Podcast:

Lining up your ducks in a row

In this video:

00:24 – Becoming a better and more consistent trader

01:02 – Tips to help you create a trading plan

01:46 – Lining up everything in your favour

02:25 – Get the bigger picture from the Monthly charts

03:12 – You’ll still need a good strategy and identify a good trade

03:54 – Take a look at the USD/CHF price level

05:33 – Line the ducks in a row to help your trading results

Lining up all the ducks in a row to make you a more profitable trader. How does that work? Let's talk about that and more right now.

Hi, Forex Traders. It's Andrew Mitchem here from the Forex Trading Coach with video and podcast number 326.

Becoming a better and more consistent trader

I want to talk about how you can become a better and more profitable trader with consistent trades by lining up all the ducks in a row.

Let me explain more about that. You see, trading is all about probabilities. There are no certainties in trading, and the other thing that you have to work out when you are wanting to become a trader, is you need to have a plan and you need to stick to it. But, how do you create that plan? What do you do in order to create a plan? Because, everybody says, "Hey, you need a plan to become a good trader." Well, where do you start? What do you do?

Tips to help you create a trading plan

I've got some really beneficial and realistic practical tips to help you with this because, like I said, trading is about probabilities. Nothing is certain. You can have the best looking set up and it won't work. It's not absolute guaranteed to work. Nothing's really guaranteed in life, is it? You probably have to go to school when you're a child. You probably and should be paying taxes when you're an adult, and you are going to die. So, really, the last one's the only certainty, but in trading there are no certainties. You can have absolute everything looking really good. Doesn't mean to say it's going to work. But, if you do that often enough with the high probability behind you, then chances are you're going to do really well as a trader.

Lining up everything in your favour

Getting all that lined up, everything lined up, is really, really important. I was on a webinar last night with my clients and I was discussing with some of my more experienced and more successful clients, about what they do to line up all the ducks on a row. It was really interesting about the philosophy that they have, and what we are looking at here is getting all different timeframes lining up.

Now, I'm not saying go through your MT4 charts and get every single one lining up absolutely perfectly because that's not going to happen.

Get the bigger picture from the Monthly charts

What we're saying is, at the beginning of the month look at your monthly charts and write down a list of likely directions of where you see strength or weakness, your bias for the bigger picture of the monthly directions. It's a real simple exercise. You just need to do it once a month. It might take you 10, 15 minutes once a month. And then, at the beginning of the week, do the same on the weekly charts. Try and line up pairs that have the same direction or potential same direction as the monthly charts. And then, on a daily basis, we then scale down and write on the membership site. We also put the weekly charts, but also the daily charts with specific trades. But, if you have the daily charts lining up with the weekly charts, and that lines up with the monthly charts, then surely that has to start to line up a few ducks in a row there for you.

You’ll still need a good strategy and identify a good trade

Now, of course, you don't just randomly go and say, "Oh, the monthly's looking like it's heading down. So is the daily and ... So is the weekly and now the daily. Just take a sale trade." That's not what you need to do. If the, say, likelihood is everything climbing up to say,