Adapting Your Trading Strategy to the Current Market Conditions

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#523: Adapting Your Trading Strategy to the Current Market Conditions

In this video:

00:32 – How often should you change your strategy?  

01:24 – I’ve been trading for 20 years

02:14 – We look at Price Action

02:56 – The way we deliver the course and more markets available to trade

04:38 – Get to view my Masterclass

04:55 – Book a call with me and my team - https://theforextradingcoach.com/call-application/

05:03 – Blueberry Markets

I received a question this week from someone that says, “Hey, Andrew. Is your content ever updated to adapt to the current market conditions?” So I thought I'd make this video on podcast this week. Outside in the sun and answer that question for you.

Hey, there traders! This is Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 523.

How often should you change your strategy?  

I've been asked the question about changing your strategy to adapt to the market conditions. Is that something that I do regularly? And if so, when? And it's a question is actually a really good, smart question because unfortunately, far too many people would do that and they find that the trading is not going to well, something's happened in the market.

It may be more rangebound or there could be more price action. And so therefore, they change their system in their strategy and their whole approach to adapt to what's actually happening in the market at that time. The issue I have with that is how do you know how long to give it when things are going bad? In order for you to realize that you're doing something wrong and therefore you need to make a change. And that becomes the old issue that everybody has. And it's like in hindsight, it's fantastic. In reality, things don't go so well.

I’ve been trading for 20 years

Now, as someone who's been trading the forest markets for 20 years now and teaching for over 14 years, I can tell you that in the 14 years that I've been teaching and around three years prior to that, I've never changed the strategy at all.

It's not changed. If I look back at my daily trade suggestions back in 2009, I look back at my first live webinars I did with clients back in 2010. Nothing's different. And that's the beauty of what we do. And you see, you got full confidence in knowing that the way that we trade, the way that we look at the market, the way that we teach, the way that we analyze everything that we do on the webinars, on the forums, on the daily trades, etc., is exactly the same.

Nothing at all has changed. And so how do we manage that? I suppose would be the obvious next question.

We look at Price Action

Well, it's all to do with the strategy and the way that we trade and we look at price action, we look at the price itself, we look at candle formations where they showed on the chart. What part of the chart are they in?

Do they have stop loss protection? They've got room to move. They have strength and weakness with them. All those type of things that we look at on the charts to actually give us the initial chart sets up and the yes or no, do we have a trade here or not? Now, you will probably know that we only trade on the close of a candle.

So that makes our trading very easy to know when to trade and reality is you can trade just sort of once or twice a day. I look at multiple timeframe charts at that exact time.

The way we deliver the course and more markets available to trade

Now, the only thing that has changed over those years is just the way that we deliver the course. It's, you know, obviously like everything, it's improved.

It's got cheaper, it's got more efficient. You know, we're not flying like seen people around the world any longer.