Contatti
Info
I’ve been trading the Forex market full time for 14 years. I’ve developed a trading strategy that works consistently across all currency pairs, all time frames and at all times...
mostra di più
I’ve been trading the Forex market full time for 14 years. I’ve developed a trading strategy that works consistently across all currency pairs, all time frames and at all times of the day, so there’s something that will suit you.
I can help you if you are brand new to trading or if you’ve been trading for a while and require a successful strategy with the on-going support of a full time trader.
I offer Forex coaching because I want to save you the time and money that I and so many other traders lose trying to figure out how to trade the markets. I’ve delivered my Forex coaching course to people in over 104+ Countries around the world & I would like to help you to.
mostra meno
I can help you if you are brand new to trading or if you’ve been trading for a while and require a successful strategy with the on-going support of a full time trader.
I offer Forex coaching because I want to save you the time and money that I and so many other traders lose trying to figure out how to trade the markets. I’ve delivered my Forex coaching course to people in over 104+ Countries around the world & I would like to help you to.
Online Forex Trading Course
Online Forex Trading Course
#552: Avoiding Confusion In Your Trading
21 LUG 2024 · Avoiding Confusion In Your Trading Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Check Out Other Recommended Brokers #552: Avoiding Confusion In Your Trading In this video: 00:28 – Confusion with time frames and when to trade. 00:58 – Too many indicators. 01:44 – Trade the same strategy across all time frame charts. 02:06 – Trade examples from this week. 06:19 – Blueberry Markets as a Forex Broker. 06:42 – Get onto my Master Class 06:59 – Comment, Like & Subscribe. Today, I'm going to explain the importance of looking at multiple timeframe charts as a forex trader and how it can massively help increase your returns. Let's get into that more right now. Hi there, traders is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 552. Confusion with time frames and when to trade. I find a lot of people come to me before they join as a client and they say, Look, I'm just confused. I don't know what to trade, when to look at my charts. I don't know what timeframes to look at. I could look at like a daily chart and it's telling me the EUR/USD is going down. I look at a one hour chart and the EUR/USD is going up. I completely lost. I don't know what to do and I get it because we've all been there. You know, everybody started with that confusion. Too many indicators. I had an email just yesterday actually, from someone who's brand new saying he opened a demo account and he couldn't believe how many indicators there were on the charts. And I went back to him and said, Look, you've got to understand that that looks really cool, real flashy. 99.9% of them are just a waste of time anyway. But you can see how people get into that confusion when you start off it all looks very easy. You're looking at hindsight. You see this line cross over that line and I took it buy trade there. I would have made all this money. Reality, of course, is vastly different because, you know, the market doesn't move like that. And and hindsight's a wonderful thing. Taking a trade in real time is completely different. So that all comes back to talking about today's topic of different timeframe charts. Trade the same strategy across all time frame charts. You see, the way that I trade is we trade the same strategy. The same logic, the same approach to any timeframe chart in any market. And what that means is you can go and look at your charts at the close of a candle issue. You know exactly when to look at your charts and make your analysis of Is there a suitable trade, yes or no? Trade examples from this week. Now give you some real time examples. Right now I have a sell trade on Copper (XCU). Copper on the monthly chart. And we are now in July on the close of the June monthly chart on Copper and we saw a bearish set up as a reversal trade. We've taken a sell trade on copper that's going really nicely right now. So that's the longer term perspective. This week I've taken six trades on the weekly chart trades predominantly looking for yen strength and they've retraced beautifully and now those pairs are heading downwards because we're looking for, as an example, like the CAD/JPY, you know, we're looking for that to drop with strength in the Canadian. And so that's the bigger picture. We've taken some monthly charts, we've got some weekly charts today, been Friday, the 19th of July. I've actually taken five trades on the daily charts, one on the sorry, two on the 12 charts and one on the eight hour charts. So I've got a trace that I've just taken just now. The beauty of that is they're all taken at exactly the same time after the change of day 5 p.m. New York time. So 6 p.m. by the time that we've taken and looked for the analysis and spreads have dropped. I've just taken those five daily chart trades,
#551: What Markets Does Our Trading Strategy Work On?
14 LUG 2024 · What Markets Does Our Trading Strategy Work On? Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Check Out Other Recommended Brokers #551: What Markets Does Our Trading Strategy Work On? In this video: 00:23 – We trade the Forex market, plus many others. 01:06 – Our trading strategy also works on Crypto’s, Metals, Commodities and Indices. 02:24 – Reversals and Continuations. 02:58 – Market opening times vary. 04:04 – Join my Masterclass and Book a Call. 04:48 – Blueberry Markets as a Forex Broker. 05:22 – Comments, Like & Subscribe. What markets can you trade using my forex trading strategy? Let's talk about that a more right now Hey there, Traders! Andrew Mitchem here at the Forex Tading Coach with video on podcast number 551. We trade the Forex market, plus many others. So we call ourselves the Forex Trading Coach and obviously we trade the forex market. But over more recent years we have now the option to trade many more markets. Now go back to when we started. We could only trade forex pairs and then things develop like gold and silver and then a lot of brokers introduce more markets like some of the exotic pairs and the minor pairs like Singapore dollar pairs and Norwegian krona, Swedish krona pairs like that. Our trading strategy also works on Crypto’s, Metals, Commodities and Indices. And then over the last number of years you'd have noticed a lot more brokers are offering other markets, such as like cryptos, which seemingly everybody wants to trade and metals and commodities and indices. And the fantastic news is, is that trading strategy that I developed getting close on about 17 or 18 years ago still works today on the forex markets plus the new pairs. But also we can trade other markets such as the cryptos, the metals, commodities indices with exactly the same consistency. And when you think about it, the reason is because our strategy is price action based using candle pattern support and resistance. And it doesn't matter whether you're trading copper or Bitcoin or a Canadian index or the Japanese index or FTSE or oil or the NOK/JPY, it doesn't really matter so much exactly what it is you're trading and the beauty of it is, is by offering these other markets now is it if the forex market should have just a bit of a quiet day or so, it doesn't matter because we have access to all these other markets. So it just allows us to scan through different charts, not really worrying too much what the actual chart specifically is. We are looking for a candle pattern and a pattern that we teach our students that has high probability chance of success. Reversals and Continuations. Now we look for reversals and continuations and go and have a look at a market such as copper or Bitcoin or Ethereum. They also have reversals and continuations. They have candle patterns, they bounce at support and resistance levels and round numbers, they have divergence. So for me as a trader, I don't need to trade just the EUR/USD because it's the most traded or the NZD/USD. Because I live in New Zealand, it does not matter. So the beauty of it is, is that we can trade these other markets quite consistently. Market opening times vary. Now the important thing to notice also is that some of those markets, first of all, they don't all have 24 hour operating markets. Now cryptos do, of course, seven days a week, but other markets don't. Some will open at 6 p.m. New York Times, such as gold and silver and others will open a little bit later, like some of the oils and some of their like the US indices don't open into the US time. So you have to be mindful of some gaps which can occur on some of those markets. But also you just need to be mindful of spreads and the amount of movement that they have. So for me personally,
#550: Why You Should Be A Fussy Trader
7 LUG 2024 · Why You Should Be A Fussy Trader Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Check Out Other Recommended Brokers #550: Why You Should Be A Fussy Trader In this video: 00:27 – Learn to be a fussy trader. 00:40 – What does your favourite sportsman do differently? 02:39 – Become an elite trader. 03:24 – Know your strategy and have a plan. 04:15 – Trades from this week. 04:52 – Get on my Masterclass and book a call with us. 05:07 – Blueberry Markets as a Forex Broker. 05:30 – Comments, Like & Subscribe. I want to explain to you why you need to be a fussy trader and I mean a really, really fussy trader in order to do well. Let's get into that and more right now. Hey there, traders! It's Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 550. Learn to be a fussy trader. Today I'm going to explain why you need to be fussy. A really, really fussy trader. You don't need to be reckless. You don't need to be risky. It's the way that you can ensure that you do well from your trading. What does your favourite sportsman do differently? Let me give you some examples. Think of your favorite sports person or sports team. What are they doing to make themselves the elite and so much better than everybody else at that? Think of a tennis player, for example. You know, all the shots they play, they've played with precision. They practice them. They practice on different surfaces, you know, like clay or grass, concrete, whatever it is that they play on. And they know what they're doing. They know how to hit the ball. The angle that the spin, everything that they look at. As a tennis player, they know what they're doing. So they play with accuracy and precision. They are fussy. They're not. They're just playing reckless shots like an amateur player would sometimes do. You think of a golf player. You know, the practice, they go through the methodical set up that they have in their stance and their grip and the practice and the hours and hours that they go through with putting and chipping and driving. And so when they play that game, they not out there playing reckless shots and trying to bend the ball, round corners and do all silly things that, again, an amateur player or someone like myself would try and do, you know, which sometimes you can fluke it in a majority of the time it goes wrong. And so that happens in every sport. Think of a footballer or soccer player. For me, I'm a cricket fan. You think of like a batsman playing cricket. It's all about defense, defense, defense attack at the right moment. So that comes from hours and hours of practice of getting your technique right. It's all about technique and being fussy. If you think about cricket and a batsman, as soon as you're out, you're out. You know, that's your job done and it's over. You can't contribute a lot more, you know, as a batsman. And so it's all about being very defensive and very watchful when the moment comes to attack your strike, your attack. Trading is the same. It doesn't matter what sport the you like out there and it's all the same. Become an elite trader. And so to become an elite, trader think of it in the same way. Be fussy, don't be risky, don't be reckless with what you're doing in your training. And you wouldn't believe how many people come to me and they show me trades that they have open and go Andrew I took this trade and I go back to them and go, Well, why did you take that trade? What's your reasoning? Why did you take that risk? Why was you stop loss there? Why was profit there. What was it about the trade that you saw? And I just felt that the GBP/USD was going up. And so there's that lack of thought of common sense that goes into trading.
#549: Why the Trading Tortoise Always Wins the Race
30 GIU 2024 · Why the Trading Tortoise Always Wins the Race Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Check Out Other Recommended Brokers #549: Why the Trading Tortoise Always Wins the Race In this video: 00:29 – We’re halfway through the year. 00:45 – Most people rush into trading too quickly. 01:30 – The Hare and the Tortoise. 02:36 – The rise of Prop firms and the pitfalls. 03:39 – Making mistakes. 04:10 – View my 17 minute Masterclass & book a call with us. 04:30 - Blueberry Markets as a Forex Broker. 04:47 – Comments, Like & Subscribe. Today, I'm going to talk about why the trading tortoise always wins the race. The slow and steady approach is the way that you are going to become a profitable long term forex trader. Let's get into that more right now. Hey there traders is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 549. We’re halfway through the year. Middle of winter here in New Zealand in June and we're already halfway through the year. But on a cracking day like this, I had to get outside to make the video today. One the enjoyments of trading and working from home. So in terms of trading. Most people rush into trading too quickly. Obviously everybody wants to be profitable. When people get into trading, they generally want to get into it pretty quick. Bit of a hiss and a roar. I had an email just last night from someone that said, Hey Andrew, I'm ready to give up on trading. We can go in for three months and it's just not working. I'm going to close my account. And I wrote back to him and said, Look, my your absolute brand new, complete novice beginner, three months, you know, nothing at three months. And so I explained to him that, you know, if you're going to take this trading business seriously, you can't be like all up and down like that. You can't be hot and cold like that. It's, you know, and that's where it comes back to the title said about, you know, the tortoise wins the race. The Hare and the Tortoise. You remember the story about the hare and the tortoise probably learned it as a kid. You know how you know, everybody wants to be the hare. They all want to run off and get done really quick. No effort, you know, no background work and trading's exactly the same. And I say all the time, this guy last night was a classic example. Absolutely classic example. You know, three months. I know it all and it's not working and it's the market's fault. No, it's your fault. And the reality is that, you know, you do need to take that slow, steady tortoise approach, because if you're going to do this, like I've been doing this 20 years and it took me four years to get anywhere. So I can promise I understand the frustrations of being a few months into it and it's not working, but also someone that's been around for probably longer than anybody else, you know, or listen to or view. I can tell you the approach that's going to work properly long term. So that would be my advice. The slow, steady approach. The rise of Prop firms and the pitfalls. The reason or one of the reasons is that as well, a lot of people want to get into prop firms these days, which is absolutely fantastic. And I'm going to be putting out some information very shortly about how we can help you to get into prop firms. I think for the right person, they're an absolute fantastic way of making substantial gains from your trading. But again, if you're out there being the hare trying to rush into a prop firm after a week, if you're out there taking like silly risks, trying to pass the prop firm, it's not going to work. And ultimately the aim of trading is not to lose capital, it's to preserve funds, whether it's your own money. And it hurts when it's your own money, when it goes wrong. If it's a prop firm, it's their money.
#548: What is the Green Cross Code of Trading?
23 GIU 2024 · What is the Green Cross Code of Trading? Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Check Out Other Recommended Brokers #548: What is the Green Cross Code of Trading? In this video: 00:24 – Learning to cross the road safely. 00:43 – The rules of the Green Cross Code. 01:02 – Live Webinar with my clients. 01:26 – The Green Cross Code of Trading. 03:12 – My 17 minutes Masterclass and Book a Call. 03:33 – Blueberry Markets as a Forex Broker. 04:09 – Comments, Like & Subscribe. Today, I'm going to teach you all about the Green Cross Code of Trading. Let's get into that animal right now. Hi there, Forex Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 548. Learning to cross the road safely. Do you remember when you were a kid? You were learning at school to cross the road? Or if you're riding a bike, they taught you how to stop a crossing and then cross the road safely. It's something I never forgotten. And as a kid walking around towns or riding your bike, it kept you safe. The rules of the Green Cross Code. What they taught you is, number one, look all around. Number two, look to the right. Then look to the left. And then look to the right. And if it was safe and clear, then cross. And it was a very simple but effective way. And here we are, some sort of 45, 50 years later, I still remember very well. Live Webinar with my clients. Now, the funny story was that last night I was holding a live 2 hour webinar with my client. We took five trades live on the session and when we were looking at trades, I actually said, Look, you need to look right, then left. And it brought me back to my childhood. I thought Green Cross Code And in trading it's really important that one, you keep things simple, but also you do look right and left. Let me explain. The Green Cross Code of Trading. Overall, we look at the chart. We look at the pattern where the pattern is within the chart. Is there room to move? Is it in the right place? All those type of things. So first of all, we had our candle pattern. We were taking a sell trade yesterday and then I look to the right. The reason I looked to the right was the candle itself have bounce at a round number. So that's our first or second thing. First of all, we look overall, then we go right. Then we went left and we took the chart and we said, where this price at best, which was the round number to the right. When we went to the left, we saw that some candles prior the price and who had also passed at exactly that level. And when it bounced and hit that level, it then dropped. So now the price to come back up to that same level, we look right, saw the right number left, saw the previous resistance and bounce level. There’s our overall view. Look right, look left. We then look right again when it came to actually looking for our entry and our stop loss and our profit target levels. Are there any other significant levels in the way? Can we have the pivot point to help us? Do we have any round numbers to protect our stop loss or making sure added our profit target on the sell trade before any round numbers? So think of your trading as you would walking across the road or learning to do that. Or if you've got kids, how to teach them to do it safely. Obviously on a road, it keeps us safe. If you do it in trading, it keeps you safe, but in a different way. It helps you to have high probability trades and it helps you to keep on the right side of the market. More often than not. So think about the green cross code. Look overall, look right, left, look right again. And that will massively help you in your trading. My 17 minutes Masterclass and Book a Call. Elsewhere. If you've not been on my masterclass session,
#547: How To Start Out as A Forex Trader
26 MAG 2024 · How To Start Out as A Forex Trader Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Check Out Other Recommended Broker #547: How To Start Out as A Forex Trader In this video: 00:22 – Do you want to start trading? 00:44 – Trading Forex – The Basics. 01:30 – Choosing a Forex Broker. 01:56 – Forex Education. 02:23 – Your Trading Plan 02:50 – Start on a Demo Account. 03:12 – Technical or Fundamental Trading. 04:08 – Trading and Travelling. 04:44 – Blueberry Markets. 05:00 – My 1 Hour Masterclass and Book a Call. 05:34 – Comment, Like & Subscribe. How do you start as a forex trader? I'm going to cover that topic and more for you over the next few minutes. So let's get started. Hi everybody! Andrew Mitchem here at the Forex Trading Coach. Do you want to start trading? So you're interested in diving into the world of forex trading. Now whether you're looking to supplement your income or to embark on a new career, starting out as a forex trader can be both very exciting and also challenging. And in this video and podcast, I'm going to walk you through the essential steps that you need to get started on the right foot. Trading Forex – The Basics. Now, first, let's cover the basics. Forex trading or foreign exchange is a global market for trading currencies. It operates 24 hours a day, five days a week, and it's the largest financial market in the world. Now, unlike other markets like stock markets, which are based in specific locations like New York or London, the Forex market happens over the counter, which means that basically transactions are conducted directly between parties, usually through an online platform. And to start trading, you need to have a reliable internet connection. Obviously, a computer, laptop or mobile device and just somewhere that you can sort of focus on trading somewhere quiet, you can focus on trading. Choosing a Forex Broker. Next, you need to choose a forex broker and look for one that's regulated and has high quality rankings as well. Competitive spreads and uses platform such as Metatrader 4 or Metatrader 5. I'll put a link on this page to a list of brokers who I use and suggest that you consider because that's going to massively help shortcut the list for you. Forex Education. Now, education is also key to being a successful trader. You've got to learn the basics. The fundamentals of forex trading. Understand how currency pairs work, such as the majors like the EUR/USD and GBP/USD and then get into more like the minors like the AUD/NZD or EUR/GBP. And you got to familiar eyes yourself with you know what pips are leverage margin. All those type of phrases which right now may not be familiar to you. Your Trading Plan Next you need to develop a trading plan, and a solid trading plan should outline your financial goals, your risk tolerance, specific strategies that you plan to use. You need to decide how much capital you're willing to invest and of course, never risk more than you can afford to lose. So a good rule of thumb that I use is I risk only half of 1% of my trading account on a single trade. Start on a Demo Account. And before trading the real money, of course, you should practice using a demo account. And most brokers offer a demo account to basically simulate real trading conditions. But it's not real money. Now, use this opportunity to test your trading plan and your strategy and get comfortable with the trading platform without having that risk of losing real money. Technical or Fundamental Trading. Understanding market analysis is also crucial. There's two types of analysis. There's technical and fundamental. Technical analysis means looking at charts, using indicators, etc. to predict movements. Whereas fundamental analysis,
#546: I’m Not a Fan of Trading AI or Bots
5 MAG 2024 · I’m Not a Fan of Trading AI or Bots Podcast: Find out more about Blueberry Markets – Click Here Click Here to Signup For Our 15th Birthday Sale #546: I’m Not a Fan of Trading AI or Bots In this video: 00:27 – Everyone is talking about AI and Bots. 01:10 – All Bots seem to fail. 01:30 – Knowing I can read a chart with high probability. 02:49 – Limitations of using trading bots. 03:19 – You don’t need to spend all day trading. 04:48 – Our 15th Birthday sale. 05:28 – Trade through Blueberry Markets. I'm not a fan of trading AI or trading bots. Let me tell you why. Let's get into that and more right now. Hey, the forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 546. Everyone is talking about AI and Bots. Now something maybe a tiny bit controversial. Everybody's talking about, you know, AI and how it can help in life and in trading and trading bots and expert advisors and all these type of things. And look, it's been there for years and years. When I started trading, there was tradestation. You could create programs that would automatically trade for you. And then Metatrader came along and people had expert advisors, which would magically for $97 going to solve all your trading problems and trade for you. If you look back on Forex Factory, on different forums, etc., you're always finding people out there who are creating these these robots that are going to do all these wonderful things. All Bots seem to fail. Have you ever noticed that they all fail? Like, I've never ever in my 20 years of trading seen one that works consistently well. Sure, they'll all have good times, but almost sure they're going to have bad times as well. So the reliability of them, first of all, is not great. Knowing I can read a chart with high probability. But to me there's more important things than that. As a trader, as a manual trader. There is nothing better than that knowledge, that satisfaction of knowing that I can look at a chart today, next week, next year, in ten years time, and with high probability and high certainty, predict what's likely to happen. Now, if I get the trade wrong, I get it wrong and I lose a small known set amount of my account. But if I get the trade right, it's going to make two, three, four, five times my risk. And having that knowledge and that ability to look at different markets because who knows what's going to be out there in the future. If we were talking, say, like five or ten years ago, certainly ten years ago, we wouldn't have been able to trade cryptos, we wouldn't have been able to trade indices and commodities and metals on forex platforms. So things evolve, things change. And I'm certainly not against that when I'm saying I'm not into A.I. or bots. But what I am saying, if you have that knowledge up here, that mental knowledge, ability, satisfaction to make those decisions, that is so much better than just relying on someone's $97 a month bot. Limitations of using trading bots. The other thing is, is if you buy this bot and it does really well, what happens if you no longer have access to it or what happens if it no longer works? And how do you know that? Because without that knowledge and that skill of understanding how that bot works, you have no way of monitoring it on improving it, on changing it, on anything to do with it. And so to me, that manual skill is still absolutely crucial. You don’t need to spend all day trading. And if you're out there, like sitting there thinking, well, that's all well and good, Andrew but I'm too busy and I don't want to spend hours and hours and hours on a chart and on a computer, nor do I. I trade 30 minutes a day and I try 15 minutes in my morning, 15 minutes at nighttime. To me, trading is about doing this, getting outside, enjoying the outside, being very focused and very skilled when it's happening, when it's trading time and relaxing, enjoying things,
#545: I Don’t Know Where to Place my Stop Loss
28 APR 2024 · I Don’t Know Where to Place my Stop Loss Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Download my Lot Size Calculator #545: I Don’t Know Where to Place my Stop Loss In this video: 00:27 – Where should I place my stop loss? 01:18 – This is what most people do – and it’s wrong. 02:44 – Use support and resistance levels. 03:20 – Always look at round numbers. 04:22 – How big is your stop loss? 06:14 – Attend my Masterclass, Prop Firm webinar and book a call with us. 06:37 – Trade through Blueberry Markets. Andrew. I don't know where to put my stop loss. Can you please help me? If that sounds like you. Listen up. I've got some great information for you. Let's get into it right now. Hey there, traders! This is Andrew Mitchem here with video and podcast number 545. Where should I place my stop loss? Now, I don't know where to place my stop loss. It's a question and a comment that I get all of the time. And it must be something that frustrates so many people because they just don't know where to put their stop loss. Why to put it at a certain level? And so it creates confusion, frustration, and inevitably leads to losing trades and therefore overall a losing trading performance. Now, unfortunately, most people out there just don't know where to put their stop loss because they don't understand the market or they don't understand what is happening at that time. They don't realize there's a difference between different currency pairs in terms of the amount of movement or different time frame charts or different times of the day, volatility at the time. All these things make a big difference and it's something that you need to consider when placing a stop loss. This is what most people do – and it’s wrong. Now, unfortunately, most people out there who learned to trade through, let's say, watching some YouTube videos or a few forum sites, they unfortunately make the common mistake of putting their stop loss X number of pips away from the entry price. Why they do that? Well, that's what most people tell you you should do. It makes it easier, I suppose. You go, I'm putting this stop loss at 20 pips away. Well, what on earth this 20 pips mean? It's completely and utterly irrelevant. You know, 20 pips if you're trading the EUR/CHF is massively different to 20 pips if you're trading the EUR/NZD as an example. You know, one doesn't move hardly anything. Daily range of maybe, you know, 40 pips, the other one moves a lot. Average daily range of 100, 150 200 pips is vastly different. It also depends on what time frame you're trading, what time frame chart you are trading, because you know that will determine how big a movement is likely to happen at that time in the next timeframe candle. Use support and resistance levels. You know, because sometimes the market's very quiet. Other times it's moving a lot. Obviously, if you're trading on, let's say, a 4, 6, 8, 12 hour, Daily, you know, it's going to be a lot bigger candle than if you're trading on a 15 minute chart, for example. And so you have to take this into account also. Now, you also need to take into account and things that we do is a support and resistance level is a pivot point in a previous swing, high swing lows and making sure you're using as many factors as you can to put your stop loss behind that level. So if you're taking a buy trade, for example, you want to put your stop loss below several factors of safety to give yourself the best chance that the market may fall back towards your stop loss, but it's not going to take you out. And then it changes and goes up into your anticipated direction and you get a profitable trade. Always look at round numbers.
#544: View my Monthly & Weekly Chart Trades
21 APR 2024 · View my Monthly & Weekly Chart Trades Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass #544: View my Monthly & Weekly Chart Trades In this video: 00:33 – Great feedback about our latest videos. 00:58 – A look at my MN1 and W1 chart trades. 05:00 – GER40 Index trade. 07:23 – Trade through Blueberry Markets. 07:46 – Attend my Masterclass, Prop Firm webinar and book a call with us. 08:40 – Email me directly, like, share and subscribe. In this week's video and podcast, I'm going to share with you two trades that I've taken, one on the monthly chart, one on the weekly chart. One's a reversal, one's a continuation, one's a forex trade, one's a non forex market. Let's get into that and share those trades right now. Hey there, traders! It's Andrew Mitchem here at the Forex Trading Coach for video and podcast number 544. Great feedback about our latest videos. Loving the feedback that we're getting regarding the changes that we've made here and by showing you trades and just helping people to understand what the market's doing and to understand how we trade here in Forex Trading Coach don't forget we always promote very low risk per trade high reward to risk and the strategy works across all timeframe, charts and all different markets. A look at my MN1 and W1 chart trades. Now today's a great example of that. I'm going to run through two trades for you, the NZD/USD on a monthly chart and the German 40 index on a weekly chart. So let's jump straight onto the charts here and you can see the two trades on the cover, the first one here is a monthly chart trade that's just hit the profit target this week. This is the NZD/USD Monthly chart. So going back here, this is the monthly chart. So this is the candle here that closed in February for the January candle sets January of 2024. And we decided to take the trade heading into the first February when the January candle closed. And you can see in here my trade was not actually filled until the 20th because I take limit orders. So I'm looking to take a sell trade after this candle has closed, but I'm only looking at taking the sell trade If the price first retrace is now, I don't need to be sitting there waiting for 20 days for the price to retrace. On the 1st of February, I put my orders in. If within the first candle in this case, the one month the price retrace is to my entry level. Fantastic and then takes me on a sell limit looking for the price to then fall. Now you can see in here that the market opened on this candle at 0.6110 and my entry level was 0.6162, so some 52 pips higher. And you can see that the price pull back up here got me filled as my entry level and the stop loss was fine. It remained in the market and then the price fell away. By the end of February we were into some good profit. You can see the advantage of entering back up here using limit orders. By the close of the month we were already up 92 pips roughly. And then what happened going into the month of March? The price then came back up, tested that same level. Notice how it stopped at the same level. We're still safe. And by the completion of March, we then ended up being around about 188 pips up and then the profit target was hit down here on the 15th of March, 15th of April, just a few days ago at 0.5905. So a few things to notice there. One were at before the right number of 0.5900, but also using the way that we trade with our entry and exit levels, we had a great profit target. Now if you look at rough numbers, looking at the without calculating these exact but there's roughly our entry level, our stop loss was at 0.6222, which is in a roundabout here and that was 60 pips, 65 pips and our profit target was in 0.5, which was then in around about there, 257 pips.
#543: See my H6 Chart Trades in Action
14 APR 2024 · See my H6 Chart Trades in Action Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass #543: See my H6 Chart Trades in Action In this video: 00:27 – Trades that I’ve taken on the H6 charts this week. 01:02 – Why I traded the STOXX50 Index. 02:25 – Sell trade on the USD/MXN. 03:09 – EUR/MZN H6 trade makes profit. 04:41 – Last trade on the GBP/CAD. 05:29 – Low risk and high Reward:Risk trades. 06:50 – Trade through Blueberry Markets. 07:08 – Attend my Masterclass, Prop Firm webinar and book a call with us. Today, I'm going to share with you some six hour chart trades that we've taken just this week, some winning trades and some losing trades. Let's get into that and more right now. Hi there, Traders! It's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 543. Trades that I’ve taken on the H6 charts this week. I want to share with you some trades that I've taken just this week on six hour chart trades across different markets and different forex pairs. I'm going to explain why I've taken these trades and to give you an understanding of how we trade. Now just to let you know also that when we trade at the Forex Trading Coach, our charts are a little bit different to this. I have some candle identifier software, pivot points, divergence, etc. on top. But what I've done for the purpose of this video podcast, I've stripped everything and so you can just see the actual candle patterns and the price. Why I traded the STOXX50 Index. So let's start here with the STOXX50, which is a European index. So we also trade non forex markets if the pattern show. And so you can see my trade in here. This is a six hour chart trade. It was taken on the completion of this candle here. And if you look at the first two results down here, you can see that one just got stopped out and the other went down to the profit target. So what is it we're looking at here? Well, first of all, we have a lovely downtrend in play and then a reversal, By the way, we took this trade, is a buy trade last week. But this pulled back beautifully. And then we saw the continuation pattern heading down in a nice trend line break up through here at this candle closed below that trend line break we had a nice “n” shape that we look for and we actually bounced off a middle bollinger band. We had a few other things adding to the trade but you can see in here my two entry levels and this mentioned the first position just got stopped out, the second position. Then price fell beautifully. So our profit target, which by the way, was before the 5000 level and before us swing low. So that was the at the first trade there. Now we take multiple trades throughout each day and each week on our membership site and on my forum site. And so these trades were all posted there. Sell trade on the USD/MXN. The next trade I want to share with you is the next one down here. You can see the sell trade on the USD/MXN. And this trade just got stopped out on the completion of this candle. The price went down and I ended up closing the trade early. You can see there's a couple losing trades there and I got out of that trade in plenty of time after a loss, a small loss, a control loss of one position, small loss on the other. But overall, my logic for the trade was we were in a downtrend pullback and then we had this continuation pattern here looking for this to down. So a small loss taken there. EUR/MZN H6 trade makes profit. However, the next trade was taken at exactly the same time is on the EUR/MXN and that's in here. And you can see we had a very similar pattern but probably a stronger pattern there. Overall, we were in this big downtrend, nice pullback, and then we got the confirmation to go short.
I’ve been trading the Forex market full time for 14 years. I’ve developed a trading strategy that works consistently across all currency pairs, all time frames and at all times...
mostra di più
I’ve been trading the Forex market full time for 14 years. I’ve developed a trading strategy that works consistently across all currency pairs, all time frames and at all times of the day, so there’s something that will suit you.
I can help you if you are brand new to trading or if you’ve been trading for a while and require a successful strategy with the on-going support of a full time trader.
I offer Forex coaching because I want to save you the time and money that I and so many other traders lose trying to figure out how to trade the markets. I’ve delivered my Forex coaching course to people in over 104+ Countries around the world & I would like to help you to.
mostra meno
I can help you if you are brand new to trading or if you’ve been trading for a while and require a successful strategy with the on-going support of a full time trader.
I offer Forex coaching because I want to save you the time and money that I and so many other traders lose trying to figure out how to trade the markets. I’ve delivered my Forex coaching course to people in over 104+ Countries around the world & I would like to help you to.
Informazioni
| Autore | Andrew Mitchem |
| Organizzazione | Andrew Mitchem |
| Categorie | Investimenti |
| Sito | theforextradingcoach.com |
| info@theforexxtradingcoach.com |
Copyright 2024 - Spreaker Inc. an iHeartMedia Company
