Podcast:

Forex Tips to Help You Enjoy Your Trading

In this video:

00:25 – Trading remotely using the longer time frame charts

01:00 – Look at the daily charts once a day

01:35 – Trade for a few hours only if you wish to trade 5 min charts

02:20 – Trade a realistic amount of time

03:25 – Use the New York Close of day

04:20 – Trading the British Pound crash

05:10 – Still looking for GBP/JPY short trades

06:20 – Trade what the charts are telling you

Would you like some tips on how you can really enjoy your Forex Trading? If you would, listen up! I've got some really good tips to share with you right now.

Hi Traders! This is Andrew Mitchem here, The Forex Trading Coach. Today is Friday, the 26th of February.

Trading remotely using the longer time frame charts

I'm here on the beautiful beach of Oneroa, which is on Waiheke Island just off the coast of Aukland, New Zealand. I want to share with you some tips about how you can invest and enjoy trading. What I've done today, because I've taken trades on the daily charts, and also I’ve looked at 12 hour charts, and 6 hour charts, means that I can be here. Sit down in a café, had a coffee and some breakfast, taking my trades, and now I've got the rest of the day to enjoy this beautiful place before I need to go back and look at charts again.

Look at the daily charts once a day

The reason for that is several things. One, when I'm trading the daily charts, it means I mean to look at the charts just once a day. There's so many people I hear from that are saying, “Andrew, I'm doing okay at trading. I might be making some money.” Most people actually say they are losing money when they come to me. The problem is that so many people think the best way to trade is to stare at 5 minute charts all day. They all get together on forums and are all texting each other. That's fine, if that suits you. It's absolutely fine.

Trade for a few hours only if you wish to trade 5 min charts

I’ve got a number of clients who do extremely well by trading those shorter time frame charts. If you are to trade those short time frame charts, what I would strongly suggest you do is just dedicate an hour or two per day at the same time, if you can, and just look at those shorter time frame charts for a certain time every day. You get use to what that market is doing at that time.

Really, if you want to be trading and to enjoy it as a longer term thing to do, as a job let's say, then realistically, you are far better off … Excuse me, I need to put these on. That's better. It's so bright here that I need sunglasses on.

Really what you need to be doing is looking at longer timeframe charts. You need to be looking at daily charts, twelve hour charts, six hour charts, etc.

Trade a realistic amount of time

Realistically, that is going to give you something you can trade day after day, week after week, year after year without being a burden to you. That's one of those things that if you are trading 5 or 10 hours a day staring at charts, just think of it this way: Would I want to be doing this in six months time? Would I want to be doing this in a years time? If your answer is yes, well that's fine, but how do you then go away and enjoy the places like this and trade at the same time? The beauty of looking at those longer timeframe charts is I can plan my day around what I'm doing around my trading. I can come here and enjoy the scenery and trade daily charts.

The great thing about the daily charts is that at exactly the same time as the daily charts closes, which is 5pm, New York time. I can also look at the 4 hour, 1 hour charts if I want to or 4 hours, 6 hours, 8 hours, or 12 hour charts.

Use the New York Close of day

There's multiple different timeframe charts I can look a...