What has caused the large recent moves in the Markets?



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#555: What has caused the large recent moves in the Markets?

In this video:

00:25 – Big recent moves in the markets.

01:05 – Clients are making excellent returns.

03:15 – The recent moves.  

04:00 – I look at charts and remove emotion.

04:43 – Trading with the longer-term trend helps.

05:22 – Blueberry Markets as a Forex Broker.

05:27 – Join my 17 minutes Masterclass and Book a Call.

06:25 – Comments, Like & Subscribe.

So what's cool is the big moves that we've seen across multiple markets over the last few weeks. Let's talk about that important topic more right now.

Hey traders! it's Andrew Mitchem here at the Forex Trading Coach with video on podcast number 555.

Big recent moves in the markets.

Now you'd know if you've been following the forex market or many of the other markets around that over the last few weeks, we've seen some quite amazing moves. we've seen the yen strengthen. We've seen a lot of the indices crashing. We've seen a lot of the, cryptos dropping.

In fact, Bitcoin in about a week or so dropped some 30% in value. And we've seen like the yen pairs with the yen been the strongest. It's been for quite some time. A lot of yen pairs like the AUD/JPY, NZD/JPY, just, you know, just dropping and it's been some quite incredible moves.

Clients are making excellent returns.

Now, if you've been following my recent videos and podcasts, you've noticed that last week I talked about Hamish, a client of asset made an amazing 53%, return on a live account in the month of July.

And the week prior to that, I talked about how we made a 13.2% account gain. Now, a lot of that was, placing some daily and weekly and monthly charts. so we saw all of this coming in advance. And if you go back and look at what I talked about a few months ago, if we're looking at monthly charts and then also some weekly charts, we saw this happening on the charts.

So it comes as no surprise, to us whatsoever that these moves have happened. Now, I did a podcast, with a trading battle group a few months ago, about three months ago. And I said that the likes of Ethereum, I was looking for a longer term to be dropping and also Bitcoin. That's exactly what we've seen. So how did I know that back then when I looked at the longer time frame charts and we use our analysis to suggest that this is where it's tipping over and this is likely where it's moving to and, and why we don't always know when and how quickly it's going to get there.

But we know quite likely it's going to move in this direction, is likely to move to that area. Now, that information to have in the back in mind as a specific trade or just in terms of general information is absolutely crucial as a trader. And so having that information, but also being able to make that assessment, don't forget when everything's moving up and up and up and up and going crazy.

And with that going, it's now time to sell. We're looking for a retracement. And then looking at the price to then drop. Sometimes you feel a little bit kind of a little bit alone, a little bit there by yourself because everybody is saying its going up and up and up and where I'm going. Well everything's telling me that things are likely to drop and to go all the way down there, which at the time seems like a crazy low price when the market's doing the opposite.

And that becomes the, I suppose, the importance of understanding chart patterns and looking at what's happening and why.

The recent moves.  

Because when it comes to what's happened in the last few weeks and the whys to that, it's like, well, a lot of that is fundamental news.

Trader makes a whopping +53% in one month



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#554: Trader makes a whopping +53% in one month

In this video:

00:30 – Trader makes massive gains in July on his live account.

01:50 – Trades taken on various time frame charts.

02:24 – Taking his time to learn the strategy first.  

03:27 – Don’t expect instant results.

04:36 – My 17 minutes Masterclass and Book a Call.

05:09 – Blueberry Markets as a Forex Broker.

05:42 – Comments, Like & Subscribe.

Today I'm going to talk about a trader who has just made 53% in the month on his live account. Let's talk about that a more right now.

Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video in podcast number 554.

Trader makes massive gains in July on his live account.

So I want to talk about a client of ours called Hamish who, lives here in New Zealand. He joined us, some ten months ago back in September 2023. And we're now into August. Now, back in July, last month, he opened a live account with just over 5500 dollars in that account.

And he's just sent me, the PDF file here from his, BlackBull the broker, a live MT5 account that he's got here. the account in U.S. dollars, he started with $5,575 was his deposit. He has gone and made, almost $3,500. Now, that represents a 63%, account gain. but on close trades, he's currently when he sent me this earlier today on 53.14% on closed trades.

So he's got roughly 10% open. on or profit on open trades, but a massive 53% gain in the one month on the live account. Now that has to be, you know, a fantastic achievement. And, the profit factor, which is an important measurement, is 2.44. And his average hold of the trade is one day, 13 hours and nine minutes, according to the stats on here.

Trades taken on various time frame charts.

So of course, that will have some, longer time frame charts, such as maybe like a monthly chart or a lot of weekly charts that I've talked about that we've taken here at The Forex Trading Coach on the last couple videos and podcasts, if you've not seen them, go and watch number 552 and 553. Or listen, if you're on a podcast and I talk about those trades on the weekly chart.

So they've helped Hamish, a lot as well. Plus we've had some very good daily chart trades and a lot of, especially 12 hour chart trades done. Incredibly well, done very, very well out of those.

Taking his time to learn the strategy first.  

But my point being is he joined us ten months ago. So he's taken nine months to go through, ask questions, attend the webinars, post trades on our forum site, which he does, you know, continuously ask questions and has practiced on, a demo account.

And now he's completely ready. And yes, we've had a great month of trading conditions in July. Absolutely. Yes. He's probably taking a higher risk than I might personally take and said yes, but after all, it's his money, his decision. But the proof is that on close trades, he's made 53.14% in his first month on a live account with about 10%, gain running now into August on open trades.

Absolutely fantastic. And see all the results here. well done. Hamish. great to see your effort on investing in yourself into the course and your time, is paying off and that again comes back to, what I talk about continuously is.

Don’t expect instant results.

Don't expect instant results. you know, don't expect to buy yourself your own private jet within the first 2 or 3 weeks.

Take your time, do your homework, do the training, the learning. The Demo accounts more Live account. And like, where does Hamish want to take it from here? I don't know, I'm going to go and ask him. but he might have more funds to add to this. He might be on prop firm accounts.

We’ve Made a +13.2% Account Gain This Week



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#553: We’ve Made a +13.2% Account Gain This Week

In this video:

00:30 – A +13.2% account gain in the week.

00:40 – Other investment choices.

02:32 – You should be in control of your future.  

03:17 – Trading results this week.

04:35 – All trades posted on our membership site and forum site.

05:11 – Join my free Masterclass

05:32 – Blueberry Markets as a Forex Broker.

06:02 – Course details are here https://theforextradingcoach.com/online_video_coaching_forex_course/

06:25 - Comments, Like & Subscribe.

We're having a fantastic trading week with so far a 13.2% account gain. Let me share details about that, how we've done that and how we can help you to do the same. Let's get into that email right now.

A +13.2% account gain in the week.

Hey, the Forex traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 553.

That's right, A 13.2% account gain on one account, 3% on another account. I'm going to share details about that with you very shortly.

Other investment choices.

But on Wednesday, I attended my local weekly business morning breakfast group that I go to. And on that I was talking about investment choices that people have, and I was writing it to what I do here with my own trading and that the Forex trading coach where we help people to trade.

And I was giving people a bit of an outline and say, look, what options do you have as an investor or to create some form of income. Now one of the obvious ones here in New Zealand and in many parts of the world is rental properties and just properties in general, whether it be housing or commercial or land, whatever it might be.

The and there are many positives, of course, some of the obvious downsides right now is generally interest rates are pretty high around the world. And also it's probably a slower gain today. And also you need a large amount or most people need a large amount of debt, take it on with borrowings in order to get into any form of rental property, let's say.

So pros and cons to that, like there is with everything, you know, I mentioned things like you could get into artwork and collecting things, you could get into share trading, but a lot of that, you know, you don't have leverage and you generally buy something and kind of hold and hope it goes up for a long term. So potentially there are some options there for people, but it's not that exciting for a lot of people.

And you can look at fund management, and I was explaining about a fund management company that's based here in New Zealand, and they have a branch here in Nelson where I live, and I looked on their website just before going to that meeting and I looked at their five year average is under 2% gain per year on their five year rolling average.

Not very exciting. So handing all your money over to someone else is also not a great option in most cases.

You should be in control of your future.  

And so it came down to how important is it for you to be in control and in charge of what you do with your money and to have that knowledge. So as you know, the phrase knowledge is power.

And it's so true. You know, if you end up doing what most other people do, you'll end up getting what most people other people have, which a lot of people is not a lot. And so you've got to think differently. You've got to have some form of knowledge, some some power for your own choices. And knowing what to do with your funds is quite important.

So it came all the way back down to how important is it for you to know this for yourself?

Trading results this week.

And that's where we come in a forex trading coach that give you these examples of t...

Avoiding Confusion In Your Trading



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#552: Avoiding Confusion In Your Trading

In this video:

00:28 – Confusion with time frames and when to trade.

00:58 – Too many indicators.

01:44 – Trade the same strategy across all time frame charts.

02:06 – Trade examples from this week.

06:19 – Blueberry Markets as a Forex Broker.

06:42 – Get onto my Master Class

06:59 – Comment, Like & Subscribe.

Today, I'm going to explain the importance of looking at multiple timeframe charts as a forex trader and how it can massively help increase your returns. Let's get into that more right now.

Hi there, traders is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 552.

Confusion with time frames and when to trade.

I find a lot of people come to me before they join as a client and they say, Look, I'm just confused. I don't know what to trade, when to look at my charts. I don't know what timeframes to look at. I could look at like a daily chart and it's telling me the EUR/USD is going down. I look at a one hour chart and the EUR/USD is going up. I completely lost. I don't know what to do and I get it because we've all been there. You know, everybody started with that confusion.

Too many indicators.

I had an email just yesterday actually, from someone who's brand new saying he opened a demo account and he couldn't believe how many indicators there were on the charts. And I went back to him and said, Look, you've got to understand that that looks really cool, real flashy. 99.9% of them are just a waste of time anyway.

But you can see how people get into that confusion when you start off it all looks very easy. You're looking at hindsight. You see this line cross over that line and I took it buy trade there. I would have made all this money. Reality, of course, is vastly different because, you know, the market doesn't move like that. And and hindsight's a wonderful thing.

Taking a trade in real time is completely different. So that all comes back to talking about today's topic of different timeframe charts.

Trade the same strategy across all time frame charts.

You see, the way that I trade is we trade the same strategy. The same logic, the same approach to any timeframe chart in any market. And what that means is you can go and look at your charts at the close of a candle issue.

You know exactly when to look at your charts and make your analysis of Is there a suitable trade, yes or no?

Trade examples from this week.

Now give you some real time examples. Right now I have a sell trade on Copper (XCU). Copper on the monthly chart. And we are now in July on the close of the June monthly chart on Copper and we saw a bearish set up as a reversal trade.

We've taken a sell trade on copper that's going really nicely right now. So that's the longer term perspective. This week I've taken six trades on the weekly chart trades predominantly looking for yen strength and they've retraced beautifully and now those pairs are heading downwards because we're looking for, as an example, like the CAD/JPY, you know, we're looking for that to drop with strength in the Canadian.

And so that's the bigger picture. We've taken some monthly charts, we've got some weekly charts today, been Friday, the 19th of July. I've actually taken five trades on the daily charts, one on the sorry, two on the 12 charts and one on the eight hour charts. So I've got a trace that I've just taken just now. The beauty of that is they're all taken at exactly the same time after the change of day 5 p.m. New York time.

So 6 p.m. by the time that we've taken and looked for the analysis and spreads have dropped. I've just taken those five daily chart trades,

What Markets Does Our Trading Strategy Work On?



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#551: What Markets Does Our Trading Strategy Work On?

In this video:

00:23 – We trade the Forex market, plus many others.

01:06 – Our trading strategy also works on Crypto’s, Metals, Commodities and Indices.

02:24 – Reversals and Continuations.

02:58 – Market opening times vary.

04:04 – Join my Masterclass and Book a Call.

04:48 – Blueberry Markets as a Forex Broker.

05:22 – Comments, Like & Subscribe.

What markets can you trade using my forex trading strategy? Let's talk about that a more right now

Hey there, Traders! Andrew Mitchem here at the Forex Tading Coach with video on podcast number 551.

We trade the Forex market, plus many others.

So we call ourselves the Forex Trading Coach and obviously we trade the forex market. But over more recent years we have now the option to trade many more markets.

Now go back to when we started. We could only trade forex pairs and then things develop like gold and silver and then a lot of brokers introduce more markets like some of the exotic pairs and the minor pairs like Singapore dollar pairs and Norwegian krona, Swedish krona pairs like that.

Our trading strategy also works on Crypto’s, Metals, Commodities and Indices.

And then over the last number of years you'd have noticed a lot more brokers are offering other markets, such as like cryptos, which seemingly everybody wants to trade and metals and commodities and indices.

And the fantastic news is, is that trading strategy that I developed getting close on about 17 or 18 years ago still works today on the forex markets plus the new pairs. But also we can trade other markets such as the cryptos, the metals, commodities indices with exactly the same consistency. And when you think about it, the reason is because our strategy is price action based using candle pattern support and resistance.

And it doesn't matter whether you're trading copper or Bitcoin or a Canadian index or the Japanese index or FTSE or oil or the NOK/JPY, it doesn't really matter so much exactly what it is you're trading and the beauty of it is, is by offering these other markets now is it if the forex market should have just a bit of a quiet day or so, it doesn't matter because we have access to all these other markets.

So it just allows us to scan through different charts, not really worrying too much what the actual chart specifically is. We are looking for a candle pattern and a pattern that we teach our students that has high probability chance of success.

Reversals and Continuations.  

Now we look for reversals and continuations and go and have a look at a market such as copper or Bitcoin or Ethereum. They also have reversals and continuations. They have candle patterns, they bounce at support and resistance levels and round numbers, they have divergence. So for me as a trader, I don't need to trade just the EUR/USD because it's the most traded or the NZD/USD. Because I live in New Zealand, it does not matter. So the beauty of it is, is that we can trade these other markets quite consistently.

Market opening times vary.

Now the important thing to notice also is that some of those markets, first of all, they don't all have 24 hour operating markets. Now cryptos do, of course, seven days a week, but other markets don't. Some will open at 6 p.m. New York Times, such as gold and silver and others will open a little bit later, like some of the oils and some of their like the US indices don't open into the US time.

So you have to be mindful of some gaps which can occur on some of those markets. But also you just need to be mindful of spreads and the amount of movement that they have. So for me personally,

Why You Should Be A Fussy Trader



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#550: Why You Should Be A Fussy Trader

In this video:

00:27 – Learn to be a fussy trader.

00:40 – What does your favourite sportsman do differently?

02:39 – Become an elite trader.  

03:24 – Know your strategy and have a plan.

04:15 – Trades from this week.

04:52 – Get on my Masterclass and book a call with us.

05:07 – Blueberry Markets as a Forex Broker.

05:30 – Comments, Like & Subscribe.

I want to explain to you why you need to be a fussy trader and I mean a really, really fussy trader in order to do well. Let's get into that and more right now.

Hey there, traders! It's Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 550.

Learn to be a fussy trader.

Today I'm going to explain why you need to be fussy. A really, really fussy trader. You don't need to be reckless. You don't need to be risky. It's the way that you can ensure that you do well from your trading.

What does your favourite sportsman do differently?

Let me give you some examples. Think of your favorite sports person or sports team. What are they doing to make themselves the elite and so much better than everybody else at that?

Think of a tennis player, for example. You know, all the shots they play, they've played with precision. They practice them. They practice on different surfaces, you know, like clay or grass, concrete, whatever it is that they play on. And they know what they're doing. They know how to hit the ball. The angle that the spin, everything that they look at.

As a tennis player, they know what they're doing. So they play with accuracy and precision. They are fussy. They're not. They're just playing reckless shots like an amateur player would sometimes do.

You think of a golf player. You know, the practice, they go through the methodical set up that they have in their stance and their grip and the practice and the hours and hours that they go through with putting and chipping and driving.

And so when they play that game, they not out there playing reckless shots and trying to bend the ball, round corners and do all silly things that, again, an amateur player or someone like myself would try and do, you know, which sometimes you can fluke it in a majority of the time it goes wrong. And so that happens in every sport.

Think of a footballer or soccer player. For me, I'm a cricket fan. You think of like a batsman playing cricket. It's all about defense, defense, defense attack at the right moment. So that comes from hours and hours of practice of getting your technique right. It's all about technique and being fussy. If you think about cricket and a batsman, as soon as you're out, you're out. You know, that's your job done and it's over.

You can't contribute a lot more, you know, as a batsman. And so it's all about being very defensive and very watchful when the moment comes to attack your strike, your attack.

Trading is the same. It doesn't matter what sport the you like out there and it's all the same.

Become an elite trader.  

And so to become an elite, trader think of it in the same way. Be fussy, don't be risky, don't be reckless with what you're doing in your training. And you wouldn't believe how many people come to me and they show me trades that they have open and go Andrew I took this trade and I go back to them and go, Well, why did you take that trade? What's your reasoning? Why did you take that risk?

Why was you stop loss there? Why was profit there. What was it about the trade that you saw? And I just felt that the GBP/USD was going up. And so there's that lack of thought of common sense that goes into trading.

Why the Trading Tortoise Always Wins the Race



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#549: Why the Trading Tortoise Always Wins the Race

In this video:

00:29 – We’re halfway through the year.

00:45 – Most people rush into trading too quickly.

01:30 – The Hare and the Tortoise.

02:36 – The rise of Prop firms and the pitfalls.

03:39 – Making mistakes.

04:10 – View my 17 minute Masterclass & book a call with us.

04:30 - Blueberry Markets as a Forex Broker.

04:47 – Comments, Like & Subscribe.

Today, I'm going to talk about why the trading tortoise always wins the race. The slow and steady approach is the way that you are going to become a profitable long term forex trader. Let's get into that more right now.

Hey there traders is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 549.

We’re halfway through the year.

Middle of winter here in New Zealand in June and we're already halfway through the year. But on a cracking day like this, I had to get outside to make the video today. One the enjoyments of trading and working from home. So in terms of trading.

Most people rush into trading too quickly.

Obviously everybody wants to be profitable. When people get into trading, they generally want to get into it pretty quick. Bit of a hiss and a roar.

I had an email just last night from someone that said, Hey Andrew, I'm ready to give up on trading. We can go in for three months and it's just not working. I'm going to close my account. And I wrote back to him and said, Look, my your absolute brand new, complete novice beginner, three months, you know, nothing at three months. And so I explained to him that, you know, if you're going to take this trading business seriously, you can't be like all up and down like that.

You can't be hot and cold like that. It's, you know, and that's where it comes back to the title said about, you know, the tortoise wins the race.

The Hare and the Tortoise.   

You remember the story about the hare and the tortoise probably learned it as a kid. You know how you know, everybody wants to be the hare. They all want to run off and get done really quick.

No effort, you know, no background work and trading's exactly the same. And I say all the time, this guy last night was a classic example. Absolutely classic example. You know, three months. I know it all and it's not working and it's the market's fault. No, it's your fault. And the reality is that, you know, you do need to take that slow, steady tortoise approach, because if you're going to do this, like I've been doing this 20 years and it took me four years to get anywhere.

So I can promise I understand the frustrations of being a few months into it and it's not working, but also someone that's been around for probably longer than anybody else, you know, or listen to or view. I can tell you the approach that's going to work properly long term. So that would be my advice. The slow, steady approach.

The rise of Prop firms and the pitfalls.

The reason or one of the reasons is that as well, a lot of people want to get into prop firms these days, which is absolutely fantastic. And I'm going to be putting out some information very shortly about how we can help you to get into prop firms. I think for the right person, they're an absolute fantastic way of making substantial gains from your trading.

But again, if you're out there being the hare trying to rush into a prop firm after a week, if you're out there taking like silly risks, trying to pass the prop firm, it's not going to work. And ultimately the aim of trading is not to lose capital, it's to preserve funds, whether it's your own money. And it hurts when it's your own money, when it goes wrong.

If it's a prop firm, it's their money.

What is the Green Cross Code of Trading?

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#548: What is the Green Cross Code of Trading?

In this video:

00:24 – Learning to cross the road safely.

00:43 – The rules of the Green Cross Code.

01:02 – Live Webinar with my clients.  

01:26 – The Green Cross Code of Trading.

03:12 – My 17 minutes Masterclass and Book a Call.

03:33 – Blueberry Markets as a Forex Broker.

04:09 – Comments, Like & Subscribe.

Today, I'm going to teach you all about the Green Cross Code of Trading. Let’s get into that and more right now.

Hi there, Forex Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 548.

Learning to cross the road safely.

Do you remember when you were a kid? You were learning at school to cross the road? Or if you're riding a bike, they taught you how to stop a crossing and then cross the road safely.

It's something I never forgotten. And as a kid walking around towns or riding your bike, it kept you safe.

The rules of the Green Cross Code.

What they taught you is, number one, look all around. Number two, look to the right. Then look to the left. And then look to the right. And if it was safe and clear, then cross. And it was a very simple but effective way. And here we are, some sort of 45, 50 years later, I still remember very well.

Live Webinar with my clients.  

Now, the funny story was that last night I was holding a live 2 hour webinar with my client. We took five trades live on the session and when we were looking at trades, I actually said, Look, you need to look right, then left. And it brought me back to my childhood. I thought Green Cross Code

And in trading it's really important that one, you keep things simple, but also you do look right and left. Let me explain.

The Green Cross Code of Trading.

Overall, we look at the chart. We look at the pattern where the pattern is within the chart. Is there room to move? Is it in the right place? All those type of things.

So first of all, we had our candle pattern. We were taking a sell trade yesterday and then I look to the right. The reason I looked to the right was the candle itself have bounce at a round number. So that's our first or second thing. First of all, we look overall, then we go right. Then we went left and we took the chart and we said, where this price at best, which was the round number to the right.

When we went to the left, we saw that some candles prior the price and who had also passed at exactly that level. And when it bounced and hit that level, it then dropped. So now the price to come back up to that same level, we look right, saw the right number left, saw the previous resistance and bounce level.

There’s our overall view. Look right, look left. We then look right again when it came to actually looking for our entry and our stop loss and our profit target levels. Are there any other significant levels in the way? Can we have the pivot point to help us? Do we have any round numbers to protect our stop loss or making sure added our profit target on the sell trade before any round numbers?

So think of your trading as you would walking across the road or learning to do that. Or if you've got kids, how to teach them to do it safely. Obviously on a road, it keeps us safe. If you do it in trading, it keeps you safe, but in a different way. It helps you to have high probability trades and it helps you to keep on the right side of the market.

More often than not. So think about the green cross code. Look overall, look right, left, look right again. And that will massively help you in your trading.

My 17 minutes Masterclass and Book a Call.

Elsewhere. If you've not been on my masterclass session,

How To Start Out as A Forex Trader



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#547: How To Start Out as A Forex Trader

In this video:

00:22 – Do you want to start trading?

00:44 – Trading Forex – The Basics.

01:30 – Choosing a Forex Broker.  

01:56 – Forex Education.

02:23 – Your Trading Plan

02:50 – Start on a Demo Account.

03:12 – Technical or Fundamental Trading.

04:08 – Trading and Travelling.

04:44 – Blueberry Markets.

05:00 – My 1 Hour Masterclass and Book a Call.

05:34 – Comment, Like & Subscribe.

How do you start as a forex trader? I'm going to cover that topic and more for you over the next few minutes. So let's get started.

Hi everybody! Andrew Mitchem here at the Forex Trading Coach.

Do you want to start trading?

So you're interested in diving into the world of forex trading. Now whether you're looking to supplement your income or to embark on a new career, starting out as a forex trader can be both very exciting and also challenging. And in this video and podcast, I'm going to walk you through the essential steps that you need to get started on the right foot.

Trading Forex – The Basics.

Now, first, let's cover the basics. Forex trading or foreign exchange is a global market for trading currencies. It operates 24 hours a day, five days a week, and it's the largest financial market in the world.

Now, unlike other markets like stock markets, which are based in specific locations like New York or London, the Forex market happens over the counter, which means that basically transactions are conducted directly between parties, usually through an online platform.

And to start trading, you need to have a reliable internet connection. Obviously, a computer, laptop or mobile device and just somewhere that you can sort of focus on trading somewhere quiet, you can focus on trading.

Choosing a Forex Broker.  

Next, you need to choose a forex broker and look for one that's regulated and has high quality rankings as well. Competitive spreads and uses platform such as Metatrader 4 or Metatrader 5.

I'll put a link on this page to a list of brokers who I use and suggest that you consider because that's going to massively help shortcut the list for you.

Forex Education.

Now, education is also key to being a successful trader. You've got to learn the basics. The fundamentals of forex trading. Understand how currency pairs work, such as the majors like the EUR/USD and GBP/USD and then get into more like the minors like the AUD/NZD or EUR/GBP.

And you got to familiar eyes yourself with you know what pips are leverage margin. All those type of phrases which right now may not be familiar to you.

Your Trading Plan

Next you need to develop a trading plan, and a solid trading plan should outline your financial goals, your risk tolerance, specific strategies that you plan to use. You need to decide how much capital you're willing to invest and of course, never risk more than you can afford to lose.

So a good rule of thumb that I use is I risk only half of 1% of my trading account on a single trade.

Start on a Demo Account.

And before trading the real money, of course, you should practice using a demo account. And most brokers offer a demo account to basically simulate real trading conditions. But it's not real money. Now, use this opportunity to test your trading plan and your strategy and get comfortable with the trading platform without having that risk of losing real money.

Technical or Fundamental Trading.

Understanding market analysis is also crucial. There's two types of analysis. There's technical and fundamental. Technical analysis means looking at charts, using indicators, etc. to predict movements. Whereas fundamental analysis,

I’m Not a Fan of Trading AI or Bots



Podcast:

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#546: I’m Not a Fan of Trading AI or Bots

In this video:

00:27 – Everyone is talking about AI and Bots.

01:10 – All Bots seem to fail.

01:30 – Knowing I can read a chart with high probability.  

02:49 – Limitations of using trading bots.

03:19 – You don’t need to spend all day trading.

04:48 – Our 15th Birthday sale.

05:28 – Trade through Blueberry Markets.

 I'm not a fan of trading AI or trading bots. Let me tell you why. Let's get into that and more right now.

Hey, the forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 546.

Everyone is talking about AI and Bots.

Now something maybe a tiny bit controversial. Everybody's talking about, you know, AI and how it can help in life and in trading and trading bots and expert advisors and all these type of things. And look, it's been there for years and years.

When I started trading, there was tradestation. You could create programs that would automatically trade for you. And then Metatrader came along and people had expert advisors, which would magically for $97 going to solve all your trading problems and trade for you. If you look back on Forex Factory, on different forums, etc., you're always finding people out there who are creating these these robots that are going to do all these wonderful things.

All Bots seem to fail.

Have you ever noticed that they all fail? Like, I've never ever in my 20 years of trading seen one that works consistently well. Sure, they'll all have good times, but almost sure they're going to have bad times as well. So the reliability of them, first of all, is not great.

Knowing I can read a chart with high probability.  

But to me there's more important things than that. As a trader, as a manual trader. There is nothing better than that knowledge, that satisfaction of knowing that I can look at a chart today, next week, next year, in ten years time, and with high probability and high certainty, predict what's likely to happen. Now, if I get the trade wrong, I get it wrong and I lose a small known set amount of my account.

But if I get the trade right, it's going to make two, three, four, five times my risk. And having that knowledge and that ability to look at different markets because who knows what's going to be out there in the future. If we were talking, say, like five or ten years ago, certainly ten years ago, we wouldn't have been able to trade cryptos, we wouldn't have been able to trade indices and commodities and metals on forex platforms.

So things evolve, things change. And I'm certainly not against that when I'm saying I'm not into A.I. or bots. But what I am saying, if you have that knowledge up here, that mental knowledge, ability, satisfaction to make those decisions, that is so much better than just relying on someone's $97 a month bot.

Limitations of using trading bots.

The other thing is, is if you buy this bot and it does really well, what happens if you no longer have access to it or what happens if it no longer works? And how do you know that? Because without that knowledge and that skill of understanding how that bot works, you have no way of monitoring it on improving it, on changing it, on anything to do with it. And so to me, that manual skill is still absolutely crucial.

You don’t need to spend all day trading.

And if you're out there, like sitting there thinking, well, that's all well and good, Andrew but I'm too busy and I don't want to spend hours and hours and hours on a chart and on a computer, nor do I. I trade 30 minutes a day and I try 15 minutes in my morning, 15 minutes at nighttime. To me, trading is about doing this, getting outside, enjoying the outside, being very focused and very skilled when it's happening, when it's trading time and relaxing, enjoying things,