3 Tips to Instantly Improve Your Trading Results

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#490: 3 Tips to Instantly Improve Your Trading Results

In this video:

00:27 – 3 Trading Tips for you

00:55 - #1 Declutter your charts

02:40 – #2 Get onto the higher time frame charts

05:25 – #3 Control your risk and drawdowns

08:05 – Let’s recap the 3 trading tips

08:23 – Join one of my free webinars

I'm going to give you three trading tips which you can implement today. And these tips will massively improve your trading results. So let's get into it right now.

Hey, there traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 490.

3 Trading Tips for you

And I want to give you a three tips today, which if you implement them today in your trading, they will, without doubt, improve your trading results.

And you will know if you've been trading for any length of time that you see out there, that 90 to 95% of all traders lose money. Why is that? Well, it's because most people fail on these points.

#1 Declutter your charts

So let's talk about point number one. So the first thing you can do to help improve your trading results is to declutter your charts.

More than likely, you will have lines and indicators and dots and arrows and squiggly lines and all over charts. And the brokers are incredibly good at promoting indicators. And when you go on to most forum sites out there, they are incredibly good at giving you strategies and formulas which involve far too many indicators. And basically most indicators out there lag time and they can only draw plot something on your charts from historical data.

And that's the problem. They're all a combination may be slightly more reactive or slightly slower, but ultimately what they do is tell you what's already happened and just plot it on your chart in a in a nice pretty form with a few lines and dots, etc.. The problem is, is that most people get completely naturally confused and they get convinced that what those lines tell you is how you should trade.

And that has a number of problems in that everybody seems to think they're going to find the holy grail of combinations of different time settings, etc. And when this line crosses that line, then the dot appears up here. That's how you trade in when you should trade. The problem is, is that, of course, takes away all the skill of trading.

It takes away from looking at what's happening in the market. It avoids you looking at the price and the really important that you should look at the price on the right hand side of the chart, because that's the most important thing. It takes away you looking at currency strength and weakness. It takes away all those skills that you need to be a good trader. So the first point would be de-clutter your charts.

#2 Get onto the higher time frame charts

Point number two would be to get on to the longer timeframe charts. Probably you are trading too much and on too short a timeframe chart. That's what most people do and that's where they become. They fall into the trap of feeling that they should be trading all the time. And most people, when they start thinking, Well, if I go to the five or 15 minute time frames or dare I say the one minute time frames, I'm going to find more set ups.

I'm going to make more money because I can just scalp a few pips here and there. There are multiple issues with that and I don't know where to start. So there's the issues of you over trade. You spend far too much time, a chart. Every trade that you make, the spread becomes a massive part of your trade.

Because if you're making like, let's say four or five pips and the spread happens to be two pips on that trade, then you know,