Forex Trading's Preflight Check: Building Your Plan



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#539:Forex Trading's Preflight Check: Building Your Plan

In this video:

00:34 – Heading off for a flight and carrying out my checks.

02:01 – You need a trading plan.

03:00 – Put in the time to ensure a good outcome with your trading.

03:45 – The market does not have even trading conditions.

04:42 – Trade through Blueberry Markets.

05:06 – Attend my Masterclass, Prop Firm webinar and book a call with us.

Today, I'm going to discuss the importance of learning to plan properly, planning your training, See now exactly what you're doing, whether you're flying a helicopter like behind me here, or if you're trading the forex market, you have to plan properly. Otherwise, you plan to fail. Let's get into that a more right that.

Hey there, Traders! Andrew here, at the Forex Trading Coach, a video and podcast number 539.

Heading off for a flight and carrying out my checks.

As you can see, I'm out at the hanger. I'm heading off tomorrow morning. Quite early on a flight, quite a long flight, probably about a three and a half hour return flight. And so as a result of that, I'm spending some time here today when there's no pressure and I'm going through my entire preflight and doing all my checks.

I've got my my flight plans here. I've got my airports where I'm going to inside here. I've covered everything I need to know in terms of the cockpit. I've got a huge manual here. It's about 800 pages that's just specific to this machine. And on that, I have to know all that. Of course, long before today. But you know, you've got to keep updated on that.

I've been through the machine here. I've checked through and, you know, engines and oils and up on the rotor blades there. I've checked everything. All my preflight checks and the tail here, everything is checked. My fuels good is clean. It's all on board. I know exactly what I've got. I know where I'm going. I know my radio calls.

I'm discharging my headsets up. So that's ready. I've got a spare batteries. I've got my iPad. I've got my phone. I've got everything I need to know to do the flight properly, safely, and, you know, to get a good outcome and enjoyable experience for everybody on board and to know what's going to you know, we're going to get there safely and just have a great day.

You need a trading plan.

So me doing this is no different to me trading. You know, I've got my plan and this is what I want to stress to you, that I just see so many people that don't have a plan, don't know what they're doing. You wouldn't believe the number of emails that I get saying, Look, I've been trading for six months and I go back and I go, Great, Well, you've obviously got a problem because you're contacting me.

So. So what are you doing? And they go, I'm just putting on, you know, one lot on this trade and I'm trading, you know, different times of the day. They trading. They don't know what they're trading. They see something all that, let's say a daily chart that's telling a buy on an hourly chart. They're saying sell. They don't know what to do.

There's no light, there's no money management, there's no risk management. There's no no, no strategy at all. They don't know why they're doing what they're doing. They just know they want to trade forex. And because they're probably seen it's really good and seen something on YouTube or somewhere.

Put in the time to ensure a good outcome with your trading.

And that becomes the problem is that people don't put enough preparation time into learning the skill that they want to be good at.

And you know, it's like anything is like flying this thing. There is nothing that beats flying. A helicopter is the most amazing machine it's ever been invented. And you know what you can do. But you know, there's a good year at least, of hard work. There's exams, there's reading this, you know, there's all the training you go through, the expense of it all, the, you know, the frustration that comes with it, you know, the ups and downs that come with it.

Is it easy? Absolutely not. Otherwise, everybody would be doing it. And trading is no different. You have to expect to put some time, some dedication, some expense, some ups and downs. You know, three a learning process. And when you're trading as well.

The market does not have even trading conditions.

Now you know that the market not a straight line. You know that you know let's face it 2024 so far for the forex market, it's been very quiet.

There's not been a lot of really great activity. It's just the way it is, you know, and the you know, that's part of trading. You take the ups and the downs, but you control your risk. You know what you're doing. You have high reward risk trades, but you have your plan. You know what you're looking at, what patterns you're looking at.

If you're trading news, you know what you're looking for, whatever strategy you have, you know exactly what to look for, when to look, what pairs to look at, what time frame charts to look at when you're exiting a trade or even when you're entering a trade. How you entering it? How are you getting out of the trade? All those type of things you have, all that planned, pre-planned in advance.

So really encourage you to do that. If you need any help at all with any trade planning, please feel free to reach out. Send me an email [email protected]

Trade through Blueberry Markets.

If you're out there looking for a really good broker, I can highly recommend Blueberry Markets over in Australia. Great bunch of people, great trading platforms. Either MT5 platform has so many markets on it and I've been with them for years. I know them, I've been just meet them in person, just can highly, highly recommend blueberry markets. If you are looking for a broker, I put a link to them below this video and podcast as well.

Attend my Masterclass, Prop Firm webinar and book a call with us.

If you have not been on my masterclass yet, I encourage you to do that. I'll put a link to that.

If you've not seen the podcast and the video webinar, Sorry that I did with a 5%ers Prop Firm company a few weeks ago, I'll put a link to that as well as about an hour webinar that I presented how to pass prop firm challenges.

And so if you want to call with us, I'll put a link to that as well. So you can book a call and discuss your trading with us.

I hope that helps. Any questions you have, please, as I said, leave a comment. Email me. We're here to help. This is Andrew at Forex Trading Coach. I carry on with my preflight. You carry on with your trading planning and make sure it works. Bye for now!

Episode Title: #539: Forex Trading's Preflight Check: Building Your Plan

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7 Points to Help Develop Your Own Trading Plan



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#538: 7 Points to Help Develop Your Own Trading Plan

In this video:

00:25 – 7 points to help develop your own trading plan.

00:36 – #1 Your personality.

01:15 – #2 What type of trading do you like?

02:16 – #3 What are your goals?

02:55 – #4 Risk management.

03:51 – #5 Know your strategy.

05:16 – #6 Demo, live or a prop firm?

05:50 – #7 Journal and record your trades.

07:10 – Attend my Forex Masterclass.

07:19 – Prop firm Masterclass.

07:40 – Book a call to chat with us.

07:52 – Blueberry Markets.

Today. I'm going to give you some helpful tips and information to help you to develop your own trading plan as a forex trader. Let's get into that and more. Right now.

Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 538.

7 points to help develop your own trading plan.

Today is all about developing a trading plan that's going to work for you. I'm going to give you seven points. That's going to be something that if you put this together. Massively help you.

#1 Your personality.

Let's start with point number one. So first of all, you have to understand yourself. What type of person are you? What personality do you have? What what makes you tick? You know what you like as a trader. Now, I find that naturally most people, when they start trading and I did exactly the same almost 20 years ago myself. They tend to navigate through to the shorter timeframe charts, the one minute, five minute, 15 minute chart.

Some people think that's the where the most opportunities are, where the most money is to be made, and that's why people do that. And then they realize that probably doesn't work quite as well as they thought it might do. And then they start to look at something a little bit longer timeframe charts.

#2 What type of trading do you like?

So figure out where you are on your trading journey and what type of trader you are. Are you someone that likes to watch the news? I'm someone that likes to watch the charts. Are you a fundamental or technical trader? And then what you need to do there is work out the trading style and that will become, you know, in the cooperation of both of those two. Possibly it could be, you know, looking at the longer timeframe charts, this sort of more medium timeframe or the shorter timeframe.

So look at what works for you. If you're out there, you know, you've got family, you've got travel to do, you've got work to do, you've got music, sport, whatever it might be, you might go, Well, you know what the reality is? I only want to look at my charts maybe just once a day or a couple of times a day or just a few times a week.

Therefore you're going to have to go to those longer timeframe charts. You may go, Well, you know, I've got a couple of hours. I can look at the European session or the US session a few days a week, and therefore I might look at say, the 30 minute, the one hour, the four hour timeframe charts or blend whatever works for you.

#3 What are your goals?

The next thing you need to do is define your goals, your personal goals, your financial goals, the time goals as well. Don't forget, time is really important. You know, it's all well and good to write down. Say I'm going to make 10% every month and I'm going to do this and I want to do that. But also is you got to realize that to do this successfully and properly, it's got to work around what your time restrictions are. Everybody has time restrictions. We all have 24 hours in a day. It's what you do within that day that counts. So how much of that time per day or per week do you want to dedicate to learning or trading or studying charts or watching news events? You've got to understand that.

#4 Risk management.

The next you have to understand is risk management. It doesn't matter what strategy you have if you don't get your risk management correct, then it's going to blow your account. It just is. You have to understand risk management is one of the most important, probably one of the most boring, but one of the most important parts of any trade management plan that you put together. As you know, if you've been following me, I work on a percentage risk.

I never look at Pips. To me they're completely irrelevant and a waste of time. Look at a percentage risk. Because if I risk half of 1% of my account on a trade and it happens to be a $10,000 account, I could do exactly the same on $1,000,000 account or a prop firm account. It doesn't matter. It's the risk keeping that low and controlled on every single trade is really important for me.

And also, you've have heard me say this keeping your reward to risk high on every single trade.

#5 Know your strategy.

Which then moves into the next section, which is your actual strategy itself. Point number five. What is your strategy? Giving you an edge, You know, how is it doing that? What is it that you're looking for to determine a new trade where your entry and exit rules and criteria you already know now your risk is going to be low and controlled on every trade if you trade the way I do.

But what is it that is going to say, “Hey, this is a trade sitting up here?” Where are you instantly going to know to put your stop loss or your profit target? You can't be making it up on the go. You have to know these things in advance. You have to know when to look at your charts. You have to know what pairs to look at, what time of day or night, depending on where you live in the world.

And again, where you live in the world will determine what type of strategy you have. Because, you know, if you have a strategy that say, let's say worked in the US session and you live, say here in New Zealand, well that's two or 3:00 in the morning and we're very lucky that we have a strategy that can be traded from anywhere in the world.

And we've got clients at 104 countries or trading extremely well. But not everybody is lucky enough to have a strategy like that. So you've got to bear that in mind as well. If you're a news trader and you say, Well, I have to trade the European news, well, that could be 3:00 in the morning if you live in certain parts of the state.

So you have to get these things sorted out. That works for you.

#6 Demo, live or a prop firm?

The next thing is, once you have a strategy that works, how are you going to trade that? Are you going to start on demo, live, small live account, large live account, trade for other people, family, friends, prop firms, possibly. You have to have this as a plan in advance.

You know, earlier we talked about goals and financial goals for how you're going to get to these goals. You know, do you need a $10,000 account? Do you need a $100,000 account? Do you need several prop them accounts or working to get to these goals? So you have to write this down and have a structure and a plan in place.

#7 Journal and record your trades.

And lastly, performance and journaling these things, you know, not every performance is going to be a perfect equal and equity curve. Not every month you're going to have the exact same profit. Of course, you know, some months or weeks are going to have losing and time periods as well. So you have to take that into account. What's the biggest drawdown you can afford to take if you do any backtesting?

What's the biggest historical drawdown that you've seen in maybe the last five or ten years if you are going backtesting? How reliable was that data and is it credible information? And do you have backtesting data on enough currency pairs to justify making that backtesting information valid So it will help you going forward Journaling your trades. What are you going to do to journal trades and say, you know exactly when you took the trade, why you took the trade, what time frame you took the trade on?

Do you have a picture of what it looks like when you took the trade and you made those decisions? Do you also have a picture of a screenshot of how the trade developed and anything you could have done realistically to improve that trade? And that is another thing. Part of your strategy. Do you like to interfere with trades or do you like set and forget all these things you need to have well and truly documented and journaled upfront, clearing your mind to know exactly what you're doing.

Attend my Forex Masterclass.

Now, we can certainly help you with that. Now, if you've not been on my masterclass, I can highly recommend that tells you all about how we trade what we do and how we can help you.

Prop firm Masterclass.

I've also had a masterclass, a one hour session with the Five Percenters, the well-known prop firm I'm going to put a link to them on this video and podcast post here. I highly recommend that you look at that if you want to get into prop firm trading and understand the best strategy and risk in that as well.

Book a call to chat with us.

If you'd like to book a call with either myself or one of my team I put a linked to a booking calendar. So you can book up a 30-40 minute session and discuss your trading and your goals and how we can help you.

Blueberry Markets.

And if you're looking for a very high quality forex broker that offers the MT4/MT5 platform, I can highly recommend Blueberry Markets in Australia.

I hope that helps. Don't forget to define the rules of your plan. Write these down. Make sure it suits you as a person, as a trader, as your strategy is your risk management, your goals.

Everything we've talked about, write it down and make it work for you. If you need any help, please do reach out and email me personally. [email protected]....

The Realities of Learning How to Trade



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#537: The Realities of Learning How to Trade

In this video:

00:26 – A trading reality check.

01:00 – Do you want it now or can you wait?

01:41 – Adults are no better than children at wanting instant gratification.

02:23 – How much can I make?

03:23 – Doing the hard work first.

04:33 – Not everything will go in your favour.

05:09 – Don’t knock someone who’s trying to help you.

06:00 – We can help you if you would like to trade well.

06:26 – Book a call with us.

06:38 – Blueberry Markets.

Today, I'm going to talk about the realities of learning how to trade properly and why it's probably not quite as easy as you think it might be. Let's talk about that and more right now.

Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 537.

A trading reality check.

Now today it's a bit of reality check. And it's kind of like not being grumpy day, but just wanted to keep things real. I've had just a few interactions with people over the last week or so that just got me kind of beating my head against the wall. One was a client and the other is not a client, and it just makes me realize that there's so many people out there that are not real with their trading.

Do you want it now or can you wait?

Now, you may have heard about the experiment. I don't know who did it. It was quite some number of years ago where they got a bunch of kids, put them in a room, and they said to them they put like a sweet or lolly chocolate and in front of them and said, You can have one right now. But if you wait, you know, 15 minutes, we'll give you three.

And of course, most of the kids go, I'm just going to take the one that they can't comprehend. You know, if you just wait for a little bit longer, you'll get three times the amount for just a little bit of, you know, dedication. And that was a kid's experiment.

Adults are no better than children at wanting instant gratification

Now, I think the same logic, unfortunately, applies to so many adults today as well, now that whether it's me, show my age or what, I don't know, but whether it's, you know, an instant gratification thing, whether it's a cell phone thing, an Internet thing, a Netflix thing, you know, another thing, everything just seems to be instant.

And people unfortunately don't seem to be able to. A lot of people anyway, don't seem to be able to. And accept the realities of hard work, dedication and a bit of time, commitment and effort. And also not an instant answer, an instant fix.

How much can I make?

Now, I want to talk about that because I think that you've got to get your head around that if you're going to give yourself a realistic chance of being a successful fighter because everybody wants to know how much am I going to make, how long is it going to take me, how much do I need to my account?

How many prop firms do I need? All these? How to what's the answer? And without actually figuring out that they need to actually study and listen to people that have done this before and not only ask questions, but when someone gives you an answer in their best interest is to help you listen to that answer and possibly accept it.

And I find that people struggle to do that. And maybe it's because it's not the answer that they want or it's not the quick fix solution. It's not the you're going to become a multimillionaire next week solution. It's and that kind of thing. I just I struggle with, I suppose, because I suppose I'm about a year away.

Doing the hard work first.

You know, you did the hard work moving to New Zealand with a couple of suitcases to the other side, the world, you know, with no Internet back then and no cell phones and, you know, you I worked on a dairy farm where I worked basically for a guy who was the worker and, you know, and so you milk cows, you basically wash the odd down and you wash cow poo down a hole at nighttime, you know, but to farm properly, you've got to go through the whole step by step process of knowing what to do. And as many of you know, a lot of martial arts in the past, I don't do that now. But you know, it's the same thing.

You got to learn from the best and time dedication. You don't get to become a black belt within five years. This isn't going to happen. You know, I learned to fly helicopter. You always keep learning. And I'm right now learning to play guitar. You just keep learning. You've got to keep practicing. You got to keep at it if that's what you want to do.

And training is exactly the same. So just wanted to put that bit of a reality check out there and, you know.

Not everything will go in your favour.

Just expect the ups and downs. Expect that there will be days, weeks, trades, months sometimes that aren't going to go in your favor, even if you follow someone, even if you join and follow us. Not every trade is going to be successful that’s the reality of it.

But also we have mechanisms and proof and longevity in place to say that if you do this consistently and you have your low risk and I reward risk all those things that I constantly talk about, that it will work, but you just go to stick it. It's no good doing it for a few months and go, it's not working for me and I can't make it work.

Don’t knock someone who’s trying to help you.

And and then also the other thing that I find a little bit annoying recently is that someone else jumps in and tries to help out and and then the old person gets grumpy with the person who's trying to help them. And it's like you can only get grumpy with some of those giving up their time, their, you know, their day to try and help you.

You cannot get grumpy if someone following the system's doing really, really well and you're not. Maybe they've been at it longer, maybe they put more time and effort into it. You know, there's all those type of things. So that was my one to get that kind of message across because it's just something that you've got to be real about this.

You've got to put time, effort, dedication in, except things aren't going to go always to plan. That's life. That's trading. If you can't accept that, don't start. It would be my message.

We can help you if you would like to trade well.

But if you do want to start and you do accept that as a reality, no better place than to have a look at us. We've just passed 4000 clients have been through the course.

We're getting close to our 15th birthday, which is in May, and we're very proud of that fact that 99% of people do incredibly well. It's just the 1% from time to time. But that's life. You can't please all the people all the time.

Book a call with us.

And so if you'd like to have a chat with myself, one of the team I'm going to put a link to for a booking session on here.

If you're not been on my one hour masterclass to find out how we trade. you can do that as well.

Blueberry Markets.

And if you are looking for a really good broker, can highly recommend Blueberry Markets across in Australia. So I'll put a link to them as well.

That's it for this week. Next week I'm going to have more trading tips and information for you, more practical tips.

Today was just a bit of a, that's happened in the last week or so. I wanted to kind of get that off my chest, put that across there and make you understand that if you can do this properly, be real about it. How about I see you this time next week. Bye for now

Episode Title: #537: The Realities of Learning How to Trade

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Should You Trade Only the Major Forex Pairs?



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#536: Should You Trade Only the Major Forex Pairs?

In this video:

00:32 – Should I trade just the Major FX pairs?

01:34 – Don’t limit your options.

03:08 – Trades on Minor and Exotic pairs this week.

04:00 – Be careful with Sell trades and widening spreads.

05:10 – Attend my Masterclass and book a call with us.

05:22 – Webinar with The5ers.

05:38 – Blueberry Markets.       

Is it best to trade the major forex pairs only, or is it best to trade the exotic pest? It's a question that I get asked quite often, and this week I've got some great examples of why I trade both. Let's get into it a more right now.

Hey there, Forex Traders! This is Andrew Mitchem here. The Forex Trading Coach with video and podcast number 536.

Should I trade just the Major FX pairs?

So as more and more platforms and more brokers offer more currency pairs, the question becomes, should I just focus on the major currency pairs? And there are obvious advantages to that. Pretty much the main ones would be spreads are generally tighter, you generally find the gaps and you generally find there's more people trading it. So the volume, liquidity, etc. is better.

Therefore the moves are generally more flowing, more consistent. It also means, if you like, trading the shorter time frame charts that you or like trading quite often with frequency, you'll find that you'll find the spreads been so much tighter means that you can take trades on shorter time frames and more often and you're not paying, you know, massive spreads in the big movements just to get to break even. So there are certainly some advantages to trading just the major pairs.

Don’t limit your options.

Now, some of the disadvantages would be this one, it completely limit your options. So to me as a trader who's looking for sudden like couple of patterns, why limit your options? It's like, why limit the markets? This week I've taken trades on the Nasdaq and the S&P and we've taken trades on the JPN225

So why limit to just, you know, the forex pairs? That's my thought. If the system the strategy worked on other markets as well. Last week you'd have heard me talking about a corn trade that I took, you know, which quite often take metal trades. We take crypto trade. So I don't think you should limit yourself if you find that your strategy worked on those other markets.

Likewise, the downside were trading and focusing just purely on the main major forex pairs is that you tend to find they pretty much get dominated by the US dollar. So for instance the EUR/USD, GBP/USD, AUD/USD, the NZD/USD, USD/JPY, the USD/CHF and you know the old US dominant. And of course there are other, you know, sort of major pairs as well, but you tend to find that the US and you know and the yen kind of dominate those major pairs and you can find that from time to time there will be some quite dull price action. And we've already seen that for parts of this year. So far we've you seeing some quite dull price action on some of the major pairs.

Trades on Minor and Exotic pairs this week.

So moving on to the exotics and the minor pairs, just this week I've taken trades on the NZD/CAD, the NZD/SGD, the USD/ZAR, the SGD/JPY and the CHF/SGD.

So I've taken profitable trades on those. Now my prop firm account you'd have heard me mention last week was, you know, continuing to go well this week. So far we've still got all of one or Friday still to go. I'm at 1.9% with 0.25% risk trade. So for me, if you can average that sort of one and a half to two and a half percent per week on a prop firm with incredibly low drawdown, you only need a few weeks and you passed your next firm challenge.

So for me, that's why I look at other pairs as well as just the majors, because they get more trading opportunities.

Be careful with Sell trades and widening spreads.

Now, one of the things just to add from a practical, realistic point of view that unless you trade, you probably won't know this. It's just be very careful, especially on sell trades on those exotics, because certainly at the close of the day that 5 to 6 p.m. New York time, the spreads can widen quite a lot.

And especially if you want to sell trade, make sure you know the difference between a bid and ask, especially on a sell trade. With the spreads widen it potentially could take out your stop loss at that time. If you have a trade open on one of those exotic pairs when you know sometimes the spreads can blow out to 15, 20, 30 pips at times at that time of day they close of day.

So just be mindful that it doesn't affect you so much if you're on buy trades and but just be careful if you're on a sell trade and you have trades open at that time of the day. It's another one of the reasons why for me personally, I like to take trades on those exotic pairs on like the 12 hour chart or daily weekly.

You know, there's longer timeframe charts where the stop loss is a big a bigger distance away. It just protects you from potential widening of spreads.

Attend my Masterclass and book a call with us.

Couple other points. If you've not been on my one hour masterclass, I'm going to put a link to that masterclass here so you can jump on to that. I really encourage you to do that. It contains a lot of information.

Webinar with The5ers.

If you've not yet seen my webinar that I held just last week with the prop firm called The Five Percenters really encourage you to do that. And again, up a link to that here as well. Some great tips and information about how to successfully pass prop firm challenges.

Blueberry Markets.       

And if you're out there looking for a really good broker, I can highly recommend Blueberry Markets up a link to them. They offer the MT4 or an MT5. They offer the majors, of course, the minors, the exotics, the cryptos, the commodities, the indices, the metals, everything out they're looking for. So I put a link to Blueberry Markets as well.

And if you're on YouTube, don't forget to like and subscribe and share the video. If you're listening on the podcast, have been enjoying the podcast.

If you have any other topics or conversations, trading information you'd like me to help you with, feel free to send me an email [email protected], I get them personally myself. I always respond personally and I will make videos and podcasts just like this one to help you with topics that you need the most help with.

I see you this time next week. Bye for now!

Episode Title: #536: Should You Trade Only the Major Forex Pairs?

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Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch The5ers webinar

What’s a Sensible Amount of Risk to Take per Trade



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#535: What’s a Sensible Amount of Risk to Take per Trade

In this video:

00:26 – Preserving capital.

00:40 – Control your emotions.

01:31 – Have a low and known risk per trade.

02:20 – Most people suggest a 3-5% risk per trade.

03:40 – A +2% gain for the week.

04:38 – Attend my Masterclass and book a call with us.

04:57 –Trade through Blueberry Markets.

What's the sensible amount of risk the issue should take for each trade that you place as a forex trader? Let's talk about that important subject and more right now.

Hey there, traders! Andrew Mitchem here, the owner of the Forex Trading Coach video and podcast number 535.

Preserving capital.

Today I want to talk about risk preserving capital, keeping your drawdowns low. And it all comes back to how much should you place on a trade in order to be a successful trader.

Control your emotions.

You see, for me in trading, there's two things you have to control. One's up here, the head ones in his heart. You have to keep those emotions under control. And you can do that quite easily by controlling your risk, because the fear and the greed always come into the trading as self doubt. But then greed when it comes to making money. Risk management is absolutely crucial. And unfortunate, far too many people don't know that and they don't know how to control that and they don't know how to implement that practically on day by day basis into their trading.

You see, I think there's a lot of people out there that just don't know how much risk they're placing on a trade that is place to trade. And they got I've got a 20 pip stop loss and I'm going to put one lot on it or 0.1 lots. Because that's just what they think they should do. That is not how you trade.

Have a low and known risk per trade.

For me, the best way of trading is to have a known and low risk on every single trade. So you go into a trade and it doesn't matter what the currency pair is or even what the market is. I've taken a trade on Corn this week, you know, and it doesn't matter where it's corn on a weekly chart or the EUR/USD on a four hour chart, it doesn't matter.

Every single trade has the same risk. It's known and it's low. So you have to adjust your position. Size according to a stop loss needs to be in order to calculate that. And it's very easy. And I have a free lot size calculator that does all that for you. But by doing that it means that every single trade that I take has the same risk, and by doing that, I can control my emotions and I can control my drawdowns.

Most people suggest a 3-5% risk per trade.

Now, you have a search out there online, and you'll find that most people will tell you to risk somewhere between about a 3 to 5% risk per trade. I think that's utterly crazy. You know, you have, let's say four trades go wrong and you're instantly 20% down on your account. Now, you need a lot of good trades to go right to make that 20% up just to get to break even. Now, that in itself is not a good way to trade.

For me personally, I risk half of 1% per trade. So my four trades go wrong. I'm now 2% down. When I'm trading on a prop firm, I risk half of that again. So I risk only 0.25% risk per trade. In other words, if four trades go wrong, I'm now 1% down.

That is within the rules, the criteria of a prop firm. It means I can have multiple trades all go wrong in a row, which is incredibly unlikely to happen. But let's say it did before I get anywhere near the maximum drawdown at most prop firms, which is somewhere between so maybe 5% or 6%, that will never happen if you're trading such a low risk per trade.

So it's really important that you preserve capital. You treat your trading as a real business, treat it seriously, and you can do really well.

A +2% gain for the week.

Just give me an example. This week on my prop firm. So I'm trading here 2 hours through the 12 hour charts on that prop firm. This week, I'm up 2% so far and we still got a whole day to go.

And I'm only risking 0.25%, a quarter of 1% risk per trade. Now, if I end up the week with someone like 2%, maybe slightly more, maybe slightly less, you know, depending on how today goes, I might do that, say four weeks in a row. And I've passed that prop firm four into five weeks because of compounding all my gains.

I've now passed that 10% challenge, and that's how you can get through and trade prop firms, if that's the route you want to go. Now, of course, on my own personal account, if I'm doing that at half percent risk, you know, that suddenly becomes a 4% gain so far for this week. So it shows the gains that can be made while still keeping your risk extremely low and preserving your capital.

Attend my Masterclass and book a call with us.

So I hope that helps with that situation. If you'd like to know more and it haven't been on my free one hour masterclass, I'll put a link here below this video on podcasts you can do that is on demand. So just find a time that suits you. Allow about and hour and jump on to that masterclass and it will give you a huge amount of information and trading tips and information of how you can become successful.

Trade through Blueberry Markets.

And if you're out there looking for a really good broker, I can highly recommend Blueberry Markets. They base over in Australia, they offer the MT4 and the MT5 platform, a huge number of markets and various timeframe charts obviously built into the MT5 platform as well. And if you're out there looking for a good broker, I highly recommend them and I'll put a link to Blueberry Markets on this video and podcast as well.

So any questions you have, any topics you'd like me to discuss on future sessions? Please email me. [email protected] if you're on YouTube, please like and subscribe and feel free to share this video and I'll see you this time next week. Bye for now!

Episode Title: #535: The One Secret to Becoming a Successful Trader

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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. That's 15 trades we've placed on our membership site today. In real time for everybody to learn from, but also hopefully we get it right and the market does its right thing to earn from as well.

So you can see there a massive amount of information that gets published to help our clients to, like I said, to to learn and also to earn

A live 2 hour webinar with our clients.

Later tonight, my time, I'm holding a live two hour webinar with our clients in the European session. At the end of that session, when we finish, we look through the depending on what's happening in the market.

We might go as low as the two hour charts, but more likely the four hour of the six hour and the 12 hour chart. So we're probably going to take some more trades live on that session as well. So just go to show what can be done.

Trading the longer time frame charts is also more enjoyable.

Now, going back to our original question, why have I picked trade the longer time frame? Just because it's more enjoyable. You can go and do things. I've just jumped at the pole here behind me now, unlike other people that you will see on, you know, YouTube and Facebook and things that hire a red Ferrari or hire a helicopter or, you know, go and sit in a hotel somewhere. I do fly. It is my helicopter.

On Tuesday, I flew. For those of you who follow me on Facebook, you'd see that last week I was on the beach. You had seen last week with my daughter and a friend on the horses. This is my house behind me. This is. This is real. This is what? Trading. Once you know what you're doing, I can help you to achieve.

Now, I'm not out there saying you're going to suddenly going buy yourself, a helicopter, a couple of horses or a hash to the pool next year because you're not going to. That's not real. But over time, the actual learning of knowing what to do with low risk, high reward, the risk and making it enjoyable is all of those things, along with everything else that we provide the community and the suggestions and the advice, etc. All of that combines to make for me, trading the longer timeframe charts the best thing you can do because it's just more enjoyable.

It's longevity you can keep doing. I've been doing this for 20 years, don't forget. And you know, and I'm still loving it because I'm not glued to the charts. I think that's a really important point.

Most newer traders want to be scalpers.

So most people, when they start actually want the opposite, they all want to be scalping. They want to trade. One minute, five minute, 15 minute time frame charts.

They want to be taking in hundreds of trades a day. They want to sort of think they're an A.I. machine. But, you know, realistically, that's just not going to be profitable for you. Spread is screen to suddenly destroy your trades, your emotions. You know, all these things that we've talked about all the time come into trading. And also, you know, the longer timeframe charts are more reliable.

Therefore the shorter time frame charts are less reliable. You know, your rewards risk massively reduced and so put all those things together. Trade longer timeframe would be my number one key suggestion for you.

Blueberry Markets

And if you're out there looking for a broker, I can highly recommend Blueberry Markets, they based in Australia. Really good bunch of guys and been with them for years and so a lot of my clients.

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

And if you've not yet been on my masterclass I strongly recommend you spend an hour, turn your phone off, turn all your social media stuff off, go and sit down for an hour. It's on demand. So you choose the time that that is right for you and sit down and watch it and learn from it and follow along. See what we do. And you know, you can gain a lot of information from that. So I'll put a link to that on this video and podcasts as well.

So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now.

Episode Title: #534: The One Secret to Becoming a Successful Trader

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Trading Full Time in 30 Minutes a Day



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#532: Trading Full Time in 30 Minutes a Day

In this video:

00:31 – At the beach and trading just twice a day.

01:04 – 2 trades taken on the D1 charts and 1x H8 and 1x H12 trade.

02:10 – Look at the charts twice a day.

02:46 – A 3% gain from Wednesday’s D1 trades.

05:18 – View my Masterclass.

05:30 – Book a call with us.

05:39 – Blueberry Markets.

In today's video and podcast, I'm going to explain why I much prefer trading the longer timeframe charts. Looking at my charts a couple of times a day and being able to enjoy life. So let's talk about that more right now.

Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 533. Something a little bit different today.

At the beach and trading just twice a day.

I'm at the beach. This is called Rabbit Island, just out of Nelson. Now, way back there somewhere, my daughter and her friends on their horses going for a ride. Why am I telling you this? Well. Because that's the beauty of trading. The longer timeframe charts. You know, I don't need to be sat at home right now, sitting on my computer, just glued to say, like five minute charts, 15 minute charts, just waiting for something to happen, almost forcing something to happen. Because that's when I'm ready.

2 trades taken on the D1 charts and 1x H8 and 1x H12 trade.

Instead, I took two trades today on the daily charts. I took a sell on the Pound/Franc and I sell on the US/Franc and I'll take in a buy trade on the Pound/New Zealand and a buy trade on the Euro/New Zealand on the 8 and 12 hour charts.

So four trades, they took me maybe 15 minutes all up earlier today at the 5 p.m. New York change of day to look at my charts, put the trades on after six because that's when the spreads drop. I'm using limit orders anyway, so it doesn't matter where you live in the world or what your time schedule is, you can take those trades and that then frees me up for the rest of the day.

I'm going to have a look at later tonight my time, which is then 5 a.m. New York time, and at that time I'll scan through the 12 hours, the 6 hours, maybe the 4 or the 2It has nothing happening on the higher timeframe charts, but most days we tend to stick to the 6 and 12 hour charts. Why? Well, because there's plenty of opportunities there.

Look at the charts twice a day.

And so what that means is by looking at my charts just twice a day, I can come and do things like this. I'm probably spending half an hour, absolute max chart time. I know the pattern, so I'm looking for the currency pairs. Well, I'd look at strength and weakness, but if the currency pair is showing the setup to me, it doesn't really matter what the pair is.

Just because I live here in beautiful New Zealand does not mean I wouldn't need to trade the New Zealand dollar. I'll trade whatever showing the set ups as mentioned today. Pound/Franc, US/Franc both selling those two on the daily charts.

A 3% gain from Wednesday’s D1 trades.

Yesterday I took a Euro/New Zealand Daily chart trade and I took the Hong Kong 50 index and the China H index.

Quite unusual, but that was the market or those were the markets that were showing the setups. And guess what? The set worked. We had our retracement all this filled up beautifully and by the time I woke up this morning at the both trades to pull back, there were buy trades. Both traders said pull back got filled absolutely perfectly.

And then turned around going up to the profit target. Absolutely perfectly. So we got those trades, absolutely pinpoint, accurate and made some fantastic returns on those. They were about I think there are 2.8 to 1 return. I think one might have been 3 to 1 return. And so a small risk, you know, if you're putting half percent on that, you're making, you know, one and a half percent roughly on a trade and risking only half of 1%.

So for those of you out there who are on prop firms, that's exactly what you need. In order to pass prop firms, you don't need hundreds and hundreds of trades. You don't need to be spending a fortune in spread fees. You don't need to be gluing charts all day. What you need is quality, quality over quantity will win all the time.

You need low risk controlled risk, low drawdowns and high reward to risk trades. That's what we do. That's why we're successful. That's why we continue to be successful, both now in the past and in the future because of price action based. The strategy works across different timeframes. Exactly like I mentioned, you know, with those 12 hours, 8 hours, 12 hours and dailies, different markets, exactly like today's daily charts on the forex pairs, like yesterday's daily trades on the indices.

So if you'd like to find out more about how you can do something like this and get your life back, but also trade and enjoy trading, but enjoy other things as well as trading, that's what keeps us fresh each day. That's why we love doing what we do. You know, most people hate Monday mornings. We love it because we're back into trading again.

But we get that decent break, you know, day by day. We're not sitting there sitting at your charts, absolutely fed up by this glued to your screens, which most people unfortunately do, and takes the emotion out of your trading. It increases the enjoyment.

View my Masterclass.

So if you've not been on my free masterclass yet, really encourage you to do that, click on the link that I'll put here. You can jump onto a one hour prerecorded masterclass tells you all about how we trade, how we teach, how we can help you.

Book a call with us.

If you'd like to book a call with myself or one of my team, you can do that. I'll put the link here as well. You can also do that after watching the masterclass.

Blueberry Markets.

If you're out there looking for a really good broker, I can highly recommend Blueberry Markets. The base over there, way over that water over into Australia, great bunch of people. And we have hundreds, if not thousands of our clients trade through blueberry and and you never hear problems. They're just good people, good platform, good brokerage, honesty, everything that you're looking for in a broker.

So that's it. I'm going to turnaround now. Off somewhere up here and find my daughter and her mate.

Hopefully they're still on top of the horse and not on the ground. Otherwise I'm off to hospital, but hopefully not. Fingers crossed I see this time next week. Bye for now.

Episode Title: #533: Trading Full Time in 30 Minutes a Day

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Making 2024 The Year You Become a Successful Forex Trader



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#532: Making 2024 The Year You Become a Successful Forex Trader

In this video:

00:26 – Why you need to make this year your trading year.

01:28 – Australian employment figures crash.

02:09 – Give yourself plenty of time and seek help.

03:33 – Joining a community and start on a demo account.

04:32 – Start with the basics.

05:18 – Trade through Blueberry Markets.

05:35 – Attend my Masterclass and book a call with us.

How are you going to ensure that 2024 is the year that you become a successful and profitable trader? Let's talk about that and more. Right now,

Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 532.

Why you need to make this year your trading year.

It is all about 2024. How are you going to make this year, the year that you become a successful trader with no doubts at all?

This is the year for you to do it. How are you going to do that? Well, have a look around the world and I'm going to show you why you need to do it first. You know, you have a look at what's happening around the world with cost of everything, inflation rates. You know, look at how much it costs to book a flight.

Look at how much good quality food cost these days and how many people are out there. Cannot afford good meat, good vegetables. And so therefore, they're living on really poor, low nutritious food because that's all they can afford and sugary drinks and things like that. You know, it's everywhere. Look around your town. How many shops in your local town do you see either closed or boarded up, you know, going out of business and people can't afford to pay staff. People aren't going to restaurants.

Australian employment figures crash.

There's all these kind of issues going on out there and, you know, look at just yesterday from Australia, across the ditch in Australia, their monthly employment figures, they were expected to have 15,000 jobs created. That result came out as -65,000 jobs. So look at the job losses going on around the world.

So put all that together and everything else that's happened over the last few years and the craziness that's going on in the world.

And, you know, you realize you're kind of on your own. You're fighting for yourself. So event doesn't give you motivation to go. You know, this year I'm going to learn how to trade. Then I can't help you.

Give yourself plenty of time and seek help.

So let's start sensibly. Let's give ourselves time. While it's not absolutely critical, you see, when I get people come to me and they go, Andrew, I want to give up my job, you know, in two months time, and I want to become a full time trader or I've got, you know, like $500 and I want to make, you know, like $10,000 a month type of thing.

You know, I get these crazy questions all the time. You know, those people aren't real. Now, the important thing is, is with anything that you're learning to do is to seek help from people that are successful in that field and also to start slow. Don't rush. Do the groundwork properly. If you've ever done any form of painting inside your house, let's say the preparation is the boring but important work putting the paint on at the end, the last coat of paint, which makes it all look nice and shiny.

Yeah, that's the easy bit, but unless you do the preparation first, the rest of it is going to fail. So trading is exactly the same. So while we're not under this and, you know, massive pressure of needing to have to make money today, you know, for most people around the world, the world's still surviving just while we're at that stage. Use this kind of lower pressure time and say to yourself, I'm going to dedicate this year to learning how to do this properly.

Joining a community and start on a demo account.

You're going to start with understanding a strategy, getting some help, joining a community, and that's where we can help. But when you do that, it's still important that you start slowly. You should start on a demo account.

Now, I know it's boring and I know that you're not going to make money for real on a demo, but it's crucial that you become successful first and spend two or three months ironing out those errors that you're going to make and then becoming profitable on that demo and then start on a small live account. And it doesn't need to be big.

It just becomes real money of your own. The emotions start to come into play. It hurts when you lose money. It's great when you make money, but you need to get into that emotional state that trading is and try and control those emotions. And then it's up to you where you go from there. You can either go, Yep, look, I'm in a position where I can invest some more funds into my personal account or you go down the proper firm route and you go down that you know that direction. And we can help you with that because we've got so many clients doing that very, very successfully.

Start with the basics.

But it all comes back to the basics and learning right now how to do this properly. Making sure that you control your risk, control your emotions, you know, when to trade. You know what you're looking for. You're not getting burnt out.

You know, you can still do this with your current job, with your family situation, with travel, whatever it is. And that's why we're coming up to 15 years this year as the Forex Trading Coach. That's why we're still enthusiastic about it. That's why we still love doing it because we're not glued to our charts all day long. You know, we're enjoying what we're doing, We're making money.

We have very low drawdowns. We have high reward to risk trades. It works on your own personal account, it works on firm accounts, and you can make substantial returns once you know what you're doing. But give it time first. I can't stress that enough.

Trade through Blueberry Markets.

If you're out there looking for a broker, I can highly recommend Blueberry Markets. The best across in Australia.

Most people around the world can open the catch them. You cannot if you're in the US. But we have other options such as? Like our. And if you're in the US to consider as well.

Attend my Masterclass and book a call with us.

And the other thing is also, if you've not been on my masterclass, dedicate an hour, it's prerecorded so you can jump on whenever it suits you.

Dedicated, give yourself an hour and go, I'm going to turn off all the social media stuff. I'm going to turn off a phone. I'm just going to sit there for an hour and listen to what Andrew has to say because that could be a crucial hour in your first step to becoming a successful trader this year.

And if you'd like to book a call to talk to either myself, one of my team, I'll put a link to that as well. You can book out a call, a 45 minute call. We can discuss you trading where you're needing help, how we can help you teach you all about trading and what we do and how it works for so many people. So I'll put link to all of those on this video and podcast.

if you have any questions or topics that you'd like me to discuss to help you with as we get into 2024, please do send me an email [email protected] or leave a comment below. Bye for now.

Episode Title: #532: Making 2024 The Year You Become a Successful Forex Trader

Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

2023 Trading Year Review



Podcast:

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#531: 2023 Trading Year Review

In this video:

00:30 – A summary of 2023.

01:27 – More traders using MT5.

02:24 – Prop firm trading.

03:13 – Clients in 104 Countries.

03:40 – Have a great Christmas.

04:07 – View our on-demand Masterclass webinar.

04:48 – Blueberry Markets and book a call with us.

05:04 – Looking forward to trading in 2024.

05:18 – Consider joining us now so you can learn the strategy while the market is quiet.

As we come towards the end of 2023. Just wanted to make a bit of a summary video of what we've experienced this year. I wish you all fantastic Christmas and an awesome 2024 ahead. Let's get into that and more right now.

Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 531.

A summary of 2023.

Outside in the beautiful New Zealand summertime here and just a couple of weeks to go before Christmas.

I hope you're looking forward to that. Just wanted to give you a bit of a summary of 2023 of how things have gone here at the Forex Trading Coach. We have just had another awesome year, some excellent results, all right. Across various timeframe charts and our daily trade suggestions have been profitable yet again every year since we started it in 2010, they've been profitable with just half a percent risk on your trades.

Copying what we do just once a day, literally 5 minutes of work, we're probably going to end the year about a 30%, 3-0% gain just off that one time frame chart. And then you add on to that all the other time frame charts, we look at. Trades we take on our forum site, trades we take on our live webinars, trades that our clients take themselves and you can see that yet again, we've had another really, really good year.

More traders using MT5.

A more and more people changing across to Metatrader 5 from MT4. More timeframes readily built in which is making life easier, just gives more trading options. And of course MT5 has a lot more markets such as the indices, the cryptos, the metals, commodities, etc. built in, which just gives us more and more trading opportunities because all we're doing really is looking for the high quality trading pattern. The actual market that we're trading is less important, it's more the pattern.

And have we got some stop loss protection? We've got room to move our profit target. Is it a reversal or is it a continuation, etc.? So again, more markets, more timeframes equals more opportunities to pick high quality trades and then not be kind of where people have that so feeling they should be forced to take a trade. This may be a big quality. No need to do that now because we have so many more trading options.

Prop firm trading.

And so prop firms. Another thing you'd have heard me talking about prop firms all year more and more and my clients are just doing really well from prop firms. It's a bit of a game changer in all honesty. And if you get a good prop firm, make sure that you have a prop firm that does not have a time limit on when you can make that 10% gain and those prop firms that do have a time limit I'd personally stay away from.

And it's why that we look at FX2Funding. It's why we look at The5%ers those kind of people that have been around for some time. They know what they're doing, there good quality companies and there's no time restriction on making the gain. You know, whether you make it in a week, you make it in two or three months, it shouldn't matter. It's all about keeping within that low drawdown criteria, so that’s the prop firms.

Clients in 104 Countries.

We now have clients in 104 countries and as time goes on. We are 15 years old next year at the Forex Trading Coach, our communities, it grows and grows and just gets better and better. Forum Site is well populated from clients from right around the world. It just makes such an amazing community of like minded people all out there trading the same strategy. So whether you're a current client or whether you're just following along with what we do, the strength and weakness each day, or the free information.

Have a great Christmas.

Then I just want to wish you and your family a fantastic Christmas. Just have a great relaxing time. Over Christmas and New Year. We start trading again on the Monday the 15th of January. We're just taking about three weeks off like it's summertime. You know, we trade the entire rest of the year apart from a couple of days either side of Easter. We're not just going to go and enjoy ourselves and have some time away from the charts and the computer

View our on-demand Masterclass webinar.

And we're still be contactable. If you want to jump on our free masterclass webinar, that's on demand. So you can do that any stage. If you want to email us, we're still available and it's just we're just taking a trade, a break from active trading for a few weeks and you know, and why not? Let's for those of us in the southern hemisphere, it's summertime, it's Christmas, it's New Year, it's summer, Get out and enjoy yourself.

Life's more than just sitting, watching charts. And it's great when we can do that, Which is why with our strategy, we say, You can trade full time in under 30 minutes a day because you can, you know, but enjoy your trading and also enjoy the break from it as well.

Blueberry Markets and book a call with us.

If you're out there looking for a broker, have a look at blueberry markets up a link to them here. And if you want to have a chat with us over the Christmas New Year time, you can do that. You can book a call with myself or one of my team. I would have a bit more flexibility because we're not, you know, trading too much and and that's it.

Looking forward to trading in 2024.

So I'll see you back in 2024. Looking forward to doing it all again, then looking forward to some great trading conditions and making a lot more people profitable and having more and more people join our community. So any questions you have.

Consider joining us now so you can learn the strategy while the market is quiet.

If you struggled in 2023 and you'd like to make 2024 a really good year, then consider coming on board early in the year or even sort of during the Christmas time and have a a few weeks while there's a bit of quiet time to learn the strategy. Ready to go for 2024.

So once again, have an awesome Christmas and I'll see you next year. Bye for now.

Episode Title: #531: 2023 Trading Year Review

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An Interview with The 5%ers Prop Firm



Podcast:

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Visit The5%ers Website. Click here!

#530: An Interview with The 5%ers Prop Firm

In this video:

00:27 – There’s a lot of interest in prop firms right now.

01:37 – What makes a trader a successful prop firm trader.

03:50 – You must be able to trade first. 

04:58 – Different account types with The 5%ers.

05:38 – What’s the payout performance ratio?

07:00 – What makes The 5%ers a better prop firm?

09:48 – Our clients have success with The 5%ers.

12:00 – Prop firms can remove emotions from your trading. 

13:37 – Contacting The 5%ers.

Andrew Mitchem

Hi! Everybody. Andrew here at the Forex Trading Coach, welcome along to this week's weekly video and podcast. Something different for you this week. I am joined by Saul who's the manager of the firm called the 5%ers. Welcome along.

Saul Lokier

Yeah, thank you, Andrew. Thanks for having me.

There’s a lot of interest in prop firms right now.

Andrew Mitchem

Awesome to have you here! Yeah. Look, we’re getting a lot of people interested in prop firms. Now, I know you guys have been around since 2016, and I can see on your website, which is probably one of the oldest prop firms around. Could you just give everybody a bit of an overview of what you do, what a prop firm is for those who don't know and how traders can take advantage of using a prop from.

Saul Lokier

Yeah, good start. So basically we are recruiting. We're looking for traders, retail traders to get evaluated by us, you know, through our challenges, through our evaluation programs. And once they complete those challenges to come and start managing our capital. So you might be familiar with the old prop firms in which, you know, you have a few amount of traders managing very large amount of accounts of money.

Andrew Mitchem

Yes.

Saul Lokier

So we're doing something similar. But instead of giving, you know, billions of dollars for management to a few traders, we have many, many traders. We have literally thousands of traders managing relatively small accounts. So so that's the idea.

What makes a trader a successful prop firm trader

Andrew Mitchem

Yeah. Nice. And over those that time, what have you found is the right type of person to be more successful. Like, is it a trading style? Is it a money management thing? Is a mindset thing. What in general would sort of make the more successful person?

Saul Lokier

It's the view that you answer me because, you know, back in the day before started managing the company, I, I used to spend a lot of time talking to our traders and talking to our higher funded traders. And I started doing a little bit of research what this traders had in common, because, you know, I saw some of them use indicators and some of the used some of them used to live in Australia and some of them live in the US.

Saul Lokier

So I wanted to understand what they were doing, you know, the same way. And amazing is very simple things that arbitrated and start doing. But these traders really do it. Okay, so the first thing is these traders master what they do. These traders know the strategies inside out. So I could ask them. “Andrew, what’s a poor quality set up for you?” and they could tell me I could ask them, when shouldn't you be trading?

Saul Lokier

And they could answer. So they knew all the rules, all the, you know, all the parameters over the strategy, everything. And so so they really instead of jumping from a strategy to strategy or system to system, they really must, you know, what they did. So that's number one.

Saul Lokier

The second is they they keep track. They really you know, they backtested, they they they journal what they do the journal these sales, they they journal their trades and they you know, they get all this learning process and insights from this recording and tracking and journaling

Saul Lokier

and lastly they deal with with losses so they wouldn't you know, they knew how to cut those losses or take those losses and not going into revenge trading mode. Yeah. Or over-leveraging or all of that. So that's one, two, three of these traders. And even though they were trading different strategies and different, you know, methods, they would have these three points in common. So so I guess that's the that's the answer.

You must be able to trade first. 

Andrew Mitchem

That's really interesting. So I suppose to summarize that also for people listening and watching that means prop firms are fantastic, but you still need to know what you're doing first and you still need to be proven to or proved yourself on demo, on your own personal live account that you can trade consistently first before you then think about a prop firm.

Saul Lokier

Absolutely, Because otherwise you would be trying to pass our our evaluations and you will fail or you will you will succeed. And then once you start managing a real account, you were you will lose it. You will blow it because you're not you're not ready for that. You're not emotionally ready for that. So you might you might you might pass the evaluation, for example, to something very, very common.

Saul Lokier

You pass evaluation, you feel overconfident and use that approach into the real trading and you start overleveraging, start trading, taking, you know, poor quality set ups and you blow their account, which is something we deal with that and we are, you know, we would take care of that on our risk department. But that's something that's a pattern we see in a lot of traders.

Different account types with The 5%ers.

Andrew Mitchem

Yeah. And in terms of that, then, so do you have different types of challenges that people can or different types of programs that people could choose to join?

Saul Lokier

Yeah, absolutely. So we have a one step a step, one step, a program, two step program, three step program. And you know, the three step program, I would say is that is that is that the most affordable and I would say is for beginners. You know the risk parameters is there very low leverage. You need to be very, very strict and the reward is high once you once you complete it and then we can go to the two step or one step, depending on your level of, you know, expertise.

What’s the payout performance ratio?

Andrew Mitchem

Right. And in terms of the the other end of the scale, when someone's done really well in terms of payouts, like what's your kind of ratio of your share for people who do well, then stop passing, prop them challenges.

Saul Lokier

Yeah. So it starts it starts at 75% for the trader and it can go all the way to 100% once they Yeah. Once they have proven consistently and through a lot of levels that they know what they doing, you know, we can take their trades and take it out of the market in times you know the amount we want we want.

Saul Lokier

So yeah if you're you're doing great Andrew you can take and you place one lot in your trade. We can take that out to the market instead of being one lot ten lots So, so we can, we can pay you your profit of one lot and then we can make money, you know, and we can give you 100% of your trade and you can make money with you.

Andrew Mitchem

Excellent. And then in terms of your trader, do have clients from all around the world that have joined you over the years.

Saul Lokier

Yeah, absolutely. So I guess like same as you with your students from all over the world. We have traders from Latin America, the US, Europe, UK, Africa, Asia, you name it.

What makes The 5%ers a better prop firm?

Andrew Mitchem

Yeah, nice and just it like in general for people watching and listening, obviously there's a lot of prop firms, there's a lot of choice now. And you know, you guys obviously one of the more well known companies, but what would you say? Maybe a couple of points that make you different than the vast majority of others? Like, why would someone choose to join you?

Saul Lokier

Yeah, I think that's a great question because you go into you know, if you're just starting in this industry and and you start, you know, you go to prop firms, you will see there's hundreds of them and it can be overwhelming, you know, choosing the right one. Yes. So I would say you need to look for a you know, some things first, the you know, the reliability of the of the company.

Saul Lokier

You know, how long have you had have been in the market? Hard, harder liquid enough, solid enough. So we've been since 2016. We have you know, we've made all the mistakes in the past so we don't do them again. Yes.

Saul Lokier

The second thing is making sure there's a risk management in place, a risk department, department in place, because, you know, sadly, a lot of other companies, they're not having any interaction with the market, which is very, very tough to say.

Saul Lokier

But that's the reality. So they're just relying on, you know, fees from traders for the challenges in order to pay the payouts, you know, the profits from the traders. And there's no trading happening at all. And and that can be very, very, you know, very problematic because if there's not enough sellings or enough sales, they will have no money to pay the traders.

Saul Lokier

So that's why you want to make sure the company has trading activity and there's trading, you know, going to the LPs or the broker or whatever they're using. They're not relying in the, you know, on fees in order to pay to the traders. So that and I'm yeah. And another thing we we always do is we try to stay realistic.

Saul Lokier

We don't sell dreams. You know we we stay realistic with what we expect from the traders and the outcome that they can achieve. And, you know, we all we all will. We always supporting our traders....