Podcast:

In this video:

00:18      +9% gain this week from risking just 0.5% per trade

02:09      Closing the trades out before that US Non-Farm Payroll announcement

03:49      A lot of strength has come in the JPY

04:29      Two new clients comments

Well, another +9% on my trading account this week.  A Fantastic week!

Let me show you how.

Hi, Andrew Mitchem here, the Forex Trading Coach.

Today is Friday, the 7th of June, already half way through another year.  And what an amazing week it’s been a +9% gain on my account this week from risking just 0.5 of 1% per trade.  And let me tell you how I’ve made those trades.

Well, I’ve made just over +4% on the daily charts. Now those are the same trades that I suggest to my clients each and every day.  I put the trade, the currency pair, the direction, the reasons for the trade, the entry and the exits, these are set and forget trades.

So just over +4% this week on those trades; I’ve made +1 ½% on a very simple breakout strategy that I use, and, again, my clients can use this, it’s just once a week you set that strategy up.  So there’s one and a half percent gain there.

I’ve made a +2% gain on the four hourly charts this week. I’ve only taken a handful, only six trades on the four hourly charts this week.  So, +2% gain there, and I’m +1 ½% up right now on Friday morning my time, on the open trades that I’ve got open.

So, all up, that’s just over +9% with a few trades still open, so great week, but really low risk.  So, it comes back to that 0.5% maximum risk per trade.  And you don’t need to be risking obscene amounts of money per trade or per week to do really well.  So, 0.5% maximum risk on all of those trades with +9% gain for the week and still 1 ½% open.

Non-Farm Payroll Announcement

But because today’s Friday and it’s Non-Farm Payroll day later my time, so that’s 8:30 US time, Non-Farm Payroll, the monthly announcement out of the US.  So, I will be closing out most of those trades before that announcement.  If you’re trading on a daily chart, you might be okay to leave them through the announcement, but anything from a four hourly chart and down, anything lower than that, definitely close those trades out before that US Non-Farm announcement.

Strength and weakness analysis

Strength and weakness analysis that I make for my clients each day, this week I’ve had twenty five trades that have ended up the following day in the correct direction and fourteen that have not.   Now, they’re not so much to say this is where the currency will end this time tomorrow, it’s to say this is the strength – I’m looking at strength in these pairs, or weakness in these pairs.

So, when my clients then go to trade on shorter time frame charts, it helps them to trade in the correct direction, or what the direction that I’m seeing myself for the upcoming day.  So, it helps you stay on the right side of the market and can really help eliminate some of those trades that may look like good setups, but end up failing.

And so twenty-five successful trade suggestions there and fourteen that ended up not being on the right side, but you still could have taken some successful trades out of those fourteen within the course of the day, it’s just that by the end of the day, they closed in the opposite direction than what I was anticipating at the start.

So, like I mentioned, Non-Farm Payrolls later today, the charts this week, what have we seen?

Well, we’ve seen a lot of weakness in the USD, huge weakness.  We’ve also seen some weakness in the commodity currencies continue from the last week and probably the week before, so therefore the AUD, the NZD, the CAD, all have weakened throughout the entire week, and the US has been the biggest losing currency of the entire week, some huge losses on Thursday.