How Using Limit Orders Will Increase Your Trading Performance ﻿﻿ Podcast: Click Here to Check Out The5ers.com Interview with Ryo Chong Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course - Click Here #445: How Using Limit Orders Will Increase Your Trading Performance In this video: 00:29 – I use Limit Orders on all of my trades 01:12 – Limit orders are the key to high reward:risk trades 02:23 – Other benefits of using limit orders 03:00 – Client trading for Prop firm credits limit order with an improvement in his trading results 05:12 – Consider Blueberry Markets if you are looking for a good Forex broker 06:13 – Enjoy your trading more by using Limit orders I'm going to talk about limit orders, why I use them all the time in my trading, and how they can help make a massive change in your trading results. Let's talk about that and more right now. Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach, with the video and podcast number 445. I use Limit Orders on all of my trades Now, I want to talk about limit orders. I use them on all of my trades. They're an incredible way of trading that will help you massively. So when you see a trade, you've got a few options. You can enter straight away at the market, and you're literally pressing buy or sell, put your lot size in that you require, and you're in the market straight away. You can use a breakout of a range that's called generally a buy stop or a sales stop. A buy stop is to buy somewhere above the current price, and a sales stop is to sell somewhere below the current price. It's okay if you're trading breakouts, etc., like that, but it's not generally a great way in terms of increasing the reward to risk of your trades. Limit orders are the key to high reward:risk trades However, the key to trading successfully with high reward to risk trades is to use limit orders, retracement orders. So, I use buy limits to buy lower than the current price and to sell higher than the current price. Price is always moving around. It obviously moves up down, very rarely does it move sideways, but it's always moving. And even if you get, let's say, an uptrend, within that uptrend, you're always going to get pullbacks. Nothing just goes dead straight line. And so, very rarely will you see a candle on your charts, especially a good setup candle and especially one on the longer timeframe charts that just opens at the absolute low and just go straight up. Very rarely does that happen. It can happen from time to time, but not very often. Most of the time you will see a, let's say, there's a good bullish set up most of the time within the next candles formation. You'll see the price drop first, and then go back up again. The opposite with a sale trade, you will see that the price will first get higher and then it will drop. That's how we take advantage of limit orders. Other benefits of using limit orders Now the other great thing is apart from not needing to be there at the exact time the price hit your entry level, because you can just place your buy limit or your sell limit and basically leave the trade alone to get filled. The other good thing with it is it takes the stress and the motion out of your trading, because it's not like the candles closed and you're ready now, trying to get straight into the market on the mouse or the keyboard, or trying to work at your position size or stressed about missing the next trade, because we're not jumping in straight away at the market. Makes a massive difference. Client trading for Prop firm credits limit order with an improvement in his trading results Now, the other thing is also, a client of ours, Ryo, who lives over in Singapore, he's one of our many traders who are successfully trading through prop firms. He was interviewed by the group called the Five Percenters, and I'll put a link to that interview on here so you can see it.

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#445: How Using Limit Orders Will Increase Your Trading Performance

How To Use Other People’s Money To Boost Your Trading Income ﻿ Podcast: Click Here to Check Out The5ers.com Interview with Ryo Chong Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course - Click Here #444: How To Use Other People’s Money To Boost Your Trading Income In this video: 00:25 – Boost your trading income by using other people’s income 01:09 – Prop firm trading 01:37 – What is a Prop firm? 02:50 – Once you know how to trade, the income potential is massive 03:09 – Ryo’s interview on the5ers 04:50 – The one thing that changed Ryo’s trading 05:44 – Are we a match? 06:25 – Have a look at Blueberry Markets 07:42 – Don’t rush out now signing up with Prop firms I'm going to explain how you can use other people's money to boost your trading income through your trading. This is really exciting. Let's talk about that and more right now. Hey traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 444. Boost your trading income by using other people’s income And I'm going to talk about how you can use other people's money to massively boost the income that you make from your trading. This is something that's just going to affect so many people and benefit so many people once you know what you're doing. So the best thing that I see about trading the Forex market is really your income is unlimited. There is no limit to what you can make through trading the forex market, but once you know what you're doing. Now, traditionally, you could do things like trade for a few family and friends. You could sell trading signals. You could do things like that. But more recently, there's a lot better way of making money by using other people's money. Prop firm trading And it's a fantastic concept. And it's called prop firm trading. Now I mentioned this on last week's video on podcast. And I said I was going to put together a how-to guide listing and how you can go step by step and set up accounts or prop firm traders, and how you can make money through profit share. And I'm putting that together and I'll let you know once that is ready. What is a Prop firm? But a prop firm is basically an organization where you can apply generally for a fee upfront to show them how well you can prove. And generally they have different challenges or different levels, different steps that you have to go through. But when you get to achieve those levels and you prove to them that you can trade through the rules that they set, whether it be leverage, drawdowns, number of days, closing over weekends, all those type of things. Different prop firms have different rules, but basically what the end goal is to get to is to use their money. And you can trade like $50,000, 100,000. Some of them I've seen up to like two million dollars of their money when you get to the top levels. And if you are making X percent on that account, according to their rules, you are then on a profit share of those gains. And with almost all the prop firms, the profit shares, once you get to the higher levels are like 60/40, 70/30. I've seen some at 80/20. And so you get to keep, let's say, 80% of the profits and they keep 20% of the profits, but it's their money that you are trading. Once you know how to trade, the income potential is massive So you can soon see that once you know how to trade properly, and once you've been those different steps, challenges, to get to those higher level accounts that they can offer you, the income potential for you is incredible and you are trading other people's money. Ryo’s interview on the5ers So just this morning, and this is the reason I'm making this video and podcast on this exact subject today is I've received an email from one of our clients called Ryo over in Singapore. And Ryo is a very, very good client of ours. He's on all the webinars. He's on our forum sites and a lot of homework,

#444: How To Use Other People’s Money To Boost Your Trading Income

Inflation Is Now at Levels Not Seen for 30-40 Years ﻿ Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course - Click Here #443: Inflation Is Now at Levels Not Seen for 30-40 Years In this video: 00:27 – Massive Inflation rates around the world 01:21 – Are you going backwards? 01:46 – What can you do about this? 02:42 – Most people only buy Crypto’s 03:15 – Weekly Indices trades hit their profit target 03:36 – Do you wish to know more about Prop firms? 05:44 – Trade with Blueberry Markets Around the world we're now experienced inflation levels that we've not seen for the past 30 to 40 years. What does that mean for you? Let's talk about that a more right now. Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 443. Massive Inflation rates around the world Now you may have seen a very hot topic around the world right now, many economies is in inflation and how high it has got. In the US, they've just announced that their inflation rates has reached 7%. That's the highest seen over there since 1982. Here in New Zealand 6.3% is the level economists are talking about. That's also the highest that we've seen since the mid 1980s. Over in Canada, 4.8%, throughout the Euro Zone, 5%. In the UK 5.4%. So very high inflation rates. What does that mean? Well, obviously the cost of living is going up massively. It's something that has been predicted for the last year or two. And it's here right now. You've noticed things like food, fuel, housing, all the expensive things in your life are going up faster and faster and faster. Are you going backwards? So if you are on wages, what does that mean? Well, wages for a lot of people are pretty static, fairly constant. So it means that if you're in the US and inflation's gone up 7%, and your wage has not gone up 7%, you've effectively gone backwards from this time last year. It's costing you more of your wage to buy the same thing effectively, you're heading backwards. What can you do about this? And what can you do about that? Well there's different investment methods and obviously cryptos, and we'll use Bitcoin as an example as something that so many people have talked about over the last few years. So imagine how you feel right now if just over two months ago, you purchased Bitcoin for $69,000 and this week it's worth $33,000. Not great. And so for me, the thing that I love about trading the Forex market of course is we have the ability to sell. And we can still trade cryptos and we do, and I'll give you a great example with just last week on our membership site, we published a sell trade on Ethereum. We were selling on the daily chart and within two days we'd made a 3.2 to 1 reward to risk trade. In other words, we risked half of 1% on the trade, and we've made at 1.6% account gain by selling Ethereum. Most people only buy Crypto’s And the way that most people are getting into cryptos is you can only buy. And the beauty of the Forex market and the ability to sell something is what makes it so different and so good to me because of course not every chart keeps going up and up and up. Bitcoin, Ethereum right now are perfect examples. So not only are we gaining some great gains on the Forex pairs, we're now also looking at the indices, the cryptos and the commodities. Weekly Indices trades hit their profit target Just this week, I published three weekly chart indice trades, which have all hit our profit target. So the patterns that we trade, the method that we trade is proven to work across so many different markets, and that's the beauty of it. Now, two more things I want to mention to you. Do you wish to know more about Prop firms One, we are getting a lot of our clients who are now getting involved with prop firms and doing incredibly well. You may have seen some emails from me recently about some of our traders that are making some fa...

#443: Inflation Is Now at Levels Not Seen for 30-40 Years

Why the Daily Chart is the Best Time Frame Chart to Trade ﻿ Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course - Click Here #442: Why the Daily Chart is the Best Time Frame Chart to Trade In this video: 00:31 – When to trade and which time frame chart? 01:04 – Not watching your charts all of the time 01:50 – Trade the MN1 and W1 charts too 02:13 – Spend 10 -15 minutes once a day 03:08 – Trades from this week 04:01 – Sell trades on the H8 charts 04:26 – Summary of when to trade 05:07 – Feel free to share my trading information If you had to pick one timeframe chart and one time of day to trade the forex market, when would that be? Let me explain more about how I trade and why I look at the daily charts at 5:00 PM New York time. Let's get into that and more, right now. Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 442. When to trade and which time frame chart? Now, questions I get asked all the time is, "Andrew, so many different chart timeframes out there, which one's the best, and when should I look at my charts?" So the easy answer for me is you should try and look at the daily charts each day. It's something I've done for the last 14, 15 years, and it's something that's very repeatable. It's easy to do. It doesn't take much time. It's profitable, and it is consistently reliable because the daily charts contain so much information. Not watching your charts all of the time It also means that you're not sitting there waiting all day and night watching charts. It also means that you're not leaving trades open for days upon days or weeks upon weeks. So it has a perfect blend for me. Now, if you cannot get to your charts at 5:00 PM New York time, doesn't matter, because the way that we trade, we use limit orders, anyway. Now we have coaching clients in 99 countries, all around the world, all on different time zones, people with different jobs, different times they can get to their charts, whether it be work, family, sport, all these different restrictions. Not everybody around the world can be there at exactly that time. But that is the time when the daily charts close, and then the new day opens. Trade the MN1 and W1 charts too At the beginning of each month, the new month opens at 5:00 PM, New York time, on the first of each new month, and the beginning of each week, the weekly charts open as well. So if you can be near your charts around that time, 5:00, 6:00, 7:00, 8:00, 9:00, 10:00 PM, New York time, depending on what that time is for you, that's going to be the ideal time to go and look at your charts for the daily charts. Spend 10 -15 minutes once a day Now I can scan through the daily charts using all the forex pairs, and now we also look at indices, cryptos and commodities, and I can go through all the daily charts in around 10, 15 minutes. And I do that now on a regular daily basis. But also you don't have to trade just the daily timeframes at that time. You see, at that same time of day, I then go through and look at the 12 hour charts, the eight hour charts, the six hour and the four hour. So you can scan all those four timeframe charts plus the daily. At the beginning of each week, you can do the weekly as well. And that gives you so many opportunities. Now, realistically, you can do all of that, completely, easily in under 30 minutes a day. Absolutely. Absolutely, simply to do in under 30 minutes a day. And that gives you so much in terms of timeframes to look at, but also means you can trade just once a day. Trades from this week Now, I'll give you some examples of trades that we've taken this week on the daily charts. We've had a trade of all these, being published on our membership site, by the way. Ethereum. So we're getting into the cryptos. We had a loss on Ethereum and I've got another trade open at 2.7 to one right now.

#442: Why the Daily Chart is the Best Time Frame Chart to Trade

Planning Your Trading Year to Ensure Success ﻿﻿﻿﻿﻿﻿﻿ Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course - Click Here #441: Planning Your Trading Year to Ensure Success In this video: 00:24 – The first video for 2022 – Making this a good trading year 01:23 – What are you going to do differently this year? 02:37 – Providing a template to help achieve trading goals 03:19 – Trading with Prop firms 04:22 – What size account should you have to start trading? 04:51 – Which FX broker do I recommend? 06:15 – Trading in 2022 is off to a great start What will you be doing differently this year to ensure that your trading is better than last year? Have you got a plan? Let's talk about that, and more, right now. Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 441, the first video and podcast for 2022. The first video for 2022 – Making this a good trading year So welcome back, hope you've had a good Christmas and New Year break. And now that we're into trading for the year, I just wanted to discuss a few things to help you into this year. You see, you heard the phrase doing the same thing over and over again and expecting a different result or a different outcome is basically the definition of insanity. It's a common phrase, I'm sure you heard it. And it's very true. And it's exactly the same when it comes to trading. Now, if 2021, or before, was not good for you, doing the same thing this year moving into 2022, and we're already getting into mid January now already, doing the same thing and expecting a different result is obviously not going to end well, it's the definition of insanity. What are you going to do differently this year? So what is it that you're going to do differently? What have you done so far this year to create a plan, a trading plan, a realistic trading plan as well, trading goals as well? And again, make it realistic. Look at what you did last year that was good. What did you do last year that was not good? What do you need to change? Whether it be with the way that you trade, your strategy, your mental approach, your business approach to it, your position sizing, timeframes that you trade, directions that you trade, all those type of things. Timeframe charts, when you trade, what's realistic for you around other things that you do in your life? So you need to sit down and come up with a plan, and plan to succeed. Because if you don't, then the year's just going to disappear. As I mentioned, we're already midway through January already, and if you don't do anything, we're going to be into February, March, April, and you're going to go, "Oh my goodness, another year's disappearing on me and I'm still getting bad results." So a really good opportune time now, in early January, to sit down and have a good think about that. Providing a template to help achieve trading goals We did exactly this last night on our live webinar with our clients. And we provide them with a template and I shared my exact trading goals and my trading plan, when I'm going to trade, when I'm not trading, what happens if I get a run of bad trades, what happens if I see setups that are against the daily direction, all those type of things, what am I going to do at those times? And so having all that written down, not so much set in concrete, but at least that you've got it written down that you know that if something happens, good or bad, you've got an idea of what you're going to do about it, rather than just reacting at the time. So that's really important, so just wanted to discuss that. Trading with Prop firms Another thing that we also discussed was the amount of our clients now trading with prop firms, and it's really, really exciting to see. We had four clients last night who talked about prop firm trading and how well that they're doing. We had one client over in Hong Kong who's now just passe...

#441: Planning Your Trading Year to Ensure Success

Reviewing the Year of 2021 and Trading in 2022 ﻿﻿﻿﻿﻿﻿ Podcast: Find out more about Blueberry Markets – Click Here #440: Reviewing the Year of 2021 and Trading in 2022 In this video: 00:29 – Overview for 2021 00:57 – The situation in New Zealand and why I love trading 02:32 – Importing, holiday travellers, and rental properties 03:40 – Trading Cryptos 04:22 – Our year at TFTC 06:02 – The changes we’ve made in 2021 08:05 – Our Daily chart trade performance results 09:12 – Looking forward to trading in 2022 10:03 – Thank you for your support this year 11:03 – Have a wonderful Christmas and New Year break How was 2021 for you? Let's do a review of the year, and find out how we can make 2022 an even better year. Let's talk about that and more right now. Hey, traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 440. Overview for 2021 This is the last video and podcast for the year. Just wanted to have a bit of a reflection just in general and trading wise of how the year has been. A lot of people around the world obviously still affected by the C-word, the virus is still causing issue. A lot of people obviously still can't travel, can't move around the place. The situation in New Zealand and why I love trading Here in New Zealand, just really bad things happening. Government mandates, a lot of people lost jobs, a lot of restrictions, a lot of division, a lot of mental health issues. A lot of families being split by opinions for vaccination and not vaccination. Kids can't do a lot of sports if they're not vaccinated. All these really, really bad things going on. When it comes back to thinking about trading, I consider myself so fortunate that luckily... It all affects me, but I don't have to consider it for my day-to-day work, my job, being self-employed and working online. And I know it's not just New Zealand that has these issues going on right now, it's obviously affecting a large part of the world, and forever changing government rules and mandates and you can wear a mask and you can't, then you should then you shouldn't. It's just crazy what's happening. But it comes back to, for me, one of those massive benefits of why I'm very fortunate and consider myself very lucky to trade from home and to trade the Forex market. Because you can carry on and do what we've always done. All these new changes don't really affect us too much in a day-to-day work environment, anyway. Importing, holiday travellers, and rental properties So the other thing that I noticed that's happening a lot, especially here in a country like New Zealand when we're very isolated and very dependent on important, very dependent on overseas travellers, is that we still now for two years in a row have virtually zero overseas travellers here. So that's affecting people like with hotels and rentals and holiday accommodation and helicopter companies and hire car companies, and all these different people that I know that are just badly, badly affected. We can't travel ourselves anywhere because you just cannot get back into the country, even if you could get out. So those are issues are around. Interest rates are rising. Inflation's going up, and that's happening right around the world as well. And so all of that comes back to, again, the Forex market and how good it is. So I don't want this to be a doom and gloom review of the year. But I want it to be this is the reality of what's happening for a lot of people around the world. But also why the Forex market is a good option for so many people to consider. Trading Cryptos Now, a lot of people of course wouldn't been into cryptos in the last year, and sure, cryptos like Bitcoin have gone up and up and up and gone very nicely. However, you look at the last one month, a month ago, Bitcoin was at $69,000.00 US dollars. Right now as I'm recording this, it's in a month down to $47,000.00 US dollars.

#440: Reviewing the Year of 2021 and Trading in 2022

What to look for when choosing a Forex Broker ﻿﻿﻿﻿﻿﻿ Podcast: Find out more about Blueberry Markets – Click Here #439: What to look for when choosing a Forex Broker In this video: 00:26 – I’m joined by Ben Clay at Blueberry Markets 01:15 – What should you look for when choosing a new Forex broker? 04:46 – How easy is it to add and withdraw funds 06:40 – How safe are the funds? 07:30 – How long have Blueberry Markets been operating? 08:20 – What trading platforms do you use? 09:20 – Can I trade Crypto’s with Blueberry Markets? 10:47 – Will you be adding even more tradable products? 11:58 – Do your charts open the new day at 5pm EST New York time? 13:20 – What makes Blueberry Markets different from the others? Andrew Mitchem: What should you look for when you are searching for a new forex broker? Let's that talk about that and more, right now. Andrew Mitchem: Hey traders, Andrew Mitchem here, at The Forex Trading Coach with video and podcast number 439. I’m joined by Ben Clay at Blueberry Markets Andrew Mitchem: In today's video and podcast, something a little bit different for you. We're joined here by Ben Clay over Blueberry Markets to talk about brokers, what to look for and what you should look at for when you're deciding to choose a new broker. Ben, welcome along. Good to have you here. Ben Clay: Thank you very much, Andrew. Always a pleasure. Andrew Mitchem: Good to see you. I think Ben, it's been about a year since we had our last catch-up like this. Looking forward to lots of developments and exciting things happening out there with Blueberry. Ben Clay: As am I, thank you very much. Andrew Mitchem: Now good stuff. Ben, last week, I asked some of our listeners to ask a group of questions really, that they have always wanted to ask a broker. I said, "I've asked them on their behalf as we were having this catch-up." I've got some questions here. I'd like to run through them with you. What should you look for when choosing a new Forex broker? The first thing someone said, what are some of the things that they should be looking for? What are the things they should be mindful of when they're out there searching for a new broker? Obviously, there's so many brokers out there online. They all claim to be good. They all claim to be legit. What is it that maybe just give us a list of some of the things that they should look for? Ben Clay: Yeah, absolutely. For me, personally, the first thing that I'm always looking at is reputation. Andrew Mitchem: Yes. Ben Clay: What the public is saying about that broker, online reviews, do your absolute diligence when it comes to searching and looking through the reviews. Usually, you're going to find that there'll obviously be some poor reviews out there for every broker. You get a pretty good idea when you look through the whole catalogue of what people are saying about them. Andrew Mitchem: Right. Ben Clay: Next, I would say licencing and where the broker is regulated, that's always going to be a very important one. There are some good brokers out there, who don't have regulation. That's not to say that they're all bad, but when a broker's regulated that gives the client some protection, at the end of the day. There's someone they can go speak to if they're not happy with the resolution from the broker. That's very important because things do go wrong, at times. It's not to say that we're a perfect broker, whatsoever, but I think it comes down to how you handle those client complaints and knowing that you can actually go somewhere and speak to someone if you do have an issue that the broker hasn't resolved. That's a big one for me. Ben Clay: Lastly, I would say, customer service is really, really important. Test it out and that's not just with us. That's for any broker. Jump onto their live chat, give them a call, ask them some questions and see how you're treated. I think those three things there,

#439: What to look for when choosing a Forex Broker

Reading a Book Will Only Get You So Far ﻿﻿﻿﻿﻿ Podcast: Click Here To Learn More About Blueberry Markets Click Here to Learn More About the Course #437: How to Easily Calculate Your Position In this video: 00:29 – You need more than just theory from a book 01:06 - What our clients get out of our live weekly webinars 03:19 – Another example from my experience of flying 05:02 – Send me your questions for the brokers 06:23 – Trading and Flying in real time Reading a book about trading will only get you so far. In order to learn how to trade correctly for yourself in real time, you need much more. Let's talk about that and more right now. Hey traders, it's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 438. You need more than just theory from a book Now, when you read books, you're only going to get so much information. Sure, they can be good to give you some good background information, some grounding, understanding what to look for and candle patterns, that type of thing. But in order to trade correctly, independently, and in real time, you need something more. And that's why here at The Forex Trading Coach we offer our clients our live two-hour trading room webinars every week. I hold the European session, and Paul Tillman, who works with me in the U.S., holds the U.S. session the following week. What our clients get out of our live weekly webinars When our clients attend those sessions, they get something really special out of all of them. You see, because they're live, they're not pre-planned, they're not scripted in terms of knowing what's going to happen. We are not covering up trades that maybe don't work. All those kind of things that you could kind of think elsewhere would probably happen. Because they're live, they real time, we're talking about trading, we're seeing trades, and we're taking trades. That's how you can then learn. Because, you have to do this for yourself. You have to put the theory into practise and have chart time and real-time thinking time in order to do this properly. And that's the beauty of the webinars. Because, we really encourage our clients to interact with us on those sessions. They're real time so we don't know what's going to happen. If we see a trade set up, of course, we go, "Yeah, I'm taking the trade." We don't know whether it's going to be a profitable trade or losing trade because it's real time. But, what the client gets out of it is our thought process, our understanding, the mental sort of structure that we go through in terms of analysing a chart and seeing a trade in real time and taking it and why we're taking it. And that's the bit that's invaluable. You see, you can do that and practise that and follow along in real time whilst watching the webinar, and it gets you into that mentality of what to look for, what to do, in order to make yourself a successful and independent trader. Now, sure, we have ways that our clients can follow us and copy what we're doing in terms of our daily trades, things like that, things that we post on our forum site, but the webinars are just invaluable because they're all happening right now. You can talk about that, you can discuss it, you can get the whole picture, and that's the key. And so, by doing that, you're going to make yourself a far better trader, by attending those kind of webinars, and seeing or listening to what we are thinking at the time. Another example from my experience of flying And I'll give you an example that I've experienced in my life. As you probably know, I fly helicopter. Now, when I learn to fly, I ask my instructor about hovering, because it's one of the hardest things you can ever do with any machine ever. It's so difficult to learn how to hover a helicopter. I nearly gave up so many times when I was learning how to hover. It's incredibly hard. And I wanted to ask my instructor what I needed to do. I was paying a lot of money to him per hour,

#438: Reading a Book Will Only Get You So Far

How to Easily Calculate Your Position ﻿﻿﻿﻿ Podcast: Click Here To Learn More About Blueberry Markets Click Here to Download my Free Lot Size Calculator #437: How to Easily Calculate Your Position In this video: u9s2tw5e 00:23 – Most traders do not understand lot/position sizing 00:45 – The way most people trade 01:43 – Each pair pays a different amount per pip 02:36 – I’ve made it easy and quick for you 03:00 – How the heart and the mind affect your trading 05:15 – High reward:risk trading strategy 06:40 – Download the calculator today 06:57 – Are you looking for a good Forex broker? What lot size or position size should you take on all of your trades? Let's talk about that and more right now. Hey traders, it's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 437. Most traders do not understand lot/position sizing Now unfortunately most traders out there do not understand the importance of position sizing or lot sizing. They don't understand the importance, they don't understand how to do it, and they don't really understand why they should do it. But if you don't understand that, it's going to make a huge negative effect on your trading. And let me explain what I mean. The way most people trade You see, most people focus on making pips and they really don't understand the importance of low risk controlled trading. And someone would generally place a trade, it doesn't matter what the currency pair, what the timeframe chart, what the size of the stop-loss is, it doesn't matter what their own currency account is. They'll just place a trade at one standard lot per trade, or 0.1 or 0.01 depending on the size of your account. But they'll just go and place the same lot size on every trade. In fact, most people will just go and place the same stop-loss on every trade regardless of the trade or the market conditions or anything. And when you think about that it's just utter madness. Why would you do any of those? But that is probably what 90% of all traders out there are likely going to be doing. Now if you're listening to this thinking, "Yeah that's what I do." Then you really need to listen to this next bit because it's highly important. Each pair pays a different amount per pip You see the issue with the Forex pairs is that each currency pair has a different payout per pip. It depends on what the currency is. It also depends on what your account denomination is. So if you've got a US Dollar account, then your payout per pip, let's say the Euro/US Dollar, will be different to my account that may be in New Zealand Dollars, or someone else's account that may be in Euros or Pounds or Canadian Dollars. It's all different. So you really need to understand that. Now the problem is, for most people that's just too difficult to work out. It's like this sort of big calculation that you need to figure out. So most people don't do that. They'll just go, oh I'm just going to put 0.1 lots on this trade. And the next trade? I'm just going to put 0.1 lots on the trade. That's the problem. I’ve made it easy and quick for you Now I've made it very easy for you. I have a free lot size calculator that works on MT4 and MT5. Just select the right one, by the way, when you download it. It's freely available on my website. I'll put a link to it on this video and podcast post so you can find it. If you don't have it, definitely download it. It is invaluable and you should be using it on all your trades. How the heart and the mind affect your trading Now, what you have to think about is this: when you have variable losses, it starts to play with your emotions. The two things in trading that affect you, one's your head and one's your heart. You have to control your emotions. Now, the way I trade is I have a maximum risk of half of 1% of my account per trade. So what that means is this: let's say I had a $10,000.00 account, it could be $10,000.00 or £10,000.

#437: How to Easily Calculate Your Position

Can You Trade Non-Forex Markets? ﻿﻿﻿ Podcast: Click Here To Learn More About Blueberry Markets Click Here to Learn more About my Course #436: Can You Trade Non-Forex Markets? In this video: 00:28 – Trading Non-FX pairs 01:02 – Getting into exotics, cryptos, commodities and indices 01:45 – Clients enjoy trading the same strategy but on new markets 02:15 – Trades taken and posted on our sites recently 03:11 – Lots of new opportunities now available 03:38 – The same money management principles still apply Let's talk about non-Forex markets. Can you trade them? How do they work? And can you use the same strategy? Let's talk about that and more right now. Hey, Forex traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 436. Trading Non-FX pairs Now I want to talk about trading non-Forex pairs, because it's something that we've been getting into a lot here at The Forex Trading Coach. And I'm talking about things like indices, commodities, and cryptos. But go back to the beginning: do we trade them? Yes, we do now. But we've not done that for a very long time, and the reason is we are The Forex Trading Coach. So therefore naturally we've been focusing on Forex pairs because the Forex markets offers us so many great opportunities. We've got different currency pairs, different timeframe charts, and it's worked absolutely fantastically. Getting into exotics, cryptos, commodities and indices Now a little while ago we've gone into a few more of what we call the exotic pairs, things like the Swedish Krona, South African Rand, Singapore Dollar. Some of those more sort of minor exotic pairs. And they still do work, there's great opportunities on them. The downside is though that some of those exotic pairs tend to have quite wild and wide spreads at times over the day when the market's not that active. And that can become sort of negative for trading some of those more exotic pairs. So what we've done is as more and more of the MT4 and MT5 brokers around the world have offered a larger variety of markets, we've got into those as well. Clients enjoy trading the same strategy but on new markets And a lot of our clients are loving trading these different markets, because the thing is the strategy that we trade and teach works across them as well. And why does it work? Well, because it's based on sound principles and price action and candle patterns and all the other things that we put together, support resistance. And the beauty is it doesn't really matter what Forex pair you trade or what market you trade, the strategy works. Because the pattern is the pattern is the pattern. And you know, give you some examples. Trades taken and posted on our sites recently This week I've taken a trade, and we put all of these trades I'm about to mention have been on our membership site and forum site, I've got a trade on the US 200 on the index there as a buy trade on a daily chart. And that's worked absolutely beautiful. We had last week trades on the ASX 200, the JP 225 that was this Monday. Last week HK Hong Kong 50. We've had trades posted just yesterday on six hour charts on our forum site on UK and US oil. Today, I've taken a trade on gold, and last week we had trades on copper, Bitcoin, and Ethereum. So it's just in the last two weeks. So it just shows the opportunities out there. And that is because the strategy works because it's good, sound principles of how to trade, how to read charts. Lots of new opportunities now available And the beauty that I'm finding from my point of view is it's suddenly opened up all these extra markets. And if we're trading just once, twice a day, it doesn't really take an extra couple of minutes to scan through gold and silver, a few commodities, a few indices, and a few cryptos. You can do it all in maybe two or three minutes extra, once maybe twice a day and that's it. That's the beauty of it.

#436: Can You Trade Non-Forex Markets?

How to Scan Through Your Charts Quickly ﻿﻿ Podcast: Click Here To Learn More About Blueberry Markets Click Here to Signup for the Upcoming Black Friday Sale #435: How to Scan Through Your Charts Quickly In this video: 00:26 – Today’s Topics 01:00 – How to quickly scan through your charts 01:55 – A candle pattern off a Bollinger band 03:03 – A Continuation trade 04:31 – When to scan your charts 05:14 – Who would you suggest as a broker? 05:55 – Register for our Black Friday Sale (it’s 1 week early on Friday 19th November) 07:07 – Don’t forget to share this video and podcast I'm going to share with you some tricks and secrets of how to scan through your charts really quickly, to save yourself time on the change of a candle. Let's talk about that and more, right now. Hey, forex traders, it's Andrew Mitchem here. I'm the owner of the Forex Trading Coach. Today’s Topics And I'm going to explain to you how you can look through your charts really quickly and to identify potential new trade setups. More about that shortly. At the end of the video I'm also going to explain about our upcoming Black Friday sale, which we've got in a few weeks time. So if you've been looking at joining us, that could be a great opportunity for you to save a fortune on joining us with the crazy low prices that we'll be offering for Black Friday. More about that shortly though. So back to the trading. How to quickly scan through your charts So a question that a lot of people have is they say, "How can you scan through charts really quickly and identify high probability trade setups?" So a question like that came through from Mark this week and I said, look, I'd cover that on a video and podcast for him. And for me, it's quite simple, the market can either move up, down or sideways. It cannot really do anything else. And with my strategy, it's also relatively simple. So we're either looking for reversal trades or continuation trades. And that's it really. It really is as simple as that. There's two different ways of trading. And to help me identify what part of the chart the price is in right now, and whether it's likely to be a reversal or a continuation trade, I use Bollinger Bands. Standard Bollinger Bands have an upper band, a middle band and a lower band. A candle pattern off a Bollinger band And if I see a candle pattern and setup that I'm looking for, that's coming off either the upper band or the lower band, then for me, that's a reversal signal. And what I mean by that is let's say the price is near the upper Bollinger Band and you've had a good, strong up trend, and then you see the reversal signal. So like a bearish outside bar or engulfing candle, and it looks like the price is then going to drop. If it comes off that upper Bollinger Band area, after a prior trend, then quite likely the price is going to reverse. The opposite of that being if you've had a good, strong down trend and then you see a good strong bullish candle off the bottom Bollinger Band, that's a likely reversal. Now, not every time you get that, it's going to be a trade setup. We're looking for other things like prior exhaustion bounces a round numbers, pivot points, trendline breaks, all the other things that we look for. But just in terms of identifying what part of the chart you're in right now, a Bollinger Band can be an extremely powerful and useful, easy to see tool. So, really scanning through charts instantly, that will help you. A Continuation trade If, for example, you see a pullback from the upper band to the middle band, and then a bullish signal, that is a continuation trade. Likewise, if you see a pullback from the bottom Bollinger Band back towards the middle Bollinger Band, and then the bearish candle, that is a likely continuation back down again. So reversals and continuations are great ways of trading the market. It means you only need to look on the close of a candle.

#435: How to Scan Through Your Charts Quickly

How Much Money Do You Need to Invest in the Forex Market ﻿﻿ Podcast: Click Here to attend the New Traders Webinar (Less than 6 months Experience) Click Here to attend the Experienced Traders Webinar (More than 6 months Experience) Click Here To Learn More About Blueberry Markets #434: How Much Money Do You Need to Invest in the Forex Market In this video: 00:24 – How much should I invest? 00:50– When I started trading 01:25 – You don’t need a lot of money but you do need to learn how to trade 02:30 – Take a look at Blueberry Markets 03:20 – How do I make a living from my trading? 04:07 – Trading with a Prop firm 04:50 – Other ways to earn income from your trading 05:50 – Get onto one of my free webinars to learn more 06:33 – Feel free to share this video and podcast How much money do you really need to invest in the Forex market to make it worthwhile? Let's talk about that and more, right now. Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 434. How much should I invest? I got asked a question this week by a guy in the US and he said to me, "Andrew, how much money should I really need to be investing into the Forex market to make it worthwhile? To make my time worthwhile to do this?" And it's an interesting question, because most people think you need a large amount of cash in order to be a good trader, in order to make it worthwhile. When I started trading And when I started trading some 17 years ago, I thought I would need like hundreds of thousands of dollars. And because I lived in New Zealand, I thought that I would need to put like a $100,000.00 on the New Zealand/US dollar and wait for it to rise or fall, and let's say it was at 70 cents wait for it to rise to 75 cents, take that money out and then go and do the same thing again. That's what I thought Forex trading was. And I think a lot of people do the same thing; they think you need a large amount of money, large amount of capital, in order to make any significant gains. You don’t need a lot of money but you do need to learn how to trade Now, the great news is the reality is far from that, it's the complete opposite. You don't need a lot of money, but what you do need to do is learn how to trade properly. With that, you need to realise that there's two things that affect you with your trading: one is your head, and the other's your heart basically your emotions. And if you can control your emotions by having very low-risk trades and high reward to risk trades, things you hear me talking about all the time, the great thing about the Forex market is you use leverage. With leverage, you only need small movements but you need to have good, consistent, steady gains with low risk and low draw down. So small losses lead, reasonably large gains. That's the key to making your trading work. You need a strategy to actually be able to do that. Then when you look to live with real money, I suggest somewhere between $1,000.00 and $5,000.00 or pounds depending on where you live in the world. And there's lots of other ways that you can make money through your trading, and I'll talk about that shortly. But one thing that I would strongly suggest if you are at that stage where you're ready to go to real money to a live account. Take a look at Blueberry Markets Have a look at Blueberry Markets over in Australia. They're a great broker, highly successful brokerage team, great people. You will not find better customer service out of a broker. I challenge you to find a better customer service anywhere. They're fantastic. Really look after their clients. Decent, honest broker. Good, tight spreads. Regulated, everything that you need. So unless you're in the US and I don't think you can open an account with them, there may be a few other countries around the world, but pretty much all other countries can open a live account through Blueberry Markets. Check them out,

#434: How Much Money Do You Need to Invest in the Forex Market

It Never Rains but It Pours ﻿﻿﻿﻿ Podcast: Click Here to attend the New Traders Webinar (Less than 6 months Experience) Click Here to attend the Experienced Traders Webinar (More than 6 months Experience) Click Here To Learn More About Blueberry Markets #433: It Never Rains but It Pours In this video: 00:23 – Common phrases and trading Forex 00:55 – Trading becomes boring, and you make mistakes 01:27 – 2 perfect examples from this week’s trading 02:37 – This week’s Daily trades 03:24 – Just be patient and wait for the setups 04:07 – Trade when the conditions are good 04:52 – Take a look at Blueberry Markets 05:36 – Get onto one of my free webinars to learn more You've heard the saying, "It never rains, but it pours." The same happens in trading. Let me explain what I mean right now. Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 433. Common phrases and trading Forex I want to talk about a couple of analogies you may have heard of. You've heard the phrase, "It never rains, but it pours." You've heard the phrase, "May hay while the sun shines." They are exactly applicable when it comes to trading. What I mean by that is you have to wait for the right trading conditions. Now as traders sometimes that can be our downfall, and it's a big mistake that so many people make and fall into that trap. Trading becomes boring, and you make mistakes You see when you're not trading it's pretty much boring. You're not doing anything, and the issue then becomes is you start breaking your rules. You start forcing things to happen that you should really do. You start taking B-grade set ups, simply because you want to take something. It's very hard to force yourself not to do that. But if you can get yourself to trade the conditions of when the high quality trade setups show, you will without doubt do so much better from your trading. 2 perfect examples from this week’s trading Now just this week, I've got two perfect examples to share with you. So last night, Thursday night my time, I held our live weekly client's webinar; a two hour live session where we trade live. I trade the European session. The following week Paul Tillman trades the US session and then back to the European session with me the week after. So last night, not a lot happened for the first hour and 50 minutes. Now we were covering previous trades, we were discussing trades that a few people had open and some very good trades. We were showing some good weekly and monthly chart trades. We had lots happening, but nothing really was going on live in the market. Then leading up to the end of the session where we look at the 12 hour and six hour and four hour and two hour charts, we took one six hour chart trade and three on the 12 hour. Two of those hit profit already, and two are still open and in excellent profit. So nothing happened in terms of live real trades in the market for almost all of that session until then end, and then there was lots happening. This week’s Daily trades This week on the daily charts, we've had the same thing. Up until Thursdays, from Monday to Thursday, we posted just one trade. Now, most days we trade between about one and three daily charts. But up until Thursday, for four days of this week, we posted just one trade on the dailies. We had a really good weekly chart trade that hit profit, but only one trade on the daily charts. That was on oil as well. So we've had no Forex pairs for the first four days of this week. Today, Friday, we are the 22nd of October. We have posted 11 trades on the daily charts; one on Bitcoin as a crypto trade, as a sell, and 10 Forex pairs. Just be patient and wait for the setups So the point being is just be patient. Just wait for the setups. The setups will come, it's just you don't know when. So that's why you have to be patient. If the trades are not there, don't force anything, don't take anything. Likewise today,

#433: It Never Rains but It Pours

Becoming Your Own Boss ﻿﻿﻿ Podcast: Click Here To Learn More About Our 5 Star Rated Forex Course Click Here To Learn More About Blueberry Markets #432: Becoming Your Own Boss In this video: 00:30 – I’ve received a lot of emails from people who might be losing their jobs 01:17 - A lot of new rules around the world about mandates 02:02 – You should consider trading Forex 03:22 – I’m serious about trading and how to I made a decent return? 04:54 – What the prop firms want 06:22 – You need to know what you are doing first 06:42 – The mini course will re-open in 1 month from now 07:35 – It’s only going to get worse for many people I want to talk about why you should maybe look at considering being your own boss, and learning how to trade Forex properly. It's very topical right now and very important. Let's get into it right now. Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 432. I’ve received a lot of emails from people who might be losing their jobs Came outside today, it's a beautiful day out here. I want to talk about... I've just been receiving a lot of emails. You might think it's a controversial subject, you may not. But I think it's important to discuss it because not many people are. It's all about what's happening around the world right now with COVID injections, vaccinations. Not only that, it's more the knock-on effect of what's happening with so many people with these jobs being mandated that people need to be vaccinated. I'm not here to debate the vaccine; I've got my own opinions. But as a trader, I think it's important because so many people have been emailing me saying, "Andrew, I'm potentially losing my job." A lot of new rules around the world about mandates Here in New Zealand especially, and it sounds like Australia as well, a lot of rules are coming in that people will be losing jobs if they're not double vaccinated. Like I said, I'm not here to be pro or against it. What I am here to say is that it's probably the choice that people are finding that they're going to be without that's for me probably more the issue. The choice to do what they want and how it affects their jobs. So that comes back to why I've probably been receiving so many emails over the last week or two as it's becoming more and more prominent. And it comes back to... You should consider trading Forex I've said to these people you've got to consider something like trading. But don't just do it just because it's a quick fix, because it's not a quick fix. Don't think that you're going to sit at home and be lazy all day and get up when you want. It's not that at all. You have to work hard at it. It's hard. There's ups, there's downs, there's good times, there's not so good times. Like anything. But it does allow you to have some more control and freedom and to be your own boss. I think that's the point that a lot of people around the world right now that people are picking up on, the extra value of trading. Getting away from some of the more traditional lines of work where you are told what to do and when to do it. I think that's one of the beauties that trading offers. Like I said, it's not easy. It takes effort, it takes hard work, it takes dedication. If you think you're just going to waltz into trading and suddenly become a multimillionaire by this time next year forget it. You're in the wrong choice. Or certainly don't come knocking on our door, because we're not prepared to assist you if that's your mindset. You've got to have the correct mindset to make this work properly and put that hard work and dedication upfront. I’m serious about trading and how to I made a decent return? But leading on to that, people have said to me I want to sort of get into this a bit more seriously now. I've kind of been forced into it, or things are changing around the world. I want to look at this trading a bit more seriously.

#432: Becoming Your Own Boss

Client Makes a 40% Account Gain in September ﻿﻿ Podcast: Click Here To Learn More About Our Mini Course Click Here To Learn More About Blueberry Markets #431: Client Makes a 40% Account Gain in September In this video: 00:31 – This week’s content 00:54 – A client makes a 40.05% live account gain in September 04:23 – Trading at a Prop firm to make great passive income 05:35 – Our TFTC Mini Course is now live 07:01 – Take a look at Blueberry Markets if you want a good broker 08:30 – Share and Like this Video I want to explain how one of our clients made an incredible 40% gain on his live account in September with just a 6.3% drawdown. Let's talk about that more right now. Hey, folks, traders. It's Andrew Mitchem and I'm the owner of the The Forex Trading Coach. This is video and podcast number 431. This week’s content Lots to cover on this week's video and podcast. We want to talk about the guy who's just made 40% on his account in September. I also want to introduce you to our new mini course that has just gone live on Facebook and give you an opportunity to join that for this week only with a 50% discount for new people onto that course. A client makes a 40.05% live account gain in September But let's start with the exciting news that I following on from last week's video on podcast about the client called Brett, who is in South Africa. He made a 40.05% account gain on his live account, quite extraordinary. But I've been through all of his trades. They're actually opened here behind me, sent me a screenshot of his MT4 account, all the trades, the profits and losses. I went through them and the biggest drawdown he's had there was a 6.3% drawdown, quite extraordinary. Very low controlled risk. He said to me he only trades once, sometimes twice a day, and that's the 5 PM New York close of day, where he looks at the beginning of the week the weekly charts each day of the daily and the 12 hour charts. So that's going to take him what, 10, 15 minutes once a day. Then a few days in the week, generally Tuesday, Wednesday, Thursday, he'll look at the 5 AM changeover as well. So he's looking just twice a day, absolute maximum half an hour per day and he's made a massive 40% gain. Now, he's mentioned when he emailed me a couple things that have just really changed things for him. Number one, he did some one-on-one tuition with Paul Tillman. Paul has been working with me for quite a number of years. He teaches our clients one on one online. He also holds the live U.S. webinars for me every second week and he also moderates the forum site. An incredible trader, fantastic coach, great way of explaining everything. Brett's taken some tuition with Paul and he said that was just fantastic, money well spent just to get to that next level. He's also using our Place Fibo Order Script, which is a script for MT4 and MT5 that he literally drag onto the chart. It places your entry and exit levels with retracements, profits, et cetera, controlled risk. Makes placing a trade absolutely simple. No calculating lot sizes, no worrying about does this stop in the right place, or if you move it, do you move your position size or anything like that. It just does everything for you. It's a fantastic script. He also mentioned the value that he has placed in our interactive videos that are on our membership site. So our interactive videos are videos where one of our clients, Nick who lives over in Dubai has made them for us. Nick's made these videos in realtime when he's seeing a trade setting up and then you have to go through the video and you have to basically select the right answers of the questions when the video pauses in order to progress through the video. So it was almost like taking trades in realtime live, looking for the pros and cons that we're looking at and then progressing through the video. There's a lot of them on our site from different timeframe charts.

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