The One Secret to Becoming a Successful Trader

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#534: The One Secret to Becoming a Successful Trader

In this video:

00:26 – What’s the one secret to becoming a successful trader?

00:47 – 8x Monthly chart trades for February.

02:24 – Benefits of trading the Monthly charts.

03:05 – Also we’ve posted 5x D1 trades and 2x H12 trades.

03:46 – A live 2 hour webinar with our clients.

04:09 – Trading the longer time frame charts is also more enjoyable.

05:36 – Most newer traders want to be scalpers.

06:19 – Blueberry Markets

06:31 – Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/     

I've got asked this week what would be the one secret I would give to someone who is looking to become a successful trader? Let me share that with you and more right now.

He there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 534.

What’s the one secret to becoming a successful trader?

So this week I got asked on a webinar by someone who's looking to trade, and they said, Hey, Andrew, if you could keep one secret in trading to help me to become successful, what would that be? And to me, it's quite simple. It's looking at the longer timeframe charts. And today's a perfect example.

8x Monthly chart trades for February.

So I'm making this video on Thursday, the 1st of February day earlier than normal. And the reason I'm doing that is because I've just taken the February monthly chart trades. And on our membership site we identified and I've placed eight trades on the monthly charts. So based on the January candle close taken at the beginning of February, and with those trades because the longer timeframe charts, they have many advantages.

One, you don't have to be that your charts at the exact time that they you know the new day opens or the new candle opens and you've got hours, days, maybe even longer. And especially the way that we trade with using limit orders or retracement orders as well. It also means that not only are those candle patterns higher quality because they contain more information, more data.

When you think about it, they contain the whole month months worth of price action. So when you get a high quality set up are all showing in the right positive chart, it's going to have a higher probability chance of working. Today, most of those trades, those eight trades have taken a continuation trades. So they are continuing the main longer term trend.

But after a recent pullback over like, you know, let's say October, November, December, January and they're they're ready to then head up or down again in the overall bigger picture. So that again, adds more weight, more credibility, more probability to the trades.

Benefits of trading the Monthly charts.

On top of that, because that monthly chart trades the rewards, the risks are even better as well.

Spreads becomes almost like completely insignificant. And so with the trades that we've taken, they all range between the 3 to 1 is the smallest reward to risk. So let's imagine if you're risking, let's say half of 1%, one and a half percent is the smallest gain I'm going to make on a profitable trade. But the the biggest gain is a 6 to 1 trade.

So that means half a cent risk means I'm making a 3% gain. If that trades hits its for profit target and so they all range between 3 to 1 to 6 to 1 On those eight trades I've taken.

Also we’ve posted 5x D1 trades and 2x H12 trades.

Not only that is today, I've also taken five trades on the daily charts that have all been published on our membership site for our clients to follow.

But we also put 2 12 hour chart trades on that. So you've got the eight monthlies, the five daylies it's 13. 2 on the 12 hour chart.