we don’t know which way it’s likely to be moving for that week. What it does is it allows you to focus less on those currencies, or not at all for that particular week. So it actually really focuses your trading to a select group of currencies for that week and it helps you to stay away from those trades or those currencies that are likely to be range-bound or not move much in any particular direction. So it has a double, like a two-fold benefit to your trading. One focus on which currencies are likely to be moving and in their direction; number two, these currencies are not likely to be moving much, so let’s stay from them or let’s not take a trade on them unless we see an exceptionally good setup. So double benefits for you there. Helps you to focus on the best likely pairs And it helps you to focus, it helps you to really narrow down and fine tune your trading. Because don’t forget that trading, after all, is about probability. Nothing is absolute. Just because we say the Euro/US dollar, for example, is going to be bullish this week, nothing to say that’s going to happen. It’s to say that this is what we’re seeing and why, and if we then see bullish setups on other timeframes, shorter timeframe charts on that pair for that week, the likelihood is probability suggests that they are going to be stronger setups because they are trading with that main direction. And so what that does, it allows us to have lower risk, higher reward to risk, higher probability trades. Looking for continuation patterns Now we have a great technique also for looking for continuation patterns. We also look at reversal patterns, although reversal patterns tend to be a little bit more slightly higher risk. Look really cool and very dramatic on your charts, but continuation patterns. If you can get a continuation pattern on a shorter timeframe chart that’s in the direction, or maybe, say, the weekly and the daily, and you’re trading, let’s say, a four-hour chart, absolutely magic. That is exactly what you’re looking for. Link to the Forex Course So I hope that helps. And I will put a link below th

Podcast: It’s Your Trading Results that Count In this video: 00:23 – We trade to achieve results 01:22 – Why do so few make money from trading 02:02 – We have a very high percentage of successful traders at TFTC 02:54 – 2 recent clients results 05:00 – How you can also achieve results like this As a trader, it’s the results that really count. Let’s talk about that and more right now. Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 351. We trade to achieve results So, why do we trade? Well, ultimately we’re all after results, aren’t we? That’s why we do it. That’s why you learn something. That’s why we’re learning how to trade. It’s why we’re taking trades. We’re sitting at the computer. We are educating ourselves, all for the end goal of making money and being able to trade and to get results. And that’s really what counts. Unfortunately for most people, they don’t get to achieve the results that they want. And the vast majority of people, if you believe the stats out there, lose money when they trade Forex. There’s a whole group of people that might make a little bit, or lose a little bit, and get basically going round in circles, getting nowhere. And then there’s the few, the elite people who, and I mean the elite, as in just a very small number. Not elite as in particularly any fantastic as a person better, but just the ability to trade well. And a very small percentage get to that level. Why do so few make money from trading And why is that? Well, there’s a lot of reasons. A lot of people, it’s lacking of a strategy and an understanding, and lacking an understanding of risk. Because when you mention someone’s percentage return, or if you want to measure in pips, which I suggest you don’t do, but whether you’re mentioning pips or percentage return, a lot of people get too carried away. And there’s far too many people out there looking at making stupid amounts of gain, or they think they’re going to, or they think they should, but they never understand the risk involved to get there. And it’s really important that you understand that. We have a very high percentage of successful traders at TFTC So, here at the Forex Trading Coach, we are very fortunate because we have an incredibly high percentage of successful traders. And it’s not hard to see why. First of all, we’ve got the strategy that works, and the low risk, and the high reward to risk, and the good people teaching, and helping out, and consistency, all those things. But with our daily trades, you can’t fail to make money because, at the very least, if you just copied what we do every day, you’re going to make money anyway. But on top of that, we’re not just about a copying service, we’re about teaching people to better themselves, teaching people to learn how to trade, a really straightforward, low time consuming, low risk, easy to trade system and strategy. And we’re about teaching people and educating people to do that for themselves as independent traders. 2 recent clients results Now, I had just yesterday, two people wrote to me. One is called Brian, he lives up in Auckland here in New Zealand. And Brian said to me, Andrew I’ve made in the first month since I’ve been with you, 13.25% trading the daily charts, the 12 hours, and the six hours, and a few four hour charts. 13.25% in his first month. And Brian said that he’s relatively new to trading, and he’s absolutely ecstatic with those results. And the great thing is being a new trader, he’s come in and look at the system from no knowledge at all. Learned what we’ve got, how we’re doing it, applying it, it’s working. No surprises really there. But it’s great to see it happen in reality. And also received just yesterday, an email from Michael over in Dublin in Ireland. And Michael has been with us for about 13 months. And Michael said, with your system Andrew, I’m averaging over 4% return per month, live trading. Now, as I mentioned earlier, some people will look at that and go, 4%, is that all? How am I going to make money on that? But you think about it this way. Michael, in over 13 months has made 4% average per month. So that’s well over 50%. It’s 48% in a year, by the time you add compounding and things like that, that would be pretty much 50% return in one year. So, if you’re the sort of person that thinks that rubbish and 50% you should be making that in a week or a month, then you probably are not the right fit for us. But also, you’ve got got to be really careful with the risk that you are assuming you’ll be taking there. You see, with the risk Michael’s taking, it’s around half of 1% per trade. Sometimes it was a quarter, sometimes it’s half of 1%. Very, very l

Podcast: What Makes Us Different at TFTC? In this video: 00:29 – So you want to become a Forex trader 01:00 – New or Frustrated Trader 02:16 – We address the real issues 03:03 – Trade in a few minutes a day 03:45 – Trade off the close of a candle 04:28 – The opportunity to follow us 05:45 – Trades posted on our Forum site and on our Live Webinars 07:00 – Trading software, Support and the Strategy 07:18 – Free Trading Information for you What makes us different here at the Forex Trading Coach? Let’s talk about that and more right now. Hey, traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach. This is video and podcast number 350, and I want to talk about us here at the Forex Trading Coach, how we can help you. So you want to become a Forex trader But what makes us different? So you want to become a forex trader. Now, you can go online. You can probably look locally around you, and you will find there are courses, there are coaches, there are systems, there are strategies, there are robots, there are books, there are… Everything to do with forex trading is online. The problem is, from your point of view, is how do you know which is good and which is not good, what works, what doesn’t work? New or Frustrated Trader You see, as a forex trader, you’re going to be in one or two different situations. If you’re new, you’re looking online and it probably all looks quite exciting right now, but also, it will start to lead to confusion because where do you go? How do you know what’s good or what isn’t good? Because, to start with, it all looks kind of good because it’s all new, and you kind of believe everything that’s out there. If you’re a experienced trader, well, you’re into that frustration time. You’ve been through and you’ve tried different systems, and you bought robots and book courses. You’ve bought strategies. You’ve done coaching sessions. You may even have been physically to somewhere in your area or travelled to do some coaching. But the problem is, although it probably looked okay, it doesn’t work. And now you’re still in that same reoccurring cycle of a bit of hope, pay some money, it doesn’t work, find the next thing, a bit of hope, pay some money, it doesn’t work, and you keep going until you either run out of money, give up, frustrated, someone tells you you’re silly for keeping trying, or you try your own ideas and they still don’t work. That’s the problem that people have. You’re either new or frustrated, but one or the other is what you’re going to have. We address the real issues So here at The Forex Trading Coach (TFTC), we like to think that we’re different because we address the real issues. We realise that you’re busy. We realise that you’ve probably got family, kids, partners, sports, jobs. That thing called a job, most people have got a job. And so the last thing that you want to be doing is sitting hour after hour after hour either trying to understand a strategy or, once you’ve done that, being forced to sit there at certain times of the day, or just waiting for that line to cross over that line so you can take that trade according to that strategy. We realise that that is not good. We realise that’s not practical. Trade in a few minutes a day We are real traders. We’re real people, all with families, working from home. Our aim at The Forex Trading Coach (TFTC) is to get you to be able to trade in only a few minutes a day if you want to. So if you wanted to trade just the weekly and daily charts, you should really trade no more than maybe 30, 40 minutes in the entire week. And you know exactly when to do that. We have traders here at Forex Trading Coach who just trade 10 minutes just once a week on weekly charts, and that’s it. You can trade any time frame that you want. And the beauty of the system is it works on all pairs or time frames. Trade off the close of a candle But because we are looking at close of a candle, if you’re looking at a close of a daily chart, you know when to go and look at your charts. If you’re looking at a close of a four-hour chart, you know when to go and look at your chart. So, practically, we’re realistic about things. We’re realistic about results. We’re realistic about the expectations as well. So no one becomes disappointed because we’re not out there making claims of making 100% returns in a week or a month. We’re not doing that. We’re all about real trading. We’re about low risk per trade. We’re about high-reward to risk trades, and we’re about knowing when to trade and what to look for but without taking all of your day to do it. So that’s one part of the equation. The opportunity to follow us The other part is, when you’re learning something, there’s nothi

Podcast: Removing the Confusion from Your Trading In this video: 00:26 – Trading Confusion and how to overcome it 00:55 – Confusion to Clarity 02:00 – Knowing what to look for 02:50 – Feedback from new clients 03:59 – Pick the charts and time frames that suit you I’m going to try and help you remove the confusion from your trading. Let’s talk about that and more right now. Hi, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 349. Trading Confusion and how to overcome it Now, I want to talk about trading confusion, and I believe it’s very, very common and I know that because when someone joins our course, I send them an email and find out all about their trading history, so we know how to best help them. And then after a week, I ask them how they’re going with the course and what they’re liking, what they’re finding difficult, and then the same after a few weeks, same after a month, six months, et cetera. So, we get some really good feedback from people about what stage of their trading career and the stage of their journey that they’re at. Confusion to Clarity But what I find is that confusion is a big part of what people have before they come to us. And after they join us, clarity and an understanding of the market is a big part of what they gain out of joining the course and a well-proven strategy. So, I want to expand on that because the confusion is a big problem. You need to understand when are you trading? When are you looking at your charts? At the close of a candle is a very easy thing to do. You probably just heard my charts just alert behind me here. It is now 11 o’clock here Friday morning, so it’s 5:00PM Thursday New York time. So, as soon as I finish this video, I’m going to be looking at the daily charts. In fact, I’ve already had a quick look to see what’s happening, and posting for our clients’ specific trades based on the daily charts. I know that right now I need to look at the daily charts because the candle on the daily candle was closed. At the same time I can look at the one hour, the four hour, the six hour, the eight hour and the 12 hour charts all at the same time. And so I have clarity of when to trade. Knowing what to look for I then have clarity because I know what I’m looking for. Now a little bit like riding a bicycle. Once you can do it, you can do it and you can always do it and you can get back on the bike and you know what to do. But when you’re starting, there’s a lot of confusion going on and it’s very, very difficult because you’ve got to pedal and steer and look out for cars and other bikes, et cetera, and it’s quite difficult to put it all together. But once someone’s showing you how to do it and once you’ve mastered it, it becomes relatively easy. And trading’s not too dissimilar in that once you have clarity and understanding of what you’re looking for, what pattern you’re looking for, what the set up looks like, knowing which currency pairs you’re favouring, which timeframe charts you’re favouring, all those type of things, it becomes a lot easier. And just wanted to a pick up on that. Feedback from new clients Had some feedback forms here from clients. Just wanted to read a few from people who had joined us recently. Feedback from Sarah who said, I learned more in the last week since I’ve joined in the past six months of trying to trade by myself. There’s another one here from Kenneth. Loved the live trading rooms. They’re fantastic. I love the examples and really helps cement how to use the system. I love the emphasis on risk management. Another one here from Derek who said, I think the content is really well covered. Love how your indicators tie into your method and the indicators incorporate into your trading strategy. Another one here from Peter. The templates are connected to help me understand which timeframes I’m looking at and the use of your technical analysis is really impressive. One here from Tully. I like that I can genuinely feel that you’ve put a lot of effort into the course yourself. I especially like the sequencing of how you teach effects. The parts I liked the most, I feel you’re a genuine, therefore I’m open to learning and really enjoying the course. So, just some clarity there. So for you, what can you do? Pick the charts and time frames that suit you Well, pick the timeframe charts that suit you and find out what works for you. What type of trader are you? Do you like to look multiple times a day at charts? Do you like to sit and look at charts for hours upon end or do you just want to trade maybe just sort of five to 10 minutes once a day? Understand what works for you. Get that clarity about the system you’re looking for, reversal trades, continuation trades. Do you want to look at news tradi

Podcast: Making 2020 a Fantastic Trading Year for You In this video: 00:35 – What can you learn from your trading in 2019? 01:10 – We start trading on 13th January and have our trading plan ready 01:27 – Daily trades made +23.87% gain in 2019 02:17 – We know what works and what doesn’t work 03:02 – We promote low chart watching times 04:00 – Daily trades have been profitable every year since 2010 04:23 – Split payment options for you – Our 3 Day Sale this week 05:13 – A performance based guarantee 06:16 – Register your interest for the sale What are you going to do to ensure that 2020 becomes a fantastic year for you as a Forex trader? Let’s talk about that and more right now. Hey traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 348. And happy new year to you. This is the first video and podcast into 2020. I hope you had a fantastic Christmas and also just a great new year. What can you learn from your trading in 2019? Now, moving into trading, what is it that you did in 2019 that you kind of regret? What is it that you did that was good? Have you taken some time to analyse your performance of last year? Have you taken time to go through the charts, look at the setups that you took, ones that worked, ones that didn’t work, and basically go through and create yourself a plan so that this year, 2020 is going to become a great year for you? We start trading on 13th January and have our trading plan ready Now, of course, nobody knows what the market’s going to do as we head into this new year, but we’re starting trading next week on the 13th of January, which would be the day that you get this video on podcast. That’s our first day of our daily trades. Now, we all have a plan of what we’re doing heading into the next trading year. Daily trades made +23.87% gain in 2019 We’ve analysed what we’ve done last year, and by the way, our daily trades that we post for our members made 23.87% for 2019 by risking just half of 1% per trade. So very, very low risk. Our biggest month I think was about a 1.6, or 1.8 I think it was, percent losing month. So very, very low draw down, high consistent returns. Just one timeframe I’m talking about there. Of course, we trade different time frames as well. We post on our membership site about the monthly and the weekly timeframes and on our forum site, on our forum site that we publish trades. So do other clients of different timeframe charts, trades that we’re looking at. And on our live webinars, we trade anything from a 15 minute chart through to a 12 hour chart depending on the timeframe that’s showing the right setup at the right time. We know what works and what doesn’t work But we have our plan, we have our trade setups in mind, we know what we’re looking for, we know what works, we know what doesn’t work. We know about reversal trades, they look really good on the charts, but we also know that continuation trades look not quite so dramatic on your charts, but they have such a high probability chance of being profitable. So I personally much prefer continuation trades because it means I’m trading with the main trend, but after a pullback. And so, for me, I’d always put a higher emphasis on a continuation trade than I would on a reversal trade. But it’s having things like that in mind. When are you going to trade? What days of the week? What times are you trading? We only trade on the close of a candle. We promote low chart watching times And I think that’s really important because, for me, we advocate and we promote living. Look at the view me, if you’re watching the video. We’re out here trying to do things outside, trading 30 minutes once a day, and that’s it. You do not need to sit at your charts watching five minute charts moving up and down all day. You can, if you really, really want to, but I can promise you that you’re not going to be doing that in a year’s time because you’re going to be burned out. Trading and good trading is about having consistency. It’s about understanding what you’re doing. It’s about having low risk and it’s trading on the close of a candle, knowing what you’re looking for, and being able to do this all the time. Day after day, week after week, month after month, and for us now, year after year. I’ve been trading for 16 years now full time and teaching for almost 11 this coming May. And we’re still doing it and we’re still loving it because we trade well. We are profitable. Daily trades have been profitable every year since 2010 By the way, our daily trades have been profitable every year since 2010 when I started posting them on our membership site. Every single year without fail we have made money for our clients just copying the daily trades. And, of course, it’s the earn while you learn type of theory goi

Podcast: Becoming a Better Trader in 2020 In this video: 00:25 – 2019 has been an excellent year 01:01 – We post our daily trades every day of the trading year 01:50 – Other trades posted on our forum site and taken on our webinars 02:10 – How you can learn to take these trades by yourself 03:16 – Now living in Nelson 03:40 – What can you learn from your 2019 trading year? 04:22 – We aim to create good Forex traders 04:54 – Use the next few weeks wisely to help better yourself 05:27 – We wish you a fantastic Christmas and happy New Year What can you take from your trading year to help you become an even better trader next year? Let’s talk about that and more right now. Hey traders, Andrew Mitchem here at the Forex Trading Coach with the last video and podcast for 2019. 2019 has been an excellent year Now we’ve had a really good year, both personally and through the Forex Trading Coach and of course through our many thousands of clients dotted throughout the entire world. Had a fantastic year. The last few months have been a little bit tougher, but with trading you’ve got to take the bigger picture. Always look at that. Don’t worry about the last two or three trades. Always look at the bigger picture. And so this video is about what we’ve done and also what have you done, and what can you either get help with or what can you learn in order to make 2020 a really great year for you trading wise. We post our daily trades every day of the trading year So here at the Forex Trading Coach, every single day of the trading year without fail, we have posted our daily trades on our membership site. We’ve done that for years, but this year was no exception. Every single day around 5:30 New York time; PM when the daily charts close, we post our daily analysis. Now, if you did nothing else than just copied our daily trades this year with only half of 1% risk per trade, like very, very minimal risk, all the stop losses, all profit targets, you’d be up around 24% so far. We’ve got another week to go, end of today and all of next week, but we’re around 24% right now, which when you consider that’s purely one time frame, very low risk trading. That is very, very good. Other trades posted on our forum site and taken on our webinars Now on top of that, of course we post trades on the monthly charts, the weekly charts and on our breakout strategy that we have and all our forum site, we post trades all the time as do other clients. And our live weekly webinars, we’re always taking trades on those. But just the daily timeframe, 24% for the year to date, pretty outstanding. How you can learn to take these trades by yourself And so it’s what you’re learning from that is not only the gain of that monetary gain, it’s what you’re learning education-wise of how to take these trades. Why to take these trades, what trades to take, what to learn from them, where to put your profits and stops, all that type of thing. So really good. On the Forex Trading Coach website itself, free information has been posted free to everybody every single day as well. Strength and weakness analysis where we’re looking at different currency pairs going strong or weak for that upcoming day every day without fail this year we have posted that analysis as well. And it’s what we’re about, we’re about consistency about quality, consistency, low risk, high reward to risk. But for you to help you with your trading, that free information that is there and even if you’re not a client, free information is there. Of course clients get more and they get specific trades and to do with the strategy. But for everybody else, there’s free information there. There’s of course our ebook, our calculator, our webinars that we have, which by the way are on demand as well in there. So lots and lots of information to help you. Now living in Nelson From a personal point of view. We’ve moved to Nelson in the South Island just last week. So this is my new home, new surroundings here, and very much looking forward to spending the summer, of course it’s summer here around Christmas, new years in New Zealand. So looking at having a really nice break, just a break away from trading for a few weeks just to refresh and be ready to go for next year. What can you learn from your 2019 trading year? So what is it that you can do over that Christmas and new year break to improve your trading? What can you take from this year? Maybe things that you did well, maybe things that you didn’t do quite so well. What is it that you can take from that to become a better trader, a more consistent trader going into 2020 and beyond? Write down a few things that you’re struggling with. Maybe email me some questions. We’re here to help, so just reply to this email or look on the email that comes with this video or just send me an email, andrew@theforex

Podcast: Trading Forex from Anywhere In this video: 00:25 – We’re not geographically restricted 01:15 – All about Nelson 02:05 – What’s the freedom worth to you? 02:47 – Plan now as we head towards the end of the year The great thing about trading Forex is you can trade from anywhere. Let’s talk about that and more right now. Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 346. We’re not geographically restricted Now trading is quite unique… Not many businesses, not many industries out there that you are not geographically restricted with. It’s one of the awesome benefits of trading Forex. We are moving, so tomorrow is our last day in this area… It’s what’s called the Waikato. It’s a an area South of Auckland in the North Island of New Zealand. Been around this area, originally came here for dairy farming reasons and we’ve lived in this area for around 22, 23 years and it’s now time for a change. So by the time you get to watch this video and podcasts will be many, many hundreds of kilometres away. We are moving to Nelson, which is in the very top of the South Island. A big move. Lots to get done, but really looking forward to the challenge and and a change. All about Nelson So reasons we’re going there? Well, Nelson’s just a fantastic place in itself. It’s the sunshine capital of New Zealand. It’s right on the coast near awesome beaches, incredible scenery, absolutely amazing scenery. You’ve got mountains, you’ve got beaches. Craft beer capital of New Zealand, lots and lots of hops grown around there, which would suit me massively. The wine capital of New Zealand where you hear about the famous New Zealand Sauvignon Blanc is all around that area, the Marlborough area of New Zealand. So lots of great reasons to go there. Awesome weather for flying the helicopter and really looking forward to that. And my wife and our daughters are into horses, so great horse tracks, great horse weather as well. So lots and lots of good positive reasons why we are going there. What’s the freedom worth to you? But the reason I wanted to make this is to just say to you, look, what’s that worth to you? What does that geographic, or that lack of that geographic, restriction worth to you? You see all you need to trade really is like a reasonably good internet connection and a laptop. I mean you can trade even using like your phone… Not on your phone, but you know, you get your hotspot working on your phone and that’s all you need to power your laptop. So you know, it just has so many benefits. The ability to be remote, the ability to be wireless, the ability to be non-geographic specific. So again, what’s that worth you? What does that have as value? Plan now as we head towards the end of the year My suggestion is now as we’re heading towards like the end of the year is have a good serious think about that, you know, and what is that education, that knowledge worth to you to be able to go from maybe where you are now to becoming a Forex trader? But don’t expect to do it straight away. You know, this takes a long time to get to establish and get to work properly. So really it’s about that… What can you do now in the short-term? What can you do over, even like the Christmas/New Year time where you may have got a bit of time off work, you may have got a bit more sort of free time to be able to learn something new, to be able to study something. So that little bit of short-term work and effort right now for that bigger picture, longer term goal of that freedom or that financial freedom, that time freedom or that geographic freedom. So have a think about that and look forward to catching up with you this time next week where I’ll be making my video from Nelson. So after 22 years in the Waikato, the Hamilton area of, of New Zealander, it’s bye for now and I’ll see you this time next week in the South Island.   Click Here to learn how we can help you!

Podcast: The Value from Being Part of a Trading Group In this video: 00:29 – What happens when you join a group 00:59 – It’s a lonely business 01:25 – Feedback from our trading community 02:17 – What our new traders like about the course 03:23 – The value of being in contact with other traders 05:40 – No-one learns from being lectured 06:20 – Cyber Monday 2019 sale – a great opportunity Never underestimate the value of being part of a group of like-minded Forex traders. Let’s talk about that and more right now. Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 345. Got two really important points to cover in today’s video and podcast. What happens when you join a group The first is all about understanding and appreciating the value that you get as a trader when you’re part of a group. You see, when we start trading, we’re pretty much on our own. Most of us are on our own. We start on our own. We’re either working from home, you could be working from work as part of your office, on your phone, whatever it might be, but you’re generally working by yourself when it comes to your trading, your learning process. You’re researching online. You might attend a course, but then you’re back home after doing that course. It’s a lonely business So very lonely business, quite honestly. It really is. A lot of people don’t understand what it is that you do and a lot of people probably doubt what you’re doing is good and then you start doubting yourself. So a very lonely business indeed. And a lot of people give up with that and they start blaming the market or the broker and things like that. Feedback from our trading community Now, I wanted to show you some or discuss with you some information that we’ve had back from some new traders. You see here at The Forex Trading Coach, we value the whole community. Being part of a team, part of a big group of people, all are here to help each other and to help learn and to help each other becoming successful. That’s what we’re about, and it’s what we really strive to get out of, all of our clients are getting a part of a big group to all participate, all taking part. And as part of that we send out emails with forms, progress forms, to just basically checking on how people are going. Where they’re struggling with, where they’re going well, what that they need help with, that type of thing. And so I’d like to read three progress reports that have come through just this week from clients that have joined in the last few weeks. And it’s really interesting because what question number seven that we ask is, please tell me what aspects of the course you like the most. What our new traders like about the course So Brian wrote and said, “Look, I’m loving the video course and the transcription because it helps me with the key points, and certainly in the past I’ve struggled with these points about understanding a strategy.” And now he’s saying that with the video course he can go and watch them, rewatch the videos as often as he likes, and really understand the whole key strategy. So that’s from Brian. There was one here from Andrew made a number of points. Said, “I’m loving the position sizing and the money management and risk. It’s where most traders fail, and I now have a system I can understand. I’m also enjoying the candlestick analysis and price action. It’s just what I needed.” And a third point he says is, “One thing I’m really liking is the success stories that you put out there interviewing other traders who have struggled to make trading work for them in the past. Now they’re taking your course and have been able to become successful.” The value of being in contact with other traders So that’s from those two, but the one I really wanted to bring out here as part of the group is from Austin. And Austin says, “I like the forum a lot. While I feel that right now my trading abilities are lacking to contribute to it, it’s nice to get the opinion of the more experienced traders out there and talk through a potential trade. I really like the strategy of trading the longer timeframe charts as I work running my business as a builder. I can only check in a few hours throughout the day due to being in construction. I don’t have access on my phone, but it’s great being able to place trades on the weekly, and the daily and if the opportunity arises, on the 8, 6, or 12 hour charts in the morning. So great to be able to have that kind of feedback.” And so that’s just come through just here from people that have joined us recently. So what can you take away from that? Well, to me it’s all about the importance of being part of a group and how that can really, really help you. So never underestimate that. I th

Podcast: Not all candle patterns are equal In this video: 00:32 – Why are the candles not making me money? 01:10 – Understanding technical analysis to help your trading 01:55 – Taking the high probability trade setups 02:24 – What are we looking for? 02:55 – Further in-depth analysis 03:54 – The extras we look for and teach our traders to do 04:50 – Trading from the right hand side of the chart is when you make money from trading 05:30 – Moving house and Cyber Monday sale 06:25 – Register your interest in the Cyber Monday sale Not all candle patterns are equal. There’s a big difference between what works and what doesn’t work. Let’s talk about that and more right now. Hey forex traders, it’s Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 344. I want to talk about candle patterns and how I can help you to select the best patterns. Why are the candles not making me money? You see, I’ve received an email just this week from a guy who said, “Hey, Andrew, done lots of research online. I’ve been looking everywhere. I understand candle patterns. There’s 12 that I’ve identified. I spent a lot of time at my charts looking at them, taking trades off them, but the problem is I’m still not making any money. Can you help me and identify what my issue is?” Now, when I delved further into this, I realised that this guy six months ago started looking at candle patterns and he spent a lot of time looking at YouTube videos and just looking at sites online and forum sites, et cetera. Understanding technical analysis to help your trading He had done a lot of research in defining these 12 patterns, the problem is that not all candle patterns are equal. You need to understand that, and you need to understand a lot more information about technical trading rather than just saying, “Oh, here’s a pin bar, or here’s an engulfing candle, and I’m just going to trade it because it’s a pin bar or an engulfing candle.” You cannot do that. That will not make you money. You can go and look at your charts. Have a look at the chart behind me, there’s engulfing candles and pin bars and hanging man and all those different patterns that you hear about and candles that you hear about all over your charts. The problem is you can’t just take every single one of them. It’s just not going to work. There’s a lot more research, a lot more finesse that you need to do into understanding them and what makes a good candle pattern. Taking the high probability trade setups So for me, it’s all about getting high probability trade setting up. I want to take less trades, but high probability. What I’m grading is like A and A plus quality setups. Less is more, but it’s all about identifying what it is about that candle, where it occurs within the chart, what part of the chart it’s in, what the price is doing. It makes it from just an engulfing candle to yes, this is a high quality setup. What are we looking for? So it’s all about things like looking at the previous trend, has there been a trend line break? Has there been previous exhaustion? What level has the candle bounced at? If it’s a sell trade, has it bounced at a resistance level? Is that a random number or a pivot point? Is it a previous high? It could be all sorts of manner of things that we’re looking for, but it’s identifying that and seeing why that candle has bounced at that level. Further in-depth analysis You identify what potentially could be a good setup, and then it’s a case of, well, looking into that further, do I have stop loss protection? Am I just going to place my stop loss higher the candle or a fib level. But if you have things such as like round numbers in the way or previous highs or the pivot point or the middle Bollinger Band or things like that, things in the way of that candle. So if you’re taking a sell trade, if the price does retrace, which quite often it will do, is it going to then not go and hit your stop loss? So it’s understanding, do you have that in your favour? Exactly the same, but with the profit target. You’re looking for a sell trade, and you’re looking for the price to head down. What is in the way of your profit target? Hopefully nothing or not very much, but you can’t put your profit target if it’s obviously below the last swing low or below the pivot point or below a round number, things like that. You want to do yourself a favour and give yourself a high probability chance of success. The extras we look for and teach our traders to do So when I’m analysing and when I teach people to analyse candle shapes, candle patterns, it’s not just about, “Here’s an engulfing bar, take a sell trade.” There’s a lot more that goes into it than that to give yourself a good, high quality chance

Podcast: How to Protect Your Capital In this video: 00:46 – You must preserve your capital 01:08 – To help as many traders as we can 01:37 – 10 years of profitable trades on our membership site 02:51 – Forget about making pips 03:17 – The problem with most traders Looking to protect and preserve your capital is key to becoming a good trader. Let’s talk about that and more right now. Hey, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 343. I thought I’d come outside today. We’re still in Cambridge in the North Island. Cherry blossom throughout the entire street, absolutely beautiful in springtime this time of year. We’re moving down to Nelson in the South Island at the beginning of December. So while here, I thought I’d just come outside and take advantage of this. So, if you are on the podcast, sorry, but you can’t see the beautiful trees behind me. You must preserve your capital Let’s get back to the topic in hand about preserving capital. You see, most traders lose capital. It’s hard money that you’ve earned to get into your trading account. Why blow it? Why do stupid things to throw it away? As traders, we’ve got to understand that we’re in a business here. You’ve also got to understand that the stats suggest that about 90% of traders lose money. So, here at the Forex Trading Coach, we’re about turning that around. To help as many traders as we can Our mission is to help as many traders as we possibly can. And our mission, also, is to help traders preserve their money, preserve their capital, so they can enjoy trading and understand and gain the benefits that trading offers, but only once you understand and know what you’re doing and have confidence in your strategy. There’s many things that we do here at the Forex Trading Coach in order to help our clients, not only have a strategy, of course that works, is that we post daily trades each day of the week. 10 years of profitable trades on our membership site And over the last 10 years I’ve been publishing those trades every single day for 10 years of the trading week. And do you know, not one single year have we lost money? Every single year for 10 years we have been profitable. Now, the power of compounding, and you probably know about it. If you took $100,000 back in February 2010 when I started posting those daily trades, today here into November 2019 your $100,000 with compounding, and only risking half of 1% of your account per trade, your $100,000 would now be worth 1.65 million. Quite outstanding considering they are all trades that have been published. They’re all trades that take about maybe 5 to 10 minutes once a day for you to put on your platform. And it just shows the power of compounding, the power of high reward to risk trades and the power of low risk per trade. And that’s, again, comes back to preserving capital. Because we have live webinars. In fact, I’m holding one tonight for clients in the European session. It’s night my time. We have trades posted on our forum site. We do all these things that we can to help clients understand what good trading is all about, and to actually help them to earn while they learn. Forget about making pips But the other thing is, of course, you never hear us talking about pips. Never do we talk about, “Oh, we’ve made this number of pips,” because it really doesn’t matter. For us, it’s about having low risk per trade. In other words, a half percent risk per trade maximum. High reward to risk. So, if we’re making a three to one, let’s say, it means we’re risking half a percent and if we have profitable trade, we make a 1.5% account gain. And that is really, really important that you can do that. The problem with most traders And also, there’s a phrase that someone told me the other day, and it’s a really good phrase. And it was about the problem with most traders is that most traders, unfortunately, they lose their money like they’re on an elevator and they gain money like they’re on stairs. In other words, big drops, small incremental gains. And what we need to do and what we try to do here at the Forex Trading Coach is to turn that around. It’s really important that you do that. It’s really important that you have high reward to risk trades, and it’s really important that you gain like an elevator, good fast gains. And then when you have losses, which we all do, we have small incremental losses. Small losses, big gains. And that’s what good trading is about, that’s how you protect your capital. So I hope that helps. Once again, this is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week with more trades and information to help you becoming a great trader. Bye for now. Click Here to Learn How we can help you

Podcast: Should You be a Forex Scalper? In this video: 00:27 – Is scalping a good idea? 01:22 – The reality is different 02:22 – Having small stops is not important 03:09 – Can be affected by news and emotions 03:26 – Sustainable and enjoyable trading 04:26 – Don’t get glued to the charts 05:30 – Don’t forget the US clocks change this weekend 06:13 – Email me your questions Should you consider being a Forex scalper? Let’s talk about that and more right now. Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 342. Is scalping a good idea? I want to talk all about scalping. You see, I’ve received an email this week from somebody that said, “Look Andrew I’m new to trading but I’ve heard about scalping. It looks really, really good. Should I be a scalper?” They said the advantage is that they saw is that your stop/loss needs to be smaller, it’s quicker to make profits, to make your pips. You can actually be in and out of a trade really, really quickly. They thought it was just a fantastic way of trading. Now, the part to take from that is the person who wrote the email hadn’t really traded yet. But it just sounds good in theory, doesn’t it? The difference is that in reality, to me in my opinion, scalping is not the way to go. Now, I’m not saying it doesn’t work and of course it can work. It’s like anything. It can work if you want it to and if it suits you as a trader with your personality. However, I would strongly suggest that for most people you don’t look at scalping. The reality is different You see the thing is your stop/loss being smaller, that doesn’t matter if you control your risk properly. Making more pips and making pips quickly, well you’re making pips it doesn’t matter really to you if you’re making a trade in like sort of two minutes or whether it’s two hours or 12 hours. It shouldn’t really matter. The aim is to actually make the profit, not how quickly you can do it. Also the thought process of scalping of being in and out of the market really, really quickly, the problem is is that reality is that you have things called spreads. Every time you take a trade, the spread or the commission is paid to your broker and if you imagine you’re taking, let’s say for example a 10 pip profit target, but your spread is two or three pips, that really cuts into the trade. Of course, to make 10 pips you’ve really got to make 12 or 13 because of your bid and ask differences. So it becomes a real issue. Having small stops is not a great thing. Having small stops is not important It might sound good because you think you’re losing less, but the thing is that if you actually use correct money management, your position size is what effects the outcome of the trade. It shouldn’t really matter whether the stop is 10 pips or 100 pips. It doesn’t matter. So the other hard thing I’ve always found in the past is that reward to risk out of scalping trades is very, very difficult. If you think you’re going to have a small stop/loss of let’s say call it 10 pips, and reality is therefore you’re only sort of seven or eight pips away from being stopped out as soon as you place the trade, because again the spread, you’ve got to get yourself like 20 to 30 pips out of that trade to get yourself a two or a three to one reward to risk trade. Now that’s all the technical trading side of it. Can be affected by news and emotions You get news and events, you get spikes in the spreads, et cetera. All those type of things that really if you have a small stop/loss or you’re in and out of a trade real quickly, emotions come into it. All those things come into it that are a bigger picture of reality than the theory. Sustainable and enjoyable trading Also, is it sustainable? So here at the Forex Trading Coach, I’ve been posting on our membership site for nearly 11 years, every single day without fail, the daily trade suggestions that we post to our members. So after 11 years of doing this, I can promise you the only reason that I’m still doing it now and still enjoying doing it is because it’s manageable and sustainable because it’s looking at the daily charts once a day. By the way, every single year to date, including this current year 2019, we have been profitable every single year on our daily trades, without fail. So the reality is most people out there when they start trading they think they want to become full time traders straight away. The reality is that’s not going to happen. For the vast majority of people, that’s not going to happen. You can become a full time trader but it will take time, dedication, effort, commitment to get to that stage. Like with anything. Don’t get glued to the charts So think of it this way: if you’ve gone into trading, most likely you&#8

Podcast: Having the Right Mindset to Trade Well In this video: 00:29 – Controlling your emotions as a trader 01:12 – Made money every year since 2010 02:06 – The problem with a small sample of trades 02:42 – Look at the bigger picture 04:49 – Understanding win rates Trade psychology is a massive part of trading, and it will make a huge difference to your overall success if you can master it. Let’s talk about that and more right now. Hey, Forex traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 341. Controlling your emotions as a trader I want to talk about a very, very important topic, and it affects probably most all traders. It’s all about trade psychology, and how you can control your emotions, and how what goes on in your head has a massive impact on the overall outcome of your Forex trading journey, whether it’s going to be successful or not. It comes down to a few things that you can do to help yourself and improve things. You see, unfortunately, as traders, most people expect instant results, winning trades, high win rates. They don’t like losses, they cannot accept losses, and they jump from system to system. Unfortunately, people do this all too often and all too quickly. Made money every year since 2010 And I even see it here at The Forex Trading Coach. If you did absolutely nothing else, if you joined our course, did nothing else other than copy my daily trade suggestions each day of the week, which was going to take you five minutes once a day at most to do, you’d make money. Absolutely guarantee you’d make money, and how do I say guarantee that? I know that because since 2010, every single year, we have made money on those daily trade suggestions, and so it just shows how big an impact psychology and your mindset is because it doesn’t matter how many graphs I can show people of all these winning trades consistently over time. People still decide to offer a couple of losing trades to give up or to change systems, or it doesn’t work, and it’s a real shame because we’ve proven that. The problem with a small sample of trades You see, the problem is if you strike a system and have like a small sample of trades, and you have some winning trades, you think the system is marvellous. You strike that same system and have a small sample of a few losing trades. You may have been seeing all these previous fantastic trade results that someone like myself has shown you, and then you go and trade the system live, and you have a few losing trades or even a losing month, and people give up. That’s a real problem in trading. it really is a massive problem. Look at the bigger picture You see, you have to look at trading as a bigger picture, even on our daily trade suggestions. By the way, there’s just one timeframe chart. That’s all this is. You’ve got all the other timeframe charts that we talk about that we post on our forums site, on our live webinars. We put the weekly and monthly chart trades on our membership site as well. I’m just talking about one timeframe chart, daily trades. That’s all. That has made money every single year since 2010, and so it’s just mind-blowing why people don’t just continue to follow that. You would have made money month after month. I went back through my records just now. The biggest losing months since 2010 was in February 2014 when we lost 5.15%. We went backwards just on the daily trades, 5.15% negative. That’s the very worst we have done, and here we are almost at the end of 2019. That’s the worst because we’re trading with low risk, half of 1% risk portrayed, high-reward risk, so it’s a proven H, and as I mentioned, one timeframe. That’s all that is. You can go on and take the same strategy, the same methodology against all other timeframe charts when you see suitable trade setups. So it really is amazing how that can affect people, but it’s important that whatever your strategy, whatever your system, you analyse it over time. You look at a big sample of trade numbers. You look at a big period of time, length of time before making that decision to go, “You know what? This doesn’t work. I’m going to change on to something else,” because small samples are dangerous. Random events happen too easy to say, “Yeah, this is magic,” or too easy to say, “This is terrible,” so you need to have a good strategy with an edge, with high reward to risk. That’s exactly what we have, and it’s proven since back in 2010. I’ve been trading that personally since way before that, but on our membership site, we have all the trades taken back from that date right through to today. Understanding win rates So understanding win rates, accepting that your win rate is not always going to be massively high. Don’t worry about having a win rate of 90% winning t

Podcast: Why Courses Do Not Work In this video: 00:22 – What do you get with a course? 00:41 – Someone I follow 01:22 – No-one needs more information 01:50 – What do you get at TFTC? 02:52 – Get access to our wisdom and knowledge 03:57 – Contact me with your questions I’m going to explain to you why courses do not work. Let’s talk about that and more right now. Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 340. What do you get with a course? This is all about why courses do not work. Now, you might be thinking, “Hey Andrew, that’s a little bit odd. Bit of a strange topic of conversation coming from you, as someone who is online, who actively has a course. And now you’re telling us courses do not work.” Let me explain more. Someone I follow I follow a guy online who has courses online also. Nothing to do with trading. He’s more of a business coach. But an email came through from him yesterday and it’s all about why courses do not work. I’d like to just read a little bit from that email to explain further what I mean and how it can also help you. Here we go. He says, “I bought courses all the way from $7 up to $35,000. Some were great, some were terrible. But after spending over $100,000, I have to confess, courses do not work. But often they do give you something that does work, and that is access.” I’ll explain more. He goes on to say, “You see, none of us really need more information. No-one needs more information We’re overwhelmed, overloaded with information. It’s everywhere. Most of us are drowning in information. But more information, what that does, that leads to options and options leads to confusion. However, when you have access, that gives you the thing that really initiates change, and that’s wisdom.” And he says, “Wisdom is simple, applied knowledge and experience. But more information gives you more options or confusion, where a specific wisdom gives you clarity.” What do you get at TFTC? So it got me thinking. Here at The Forex Trading Coach, what do you really get? Well, of course you’d get a course and a strategy and software and webinars and all that type of thing that you know that you’d get and know that it’s good because it’s been around for 10 years and it’s got a five star rating. But what you really get is exactly like that email says. When you join us at The Forex Trading Coach, what you do get is access to wisdom. You get access to full-time traders. You also get access to other people just like you who’ve thought about investing in a forex course and actually have gone ahead and done that, who are now actively trading the system. So you have access to ourselves as full-time traders and mentors and coaches, but you have access to that wisdom of other people all around the world who are sitting at home just like you, who want to become good forex traders. Not everybody wants to become full-time, but people just want to master the art of trading forex. That is the wisdom that you do get access to as part of The Forex Trading Coach community that we have. Get access to our wisdom and knowledge When it comes to us as full-time traders, you’ve got myself who’s been trading 16 years, we’ve got Paul over in America who’s been trading since 2005, so 14 years, we’ve got Mikalai based in London who’s been trading since 2012. That’s what, seven years. So all up, 37 years between us. I’ve been coaching for over 10 years, but 37 years of knowledge and wisdom from just the three of us as traders. Then on top of that, all the knowledge and wisdom from active traders just like you. So have a think about that conversation, that email where he says, “Courses don’t work, but they give you access to clarity, access to wisdom.” That is really, when you think about it, what you get when you join a well respected and well established trading course. I hope that helps. Just a little bit of a different take on things this week. But just if it may just get you thinking about the actual value that you get, access to that knowledge and that wisdom, it’s really important. So I hope that helps. Contact me with your questions If you’d like any other topics discussed, just send me an email. [email protected]. I’ll see you this time next week. Bye for now.   Click Here to Learn How we can help you

Podcast: Where to Place Your Profit Target In this video: 00:24 – Trading from Nelson, NZ 00:48 – We talk about stop losses but what about profit targets? 01:30 – What you should not do 02:10 – How do you know where to place your profit target? 04:14 – Trading the longer time frame charts 06:07 – Contact me for more details about how we can help you Do you know where you should be placing your profit target and why you should be placing your profit target at that level? Let’s talk about that and more right now. Hey, traders. It’s Andrew Mitchem here from The Forex Trading Coach with video and podcast number 339. Trading from Nelson, NZ Coming to you from Nelson in the South Island where we’re just setting up here. I’ve got a webinar tonight for clients, and just setting up in a new property that we’re moving into, and not quite there yet. We’ll be here properly in a couple of months from now, but just getting things set up in the office here. Hence the change in the background and just the two screens, not four. We talk about stop losses but what about profit targets? So yeah, we want to talk about profit targets. We talk a lot about stop losses. And stop losses, of course, are very important, because without a stop loss you’re not protecting your trade, and without knowing where you’re putting your stop loss, you don’t know the position size you need, the lot size you need to keep your risk equal. But also another very difficult part of trading is where to put your profit target and why, and how do you decide where to put your profit target? What determines that? Does it determine by the currency pair, the timeframe, the conditions at the time? What is it that you do to determine that? And you can’t just sort of make it up on the go. You’ve got to have a bit of a plan about this. What you should not do And also, we talk a lot about high reward to risk trades, and it’s very important that you don’t just go, “I’ve got a 20 pip stop loss, so I need to put a 40 pip or a 60 pip profit target,” simply because you hear me talk about you need a two or three to one reward to risk trade. It’s important that you don’t do that. Yes, you need high reward to risk out of your trade, but you need to also put your profit target at a level that’s a sensible level for a reason for that trade at that time. And that might be different depending on the currency pair or the timeframe, market conditions, et cetera. So how do you know? How do you know where to place your profit target? So it’s really important that we get this right, because, of course, it can make or break your trading performance. And the whole point of a profit target is is when the price gets there, the market closes you for a profit and you haven’t got to be at your computer worrying about the trade being open and those type of things. So it’s important that we do that. So, how do we approach that? Well, because we’re technical traders, we’re always looking at price action and we’re looking at charts. It’d be very difficult as a news trader, I would imagine, to know exactly where to put your profit target, because it depends on the reaction of that news, things like that. Whereas technical traders, we’ve got a lot of things that’s actually in our favour. We can see, let’s say you’re taking a buy trade, of where the price last bounced. For example, where’s the next likely resistance level? But the approach that we take at The Forex Trading Coach is two-fold. So if we’re trading, and we split our trading up. If we’re trading one-hour charts and shorter, which, to be honest, personally I don’t do a lot of, but if we were, we’re looking at current market momentum, we’re looking at what’s happening in the market right now, because on an hour chart or a 15-minute chart, you don’t want to be worrying about retracements and things like that. You want to get in at the market because you’re trying to ride the current momentum at the time. So it’s very important with the market order that your profit target is placed at, let’s say, by trade, before a previous swing high or below the next round number. You don’t want to be sort of trying to have your profit target through the pivot point, let’s say, as an example. Things like that. So you always want to bring your profit target for a buy trade on a hour chart or lower below the next likely stalling point, the next resistance level. Really important that you can do that. And, of course, we teach how to do that. On my webinar that I’m holding tonight, I’m sure there’ll be some trades I’ll be taking on hour charts or 15-minute charts, and we’ll be doing just that. Likewise, of course, for a sell trade, make sure your profit target is before

Podcast: You Must Have Patience as a Trader In this video: 00:23 – The importance of having patience 00:48 – Examples from this week 02:02 – Don’t take trades just to undo your good trades 03:06 – Less is more 03:46 – What will happen next week? I’m going to explain the importance of patience as a Forex trader and why you should not chase trades. Let’s talk about that and more right now. Hey, Forex traders. Andrew Mitchem here from the Forex Trading Coach with video and podcast number 338. The importance of having patience I want to talk all about having patience as a Forex trader. It’s really important. You see, we work in this business, this industry that’s online, that’s high paced, that’s open 24 hours a day, five days a week, and we’re always there looking for traits, or that’s what most people think they should do. In fact, it’s the opposite. You need to be patient, you need to wait for those high quality setups, and often doing nothing is the best thing you can do. Examples from this week I’ll give you a great example. Just this week, we’ve got leading into the US non-farm payrolls, which is the US monthly job release later today. But up until now, this week’s been quite a difficult week to trade, being a lot of quiet market conditions, not a lot of very good price action there. And so for us personally at the Forex Trading Couch, we’ve had a fantastic week trading the weekly chats. We’ve got a pound year in trade that’s up 3.4 to one right now. It’s a 1.7% account gain. Trade’s still open, and we’ve closed on a weekly chart trade from last week, which was an Aussie US dollar trade, 2.8 to one or 1.4% account gain, and also we’ve got a New Zealand yen trade open at about a one-to-one right now. So just on those three trades, fantastic gains, yet we’ve done hardly any trading. We’ve had a few trades on the dailies and other timeframe charts, but it’s been particularly quiet, but we’re still in very good profit and that’s the important thing. This week it’s been and last week it’s been the weekly trades that are done very well. Other weeks it’s different timeframes. Don’t take trades just to undo your good trades But the important thing is it comes back to that being patient, don’t … think of it this way. What’s the point in taking lots of trades this week that end up losing just to do and give back to the market all that good results that you’ve had from just two or three trades? Why would you do that? It just doesn’t make sense. And so patience is key. Wait for high quality setups. Don’t feel you have to be in the market all the time in order to be a trader and to do well. It’s about the high quality, A, A-plus grade setups, having all those things in your favour according to your strategy. Like I said, you know, some weeks you’ll get nothing. A lot will happen. We’ve had indecision candles, we’ve had some very big moves, but not really good setups. Other weeks you’re just going to get trade after trade after trade, and when that happens, take them. That’s the thing. You’ve kind of got to make hay when the sun shines, to use a phrase like that from my early agricultural days. But it’s really important that you do that. Less is more But don’t go forcing trades. At the end of the day, if you can make two or three percent in a week, it doesn’t matter if you made those from a hundred trades or from four or five really good trades. It doesn’t really matter apart from I know that if I can make that on four or five really good trades, I’ve paid less spread, I’ve had far less work to do, far more enjoyable trading week, less stress, less time, everything else. It’s which way you want to go. Do you want to be in the market all the time constantly being stressed, constantly looking for new trades all the time, just being constantly looking for new things, getting tied to the screens, getting tired, getting frustrated, or do you want to sort of look for just a handful of setups as and when they come? What will happen next week? Next week we might be getting trades on all sorts of different time frame charts. This week it’s been specifically the weeklies that have made us the good money. So again, be selective. Be careful with the trading. Don’t give away all your good work back to the market just because you feel you need to be in trades all the time. Despite that noise in the background, I hope you can still hear me. This is Andrew Mitchem once again from the Forex Trading Coach outside, as you can tell, making this video, but yeah, have a great weekend. I’ll see you this time next week. Bye for now.   Click Here to Learn How we can help you

Podcast: The Best Indicator to Use as A Forex Trader In this video: 00:23 – Indicators and the best one to use 01:20 – The problem with traders and indicators 01:56 – What works for you? 02:23 – Starting with a blank chart and look at the price 04:00 – Use horizontal lines 04:40 – Send me your trading questions What is the best indicator you can use as a Forex trader? Let’s talk about that and more right now. Hey Forex traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 337. Indicators and the best one to use And I want to explain all about indicators and more importantly, which is the very, very best indicator that you can use to be a profitable Forex trader. So let’s talk about that. There’s a lot of information here. And it all stems back to when we start trading. And when we start trading, and I did exactly the same, you put your charts up, you find a trading platform, let’s say MT4, it was MT3 when I started, or it may have been two. And you put the indicators on and you just get completely mesmerised by them. I was, I was completely mesmerised by how powerful these indicators were, how amazing they were. It’s like nothing I’d ever seen before. And all I needed to do was follow this line and when that one crossed over that and it reached this certain level, then if I just followed those and did nothing else, then there was nothing sure that I was going to be a multi, multimillionaire from my trading really quickly. Absolutely guaranteed. The problem with traders and indicators You’re thinking there’s a catch and of course there’s a cash. The problem is that doesn’t happen and like I said, I’m just saying that I’ve been through this as well. So if you’re in that position right now, believe me, I know exactly what you’re thinking because these indicators do look really cool. The problem is is that none of them really work by themselves and that becomes the problem. There is no one indicator that is the magic pill. Sorry to say it, but it’s true. You cannot find any indicator. They’ve all got some merits to some degree, but by themselves they’re all completely useless, the whole lot of them. What works for you? And so you have to work out something that works for you because most people will then go and think that they can alter the parameters of an indicator or make it more reactive or slightly slower. Or they’ll have some magical formula of all these combinations of indicators that’s suddenly going to tell them this magic secret answer when to enter and exit a trade that no one else has ever discovered before. And again, if you’ve been doing this for a while you know exactly what I mean, because I know you would have done the same yourself. Starting with a blank chart and look at the price So bring all that back to what changed things around for me. And it was when I actually got rid of all the indicators of my charts and I actually started to look at the price. You see the problem is, is when you have all these indicators together, everybody ignores the price on the right hand side column of your charts. How often do you actually look at what the price of a currency is? It’s probably hardly at all. It’s probably never for some people. And that becomes the danger. So what I did is I eliminated all the indicators. I looked at the price and I looked at where the price was moving. I then started to study candles. But also when it comes to indicators, yes I do use them but for me indicators are generally horizontal level lines because a horizontal line is the same for everybody. It’s there set, when a price has hit a certain level or it’s bounced at a round number or it’s hit the pivot point or something like that for the day, then that’s a level that everybody can use. And I don’t have to be kind of like subjective by it because it’s an actual level. And that’s where I find, you know, those are the kinds of indicators that really are the best because then it’s about discovering well what part of the chart is the candle in right now? Now you still need to understand candles and to be honest, they are probably some of the very best indicators you can get because they’re actual what’s happening right now. They don’t sort of manufacture themselves based on what happened hours and hours or weeks ago. Like most other indicators that all move beautifully, but they lag. Use horizontal lines So understanding horizontal levels, understanding price action, understanding candles, probably three together are the very best indicators that you can use. My honest opinion is that most indicators out there, you should probably not use on your charts. They will just confuse you, they will cause analysis paralysis. Bring it back to basics and bring it back to what the professionals trade

Podcast: What’s the Best Time of Day to Place Trades? In this video: 00:24 – When should I enter trades? 00:55 – How the FX day runs 01:20 – Do I have to trade the London and US Sessions? 02:12 – Is trading the Asian session a disadvantage? 02:32 – The way we trade at TFTC 03:04 – Look to take retracement orders 03:44 – Look at the close of a candle for a new trade 04:18 – The best time to place trades 05:14 – Ask me a question for a future video and podcast What’s the best time of day for you to place your trades as a Forex trader? Let’s talk about that and more right now. Hey traders, it’s Andrew Mitchem here from the Forex Trading Coach with video and podcast number 336. When should I enter trades? And it’s a question that I get asked very often, especially by newer traders. The question is this, is that, “Look, I know the market’s open 24 hours a day. I know that it’s open five days a week, but really what is the best time for me as a trader to go and enter my trades?” It’s a confusing subject because as I said, we know it’s a 24 hour market, but we also get told so often about different times of the day when there’s more price action than less. How the FX day runs So the day starts in the Auckland session and then which is in New Zealand and through to the Sydney session, and through to Tokyo that’s generally classed altogether as the Asian session, then as the markets then go through to the Middle East and then through to Europe, London and then across to the US with the New York market opening last. Do I have to trade the London and US Sessions? When you think about it, when it’s say middle of the day here in New Zealand, it’s the middle of the evening, the nighttime in London. So a lot of people think that that’s a disadvantage because a lot of people think that they have to be at their computer when there are certain trading sessions going on. In other words, a lot of people think they have to be at their computer during the London session, so for me that means evening time. If you’re in America, that means being up at two or three o’clock in the morning. Then also people leading on from that think they need to be there at the swap over between London and New York. For me that’s two o’clock in the morning also, and I’m not doing that. You don’t have to do that. But you can see where the confusion comes because that’s what people think they have to do. They have to be there when there’s the most price action and volatility, and news announcements. Is trading the Asian session a disadvantage? Likewise, for people this side of the world, they think, “Well, it’s my daytime during the Asian session. Well, nothing happens during the Asian session. It’s usually pretty much dead.” The odd day something will happen, but most of the time, not a lot happens in the Asian session, and so people see that as a disadvantage. The way we trade at TFTC However, forget all that thinking and start again with the thinking. Because the way that we trade is that we only take a trade or look for a new trade upon the close of a candle. It doesn’t matter what the candle length is. It could be a monthly chart, it could be an hourly chart, it really does not matter. But the beauty of trading that way is you know when to go and have a look at your charts. So we know that the daily candles close at 5:00 PM Eastern standard time, that’s New York time every day. So you know when to go and look at your charts. Look to take retracement orders Because of the way that we trade, we take retracement orders. We don’t even have to take a market order. You don’t have to, so you don’t have to be there bang on five o’clock New York time or five 30 you don’t have to be there right then. We’re taking retracement orders, and the great thing with a retracement order is we’re not even there at our computer when the trade gets filled because it gets traded, and entered, and filled when the price gets to the order level that we’ve already preset sometimes hours ago. So it doesn’t really matter what the session is when that happens because I’m not there anyway. I’ve set my trades up, I’ve set my orders up, and I let the market do its thing. Look at the close of a candle for a new trade Now, as I’ve mentioned many times, if you are trading say four hour charts, you know when to go and look at your charts. You look at the 5:00 PM New York time, and then you could look at nine or one, or five again, or nine. It depends on which of those you can or want to look at your charts. If you’re trading 12 hour charts, you just need to look twice a day, 5:00 PM and 5:00 AM New York time, or just after that time. Again, entering with limit orders, retracement orders, you don’t have to be there. The best time to place trades So

Podcast: What Makes a Good Forex Trader? In this video: 00:24 – Characteristics of a good Forex trader 01:08 – Results from trading and travelling 01:56 – The Person, the Trader 02:31 – The amount of work behind the scenes 03:05 – What you need to become a good trader 05:15 – Don’t be scared to take a trade 05:58 – Forget the money, focus on the percentages 06:58 – Contact me if you have any questions So you want to become a forex trader, but what makes a really good forex trader? Let’s discuss that and more right now. Hey traders, Andrew Mitchem here from the Forex Trading Coach with video and podcast number 335. Characteristics of a good Forex trader And I want to give you some information about what makes not just an ordinary trader, but what makes a really, really good forex trader. What characteristics do they have that other traders don’t have? Because everybody has the dream when they start trading of flashy, fast cars, or beaches, or travelling, and all those kind of things. And look, it can be done because it doesn’t matter whether you want to be trading for the enjoyment of it, for the passive income, or for a full time career because you hate your job. It doesn’t really matter, any of those, because there’s characteristics that make good traders and bad traders. Results from trading and travelling And if you’ve been following me over the last few months, you would know that in July I had a family holiday, or vacation, if you’re in the U.S., over to the U.K. and Europe, and in that time I traded for 10 to 20 minutes once a day, took the trades that I placed on my membership site, and we made over 6% in the three weeks I was away and made another 6% in the two weeks that I got back. If you watched my video and podcast from last week, you’d know that we made plus 7.4% in the week on the membership site, all with low risk, by the way. And this week, we’re up by 1.7%. So it can be done, and the trades are there, the setting up; everything’s all able to make your money. That’s not the difficult part. Results from trading and travelling The difficult part really is about the person behind the scenes, the trader. You see, we all see sports people or musicians, people that we idolise, and we see them … whether you watch tennis or soccer or cricket, whatever it might be, or whether you watch your favourite band, your guitar player, your drummer, and we will idolise them. We all think, “Wow, wouldn’t it be awesome to be like them,” or, “I can be like them. Wouldn’t it be amazing to be up on stage playing guitar or be the lead singer and everybody just idolising you?” The amount of work behind the scenes The problem is, is that we fail to recognise all the work that goes into their lives, get them to have those skills to get to that stage where they are so good. And it’s a big failing, I suppose, that we see the instant answer everywhere with modern technology and social media, et cetera. And if you’re the sort of person that gets excited by the next shiny object, then trading really is not for you because it’s likely that you’re not going to end up having the right characteristics. What you need to become a good trader Now what you do need to be a good trader is a number of things, and I’ve made a list of them here, in no particular order. I put strict. You have to be strict. You have to be strict with your strategy and sticking to it. You have to be disciplined of trading sort of when your strategy suggests you need to be trading, and keep doing it. You can’t go, “Oh, yesterday I had a terrible day, I’m not going to bother trading today.” If the trades are there, you take the trades. You’ve got to be able to study. Like the sportsman, like the musician, none of this comes instantly. None of it’s like they took up singing lessons two weeks ago and now they’re on stage as a superstar. That’s not how it works. Trading’s no different. You have to study, you have to put the time in up front. Consistency. You have to be consistent. You’d notice that the free information that I posted on my website, it’s there consistently everyday at consistently the same time. You’ll notice that these 335 videos that I have now consistently made on the same day and I notify you about them consistently on the Monday at the beginning of each next week. When I place my daily trades, it’s consistently on my membership site; it’s been for the last 10 years. It doesn’t matter where I am in the world, they are there every day. So consistency is very, very important. There’s other things like that: the low risk side of it, the high reward, the risk, that’s the trading side of it. But there’s lots of other things about the characteristics. Don’t be too emotional. Sure, it’s great to

Podcast: Another +7.4% Gain This Week In this video: 00:28 – A large gain of +7.4% so far this week 01:01 – Trading different time frame charts 01:25 – Trades from this week 03:11 – Open trades still in profit of +1.2% 03:55 – Sticking to your strategy 04:38 – Your comments and questions 05:02 – Earning while you are learning We’ve made a plus 7.4% account gain so far this week. I’m going to share with you those trades, and also explain the importance of sticking to your trading strategy. Let’s get into it right now. Hi, Forex traders, Andrew Mitchem here from the Forex Trading Coach video and podcast number 334, and that’s right, you heard it right. A large gain of +7.4% so far this week We are up plus 7.4% so far this week still with a trading day to go on our close trades, and we’ve got open trades of another plus 1.2%, so almost at 10% just for this week. I’m going to share those trades with you, but also more importantly, remember the last couple of weeks on the videos on podcasts, I’ve talked about the importance of a second tier trading strategy and also having the ability to trade multiple timeframe charts? This week yet again has illustrated that importance. Trading different time frame charts The last couple of weeks I’ve said, “Look, there’ve not been too many high quality trade setups on the daily charts.” This week’s completely different, fantastic trade setups, and we’ve had some great profitable trades. I’d like to just share those with you. By the way, all of these have been taken live, and all of these have been posted in advance of the market moving on our membership site for all of our clients to follow, earn from, and learn from. Trades from this week So we had a sell trade on the Euro/New Zealand Dollar. Our market order obviously got filled because it’s at the market, but our retracement order got filled. Both were great trades overall with quarter percent risk on each. We made a plus 1.75% gain on our count from just that one position, two trades, one overall trade set up. We then also did exactly the same on the US/Swiss Franc. We had a sell trade on that. The market and retracement order both hit the full profit target for a plus 0.95%, so almost a 1% gain there. We had a small loss on a market order on the Pound/Canadian dollar, and that lost us a quarter of 1%. We’re risking quarter percent at the market, quarter percent at retracement. We then had a fantastic trade at 2.1 to one trade on the market order on the New Zealand US dollar just yesterday, made us a half of 1%. Our retracement order failed to get filled by just one pips, so agonisingly close, but it didn’t, but we still took half percent on that. We had our breakout strategy that made another 1.5% gain this week. The Euro Pound weekly chart trade that I’ve been talking about for the last two or three weeks closed for a 3.3 to one reward to risk or in other words at 1.65% account gain. We’ve also posted on the membership site a fantastic six hour chart trade, and we discussed it on our live webinar just yesterday posted on our forum site in advance of the price getting filled, and that was a six hour chart trade Aussie/New Zealand buyer trade 2.6 to one, or in other words a 1.3% gain on that trade also. Open trades still in profit of +1.2% Also, on top of that, we’ve got an open trade on the Pound New Zealand, which is up half of 1% right now as I’m speaking to you. I’ve got two trades on the weekly charts, US/Yen and Aussie/Franc up 0.7%. So overall, put all that together, we’ve made 7.4% on close trades and up 1.2% on open trades, 9.6% gain just on those trades, just on the membership site, just for this week. The Euro Pound was a few weeks ago. We took it but it’s closed, and we profited from that full. profit right now. That was the weekly chart trade, but all the others were actually posted this week as well, fantastic trading. Sticking to your strategy The lesson to take from that is sticking to your strategy and sticking to multiple timeframe charts as mentioned, it’s really, really important that you do both. Not every week like last week will the four hour charts be fantastic. Not every week like this week will the daily charts be fantastic, or the weekly charts, not every week will they be fantastic. But you take a combination, and a blend of all those different timeframe charts, and you stick to your trading strategy, and you have high rewards risk trades like I’ve just showed you here, and you have low risk per trade, and it works. That’s pretty outstanding. We could easily talk on close trades this week, 10% gain in one week, shows what can be done. If there’s anything you’d like to know about those trades, or if there’s anything that you’d like me to talk out on future videos and podcasts, just send me an email to andrew@theforextr