Podcast:

In this video:

00:34  A funny story from a business trip

02:14  Two trades on the one minute charts worked well this week

02:50  Learning different approaches to trading

04:17  Had thanksgiving in the States

How much do you really know about Forex Trading?

In today’s video and podcast, I want to talk to you about those small islands called Eastern Australia, better known as New Zealand to most people. I’ve got a funny story to tell you, and also how that relates to Forex trading and how it can really help you.

So let me tell you more right now.

Hi, Andrew Michem here, the Forex Trading Coach, today is Friday the 29th of November.  And that’s right I want to talk about New Zealand, some people think of it as Eastern Australia, and how that can affect your trading.  A bit of a funny story coming up, and I’ll explain more right now.

Well, I was on a flight last week between Honolulu and Kauaii, and I was sitting next to a gentleman from Texas.  And he said “Are you from Australia?” and I said “No I’m from New Zealand.”  He goes “I’ve been there years ago to Perth,” and I said “No that’s a long way away, that’s a different place.  It’s in Australia I’m in New Zealand.”  And we then carry on talking and a little bit later he said “You’ve got those terrible forest fires, in Sydney.”  And I said, “No that’s in Australia.  It’s a different country.  I’m in New Zealand, a three and a half hour flight away.”  And it got me thinking, because this guy was sure that Australia and New Zealand was all the same thing, and you know, so in his mind it was.  And I kept saying “No Australia,” so I kept saying “No I’m in New Zealand” and he kept saying “Well that’s Australia.”  – two completely different places.

So how does it relate to trading?  Well quite a way, quite a number of ways really.  When you think about it, you know we, we become sort of thinking along the same lines all the time, what you read, what you hear.  And a lot of people come to me, and they say Andrew ,you know, I’ve done this and this in my trading, and I’m really experienced I’ve been trading for a long time, but I’m still not making any money.  When you analyse that in a little bit more detail, you realise that they, what they think they know is not probably as much as you know what they think they know.  And it’s to say that everybody can learn, and you can never stop learning in this market.  

Trades on the 1 minute charts – not me – really!

You know, and I’ll give an example for myself.  I just last night my time, I took two trades on the one minute charts on a live webinar in front of clients.  And they both worked, they worked fantastically well.  One made about a 1.7 risk to reward, the other I think was about a 1.3 or 1.4.  But both worked really well.  Now if you had said to me or spoke to me about a year ago, and said “Andrew, do you trade one minute charts?” I would have said, “No never, don’t be so stupid, I don’t go anywhere near that short time frame.”  But when we were looking, there was a really good pull backs, and one minute charts had some really nice bounce levels.  Took the trades, both worked as I said. 

So everybody has to learn different approaches and learn to adapt, if it suits you.  Likewise, I’ve got a lot of people that come to me and say, “Look Andrew I’ve been trading, scalping the market, or trading used, whatever it might be, but I’m still not successful, can you help me?”  And after a while, when they’ve taken my course they’ll go, “Hey Andrew,