Forex Trading Tips for Small Accounts

Podcast:

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Book a Call with Andrew or one of his team now

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#572: Forex Trading Tips for Small Accounts

In this video:
00:29 – How to trade professionally if you have a small trading account?
01:06 – Dangers of gambling instead of trading.
02:05 – Understanding correct money management and having a strategy.
04:15 – You now have the skills to be able to trade.
05:18 – Trading on a Prop Firm account.
06:13 – Final video and podcast for 2024.
06:51 – My 17 minutes Masterclass.
07:07 – Book a Call with us.
07:13 – Blueberry Markets as a Forex Broker.
07:25 – Happy Christmas and I’ll be back in 2025.

I’m going to talk about how you can trade successfully if you only have a small live trading account. Let’s talk about that a more right now.

Hi there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 572.

How to trade professionally if you have a small trading account?

I want to talk about a topic that affects a lot of you out there. And it’s all about how do you trade properly and professionally. If you only have a very small trading account, you see, the issue is that a small account, depending on who you are and your financial circumstances, may be a lot of money for you. And you become nervous. You’re not sure, how to trade. You’re fearful of losing money and you feel it’s not a sufficiently big enough account to make any sufficient and realistic money out of that account.

Dangers of gambling instead of trading.

On the other hand, you might be looking at trading, and you might find that a small account just play money for you. The danger of that is that you’re likely to do something really silly, and you’re likely to not understand risk management, and you’re not likely to calculate a lot sizing correctly, or you’re just going to gamble the money, or you don’t care about stop losses or for trade on forex trades opened over a weekend, whereas maybe your strategy says to shut those trades, you might over trade and take too many positions. And so depending on which side of the of the equation you’re at, the issues in some ways are still the same, because a small account can be hard to trade and to make what you call substantial gains on in terms of realistic monetary value. However, it’s very important that you trade that small account as though it was a larger account size.

Understanding correct money management and having a strategy.

It’s really important that you understand money management. Now, that account might be such a small account that the only thing you can do on your forex pairs is to trade 0.01 lots, and you may not have a big enough account to have really accurate, lot sizes. However, if that account is small, just trade 0.01 lots. Trade the absolute minimum lot size that you can.

The other thing that you really need to, get correctly here is a trading strategy. You know, just because you might have a lot of money and you’re just putting $500,000 in the can in this kind of play money, you’re probably going to end up losing it.

Or you might gamble in flukes and lucky trades, but without that strategy and that understanding of how you trade in the first place, you’re kind of not doing yourself any favors. Likewise, if that small account is a fortune for you. Get yourself educated first. Either way, you have to have a strategy that you thoroughly understand and have confidence in.

You have to have trades that have high reward to risk so that you can make substantial gains. But also it’s really important. Let’s say you had $1,000, right? And let’s say that over time you made pick a figure $200 on it, and it might have taken you six months. The issue that you have there is that someone’s going to go, Andrew, I just made $200.

It’s taken me six months to get there. This is ridiculous. But don’t do that. That’s a common mistake if you want to trade properly. Think of it the other way around. Think of it as I’ve just made a 20% return in six months on a live account. Now, yes. Realistically, that’s $200. And you go, wow. Yeppy! I can’t live off that.

No, of course you can’t. But you can make 20%. And with your strategy and your skills, you’ve just learned how to make 20% in six months. You know, that could easily be 30, 40, 50, 60% in a year.

You now have the skills to be able to trade.

Now you go out there into the real world and find too many places where you can make that sort of money as a return.

But not only that, you now have the skill of knowing how to do this. And that’s the crucially important bit that people underestimate. And people forget. They just look at the $200, they don’t look at the 20%. So if you can do that and you have the skills to do that, you’re small account is almost irrelevant and does not matter.

And that’s the point of this video. Just because you might only have $500 or $1000 to put into a live account. Don’t think I can’t trade or don’t think it’s pointless me even starting. Invest in the education in yourself to learn how to do this properly. Because if you can and you can make those sort of returns we just talked about, you can either potentially increase that account one day.

You may or may not be able to trade for other people or family members, if that’s possible, depending on where you live and circumstances.

Trading on a Prop Firm account.

But also, as you’ve heard me talk in the past, we have an opportunity now to use prop firms. Now, if you make 30, 40, 50, 60% in a year with low drawdowns, you’re going to do very, very well by trading through a prop firm.

And again, without sounding like a broken record. The important thing is, is to educate yourself first, have a strategy that you understand and believe in and know, and then your small account doesn’t matter. You’ll make great returns long term. Start small. Learn how to do it. You’ll make the returns if you do it the other way round. And you just rush in and you’re going to make, you know, think you’re going to be sitting on a beach or driving red Ferrari and doing dumb things and gambling.

Trading realistically is not for you or you’re not going to last. So treat it like it’s real because it is real. It is a business and that’s how you will succeed long term.

Final video and podcast for 2024.

Now, I just wanted to also say thank you for being here. Thanks for your support, for watching, for listening throughout 2024. And obviously under the previous 15, 16 years prior to that.

This is my last video for 2024. So and we’re taking a break over Christmas and New Year. So I just wanted to say thank you, for being here. And basically for, you know, for joining in, for following what I do. And if you’re a client, it’s been boring to have you on board. If you’re not. Well, maybe 2025 to the year that you should consider joining us. Have yourself a wonderful Christmas and New Year. We will be round to answer emails.

My 17 minutes Masterclass.

I do have my on demand masterclass is running all the time. They are recorded prerecorded so you can just jump on to that whenever you like. It’s only 17 minutes long. I’ll put a link to that. If you’ve not been on it really highly recommend you spend 20 minutes and do that over the Christmas and New Year.

Book a Call with us.

If you’d like to book a call with us to have a chat about how we trade and how we can help you, I’ll put a link here as well.

Blueberry Markets as a Forex Broker.

And also, if you’re out there looking for a really top quality forex broker so you’re ready to trade properly in 2025 regardless of your account size. I highly recommend Blueberry Markets and I’ll put a link to them.

Happy Christmas and I’ll be back in 2025.

So once again, have a fantastic Christmas and awesome New Year and I’ll look forward to coming back here and bringing you more trading information, tips and videos and podcasts in 2025. Bye for now.

Episode Title: #572: Forex Trading Tips for Small Accounts

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

Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader

Podcast:

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Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

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#571: Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader

In this video:
00:30– Analysing Currency Strength & Weakness.
00:54 – A real trading example using the Japanese Yen.
03:00 – Refining the pairs you trade further.
03:50 – We analyse and post the Daily Strength & Weaknesses.
05:16 – Looking at the Weekly charts at the start of each trading week.
06:10 – Learn how to analyse the strength & weaknesses for yourself.
06:25 – Book a Call and talk with us.
06:40 – Blueberry Markets as a Forex Broker.
07:10 – Comments, Like & Subscribe.

I’m going to talk about the importance of trading with strength and weakness in your favor. It’s going to give you a massively improved trading performance. Let’s talk about that and more right now.

Hi there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 571.

Analysing Currency Strength & Weakness.

Today is all about analyzing currency, strength and weakness. Why we do it, how we do it, and how it can massively help increase your overall trading performance. So you think about it in terms of basics. Well, if you’re trading something that strong against something as weak. Logic would suggest, it has to add more probability to the trade.

A real trading example using the Japanese Yen.

Here’s a classic example. Let’s say the Japanese yen was very weak across the board. And you’re looking at a chart, let’s say it’s the daily chart and you’re looking at the JPY it’s going up. You’re looking at EUR/JPY, it’s going up. The USD/JPY, the CHF/JPY, the AUD/JPY and NZD/JPY, USD/JPY, SGD/JPY, HKD/JPY, whatever it is that you have on your charts, everything against the yen is going up.

So therefore there’s massive yen weakness at this point in time. Now you’re probably unlikely to go and take all of those trades even if they were suitable candle patterns, even if they had some round numbers to protect, stop losses and they had room to hit that profit target. So all the things that we look for, you’re unlikely to go and say take ¥8, ¥9, ¥10 related pairs.

So what you’re prepared to do is analyze strength and weakness. Now, we clearly know that right now in our example, the yen is the weakest currency. But what happens if, say, the Australian dollar, the New Zealand dollar and the Canadian dollar were all fairly weak against everything else apart from the yen? So those are the commodity currencies and they tend to move together.

So let’s say you’re looking at the AUD/USD, it was heading down, the AUD/GBP was open, Aussie is heading up. So there’s Aussie weakness. You’re looking at NZD/USD, it’s heading down against the franc is heading down. There’s a lot of weakness overall in the New Zealand, the Aussie and the Canadian.

So that is telling us that maybe with our strength and weakness analysis that maybe that the AUD/JPY, the NZD/JPY and the CAD/JPY are probably not going to be your high probability trades on those daily charts that we talked about.

Refining the pairs you trade further.  

You could also go as far as saying, well, let’s have a look at, let’s say the EUR/JPY and the GBP/JPY. Also looking good. You could go as far as say, let’s have a look at the EUR/GBP and let’s say the EUR/GBP was heading down massively big red bearish candle on the EUR/GBP. That again tells us that the euro’s got weakness and the pound’s, got strength.

So now when we go to the GBP/JPY, we’re now trading a very strong currency with a very weak one. And therefore you may not want to take the EUR/JPY as well. So you might only be taking, let’s say the GBP/JPYH, the USD/JPY, you might see the SGD/JPY, all the HKD/JPY yen or the CHF/JPY also good.

But you know, you’re really narrowing down and focusing on not only the candle pattern but the strength and weakness at the time.

We analyse and post the Daily Strength & Weaknesses.

Now, every single day we analyze daily strength and weakness and we post it on our membership site for our clients to follow and to understand how to do this for themselves. I also do, by the way, if you’re not a client for a very free basic version of this each day on our website, which you can get for free every single day as well.

Those are not trades, by the way that I put on our free website. Those are strength and weakness analysis. So let’s say again, let’s say we were looking at that EUR/GBP as an example, heading down on the daily chart. If you were trading the following day and you saw, let’s say a four hour buy trade on the EUR/GBP, you might want to avoid it because the EUR/GBP looks like it’s heading down with that euro weakness and pound strength that we’ve talked about.

So what you might want to do is only take high quality set ups that are sell trades on the EUR/GBP that day. Likewise, if we go back to our GBP/JPY, whether you take that or not on a daily chart, if you see let’s say the GBP/JPY heading out, pulling back on four hour charts or two hour chart, six hour charts, whatever it is you trade and they see a bullish pattern, great.

You’ve now got strength and weakness and you’ve got the candle pattern all telling you that the market is likely to move up. All it’s doing is adding one more factor in probability in your favor.

Looking at the Weekly charts at the start of each trading week.

Now, I take that one stage further. We also, at the beginning of each week, look at the weekly charts. Now we go through and analyze the weekly chart and do the exact same process, but on a higher timeframe.

Now let’s say again, this pattern, the end that we’ve talked about, let’s say that on the weekly charts, the pattern again, look very strong. We’ve already identified on the daily charts the pan gains looking strong. That again adds more weight to our daily chart. Again, scale that down to, let’s say we saw really good strong bullish pattern on the pan down for our chart.

We’ve now got the weekly, the Daily and now the shorter time frame all showing bullish tendencies, all showing strength in the GBP/JPY all at the same time. Bigger picture daily picture, shorter timeframe picture Put all that together, you owe yourself, you’ve got yourself a very high quality high probability trade there.

Learn how to analyse the strength & weaknesses for yourself.

So if you’d like to find out how you can analyze the charts like this on descending strength. Weakness is part of our coaching program, but if you’d like to find out more about that, you can jump on to my masterclass.

Book a Call and talk with us.

If you’d like to book a call with us and have a chat with us to see if we’re the right fit for each other. Now obligation call just to find out if if what we do can help you. If you’ll write for us, you can book a call as well.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a high quality forex broker, I can highly recommend Blueberry Markets that based in Australia, they can take clients from most countries around the world. They offer the MT5 trading platform where you can trade forex, metals, commodities, indices, cryptos and of course be an MT5.

You can trade multiple timeframe charts as well, such as two hour, three hour, six hour, eight hour, 12 hour, as well as the more standard time frame charts. So I’ll put a link to all of that below.

Comments, Like & Subscribe.

Any questions you have, please email me Andrew @TheForexTradingCoach.com or like and subscribe and leave a comment.

If you’re watching this video on YouTube and I’ll see you this time next week. This is Andrew Mitchem at the Forex Trading Coach. Bye for now.

Episode Title: #571: Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader

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

Every Trader Must Know About Prop Firms



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

#570: Every Trader Must Know About Prop Firms

In this video:
00:21 – Tips and information to help you pass a prop firm challenge.
00:52 – Become profitable on your own account first.
01:55 – Keeping drawdowns low and your risk per trade low.  
02:57 – Take your time and don’t rush the process.
04:00 – Open multiple prop firm accounts.
05:11 – My 17 minutes Masterclass and Book a Call.
05:20 – Blueberry Markets as a Forex Broker.
05:51 – Comments, Like & Subscribe.

So you want to know how to pass a prop firm challenge? Let me give you some tips that can ensure you’ll do that right now.

Hey, traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 570.

Tips and information to help you pass a prop firm challenge.

Today I’m going to give you some tips and information to help you pass a prop firm challenge. So first of all, what is a prop firm? Well, there are companies out there that will give you money to trade on their behalf for profit share.

Once you’ve proven to them that you can trade properly within that low drawdown criteria and then understand the worth low drawdown criteria, because after all, it’s their money, it is not yours and you have to meet their rules in order to pass a challenge.

Become profitable on your own account first.

Now, first of all, I suggest that you forget prop firms and you go back to basics and you make sure that you are, first of all, profitable, all on a demo account and then a live account of your own.

It doesn’t really matter how big that live account is of your own. But make sure that you are consistently profitable on that first with low drawdowns. The reason I say that is that when you get on to the prop firm challenge, the numbers increase. You might have been trading a 5 or $10,000 live for kind of your own, and all of a sudden now you’re on $100,000 with a prop.

From now, sure, you start on a demo account, but the numbers can be quite scary to start with, and it can be quite off putting. So what you have to do is make sure that you trade your own personal live account in the same way and same conditions that you would the prop firm when you go on to that.

Otherwise you just wasting your money and throwing it away and don’t even bother start on the prop firm. So treat this real. Treat it like a business. It is, you know, serious stuff here.

Keeping drawdowns low and your risk per trade low.  

So you open up your prop firm challenge and they give you 100,000 demo. Okay. They will probably have a rule such as, like a maximum 5% drawdown.

Why? Well, it’s their money, not yours. Today we’re starting off and we’re on a demo. I get that it’s not real money, but when you go on to real money, you need to trade it the same way. So let’s say we have a 5% drawdown there. That means your account starting at 100 cannot go below 95,000. Otherwise they close the account on the demo.

And of course, the saying would be on the real. So what are you going to do to ensure that you have low drawdowns? Well, the most obvious thing is to have low risk per trade. I personally trade at an eighth to a quarter of 1% risk on trades on a prop firm. Why? Well, it means I can have if things go terrible.

I can have multiple trades all getting stopped out at once or in a row, which, by the way, doesn’t happen. But it could do. And I still keep within the drawdown criteria.

Take your time and don’t rush the process.

Now that also means that my gains are likely to be quite small, but that’s fine. There is no rush to pass a prop firm challenge. Take your time and do it properly.

Now you have to ensure that, of course, that you have high reward to risk trades so that when you are profitable, you have multiple. You know, you have trades that are multiple times your risk. So you can speed up that process. But let’s assume you pass your 100,000 demo okay. And you meet the 10% gain within the 5% criteria.

You go on to a live account. Don’t do anything different. Treat it exactly the same. Okay. Don’t get scared that now it’s real money because you know you can do it. You have that same low risk per trade approach. High reward to risk, and therefore, there should be no reason why you cannot pass that prop firm challenge. And let’s say you make it 10% which is $10,000.

You want an 80/20 profit share agreement with the prop firm company. All of a sudden that’s $8,000 to you. That’s not bad. It’s taking you a bit of time to get there, but now you’ve made it.

Open multiple prop firm accounts.

However, there’s absolutely nothing to say. You can’t open multiple accounts or with different prop firms and having a rolling, cyclical, process going here.

And that’s what a lot of our own clients do. You know, they’re opening up a new prop foam challenge every week, every couple of weeks, and they’ve got multiple prop firms going some on new demos, some almost passing the demo, some on to live, some passing live. And they’ve gone from 100 to 250, adding, you know, so there’s nothing to say that you can’t open multiple prop firms here.

So don’t just think of it as, oh my goodness, that’s a lot of work for just one. you know, one pay out of $8,000. No, you don’t have to do that. You can have multiple rolling prop firms going. That’s your decision to decide what’s best for you. But the beauty is, is that once you know how to trade within those low drawdown criteria and you’re not rushing it, there is an incredible opportunity to do very well from trading via a prop firm.

But it all comes back to the basics again. You have to know how to trade first. You have to keep your risk low and control. And that’s where we can help to educate you.

My 17 minutes Masterclass and Book a Call.

If you’d like to find out how we do this and how we can help you, jump on my masterclass or book a call with us so we can have a discussion to see if we’re the right fit for each other.

Blueberry Markets as a Forex Broker.

If you’re out there looking for a high quality broker, I can highly recommend Blueberry Markets jump onto that MT5 platform where they offer an enormous array of different forex markets, but also indices, cryptos, metals, commodities as well. And you’ll find that most prop firms will offer those also those non forex markets as well. So practice on that blueberry demo.

Get on to a live Blueberry account do well at that. Keep your live account going. But then at that stage if prop firms offer you that’s the time and not before.

Comments, Like & Subscribe.

Anything you need help with. Please let me know. Leave a comment like, share, subscribe. Email me Andrew at the Forex Trading Coach with any questions that you have or leave a comment and I’ll answer them personally for you.

I’ll see you this time next week. Enjoy your prop firms. Bye for now.

Episode Title: #570: Every Trader Must Know About Prop Firms

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

How to Trade Bitcoin, Polkadot, and Dogecoin Safely



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

#569: How to Trade Bitcoin, Polkadot, and Dogecoin Safely

In this video:
00:29 – Bitcoin hits almost USD$95k
01:31 – How do I buy Cryptos.
01:45 – This is how we trade Cryptos.   
02:15 – You can trade Crypto long or short.
03:28 – Taking advantage of the big moves in Crypto.
03:42 – Learning how to trade for yourself and Book a Call.
04:19 – Blueberry Markets as a Forex Broker.
04:35 – You can trade Cryptos 24/7
05:17 – Contact us for trading help.

So you want to trade the crypto market, but you’re not sure how to go about that? We don’t have enough money to buy Bitcoin at $95,000. Let’s talk about how we can help you to trade cryptos and make money from them. Right now.

Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast him of 569.

Bitcoin hits almost USD$95k

So today we’re going to talk about cryptos. A lot is happening in the crypto markets right now Bitcoin’s hit almost 95,000 USD. If we go back just a few weeks ago it was around 65,000. So it’s had a massive, massive increase, most noticeably in the last few weeks since, Trump won the US election.

And in November, we have seen, the price of cryptos such as, like Polkadot and Dogecoin, some of doubled, some of almost doubled just in this month of November 24th. So there’s obviously a lot of action out there and a lot of people wanting to go and jump into the wonderful world of cryptos. So you’re wondering how me as a forex trader is going explain about cryptos to you?

Because of course there are, you know, many complicated ways of how you could get into cryptos and had you mind things where you go for wallets and all that type of thing.

How do I buy Cryptos.

And you might also be asking yourself, how on earth do I buy a Bitcoin? Because I don’t have $95,000 US sitting in my back pocket. And even if I did, do I want to go and buy a Bitcoin?

This is how we trade Cryptos.   

So as a currency trader, I have a quite a simple solution for you. And it is this we trade cryptos such as Bitcoin and Polkadot and Dogecoin, in exactly the same way that we trade the forex market. We use the same charts. I strongly recommend you jump on to MT5 (MetaTrader 5) and you’ll find, on almost all brokers now. A massive array of cryptos available to you.

You can trade Crypto long or short.

Now, the other beauty of that is you can trade short as well. So it’s not like you’re going out there and going, well, I’m going to go and buy Bitcoin now at $95,000. And I’m hoping it’s going to just keep going up and up in value. But what happens if it doesn’t. And it suddenly comes back to 65,000.

Are you suddenly -30 grand. it’s not particularly, good. fear for your heart conditions. if that happens. But the way that we trade cryptos, it’s honestly, it could be the EUR/USD. It could be the USD/JPY. It could be Bitcoin, it could be Polkadot. It does not matter. And the beauty of that is we’re looking at the same charts.

We’re looking at the same patterns to trade. We’re still looking at support and resistance levels, round numbers. you know previous highs and lows, all that type of thing. Trendline breaks, divergence. All the things that we look at and the charts behind me here. It could be like I said it could be Bitcoin. That could be EUR/USD.

It does not matter. And the ability to trade both long and short and have your controlled and low risk is to me the key of all of this.

Taking advantage of the big moves in Crypto.

And obviously there have been some big moves. Yes. Fantastic. And you know, you can take advantage of those big moves, but you’re not in the investing, you know, tens of thousands of dollars in one thing. Hoping it’s going to go up.

Learning how to trade for yourself and Book a Call.

So we like to know how we do that and how we can help, educate you so you can do this for yourself. That’s the important thing. And again, it doesn’t matter. You could be just wanting to trade forex. You could be just wanting to trade crypto or a mix and of the both. And that’s what we do.

If the chart patterns are there on cryptos, and we may have a day when there’s not much on the forex, then we trade just the cryptos. We trade what we see.

If you’d like to find out how we can do this and help you, have a look at my On Demand masterclass.

If you’d like to book a call with us to discuss how we can help you to trade cryptos, then I’ll put a link to that as well.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a very good broker and a very good platform where you can trade these large variety of cryptos, I’ll put a link here to Blueberry Markets as well. Highly recommend Blueberry Markets. They have a large number of cryptos available, very tight spreads.

You can trade Cryptos 24/7

And don’t forget the other beauty of cryptos is you can trade them 24 hours a day, seven days a week. And just last weekend we had one of our clients who does trade a lot of cryptos. He was posting a large number of trades that he took over the weekend on charts like four hour, six hour and 12 hour charts on a large number of different cryptos because the patterns were there and that is the advantage of it.

So if you’re out there saying, look, I’ve got a 9 to 5 and I don’t have time to trade forex, first of all, that’s not true. You can do that. But secondly, why not look at some cryptos at the weekend? Then just look at the change of a couple of time frame charts and see if you can, profit from that.

Contact us for trading help.

But of course, you need to know how to do that first. So come to us, get some information and some advice. Have a chat, get on to blueberry, have a look at their platform. Trade cryptos. It’s a great time to do it. Anything else you need, let me know. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week.

Bye for now.

Episode Title: #569: How to Trade Bitcoin, Polkadot, and Dogecoin Safely

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

Why the US Election Results Matter for Forex Traders



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

#568: Why the US Election Results Matter for Forex Traders

In this video:
00:24 – Trump wins the US Election with a massive win.
00:53 – Quiet price action leading up to the election.
01:40 – W1 and Shorter time frame chart trades  
02:02 – Selling Silver on the W1 charts.
03:09 – Metals dropped after the election result.
04:17 – The charts tell us what was going to happen with the election.
04:39 – My 17 minutes Masterclass and Book a Call.
05:18 – Blueberry Markets as a Forex Broker.
08:02 – Comments, Like & Subscribe.

I want to talk about the US election results and why I’m a technical trader. Let’s talk about those topics and more right now.

Hey there, Traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 568.

Trump wins the US Election with a massive win.

So we’ve just had the results of the US election. This week has been a really good result. It’s been a positive result. there’s not going to be any indecision in the market now. we’re not going to get any delay in the result.

We’re not going to get any court action and recounts and all that type of thing. So from the markets point of view, it’s been a great result. And it’s been a good, strong, decisive, positive result. And that’s what the market needs and was looking for.

Quiet price action leading up to the election.

Now leading up to the US election, we’ve had a, like a quite a quiet couple of weeks, especially on the daily charts. And we’ve had that indecision and not really too much happening leading up to say, last week. And then the end of last week, we had the US monthly job news, and then the beginning of this week is all being quiet leading up to the election. Then, of course, you don’t want to be trading on the election day with potentially, you know, big moves or spreads widening and then we finally got the result and things are likely to now settle down again.

So it’s been a really interesting couple of weeks. You see the daily charts have been and the slightly longer timeframe charts like the 12 hours have been a little bit more indecisive. Not much happening there.

W1 and Shorter time frame chart trades  

However you take it out to bigger picture and the weekly charts. We’ve had some great results and then the shorter timeframe charts between, say, like the two and six hour charts, two, three, four, six hour charts.

We’ve seen some great results as well. So it’s really interesting that as a trader, you have to trade what the market’s giving you at the time.

Selling Silver on the W1 charts.

And an example would be, we’ve taken a couple of, sell trades on silver at the beginning of this week. So we’re talking, you know, like three days before the election results, we saw that XAG/USD and also, XAG/EUR were both dropping based off the weekly charts.

And so we took sell trades on both of those. We suggested to our clients, we took sell trades or, they should, look at some sell trades as well. And we’ve profited from those trades. Now, as a technical trader, I was into those trades on Monday my time or Sunday from the US. at the beginning of the week.

and so the charts were telling us from a technical point of view that Silver was going to drop. Now, how far it goes from now. I don’t really worry because I’m out of the trade for full profit. and now we’re looking for maybe another trade potentially might move back up again next week. Who knows. But we saw at the beginning of this week, before the fundamental results, we saw on the technicals that the silver was falling. We entered the trade. We’ve hit the profit target.

Metals dropped after the election result.

Now as a result of the US election, we saw a lot of the metals falling. We saw the US dollar strengthening. And that’s something that the fundamentals tell you.

You need to be willing to work at trading.  

But as you know I’ve just pointed out three days prior we already were in that position. We were shorting the metals such as Silver.

We were you know, we were long the US dollar as in shorting the silver US dollar. And so that’s exactly what we saw. so we would have seen, you know, the all of these things were pointing to the same thing on our charts long before the fundamentals. And we then, take this down to the shorter timeframe charts. We’ve seen some really good trades.

In fact, just on my webinar, yesterday, I took trades on the one hour, the two, the three and the four. And so we’ve seen some really good positions over the last couple of weeks on those shorter time frame charts as well. So it’s all about trading what you see and what the market is giving you.

But it’s all about trading the technical charts because they tell you in advance most of the time, what’s likely to happen on the fundamentals.

The charts tell us what was going to happen with the election.

So if you looked at that, you’d have seen that the result was likely to be good for the US. You would have seen, if you follow these things, that Trump was probably going to have a landslide victory.

Despite what the mainstream media in the press telling you. that’s why we don’t listen to those. That’s why we look at the charts and we we look at real news, not the, the mainstream news. And you can easily figure out what’s going on.

Now, if you’d like to, understand more about how we trade as technical traders, what I really encourage you to those two things.

My 17 minutes Masterclass and Book a Call.

One, have a look at my masterclass. It’s an on demand session. You can jump on that at any time if you’ve not already done so.

And number two, you can book a call with us and have a chat to see if we’re the right fit for each other. we don’t take on everybody. You’ve got to be the right sort of person, be in a position to want to trade properly and to invest in your education. And if you are, then great, we’re more than likely going to be a good match. But we’ll have a call and a chat with you first to see to make sure we can help you make sure that we’re right for each other.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a really good, high quality forex broker that offers all sorts of, markets, not just forex, but also the cryptos, the indices, the metals, commodities, I’ll put a link to Blueberry Markets. Their MT5 platform, is fantastic. And it offers all those additional, metals, but also things like XAG/EUR, not just XAG/USD, you know, against the pound against the Aussie, like that. So I against the Yen so you’ve got a lot more options there to again, come back to what I’ve mentioned about trading, what the charts are giving us, what the market’s giving us.

So if let’s say, for example, the, Silver you’re out in the XAG/USD we’re looking good like they were this week. You might not want to be trading XAU/USD or XAU/EUR because the silver’s were looking better. Or you may not want to be trading, say, XAG/JPY or the AUD or the GBP because the XAG/USD and the XAG/EUR were looking better. And that’s the beauty of having those multiple market options with a high quality broker like Blueberry Markets. So have a have a look at them and check them out as well.

Comments, Like & Subscribe.

I hope it helps. This is Andrew Mitchem at the Forex Trading Coach as always ask questions any topics you like me to cover on future videos and podcasts.

Just like this one? Just email me or leave a comment. my email address is [email protected]. That comes through to me personally, and I answer all emails personally as well. I’ll see you this time next week. Bye for now.

Episode Title: #568: Why the US Election Results Matter for Forex Traders

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How to Know If Forex Trading Is Right for You



Podcast:

Find out more about Blueberry Markets – Click Here

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Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

#567: How to Know If Forex Trading Is Right for You

In this video:
00:20 – Is trading for everybody?
01:41 – Some people are just lazy.
03:20 – You need to be willing to work at trading.  
03:51 – Trading and Painting.
04:30 – Want to join us – Book a Call first.
04:58 – My 17 minutes Masterclass.
05:05 – Blueberry Markets as a Forex Broker.

Is trading for everybody? Let’s talk about that really important topic and more right now.

Is trading for everybody?

Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 567.

Now, I’ve had a few interesting chats this week and I want to bring this to your attention and really want to say, look, is trading for everybody. the answer is absolutely not. And as a result of what I’ve experienced this week, I want to explain why I’m saying it’s not for everybody.

I received a call a few days ago from someone who lives here in New Zealand. He’s not a New Zealander. Believe he’s living here right now. And I had some doubts when I heard the conversation, and I ended up saying, look, I don’t think you should do this. I don’t think trading is for you.

And certainly we’re not a good match. he was, you know, it was all a little bit desperate, needing the money, potentially saying there was health issues. whether there was or not, I don’t know, but, you know, it was quite a sob story, and I’ve only got $300, and I heard it all, and I go, you know, I’ve heard this so many times over 20 years of trading and teaching.

This is not for you. You know, you’re not in a position mentally, potentially physically, financially to do this. And if you jump on board, it’s going to end badly because people like that, desperate for money, they’re not willing to put the time in.

Some people are just lazy.

You know, people can be very lazy, you know, so they just want a copy. In fact, I did say to him, look, you should probably just go and buy yourself a monthly subscription to a signal service, because I don’t think that you’re the type of person that’s going to be putting in the time, the effort, the commitment, to learn and now, important to note that just because you may not have, money today, that doesn’t matter.

The thing that we’re doing is we’re, teaching people how to trade properly, but you still need to put that time commitment effort into wanting to learn how to do it. If you can trade. You can trade on demo. You can trade on small live accounts. You can go through the prop firms, you know, there’s so many different ways to be successful without needing the funds to date.

Now, sure, if you come on board with us, you need some funds to invest in the coaching. You know, we’re not at the giving, our time, our knowledge, our expertise. you know, just for peanuts. You know, we’re posting trades every day without fail. We’ve done this since 2010. We’re on webinars, forums, all those type of things and a proven strategy.

So, yes, there has to be, you know, an upfront fee to do that. You know, we are not a charity. Let’s be let’s be clear about this. But when we have good successful traders, you will make your investment batches countless times over. And yeah, that knowledge, for the rest of your life. But coming back to this individual person just wasn’t going to be him, you know, it wasn’t going to work. And so the question comes, should everybody trade? Absolutely not.

You need to be willing to work at trading.  

You know, you’ve got to still put the time, the effort, the commitment, the willing to have ups and downs in the market. You know, if you come on board and you go, oh look I’m not making money after one month. Well that’s because you’re learning. You know, you’ve got to give yourself time.

You can’t go and go. I want to be a tennis player. I’m going to do lessons for a month. And then I think I’m going to be the world’s number one. You know? It’s just not real. So give yourself some time, some realistic expectations to learn up front.

Trading and Painting.

And just, this week, I was at a business meeting and I said, look, the best thing I can do as an advice to give someone who wants to look at trading is think of yourself as like a painter or decorator.

Everybody sees the finished result. They see the painted wall, the, you know, the wallpaper, the the whatever. It is the, you know, the the beautiful finish. They don’t see the preparation that goes into it behind the scenes, the sanding, the, you know, the filling up the cracks and holes and, you know, doing all the prep work underneath the boring bit, underneath that makes the finished result look good.

And trading is exactly the same. You have to put that time and effort and commitment and not. On a more positive note, if you all one of those people would love to talk.

Want to join us – Book a Call first.

So, if you’d like to come on board with us, what you can do is book a call with us. It’s the only way that you can come on board with us, because we want to make sure that we’re a good fit. So book a call with us using the link that I’ll put on here. We’ll have a chat, see if you’ll write for us, if we’re right for you, and if we, both agree, then it’s a good match. Then you know the call is yours to say. Well, look, I’d like to come on board or not. That’s up to you.

My 17 minutes Masterclass.

Have a look at my masterclass. And, if you add, I’ll put a link to that.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a very high quality broker, I can highly recommend Blueberry Markets. There. MT5 platform is, fantastic. I’ve taken trades just yesterday on the USD/MXN and and the, CHF/PLN and Ethereum. You know, some quite a more unusual.

You know, if we were talking five years ago, those, pairs wouldn’t have been available. But because of mt5 and the ability to have more pairs, more markets, they are and and so we’re taking trades based on the strategy, on the pattern, not so much what the market is. And they’re working. So have a look at blueberry markets if you want a good quality broker as well I’ll put a link to them here.

That’s it for now. just remember if you’d like to learn how to trade. We’ve been doing this for a long time, but you need to be the right type of person that wants to do it. And if you are, let’s talk.

This is Andrew Mitchem here at the Forex Trading Coach. I see you this time next week. Bye for now.

Episode Title: #567: How to Know If Forex Trading Is Right for You

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

How to Trade Without Following the Major Trading Sessions

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

#566: How to Trade Without Following the Major Trading Sessions

In this video:
00:26 – Which trading Session should you look at?
01:13 – I used to be up all hours of the nigh trading the US session.
02:53 – Profitable US30 and Natural Gas trades.  
04:25 – Trade on the close of a candle.
05:30 – My 17 minutes Masterclass and Book a Call.
05:58 – Blueberry Markets as a Forex Broker.
06:26 – Comments, Like & Subscribe.

Should you trade the European and US Trading Sessions in order to be a successful forex trader? Let’s talk about that a more. Right now.

Hey there, Traders! This is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 566.

Which trading Session should you look at?

Today I want to talk about trading sessions. A lot of people get confused and get this completely wrong. And they think that in order to be a successful trader, whether it be forex or metals or indices, whatever it might be, they think that they should trade what we call the trading sessions.

Now the Asian trading session was just based around Tokyo. Then we have the London and kind of that into European trading sessions and then the US trading sessions. And they tend to be the times when this the most activity within the market. And people get very confused and they think, well, I should only be trading the London trading session or I should only be trading the US session, or make sure I try and trade both of them, and it’s something that you do not have to do.

I used to be up all hours of the nigh trading the US session.

Now, admittedly, when I started to trade, I thought that’s what you had to do as well because that’s what people tell you you should do. But quite often in life, with most things and people tell you you’ve got to do this. The reality is that there’s a far better way of doing it by ignoring what they say. And there’s no better example than that.

Then for me, living here in New Zealand, the London session is in our evening into our night time, and the US session is the very early hours of the morning. Utterly impossible and unrealistic. Impractical to trade.

And just this week I’ve taken trades on the US30 and also on natural gas. Now the US30, especially being in a US index.

Traditionally, I would have thought, well, that means I have to be up at 2:00 in the morning to trade when the US markets are open and when natural gas, slightly less of a, an issue, but again, not a main forex what you call like a mainstream forex pair because it’s a gas and the metals, the gases, and the indices and a lot of the commodities as well tend to be based more around the US time of day.

Not particularly useful when you live on this side of the world. But really this applies to wherever you live in the world. If you’re living in, Europe, let’s say you got, well, I can’t trade the London morning session because I’m at work. you may be in the US and go, well, I can’t trade the London trading session because it’s like 4:00 in the morning for me. And so it doesn’t matter where you live in the world, the same concept applies.

Profitable US30 and Natural Gas trades.    

The thing is, with trades like the US30 that I took this week, and by the way, it was a very profitable trade. We had a 3.2 to 1 reward to risk on that, and we also had a 2.8 to 1 reward to risk on the natural gas, both for profitable.

So great results. the point being is I took both of those two trades based off the daily charts, and I took them at the close of the day, which is 5 p.m. New York time. Now, the great thing is, when you understand, close of charts, close a day charts and the close of a time friend chart.

That’s when you can look at your charts. When you add to that the fact that we use limit orders, you don’t actually need to be there at that exact time. So going back to the US30, when the, market then opened, I think it was 6:00, eastern Standard Time, maybe seven. I then, put on the sell limit orders to sell the US30 above its current price, the market.

Then, during that day, then worked its way back up, hit our sell limit entry orders, and then dropped and hit the profit target. So those trades took me, like, a couple of minutes each to see and take and place. And I could have placed those. Doesn’t matter where I live in the world, I could have placed those limit orders.

And that’s the absolute beauty of it. I didn’t need to be setting my alarm clock. Been up at 2:00 in the morning or 3:00 in the morning for the US trading session.

Trade on the close of a candle.

You don’t have to do that trade based off the close of a candle. And if you can trade at that 5:00 New York time in the evening, that time, that means you can also go through multiple other charts like we do each day.

We look at six, eight and 12 hour charts. depending on where you live in the world, you can look at close of, six hour charts or eight hour charts or 12 hour charts, which, by the way, at 5 a.m., New York time.

Now that doesn’t suit. And you go, well, it’s 5:00 in the morning because I live in New York. Well, if you place limit orders, you could place them at like 6 or 7 or 8:00 in the morning when you get up. And you can still take those traits. And so work your trading around your available time and what suits you. But once you know what you’re doing, you don’t need to have to sit there watching like so.

Five and 15 minute charts in the London session or in the New York session. Do the complete opposite, because the opposite is where you get your longevity and your enjoyment from. And also you’re going to get your, lot less stress and higher reward to risk trade. So remember, it’s about the quality of trades, not the quantity of trades that you have there.

My 17 minutes Masterclass and Book a Call.

If you’d like to find out how we do this, I strongly recommend you jump on to my 17 minute on demand masterclass session. I’ll put a link to that here.

If you’d like to, go ahead and book a call to have a chat with one of, myself or one of my team. I put a link that you can do that. Just fill out just a few questions, and then you can book a time to have a chat with us. If you’re in the US or Canada, you can talk directly with Paul Tillman, via that application form as well.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a very high quality forex broker, which also offers the indices and those metals and commodities and the cryptos that we talk about, I highly recommend you take a look at blueberry markets. I’ll put a link to them here as well. I use their MT5 platform. It’s fantastic. Just a massive array of different markets and, great people, great spreads and very fast withdrawals from your account. And you make your profits as well. So I’ll put a link to blueberry markets here as well.

Comments, Like & Subscribe.

If you have any other questions or topics, that you’d like me to cover on future videos and podcasts, just send me an email, [email protected], or leave a link if you’re watching on YouTube in the comments.

And don’t forget to like and share and subscribe, and I’ll see you this time next week. Bye for now.

Episode Title: #566: How to Trade Without Following the Major Trading Sessions

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

Why Trading Multiple Time Frames Boosts Your Forex Success

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

#565: Why Trading Multiple Time Frames Boosts Your Forex Success

In this video:
00:22 – What is the best time frame chart to trade?
01:01 – It depends on how you like to trade.
01:57 – What is the market doing?  
02:35 – My preferred times of day to trade.
03:20 – My trading time frames this week.
05:52 – Ideally trade a blend of different time frame charts.
07:10 – My 17 minutes Masterclass and Book a Call.
07:21 – Blueberry Markets as a Forex Broker.
08:02 – Comments, Like & Subscribe.

What’s the best time frame chart that you should trade as a forex trader? Let’s talk about that a more. Right now. Like.

Hey there, Traders! Andrew here at the Forex Trading Coach with video on podcast number 565.

What is the best time frame chart to trade?

Want to talk about a really important topic about different time frame charts. What is the best time frame chart to trade? It’s a an issue that so many people struggle with because they get confused when they look at different charts. And as an example, they may look at a daily chart and it looks like, let’s say the EUR/USD is moving up.

And then they go to a one hour chart and it looks like it’s moving down and they don’t know what to do. You get that analysis paralysis. Which one’s better, which one’s more reliable. Which one should I be trading. And I quite often get asked hey Andrew, what’s the best time frame if I just had to choose one? What is the best?

It depends on how you like to trade.

Now, unfortunately, there is no one best time frame chart. So really depends on you as a person and as a trader. You see, if you’re the sort of person that wants to sit there for 2 or 3 hours a day studying the shorter time frame charts, almost certainly taking a trade of some inscription then probably the shorter time frame charts are for you.

However, on the other hand, if you like to do other things and you want to trade, say just monthlies and weeklies and possibly dailies and you like those longer time frame charts, then that’s what you should be focusing on. But also for me as a trader, I think the important thing is to have a balance of both, because a lot of it comes down to not what you want to do or can do.

What I want to do or can do. It’s just it comes down to the market conditions at the time, and that’s the real important factor.

What is the market doing?  

What is the market going to give us today or this week for this month? That is going to give us a high probability chance of success. And that’s why for me, the answer to what is the best time frame to chart to trade is it depends.

And also you should look at multiple time frame charts. Now, I’m not saying you need to be there staring at your charts for like hours and hours a day. Far from it. You need to be smart about this, and you can trade multiple time frame charts looking for the highest quality setup by just looking at charts, just like, say, once or twice a day.

My preferred times of day to trade.

Now, if I had to pick one time of the day, that would be my preferred time. It would be at the close of the trading day, which is 5 p.m. New York time. Now that is when we analyze the markets and we post our daily chart trade suggestions, but also at that time we scan through the markets and look at 12 hours, eight hours and six hours because they close at the same time.

At the beginning of the week, you can look at the weekly charts. Beginning of the month you will look at the monthly charts. If I had to pick another time, it would be 5 a.m. Eastern Standard Time, New York time, because that’s into the European session. The 12 hours change over so as the 6,4,3,2,1 hour charts, but it depends on what works for you. And that’s why I look at the close of a candle.

My trading time frames this week.

Now to give you some examples, just this week I have taken, one trade on the two hour charts, one trade on the four hour charts for trades, on the six hour, four trades on the 12 hour, and only two on the daily and nothing on the weekly.

And so I found for this week that the you know, when you look at those figures, the six in the 12 hour charts this week have been giving us the higher quality setups. Now, I’ve also had I’m not sure if you can see behind me here. If you’re watching the video. A lot of profitable trades. Had a very good week so far.

just with a quarter of 1% risk per trade, I’m up getting close on 3% gain for the week. Still with two days to go as I’m recording this a day earlier than normal. And so again, it comes back to what is the market giving us. You have to trade the the strategy and the system with the chart that is giving you the best possible setup.

And that’s all depending on what’s happening in the market at the time. You know, you can find some weeks where the two and four hour charts are just fantastic. Other weeks, the two and four hour charts are not giving us very many opportunities in the dailies and the these are giving us the better trade. So I think it’s very important that you have a strategy that can be adapted, that can work against, over multiple time frame charts.

When I hear about people who say my strategy only works on a one hour chart and it only works on the EUR/USD, I would run a mile from someone giving you or suggesting or thinking that’s a good way to trade, because you cannot limit yourself to just one pair or handful of pairs and just say one time frame chart.

Why does it only supposedly work on that timeframe? Has it been over optimized curve fitted those type of things? The way that I trade it works across all the time frame charts. Look, I’ve got some people trading on one and five minute charts. Is that something I personally do? Not at all. But for the right person it works.

Now, of course you’d have to be selective on what markets and pairs you’re trading with those tight, you know, the tight spreads if you’re in and out of the markets on those short timeframe charts. But the point is, if that suits you and you see the conditions and you see the setups and it works, fantastic, go for it.

If you’re the sort of person that goes, I just want to look at the charts just once a week, well, trade the monthly charts and maybe the weekly charts. and you can do very, very well from those. It just have to accept that some weeks or some months there won’t be set ups.

Ideally trade a blend of different time frame charts

But again, it’s my preferred option is a blend. You trade a blend, you’re opening yourself up to more good trading opportunities and being able to be quite selective and pick what you see at the time is the higher quality trade setups. So I hope that answers the question for you. It’s also another reason why I never look at my trading, success in terms of pips. Completely irrelevant.

You know, you’ve got to make sure that if you’re trading a two hour chart or a daily chart, if you have a trade, that’s profitable. It’s going to risk the same amount on both setups, and it’s going to make you roughly the same amount. If you have a profitable trade. Doesn’t really matter which of those works or doesn’t work.

You have to have a similar reward to risk. Now, naturally, you’ll find that the bigger time frame chart spread becomes less of an issue. They tend to be slightly more reliable because there’s more data within a bigger time frame chart, and you tend to find you can probably get a higher reward to risk out of the trade. As opposed to, say, like a two hour chart.

But having said that, if the setups on the two hour charts and not on the daily charts. Take the two hour charts. If the setups are showing you on the daily or the 12 hour, take them on that. So be selective, high quality, be, quite critical with the trade setups that you take. You’re going to give yourself a higher chance of success and getting yourself a nice, smooth equity curve there.

My 17 minutes Masterclass and Book a Call.

Now, if you’d like to know how we do this and how we can help you to do the same, to know exactly what to look for, when to look for, jump on to my 17 minute on demand masterclass. I’ll put a link to that.

Blueberry Markets as a Forex Broker.

And if you are looking for a high quality broker, can highly recommend Blueberry Markets again, I’ll put a link to them here. I’ve been with Blueberry Market since I started and I found them absolutely fantastic to trade with. They’ve got a new copier service, they’ve got, you know, lots of new ideas in the pipeline as well, but also lots for you to use right now. Their MT5 platform covers a large array of different markets, both forex and non forex. Very fast withdrawals, very tight spreads. I can highly recommend blueberry markets. So if you’re out there looking for a broker consider them. If you’re not been on my masterclass have a look at that. Really think it’s a great investment in 15-20 minutes of your time.

Comments, Like & Subscribe.

And any questions that have that you’d like me to cover on future videos and podcasts like this, just drop me an email [email protected] or, leave a comment if you’re watching the video.

I’ll see you this time next week. Bye for now.

Episode Title: #565: Why Trading Multiple Time Frames Boosts Your Forex Success

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

Why 90% Win Rate Systems Are Dangerous for Forex Traders



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

#564: Why 90% Win Rate Systems Are Dangerous for Forex Traders

In this video:
00:26 – Do you want a 90% win rate system?
01:48 – A traders comment about a high win rate strategy.
03:15 – Focus on the quality trades.  
05:05 – My 17 minutes Masterclass and Book a Call.
05:15 – Blueberry Markets as a Forex Broker.
05:55 – Comments, Like & Subscribe.

As a Trader. Someone gave you a system that had a 90% win rate. I bet you’d want to trade it. The reality is, you should not trade a 90% win rate system. I’m going to explain why right now.

Hey there, Traders! It’s Andrew Mitchem at The Forex Trading Coach with video and podcast number 564.

Do you want a 90% win rate system?

So you heard me right. If I said to you, hey, I’m sure you love my system, that’s got a 90% win rate, I. But you’re going to make lots of money and you get. Yes. Please give it to me. The reality is that you’re probably not going to make money off of a system like that.

Now, if you’ve been following me for any length of time, you’d know the story I told a real true story from a few years ago where someone came to me with a 90% win rate system, and they were very excited and it all looked really good. The problem was that they were losing lots of money because their focus was on win rate.

They were having, let’s say, out of ten trades, they were having nine out of ten trades hit their profit target, hence a 90% win rate system. But the trouble is they were making lots of small little gains. And every 1 in 10 trades had a massive loss that wiped out all their gains, plus lots more. And so that becomes the, the reality of it.

You know, you’ve got to be very careful with win rate. Don’t put all your focus into that because you’ll end up not doing, you know, what you should be doing, which is looking at things like control, risk, high reward to risk, looking at what the market’s doing at the time, looking at the pair you trading, the current conditions, all those type of things that mean that there are so much more to having a successful trading system than simply having a high win rate. High win rate is not necessarily good and in most cases is not good at all.

A traders comment about a high win rate strategy.

And this issue resurfaced just yesterday when I had someone come to me with something very similar to this. And I just need a high win rate system because that’s going to make me feel better and and it’s going to make me trade better.

And I tried to explain to them, look, the end of the day, you’ve got to make money out of your trading. That’s the important thing isn’t it? So why not focus on making money and doing it trading properly, than just being completely glued and fixated on this one thing? Because you find that with the people with 90% win rates, they do these crazy things like having there reward to risk run the wrong way, or have very structured and rigid, profits and stops which generally are not in their favor, as in they may have, let’s say that pluck some figured that this guy, you know, a 50 pips stop loss and a 20 profit target.

Now, if you know the way I trade, we never talk pips. But unfortunately, the people with the high win rate systems do. And so that’s their issue is they keep getting stopped out. And that reward to risk is not good. Or they’ll do something like they’ll have, a ten pip profit target and 110 pips stop loss. And you know, nine out of ten trades go well.

You’re one big one loses. And so having their focus around the wrong way is something that they don’t realize until they trade live. And they see that this 90% win rate system does not work

Focus on the quality trades.  

For me, focus on low and controlled risk on every trade. Forget about pips and ensure you have high reward to risk trades. Focus on trading with strength and weakness.

Now just yesterday I held a live European session webinar with my clients and we had the perfect scenario setting up. On the bigger picture daily bias. We were looking for some weakness in the New Zealand dollar and lots of strength in the US dollar. That’s exactly what we saw. And so when we’re looking at currency pairs, we were suggesting that ideally we should be looking at selling the New Zealand dollar against the US dollar if suitable trades present themselves.

Now just on that live webinar at the beginning of the session on the two hour charts, I took a sell trade on the NZD/USD, a beautiful continuation pattern. The market had dropped and pulled back looking like it was going to drop down again. We took the sell trade and within one hour we had a profitable trade.

At the end of the webinar, which was 5:00 am Eastern Standard Time, New York time, the three hour charts closed and we had a fantastic sell trade again on the NZD/USD on the three hour charts. And so we profited from both positions by trading the pattern, having high reward to risk. They had something like about a 2.8 to 1 reward to risk, and the trades were both profitable.

So, we have our risk control. We have a high reward to risk for trading the patterns we’re trading with the bigger picture strength, the weakness, analysis, everything. All the all the factors that we look for were all suggesting you have to take this sell trades. And that’s what we did. And that’s what we, profited from those.

So that to me has a far more significance in terms of, your overall profitability and common sense within your trading and then just focusing on, hey, I need to 90% win rate system.

My 17 minutes Masterclass and Book a Call.

Now, if you’d like to find out more about how we do this and how we can help you to become a successful trader, have a look at my 17 minute On Demand masterclass. I’ll put a link to that here.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a quality forex broker, I can highly recommend Blueberry Markets. They based in Australia, and you can open an account from pretty much anywhere in the world is a few countries that they cannot take, but pretty much everybody else they can take. And I strongly suggest you have a look at their MT5 platform.

It’s the one that I use. And I’ve been using Blueberry Market since they started. They’re a great bunch of people. great spreads, great communications, very fast, fun withdrawals as well, and a massive array of markets on their MT5 platform. I’ll put a link to blueberry markets here as well.

So, hope that helps. Make sure that you focus on the quality of your set ups and your overall strategy, and remove that focus from having to have a 90% or higher win rate system is probably not going to work out in your best interests in the long term.

Comments, Like & Subscribe.

Hope that helps. any questions that have any trading topics you’d like me to discuss like this on future videos and podcasts? Send me an email [email protected] or leave a comment if you’re watching on YouTube. I’ll see this time next week. Bye for now.

Episode Title: #564: Why 90% Win Rate Systems Are Dangerous for Forex Traders

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

How to Capitalize on Q4 Forex Market Trends



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

#563:How to Capitalize on Q4 Forex Market Trends

In this video:
00:30 – Great trading conditions ahead.
01:06 – How has your trading been this year so far?
01:58 – What do you need to change?  
03:12 – Book a call to talk with Paul Tillman.
04:07 – A link to our booking calendar.
04:28 – Join my free Masterclass
04:42 – Blueberry Markets as a Forex Broker.
05:58 – Comments, Like & Subscribe.
06:15 – Finish the year strongly

How’s your trading year been so far in 2024? We’ve got just three months left of the year that generally good trading months. What are you going to do to make sure you have a great final quarter of this year? Let’s get into that a more right now.

Hi there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 563.

Great trading conditions ahead.

What has happened to this year? It is just absolutely flowing past. I know we say it every year, but this one seems to be even quicker. We’re now into the last quarter of the year. We’ve been through that northern hemisphere summer time with July and August are sometimes a little bit tricky to trade.

And now we’re into the last quarter. I think we’re going to get some very favorable trading conditions because of all the events happening in the world. And generally October, November, December give us very good trading conditions, and that’s what we need is traders. We need movement, we need volatility and we need to take advantage of that.

How has your trading been this year so far?

So my question to you is this how are you trading been so far this year. We’ve been trading since January. We’re now into October. How has that first nine months of the year been? Has it been like pretty ordinary, pretty average for you? Is it been really good? If it’s not been great, what are you going to do to make sure that you finish the year with better and improved results? What is it that you’re going to do?

Have you not met your trading goals? What needs changing? Have a think about that, because honestly, I think that October, November, December, the conditions generally are good. I think with everything happening in the world, we’re going to get we’re going to see some good market movement. And it doesn’t matter where we’re on the currencies or the metals indices, cryptos, the commodities, I just see great conditions.

So let’s take advantage of that together. Make sure that you are doing everything you can to, take advantage of the end of the year in these great conditions.

What do you need to change?  

But it really also, I think, is important that we reflect so far that we’re three quarters of the way through the year. What needs changing from your point of view if you’re trading has not been quite as good?

What do you need help with? What do you need to change do differently? Because let’s face it, we continue doing the same old thing. Guess what? The next quarter is going to be the same old thing, and you’re going to get to the end of the year and you’re going to be disappointed. so I think it’s really important that they take advantage of these likely good conditions, but maybe change something in your trading if we can help.

Let me know. let us know. Leave a comment. ask questions because we’re all about helping traders worldwide. On our course, we have clients in 108 countries. You know, we’re a global community about helping people. So I think it’s really important that you reach out and ask questions. And even if it’s like other topics you’d like me to talk about and discuss on these videos and podcasts, I’m more than happy to do that because we want successful forex traders.

But also if you’re out there and you go, look, Andrew, I’m just trading cryptos or metals, then my strategy, the logic that we employ, works on all those different markets. And that’s the beauty of it. One strategy, multiple markets, multiple time frame charts.

Book a call to talk with Paul Tillman.

If you’re in the US or Canada, I’ve got some great news for you. Paul Tilman, who works with me. He’s been with me since 2015 when he started as a client. Paul did so well that I had to have him on board as part of the team. He runs our US Clients Webinars, he helps to moderate forum and he helps, look after people during the, US time zone. If you like to have a personal chat, a one on one chat with Paul.

If you’re in the US or Canada, let me know and I can send you his details and book a time with him. I can give you his email address and his personal phone number so you can book a time if you’re serious about your trading and wanting some help. and you’re in the US or Canada. Let me know.

[email protected] or send me a support ticket or put a link if you’re watching the video and I’ll send you through post details. It’s more than happy to help you with your trading. If you’re serious about trading, I want to make it work for you.

A link to our booking calendar.

If you’re outside of the US or Canada and you want to book a time with me or one of the team, I’ll put a link to our booking calendar as well. Fill out a very quick application form, make sure that we’re suitable for each other, and then book a time, and we can have a call to make sure that we can help you with your trading and take it forward with your trading in progress, so that you’re enjoying your trading and you knowing what you’re doing.

Join my free Masterclass

If you’ve not been on my 17 minute masterclass, I strongly recommend that you do that. Turn off everything. Just turn off all your, you know, emails and phone and Facebook and all that. Just focus on 15-20 minutes on the webinar and you got to learn so much from it.

If you out there looking for a high quality forex broker can highly recommend Blueberry Markets. I’ve personally been with them and have funds with them and been with them since they started.

They’re great bunch of people. I’ve met them in person. I contact them regularly each week. We’ve sent hundreds, if not thousands of people through the blueberry markets, and we always hear the same feedback. They’re great people, exceptional service, wonderful platform, lots of different markets, tight spreads, everything that you’re looking for from a forex broker. Plus they have the other markets on MT5 such as the commodities, the cryptos, the indices, metals, etc. that we talk about all the time.

Blueberry Markets as a Forex Broker.

So if you’re out there looking for a broker, put a like give some thought and have a look into blueberry markets, I’ll put a link to them here so you can go and check them out and decide for yourself if you’d like to go with them. But honestly, there’s so many. I’ve had about 5 or 6 different brokers emailing me just this week because I know Andrew, would you help promote us?

And I say to them, no, I only promote people who I personally like, and I personally have used myself and I’m satisfied that I can then go and say, hey, here’s someone I think you should consider. Blueberry markets are definitely one of those companies, so have a look at them. Have a look at the link I’ll put here.

If you’d like me to discuss any topics or trading questions that you have, just reach out to [email protected]. Put the link here for you. I’ll put a link to that as well.

Comments, Like & Subscribe.

If you’re watching, on YouTube or some format on video, fill in the comments with your topics and I’ll cover them for you.

Finish the year strongly

But look, let’s make the next three months. Like I said, that generally pretty good trading conditions October, November, December. With everything going on in the world, I think they’re going to be very volatile. Lots of movement, exactly what we want. Take advantage of that. Know how to trade properly with low risk, high reward to risk and to know. Look at your charts and know exactly what to do and why and when.

If you need help, we’re here to help make it work for you. I hope that helps. This is Andrew here at the Forex Trading Coach. I see this time next week. Bye for now.

Episode Title: #563: How to Capitalize on Q4 Forex Market Trends

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

How Live Sessions Can Transform Your Trading  Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass #562: How Live Sessions Can Transform Your Trading In this video: 00:27 – You need someone to show you how to trade. 01:23 – We trade and post in real time. 01:52 – Live webinar trades make +2.1% gain.   04:10 – This is invaluable information. 05:37 – My 17 minutes Masterclass and Book a Call. 05:56 – Blueberry Markets as a Forex Broker. 06:13 – Comments, Like & Subscribe. I'm going to explain this week why live trading room webinars work and how they can massively help you with your trading success. So let's talk about that a more right in that. Hi there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 562. You need someone to show you how to trade. Now different ways of learning how to do anything. whether it's trading or for me doing karate or learning to fly a helicopter or a guitar, whatever it is, you need someone to help you and to show you and to be able to refine things and trading's exactly the same. You see, you can go online and you can look on YouTube in different places and you can have video course just like our one, and you can go through and read things and see some videos, and that's all well and fine. But the trouble is in trading is to make any money in trading, you have to have the ability to do this in real time. You know, it's all well and good looking through some books and seeing some waves and retracements. And we did this at this point and look at this massive trend and you know, and there's so many videos and I see with millions and millions of hits on YouTube, but all they're doing is showing you with hindsight what happened. We trade and post in real time. And the reason that we do so well, as do our clients, is we do everything in real time. We're not about hindsight. We post our trades every day for people to follow in real time. We put our trades on our forum site on the shorter time frame charts in real time, and every week we hold a live two hour trading room webinar one weeks in the European session with myself. The following week is in the US session with Paul Tillman, who lives in the US. Live webinar trades make +2.1% gain.   And yesterday I held a live European session, webinars, a two hour session where all our clients can jump on to, they all get recorded as well. So if you cannot attend live, you can go and watch the recording. And by the way, we have all the recordings dating back to 2010 on our website. So vast amount of very valuable information now on the webinars. The beauty of them is they are live. There's no like cherry picking the hand, picking the best trades. you know, we're talking about trades, we're discussing trade set ups, etc. live in real time. And obviously no one knows the result of what we are saying, we are taking. Now on yesterday's session at the end of the webinar, which ended at 5 a.m. Eastern Standard Time, which is in the European session, we took some trades and I posted and took three trades in front of our clients. We had a EUR/GBP 6 hour chart trade sell. Which had a beautiful retracement and hit the profit target, both positions hitting the profit target. We had a Netherlands 25, the index 2 hour charts trade one position got filled and it was stopped out. And we had a, two hour trade on the gold against the Australian dollar. Both positions got filled and hit their profit targets. Now the EUR/GBP made a 2.7 to 1 reward to risk a 1.35% gain. the Netherlands 25 lost a quarter of 1% because it was stopped out and the XAU/AUD had a 2 to 1 reward to risk or 1% gain. That gave us with only a half percent (0.5%) risk per trade total split over two positions. That gave us a net gain of 2.1% on our account. So 2.