Podcast:

How to trade Crypto Currencies Profitably

In this weekly video:

00:29 – The hot topic of conversation

00:49 – I took a Sell trade on Bitcoin on my live webinar

01:22 – Traded on Axi Trader FX account

01:54 – Technically the setup was the same as trading Forex charts

02:20 – Massive 37% loss since the high in December

02:50 – A client on mine has developed a robot which trades Bitcoin – Live Webinar on 25th January

04:03 – Click on the link below to attend the live webinar

Cryptocurrencies. Everybody's talking about them. If you want to know how to trade them profitably, listen up I've got some great news for you.

Hi, Forex Traders! Andrew Mitchem here, The Forex Trading Coach. Video and Podcast number 257.

The hot topic of conversation

Gonna talk about the hot topic of right now, which is cryptocurrencies, Bitcoin, et cetera. Wherever you go online, it's all over the internet; it's all over newspapers. Is it a good thing? Is it not a good thing? Is it a bubble? Are people gonna lose their homes over it? All these types of things are going on right now.

And up until recently, I haven't personally had a lot to do with cryptocurrencies.

I took a Sell trade on Bitcoin on my live webinar

But yesterday, I held a live two-hour live webinar for my clients. During that session, I saw a fantastic trade set-up on the Forex charts, but on Bitcoin. It was a sell-trade. If you've been following Bitcoin, for example, back in mid-December it was up at 19,000 U.S. dollars. Now it's just so dropped below $12,000. And so I saw a technical set-up on Bitcoin to sell it. It was on a four hour chart. It went really nicely.

Traded on Axi Trader FX account

The interesting thing was I took the trade on my AxiTrader account and the minimum lot size I was able to place was one standard lot. So with a volatile market like Bitcoin, that was quite a lot of movement and quite a big fluctuation in my profit and loss as the trade was progressing. So it is something that you'd need to have a relatively large account size in order to do because there is potentially a lot of money to be made and also potentially some to be lost if you don't know what you're doing.

Technically the setup was the same as trading Forex charts

But what I really did like about it is technically, it didn't matter whether I was trading the Euro U.S. dollar or Bitcoin against the U.S. dollar because technically, the set-up was there and my charts and my software picked the candle patent that I've always looked for regardless of what I'm trading or what time frame. And saw the trade, basically, took the trade. Now, as I mentioned volatility is there

Massive 37% loss since the high in December

The good thing is that with the way that I traded it through my broker, my Meta Trader 4 broker, is I didn't need $19,000 U.S. like you would have back in mid-December. Just imagine how those people are feeling today when the prices right now as I'm recording this is under $12,000. That's around a 37% loss on their money in one month. That's not good. You know? The great thing is that with leverage through your broker, you don't need that money upfront.

A client on mine has developed a robot which trades Bitcoin – Live Webinar on 25th January

So. Good things to tell you about. Ivo, who is a client of mine over in Ireland. He's been with me for about probably four or five years. He's developed a trading robot or an expert advisor that trades my strategy. He calls it Satoshi and he trades it very successfully across Forex pairs. Now he's developed that same robot to work across Bitcoin.

Now, next week on Thursday the 25th of January, we're gonna be holding a live webinar. It's gonna be in the European session and what I'm going to do is I'm gonna put a link below this video and podcast where you can register and attend for free the live webinar that I'm going to be holding with Ivo. There's no obligation at all to anything.