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In this video:

00:23 – What should your win rate be?

What percentage win rate do you need to be a successful and profitable trader? Let’s get into that and more right now.

Hey there, Trades! Andrew Mitchem here at The Forex Trading Coach. Video on podcast number 580.

What should your win rate be?

Want talk all about a winning percentage level rate. What should it be? and what do you need that to be in order to be a profitable trader. Now the answer is quite interesting. And it may not be quite what you’re expecting me to say.

You see, if I ask most people out there, what should your percentage win rate paid? They’ll go, oh, it needs to be 80%, 90% in order to be profitable. Then it’s not actually true. There’s more to it than just the win rate. Yes, sure. The win rate is very important. And yes, it’s more than just how many winning trades you get.

Controlling your emotions.

It’s the whole mental approach to trading. There’s two things in trading you need to control. Like I’ve said, one’s ahead, one’s your heart. You’ve got to control your emotions. And so obviously having more winning trades, more profitable trades is a good thing psychologically, emotionally it helps you trading. Of course it does gives you confidence. Everybody wants to see winning trades.

An example of a 90% winning system trader.   

But here’s a scenario, I had someone many years ago, and you may have heard me talk about this in the past, who came to me with and this was a real situation, by the way, came to me with a 90% winning system. So every ten trades, they had nine profitable trades, one loss. You’d think, especially if you’re relatively new to trading.

Wow, what an amazing system. I want to know how they did it. The issue is, is that person was losing money. And you think about it. How does that happen? Well, it’s quite simple. What they were doing is having small wins and a big loss. And to put it in very simple, basic terms, let’s, let’s talk pips.

You know, I don’t like pips. And I don’t believe in pips as a way of identifying profit. But let’s make it simple. And let’s say that they had nine trades in a row making an average of ten pips profit. So therefore they made 90 pips. You could think of it as like percentages. And they had one loss out of those ten trades that lost let’s say 100 pips.

So now the minus ten pips. If they were making 1% all the time and they lost 10%. Yeah. Same thing. You know, they’re negative, but the win rate’s really good, which is what you all want. And I’m here to say, well, maybe it’s not quite as important as you think. So for me, there’s more important factors.

A high reward:risk is more important.

And a good strategy to me should always have a high reward to risk. And that’s more important. And let’s do some very quick numbers again. Let’s imagine we still have ten trades. And let’s imagine instead of being a 90% winning system we’re only a 50%. So we’re losing half the trades. We take one and every two trades we take will now lose. Okay. In this scenario. Now let’s say we have a 3 to 1 reward to risk trade.

So that means on every single trader take I have a stop loss. Let’s call it 1%. And I have a profit targets. Let’s say it’s three times. Now of course in reality it’s not always going to be exactly that. But let’s for example, assume like some basic numbers. So three times my risk is my reward. So I have five trades five trades lose 1% each 5% loss five trades win 3 to 1.

They make 3% each 15%. So I’ve lost 5%, made 15%. Obviously it becomes a net gain. Positive 10%. But I’ve lost 50% of my trades. And you go well how can you lose half your trades and still be profitable? Well, I’ve shown you. So you take that scenario further and you can see like at 40%, 30%. And you know, you work out the numbers and the mathematical and, you know, numbers there and the stats, and you realize that you don’t have to have a 90% win rate.

It’s more important to have the quality trades and the high reward to risk than it is simply to aim for maximum wins.

Summary of what’s important to be a profitable trader.

So I hope that helps explain that scenario. I think it’s really important that you you understand that because it will massively, potentially change it or help you with your trading, but change the way you’re thinking of trading and get right to looking for high quality trades that are going to more likely give you high reward to risk.

Have your low controlled risk on every single trade. High profitable trades. Think of it as stepping. You have like, little losses, big gains, little losses, big gains like that. That’s how you become successful and profitable. Far more so than worrying just about you win rate.

If you’d like to find out more about that and you’ve not been on my masterclass yet, click on the link that you’ll find probably below this video or on this page.

17 minutes Masterclass and Book a Call.

It takes you through to a 17 minute free on demand, webinar masterclass and I’ll explain about what we do, how we trade, how we teach, how we can help you. If you’d like to book a call. You’ll find the link also here.

Blueberry Markets as a Forex Broker.

And if they’re looking for a high quality forex broker, I can highly recommend Blueberry Markets. I’ll put a link to them here as well. They offer not just the forex market but other markets like indices, metals, commodities, cryptos as well. Great bunch of people, high quality service and highly recommend them.

So if you have any questions that you’d like me to answer or any topics you like me to discuss on future videos and podcasts like this, send me an email or drop a comment.

Comments, Like & Subscribe.

Don’t forget to like and subscribe! I’ll see this time next week. This is Andrew Mitchem here from The Forex Trading Coach. Happy trading. Bye for now.

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In this video:

Is your Forex Broker’s Trading Platform set to the right time zone? If it’s not, it could be causing you many unnecessary losses. Let’s find out about 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 579.

What time do your charts start the new trading day?

You can ask the question about forex brokers and the time that their platform start the trading day and the trading week. It’s really important that you get this right, because maybe there’s a lot of people out there that just don’t understand it and don’t understand understand the importance of getting it correct.

So it doesn’t matter where you live in the world, the correct start time of the new week and each day of the trading week is always at 5:00 P.M. New York time. That’s Eastern Standard Time. So again, it doesn’t matter where you live. Doesn’t matter where I live. All you need to do is convert your local time into that 5:00 P.M. Eastern Standard Time, new York time start of day.

And obviously with most people around the world, they will have daylight saving. When you change from, you know, into summer, into winter, etc. and that’s the same also in New York. But 5:00 P.M. New York time is always 5:00 P.M. New York time. So the only thing that’s going to change is what that converts to in your local time zone.

So really important that you understand that. And there could be differences like for me right now in, March, we are in summer time in the southern hemisphere. But of course, in the northern hemisphere where New York is, it’s still like wintertime, winter in the spring. And, you know, vice versa. When they go to summer, we go to winter.

5:00 P.M. EST New York time is when the charts open for the new day.

But you have to understand that 5:00 PM New York time is always 5:00 P.M. New York time. So get that bit right and you’ll be fine. So how do you check that on your forex brokers trading platform? Well, the easy way to do that is to see when the new week starts. So when the charts open for the first time in the week, that should be Sunday 5:00 P.M. New York time, and each subsequent day will be 5:00 P.M. New York time.

And if you’re seeing that on your charts, generally if you go down to like a one hour chart, it will start at 00:00 Timestamp and you will see that on your charts and you’ll know in your local time zone what time that is. You’ll know that’s the start of the day. You’ll also figure out that that converts to 5:00 PM New York time. Perfect. You’re good to go.

Does your broker have a “Sunday candle”?  

The issue that we find not as much today is it used to happen, but some brokers used to have what we call a Sunday candle, and that would have been a candle that lasts 2 or 3 hours, at the beginning of the week before their first full day starts. Now, when you think about the problems that causes is the charts.

So if you’re using light indicators or support and resistance levels whenever you’re using, it assumes that one bar is equal. So it assumes that in the correct chart you should have five days on the daily charts. Each of them having exactly 24 hours. And if you do, fantastic. Everything’s good. The issue, though is if you’re broke, it doesn’t do that.

And it has this small candle at the beginning of the week and it’s representing effectively one day. But it’s not because it might only be a handful of hours. Generally, the market doesn’t move much at the very beginning of the week, and so all your indicators, your levels, etc. will be completely incorrect and distorted. So you had to be very careful with that.

Have a look at the brokers that I use – see here https://theforextradingcoach.com/forex_trading_resources/

So have a look at brokers that I use and I suggest especially like a broker like Blueberry Markets. They always open their new day on the forex market. It doesn’t matter what time of year. It’s always 5:00 pm, New York time, Eastern Standard Time. Very important that you get that right. And it will massively help you because everything then is set correctly with the forex market.

So I’ll put a link to Blueberry Markets if you’re interested in checking them out and having a look at them. I think they’re very good broker. Been using them for years, as have like thousands of other people who have sent to them.

17 minutes Masterclass and Book a Call.

If you’re interested in finding out more about trading and how we can help you, or figuring out any issues that you have and how we can, fix those for you, if you’d like to book a call with myself or one of the team, click on the link that I’ve put on here to book a call with us. Set a time, and, we can have a chat to see how we can help you with any issues that you currently have.

If you have not been on my masterclass, it’s a free, very short On-Demand session. I’ll put a link to that as well. If you’ve not been on it, I highly recommend you spend 20 minutes and go through that and have a look.

Comments, Like & Subscribe.

If you’re on the likes of YouTube anyway that you can like and subscribe and comment, please do so and then any questions? I’ll answer them personally for you to do my best to help you to become a successful forex trader.

This is Andrew Mitchem, The Forex Trading Coach. I see you this time next week. Bye for now.

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00:33 – What you must do in order to succeed as a Forex trader.

Today, I’m going to discuss the five things that you must have as part of your trading plan in order to be a successful, independent and profitable forex trader. Really important this. Let’s get into the more right now.

Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 578.

What you must do in order to succeed as a Forex trader.

That’s right today I’m going to give you my five top points that you must have in order to become a successful trader, but a profitable trader and also an independent and knowledgeable trader. So let’s get into it.

#1 You must have confidence in your trading strategy.

Now the first point is you must have full and utter confidence in your trading strategy. You must know exactly what to do when to do it. You must have proof in your strategy that it’s been proven across different markets, across different time frame charts, across a large amount of length of time that you’ve traded that on demo and small live accounts before taking it a little bit more serious on a bigger candle problem.

But you have to have that strategy. Why? Well, otherwise you’re going to doubt yourself. Aren’t you? Going to see something and you go, I’m not quite sure what to do here or you start gambling or you leave a trade because you’ve had a few losing trades. And of course, that’s the one that would have won. And you do all these silly things and you break the rules, you break your plan and it all comes down to having no confidence or a lack of confidence in what you are doing as a trader yourself and or your trading strategy.

It’s because it’s not proven, because you’re not really 100% committed and confident with it. And so to have a trading strategy, you’re fully on board with is the most important thing as part of being a successful and independent trader.

#2 Forget Pips and understand Percentages.  

The second point is you must understand risk. Forget pips, do not count your success or your failure on pips is just madness.

Luckily, over the last number of years, more and more people have figured that out. But when I started, everybody talked in pips and I’m talking 20 years ago now. But luckily today people understand percentages of risk. Now, for me, it’s vitally important that you have low and controlled risk on every single one of your trades and it’s equal.

So what that does is one, it gives you peace of mind that knowing that if a trade goes against you and we all have trades, it get stopped in you. No it’s perfect. It’s a part of trading. You got to accept it. But if a trade goes against us that’s fine. Providing that the set up that we took at the time look good and you can have some fantastic looking trade setups.

And sometimes the market goes against you. Something happens, news announcement, somebody says something, whatever it is and the trade just goes wrong, that’s that’s life. Okay? But if the trade goes against you, you have to know that you lose a set low and pre known amount as a percentage of your trading account. Therefore it doesn’t matter if you’re trading $1,000, $10,000, $100,000, $1 million, it doesn’t matter.

It’s still the same percentage risk. It also means that it doesn’t matter whether I’m trading a monthly chart or a 15 minute time frame chart. For me, my trades all have the same risk. So as an example, it’s that 15 minute chart trade was the profit or the monthly chart lost all the other way around. It doesn’t really matter.

I know how much I’m losing as a percentage of my account on either of those two trades. They have equal and low and known risk.

#3 High Reward:Risk trades.

The third point you have to have leading on from that is high reward to risk trades. You’re never going to make money if you have trades that make less than you risk. It’s just hardly going to happen because you’re winning percentage needs to be absolutely perfect.

It’s hardly going to happen. So a lot of the times I see people at their. One they’re trading on two shorter time friend chart, and it means that they have a real struggle to gain a high reward to risk from their trades. You see the high the time frame chart in general, the higher the reward to risk you can get out of the trade in general, not all the time, but that would be a pretty general thing to suggest.

And so if you are trading, let’s say 2 hours, 4 hours, 6, 8, 12, daily, weekly, monthly, you’re going to get yourself a lot, lot better reward to risk as you get higher and higher timeframes. Then if you’re trading, say, hour charts or 15 minute or 5 minute or anything like that. And so having high reward to risk is crucial because it means you can have, let’s say, two losing trades, one winning trades, a net gain.

You’re still making a large amount of gain again in a percentage terms. So a little bit like the reward to risk. It doesn’t matter what the time frame or how big the stop loss is in terms of pips. You’re providing that your gain is multiple times your risk. Your profitable trades will have, let’s say, high 5% risk, maybe one and a half to 2.5% gain for a half percent risk.

That’s what I mean by reward to risk. So you have to have that in your favor. Just little small losses, big gains, little small losses, big gains. That’s how you’re going to achieve great results as a trader.

#4 Don’t let trading control your life.

The fourth point is you must be realistic about your trading. Does your strategy and the way you need to trade it to be successful? Does it work in like properly with what else are you doing with your family with, you know, sport, music, you know, kids travel, work, you know, whatever it is that you do, hobbies, you have to be realistic about this. And so I think it’s really important that you look at, for me, my strategy, I only look at a trade on the completion of a candle.

So that’s a daily chart. I just need to look once a day. If it’s a 12 hour chart, I just need to look twice a day. See what I mean? 8 hour chart three times a day. I don’t only look once a day on those because of times of day. It has to be realistic for where you live.

Doesn’t matter that I live in New Zealand, you may live somewhere else. Doesn’t matter that the market opens in New York. Forget that we can all trade like the longer timeframe charts. That also leads on to one other point that I haven’t put on here. But for me, the importance of high reward to risk means trading in limit orders as well. I’ve made another video about that that you can find.

#5 Belong to a trading community.

And lastly, point number five, this is not an absolute must have, but I think it’s vitally important for people, especially if you’re newer to trading and it’s about having support. It’s about having a network of people, someone to talk to, someone to bounce ideas off, someone to ask questions to, a community of like minded good traders all at this trading the same strategy.

And that’s why we come into things that The Forex Trading Coach, our community, our forum site, our daily trades that we post each day, our live weekly webinars, the communication between clients and ourselves and everybody helping each other out with the same trading strategy is vital. I quite often will see someone post a trade on my forum site.

Now I wasn’t even looking at the time. That’s a great trade. Thank you very much. Last week, for example, I had a plus 3.6% gain for the week and I only risked a quarter of 1% on each one of those trades because they get copied through the prop firms. So having that community that supports like minded people trading the same strategy is massively important and you cannot underestimate that importance out there.

So if you’d like to find out more about how we operate, how we trade, how we teach, how we can help you. We doing this as I said, nearly 16 years of teaching, I personally been trading 20 years. And look, it just works. Nothing’s changed in that time. In terms of the strategy. That’s a really important point.

That comes back to number one. I’ve got such confidence in my trading strategy that I just know what to look for, and that’s what our clients do as well. We’ve got clients doing very well, making great income, passive income, prop firm income, passing challenges.

17 minutes Masterclass and Book a Call.

Have a look at my masterclass. I’ll put a link to that here. If you’d like to book a call to have a chat with one of us, please do that. Make sure the right fit for each other. Before you look at any commitment on board, we want the right people on board with us that are going to be successful. You know, thinkers, people that are going to put some effort in, people that are going to make this work because that’s how we operate, and that’s what we expect from our clients. In order for them to have the highest chance and probability of success. And that’s why we do so well.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a good broker, have a look at Blueberry Markets. They’re a fantastic bunch of people. They’re over in Australia, but they can take clients with pretty much anywhere in the world apart from a few countries, US (United States of America), of course, being one of them.

But most of the people, you can trade through Blueberry Markets. They’ve got a massive amount of markets on their MT5 platform. Have a look at them. I’ll put a link to them as well.

Comments, Like & Subscribe.

Thanks for watching and listening. If you have the ability somewhere to watch or like, subscribe. Share this to other people who you think will be interested in learning how to trade properly.

Any questions? Send me an email. [email protected] I see this time next week for more trading tips and information. Bye for now.

In this video:

Why is it that so many trading strategies fail to deliver? They look promising and then they fail? Let’s get into that a more right now.

Hey there, Traders! This is Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 577.

Failing trading strategies.

Today I want to talk about failing trading strategies. Why do so many strategies fail? You hear the stats out there like 90-95% of all people lose money when trading. So what is it about that the why? Why this strategy is just not working?

It’s quite annoying for people. You know, people would put a lot of time and effort into developing trading strategies. They do a lot of backtesting, a lot of research, and inevitably things go wrong when they take it live. So a few reasons.

A lack of trading knowledge.

One of the main reasons is actually a lack of trading common sense and knowledge within the strategy itself. And what I mean by that is a few things. A lot of people just fail to actually understand what is happening in the market right now. Actually, is it a good time to be trading right now based on what you’re seeing on the charts? And that, of course, can determine by the timeframe chart you’re trading, the time of day you’re trading the currency pair or even the market.

If you’re looking at cryptos or metals indices, etc.. But a lot of people just rely so much on a big mismatch of indicators. And this one crossing over that one and all these results look really cool. The indicators look really flashy and and look how I’ve done it myself. Years and years ago I did exactly that. I was over optimizing things.

I was making the perfect, you know, curve, results and and everything on paper was looking amazing until I took it live. And time after time after time, the strategy failed and I lost money. And it gets very frustrating because, as mentioned, people spend a lot of time trying to work out a strategy for them, but they fail to look at things like the price, the obvious thing, like what is the price right now?

The amount of times I see people like selling signals and services. And as an example, there’s a big right number in the way, and they’re taking it buy trade straight into that round number. Like why would you do that? That just makes no sense to me. But whether that’s an automated system or that’s because this line crossed over that line and it says buy now that’s what they do.

What is the actual price?  

They fail to look at the right hand side and go, that’s a round number. And oh, let’s have a look back through history. You wouldn’t believe it. But every time that round number has been hit in the past multiple currencies, it hits that level and falls away again. So guess what’s likely to happen right now? It’s likely to head back up there and drop away again.

And so if you understand candles and you have a strategy that looks at the price and understands what’s happening in the market, you can look at that and say, I think is a great opportunity for sell trade here.

My longer term might be down. You know, all these things that we look at could be saying a sell trade but a lot of other people were looking at this and they’re crossing over, something’s crossing over another line and they’re just taking it by trade just willy nilly, because this line’s crossed over that line and that’s their strategy.

Now, when they developed that strategy, they probably tested it, back tested it, curve fitted it, over optimize it. And it worked beautifully again until they take it live.

A signal service website.

Give you another example. A few weeks ago I was suggested to have a look at a signal service website where there was some really quite good results.

And I was very careful and very particular with the signals that I trialed and I purchased, because I made sure that I chose ones that had very low drawdowns and put a combination together that was very low in its risk. And to be honest, for the first few weeks it was actually going okay. And then guess what? The market changed and a currency pair started to fall.

And it kept buying and buying and buying and 2 or 3 strategies combined all went wrong. And in the end it lost a big chunk of my capital. Luckily I was only on a relatively small account and just demoing. Well, not live money, but, you know, just experimenting with it. But it just lost and it just showed me yet again that you should never really rely on a system that you don’t know how it’s traded.

What makes us different?

And that, again, comes back to how we trade and why I believe what we do is so exceptionally good, and how our traders and our clients become so successful because they understand what it is they are doing. They know when to enter the market. They know exactly where to enter and exit. They know why they’re doing it. They know when to look at the charts.

They know which charts in which trades and which pairs to avoid. When the market is going sideways and there’s nothing happening. They understand strength and weakness within currencies. They have some support and some help. And you put all that together with a very well proven strategy that we’ve been teaching now for coming on close on 16 years this year.

16 years of coaching.

Now, if you want proof of longevity against an across market, across different time frames, across trading conditions, that’s what you need. And again, it comes back to the basics. And we look at price action. We look at the price we look at. Are there more buyers or sellers in the market right now? Which way is the market moving. Has it hit a certain level? Is it likely to bounce there again? Have we got room to our profit target? Have we got protection for our stop loss? Do we have high reward to risk on our trades? Do we have low risk per trade. All these things put together, it’s like a broken record going round around around again.

I’ve said it for 577 videos and podcasts right now because it’s something you’ve got to get right within your trading because it works.

17 minutes Masterclass and Book a Call.

So if you’d like to find out more about how we do that, I really encourage you to jump on to my masterclass. If you’d like to book a call with us to discover for a good fit for each other, I’ll put a link so you can have a free consultation with myself, one of the team, to just discuss what we do and how we can help you in to see if we’re a good match for each other.

And lastly, if you’re out there looking for a very good quality broker, I can highly recommend Blueberry Markets. They have a brilliant array of markets. More and more cryptos as well coming on board right now. I see they’ve just taken on the Trump USD crypto a few weeks ago. There’s, there’s more forex pairs in a more exotic and minor pairs coming on board, more metals, more indices.

Blueberry Markets as a Forex Broker.

There’s just so many markets that, Blueberry Markets have on their MT5 platform. So I’ll put a link to them as well. Not only that, they are incredibly good, highly responsive group of people that work there as well. Top, top people. So, I can highly recommend Blueberry Markets.

Comments, Like & Subscribe.

Any questions you have, about this video and future videos and podcasts that you’d like me to discuss, topics that you’re struggling with.

Send me an email, [email protected]. If you’re watching, don’t forget to like and subscribe or share the video or share the podcast. I see you this time next week. Bye for now.

In this video:

Today I’m going to talk about indecision candles, how to trade them, how you can use them, how you can take advantage of them, and how they will likely improve your trading performance. Let’s get into that a more right now.

Hi Traders! This is Andrew Mitchem here at The Forex Trading Coach for a video on podcast number 576.

What are Indecision candles and how do you use them?

Outside again today, another stunning New Zealand summertime day. I want to talk today about indecision candles. They are candles that open and close at pretty much the same price. There are candles that are small so they can be called or look like a hanging man candle or a pin bar or doji, depending on where they show within the charts.

Now, do we trade them just by themselves? Absolutely not. You always need to have some form of confirmation candle after the indecision candle to give you the trade entry. However, they can be what I call an early warning system, and that can be really important to your overall trading success. I’ll give you a few examples.

Examples of using an Indecision candle.

Let’s say that you saw a big uptrend, and then the uptrend suddenly stalled and a indecision candle formed. It could be a hanging man pattern let’s say. That’s giving us the clue after the uptrend. That is some stage during that hanging man. That the sellers were in control and had started to push the market down. Now by the close of the candle the buyers had pushed it back up again. But it tells us that there are sellers out there within the market. And so the beauty of that is it gives you a clue of what could be coming.

Now the other important thing is to see that indecision candle bounce at a certain level. It could be a round number. It could be a previous high some form of resistance level to give you a clue that it’s actually happening for a reason.

We don’t still take a trade. We then need to wait for the next candle to form a bearish confirmation candle, and that then gives us the confirmation to go short. So a great way of saying well potentially there’s a trade coming here. Now I’ve seen confirmation. Now I get in the trade as a reversal. Same thing with a continuation trade as well.

The other scenario could be that would help you is let’s say you were in a trade. Let’s say you in that same uptrend and you’re not quite at your profit target. And you see an indecision candle. Well that’s giving you again the same early warning signal to say potentially our uptrend could be coming to an end. You may not see the reversal signal come next and the trend might continue back up again.

Still hasn’t got your profit target. Let’s say there’s another indecision candle that something to tell me that may be this uptrend not going to continue. So that potentially then could be your clue to get out of the trade either completely or partially or maybe move your stop loss, whatever it is that you do as a trade management tool to ensure that when the trade does turn around, let’s say, and it starts dropping, that you don’t lose out on that trade and your winning trade ends up turning around to, let’s say, a complete loss. That’s just what you don’t want is what you need to do everything to avoid.

Your trading edge.

And so to me, looking at charts and seeing what actually the meaning is behind a candle is where you have an edge. You’re trying to figure out what’s happening in the market. Are the buyers in charge or the seller’s in charge? Is there that indecision?

And then the change in direction has that happened at a previous swing high or a bounce level, a resistance level, the pivot point, whatever it might be. So understanding what candles mean, the patterns, the shapes where they’re occurring on the chart can give you a massive edge, as a trader. And that’s one of the things that we do here at The Forex Trading Couch.

17 minutes Masterclass and Book a Call.

So if you’d like to find out how we do that, and if you’ve not been on my 17 minute on Demand masterclass, I’ll put a link to that so you can find out all about how we trade and teach and how we can help you.

If you would like to come on board and join us. So let me know and I can send you details about, what we offer. By the way, we’ve been doing this nearly 16 years, so we kind of know what we’re doing by now. And it’s well and truly proven across all markets and all market conditions.

If you’d like to book a call with us first to have a chat to see if we are the right fit for you. If looking at, you know, have everything that you need, to help you as a successful trader, I’ll put a link that you can, jump on to our booking calendar and, and book up a call to have a chat with us to see, you know, if we’re the right fit for each other. I think that’s also important as well. From both sides.

Blueberry Markets as a Forex Broker.

And lastly, if you’re out there looking for a top quality broker, I’m going to put a link here to Blueberry Markets. They’re based in Australia. They’re fantastic. You know, just people that, service, everything about blueberry markets is absolutely top quality. I’ve known them for years and years since they started.

I’ve been over there seeing their offices. Lots of lots of my clients and known clients that have joined with Blueberry markets. Upon my recommendation. And without fail, they’re always, always good. Top quality communications. So if you and they’re looking for a top quality broker, I look at their MT5 platform, they also have MT4. But, I’ll put a link to them and you can decide if it’s a broker that, suits, your criteria as well. And I think you’ll find that they’re a good option. That’s it for this week.

Comments, Like & Subscribe.

And don’t forget to like and subscribe. If you’re watching and if you’re listening on the podcast, sorry, but you miss out on this beautiful blue day here, and.

Improving your trading performance.

But, you know, it’s part of trading you you’ve got to understand what’s happening on the charts. The indecision candles can be a big help. And, to massively improve your overall trading performance.

And if you have any questions you would like me to discuss on future videos and podcast, just like this one, send me an email, [email protected]. I’ll be glad to make a video to help you out on any topics that you’re struggling with and, this is Andrew Mitchem here at The Forex Trading Coach.

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

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In this video:

How do you trade in less than 30 minutes a day? Is it possible and is it realistic? Let’s talk about that a more right now.

Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 575.

Trading in 30 minutes or less per day.

I quite often get asked the question, look Andrew, you say that you trade in 30 minutes or less per day. How do you realistically do that and can you do that as a new trader? You see you know, the answer is yes, you can.

Of course. That’s why we say so. But the problem that I find is so many new people to trading and look I did the same, you know, myself 20 plus years ago. The issue that people have is they feel that they should be looking at, taking trades all the time. And as a result of that, the fun, the excitement, the, you know, the movement, is often seen on the very short timeframe charts such as, like one minute charts, five minute charts, 15 minute charts, and people feel that they need to be looking at those because that’s how they accumulate, trades and pips. People still mistakenly count their success in pips, which of course is completely the wrong thing to do.

New traders think they need to be taking trades all of the time.

And so when people start out, they think that they need to take lots of little trades. The realization comes when you realize that you’re just not making money from that. One the cost of the spread just gets in the way pretty much on almost every trade you take on the forex market and, you know, just eats into any profit.

Reward to risk is very hard to achieve or a good reward to risk. And also just realistically, you tend to find that a lot of people will sit down. They see a trade, or they think they see a trade because they’re ready. And so they’re taking far too many trades there, forcing trades because they’re sitting that.

And the other realization is that it’s actually not very enjoyable when you’re spending so much time looking at the charts, flicking through charts, getting very stressed when trades are open because you’re watching, like, small moves up and down, you know, going into profit, then you trade goes against you. Oh my goodness, I need to close it early and you start doing all these sort of crazy, rash, things without, you know, decisions without really a lot of thought or planning behind it.

Less is more.

So for me, the answer is less is more. I’ve been a fan of longer time frame charts. Now, it doesn’t mean to say I don’t look short a time frame. When I hold webinars for my clients, I look at one hour charts, etc. two hours, sometimes 30 minutes, but not very often. But 90% of my trading is done on the longer timeframe charts of like, six hour, eight hour, 12 hour, daily, weekly, monthly.

And you’ll find that those are a lot more enjoyable, are a lot more, reliability within the candles as well, within the charts. Reward risk is easier. Spread becomes you know, almost insignificant on so many of those pairs when you’re on a daily, weekly and monthly timeframe charts. So that becomes better, becomes more reliable.

My 2 preferred trading times.

Now, when you know when to look at your charts. Now, my two preferred times, this is purely my preferred times because of where I live and time of day, etc.. 5 p.m. New York time is the best time of day to start looking at your charts. Now, you don’t have to be there at that time, but that’s when the daily chart changes over. And at that same time, you can look at, no, at the beginning of the week, you can look at weekly charts, beginning of the month, look at monthly each day, look at daily charts.

And then at that same time each day, you can go through and look at 12 hour, eight hour, six hour charts. And that’s what I mean in terms of like 30 minutes a day. You can scan through those full time frames really easily in 10-15 minutes, like very easily. And so my other time frame that I try to look at is 5 a.m., New York time.

And at that time I scan through the 12 hour, the six hour, sometimes the four hour and the two hour charts and just literally scan through in ten minutes again and see if there’s any suitable trade set ups using my strategy.

We use limit orders to place trades

And if you think, well, I can’t trade those times, it doesn’t matter, because the way that we trade is we use limit orders anyway. And as an example, if you’re in, let’s say, Europe and you say, well, the 5:00 pm New York time close is my night time, I can’t trade then that’s fine. Look at placing those trades in your morning time. Sometimes you’ll miss out on a few trades if the market takes off in the Asian session. But most of the time you won’t.

And you’ll find that, you know, most of the action, of course, will start into the European session, US session. So you can trade those, those daily charts pretty much, wherever you live in the world. Very, very easily. You don’t have to be there at exactly 5 p.m. New York time.

Some clients just trade once a week.

So, I have clients also who, you know, very busy people who trade just once a week on the weekly charts. If you wanted to, let’s say, trade a few times a week, I would, pretty much pick a Tuesday, Wednesday, Thursday. Monday is always a bit quiet or can often be a bit quiet out of the week. Not a lot happening until, like, the European, Asian, European and US sessions kick off. And I would probably skip a Friday as well and focus on 2 or 3 days in the middle of the week.

You’re going to get your best chance of success and good market movements. So that’s how you can trade like, just 15, 30 minutes a day, a few days a week. And you’ll do very, very well once you know what you’re doing.

17 minutes Masterclass and Book a Call.

If you’d like to find out how we can help you to do this and how we do this ourselves, I’ll put a link here to my masterclass. It’s a free on demand session. Jump on it and have a look through it. it’s only 17 minutes. And just to get an understanding of how we trade and what we do,

If you’ve been on that and you’d like to book a call with one of us, you can do that as well. We’ll, we’ll open up a, a booking calendar where you can book a time to have a chat with us about what we do and if we’re a good fit for each other. And if we can help you.

Blueberry Markets as a Forex Broker.

And lastly, if you’re out there looking for a high quality broker, I can highly recommend Blueberry Markets. They have the MT4 and MT5 platform they base over in Australia, but they can take clients pretty much anywhere around the world apart from the US. But anybody else? You know, I have a look at, blueberry markets. And again, I’ll put a link to them here as well.

Enjoy your trading.

So, that’s it. It’s really important that you enjoy trading, do things like this, you know, outside summertime here in New Zealand this time of year, of course, southern hemisphere. Go and do things that are enjoyable and then, you know, you’ll really enjoy your trading as well.

You can’t have you trading been a bind that, you know, you glued to your charts, you glued to your computer. It’s just not fun. Less is more high quality trades, less of them. You’ll just do so much better. And again, that’s why we do what we do and why we enjoy doing what we do. And it’s why it works for so many, you know, thousands of people right around the world because you can still, you know, have family life, job, travel, whatever it is that you do and trade at the same time.

It’s not saying you need to sit there for x number of hours every single day, glued your charts, because let’s face it, that’s not fun. It’s not profitable either. So those two things are very important to get right. Of course.

Comments, Like & Subscribe.

So that’s it for this week. I hope you enjoyed the session. Don’t forget to like and subscribe. And, any questions you have, please come through to me. I’ll, see this time next week. This is Andrew Mitcham here at The Forex Trading Coach. Join this beautiful sunshine here in New Zealand in summertime. And I also enjoy trading and, take my trades this morning. And that’s it. Until later tonight. My time. See you next week. Bye for now.

In this video:

What do you do when you see this scenario happening on your charts? You’re looking at the same pair, but on two different time frame charts, and you’re seeing two signals but in opposite directions. It’s a common issue. We have a simple solution for you. Let’s talk about that and more right back.

Hey there. Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video on podcast number 574.

Confusion on the charts.

A common scenario that causes a lot of issues. You’re on the EUR/USD. You’re on the daily time frame and you see a fantastic buy trade setting up. And you’re thinking fantastic. Let’s take a trade on this. Moving the market upwards in a bullish buy direction.

With the euro looking strong us looking weak. The issue is that you just taken that trade and you then scan through different time frame charts. And at the same time you’re seeing on the one hour chart the EUR/USD falling and it causes confusion. What do you do in that scenario? Do you take both positions? Do you take neither?

You get confused. Do you get stopped out on both? What should you do.

The longer time frame charts are generally more reliable.

So, simple solution for you is this. In general, the longer time frame charts are more accurate. In general, they should be more reliable. They offer in general, high reward to risk trades, and they are better to take because they have more data contained in within them.

And you can allow for fluctuations in market movements because you stop losses is likely to be bigger. But of course your profit target is going to be bigger. Your reward to risk is still similar, but probably better to your one hour time frame chart.

How I’d approach this scenario.  

And so what I like to do is I would certainly be taking that buy trade on the daily time frame, because that’s where my bread and butter trading comes from.

However, the way that we trade is that we don’t just say we’re taking it buy trade on that daily time frame. We look for retracements within the market, so unexpecting at some stage within that day. For the EUR/USD to fall. And that could be the exact scenario that you’re seeing at that time. But on the shorter timeframe chart where we see our sell opportunity on the one hour chart.

So on the daily timeframe, yes. Overall, I’m expecting within the next day or so for the market to move up. But I’m realistic and I’m expecting that potentially we should see a pullback or a retracement first. So when you go to your shorter time frame chart, it’s like you one, two, three, four hour charts. You may well see a sell trade and see the market pull back.

Now two scenarios there. You could look at that and go well longer time. I’m seeing the market moving up. I’m ignoring that shorter time frame sell opportunity. Or you can say, well I can see that sell opportunity because it’s on a short timeframe. Realistically my stop loss or my profit target a lot smaller. Again, the ratios are very similar, but there are lots more in terms of size.

So what you can do is take that sell trade at the same time, and you can profit from that small pullback on the shorter timeframe chart, whether it’s one, two, 3 or 4 hour chart let’s say. You can profit on that sell trade at the same time as that moves down, you’re probably going to find on your daily chart your limit order buy limit orders probably being filled by now.

And you take that sell trade on the short timeframe chart. You hit profit on that and then at the same time, bigger picture, your limit order gets filled on your daily chart, and then the market changes and moves up into your anticipated direction. That’s a fantastic scenario. When you see that happen, because you’ve got the same pair, two different trades in opposite directions, both becoming profitable.

And that’s the key to understanding what’s happening in the market and knowing when to enter, where to put your stop losses and your profit targets to ensure that both trades become profitable and you get good rewards to risk out of both trades.

High Reward:Risk trading.

Now let’s say one was profitable and the other wasn’t. With the way that we trade, let’s say we have a 3 to 1 reward to risk on our trades.

And let’s say it doesn’t really matter which one works and which one doesn’t. But let’s say the one hour chart worked and the daily didn’t. Let’s say on our one hour chart, we make a 3 to 1 reward to risk on our daily, we lose our, set risk of, let’s say, half of 1%. So we make 1.5%.

We lose half percent. If the scenarios have changed and our one hour short timeframe chart gets stopped, that we lose half percent. But our daily bigger picture by trade works and hits the profit target. We make 1.5% or 3 to 1, so we’re still net positive even with a 50% win rate. Of course, the ideal scenario sell trade works.

We make a 1.5% gain the buy trade on the daily works, we make another 1.5% gain. Fantastic results. 3% from two trades on the same market at the same time in opposite directions. And that’s what often happens when you have a strategy in place with reward to risk that you know and understand, and a strategy that is proven across all timeframe charts or markets and over such a long period of time. And that’s what we can help you with.

17 minutes Masterclass and Book a Call.

If you’d like to know more. Have a look at my free masterclass. If you have been on that already and you’d like to book a call with us, then you can do that as well. And I’ll put a link to both of those on this video and podcast page here, so you can follow along and jump on to the masterclass, or book a call and have a chat to see if we’re a good fit and say if what we do is something that’s going to work for you.

Blueberry Markets as a Forex Broker.

If you’re out there looking for a very good broker, I can highly recommend Blueberry Markets. They are fantastic broker. I’ve been with them for years and years, as have hundreds if not thousands of our clients and other people who I suggest have a look at blueberry markets, good people, good spreads, lots of markets available, and more and more markets coming on board now, especially on their MT5 platform. And I can highly recommend them.

Comments, Like & Subscribe.

If you have any questions or topics you’d like me to discuss as we head into this year, to help you with your trading in 2025 and beyond this, send me an email or leave a comment here, and I’ll be glad to help you and to discuss topics that you’re having issues with to help make you a successful trader.

This is Andrew Mitchem at the Forex Trading Coach. I see this time next week. Bye for now.

In this video:

How are you going to ensure that 2025 becomes a fantastic trading year for you? What are you going to do to make that happen? Let’s discuss that and more right now.

Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 573.

Setting your trading goals for 2025.

First video on podcast for 2025. So the obvious thing that everybody talks about at the beginning of the year is New Years Resolutions, setting goals, all those type of things. Now I’m kind of going to talk about that, but I also want to make it realistic.

You see, I’ve sent out an email just yesterday talking about why people quit their New Year’s resolutions, and already by mid January, most people are given up on diets and gyms and all these things they said they were going to do. So it’s no good discussing that. Because realistically, some of those things are just not going to be achievable and you’ve probably already given up by now. So I’m a realistic, I like practical, realistic things, achievable goals.

What are you going to do to become successful this year?

So what is it that you are going to do to make sure that this year becomes a great trading year for you? What have you got written down? What have you set in place? What did you discuss with other people to ensure that with your trading, do you have the knowledge, the experience, the strategy, the support, to know what you’re doing?

Do you know, realistically, when you can trade, practically, when you can trade, how is it going to fit in with what you do, your lifestyle, your family commitments, sporting, music, work, whatever it is that you have going on in your life? So that’s how we get to the end of this year. You can look back and go, yeah, look, I pretty much stuck to my trading plan because I set realistic expectations at the beginning of the year when I can trade what markets I’m going to trade, what timeframes I’m going to look at, what type of patterns or in news events.

If you’re a fundamental trader, what am I trading to make it real? What’s my risk going to be? How many trades would I have open maximum at any one time. What am I realistic? Drawdown expectations. My profit expectations? Am I going to invest in myself? Am I going to invest in education? Have I already done that? If I’ve done that, have I actually followed through with that information and learned it properly?

Or I just sort of glossed over it last year, not really giving it a good shot. All those things you need to decide for yourself, but make it real.

Trading in less than 30 minutes a day.   

That’s why I say that we can trade in 30 minutes or less per day, because it’s something that’s realistically achievable, it’s enjoyable and it can be achieved by anybody. Doesn’t matter where they live in the world or what their other commitments are.

You can trade once a day at 5 p.m. New York time. You don’t even need to be there, by the way. We’ve got clients in 108 countries. Of course, not everybody can be on at that time. So that’s why we use limit orders as well. We make it real. We make it, something that is achievable to everybody.

So if you’d like to find out more about how we can do that, I can help you with that as well.

When to look at the charts and what time frame charts to trade.

But the other thing you need to know is when are you going to look at a chart, you know, and what risk it’s taking. All these things need to come into your plan. Are you on a demo account?

Have you been profitable on a demo account? Are you want to live or you want a mixture? Have you proven yourself on a small live account? And maybe your next goal is a prop firm. And with the prop then are you realistic about how you’re going to achieve results on that? Now to give you some examples.

Trading on large prop firms.

Now we’ve got people who are looking at trading $1 million prop firm accounts this year and beyond. You’ll notice that some prop firm companies offer up to $2 million. But let’s say for, you know, number, it takes two months for our clients to pass that $1 million prop firm account and make 10% on that account. Now, obviously, 10% on $1 million is $100,000. They’re on an 80/20 profit share, let’s say. That means $80,000 for them when they make that 10% gain on that prop for $1 million account.

Now, if you’re sitting there every two, three, sometimes one month with a 10% gain and making $80,000 per time, do you think that they going to worry that they spent $2,000 with me a few years ago and learned my strategy and system, and have turned up to webinars and forums and watched daily trades and videos, etc.

Investing in yourself up front.

So they put in a bit of effort and time and monetary commitment. At the beginning. And now they could be potentially earning, you know, $80,000 every few months. So you’ve got to look at that as well and go, wow, that’s a great return. Of course, it is an absolute no brainer. Why wouldn’t you do it? But also you got to realize that for a few months, years, some of those people have just earned small amounts of money or just demo money.

Another reaping the rewards. So you’ve got to be realistic about what stage of the process and the journey you are at. But it all comes back to the very basics of understanding money management, a good strategy, and some support and help around you. Now that’s where we can help.

Our 16th year of coaching.

Of course. We are entering our 16th year at The Forex Trading Coach. I don’t believe there’s hardly anybody around today who was around back then in the educational field. So the strategy is not changed. The people on board have not changed. Everything remains, constant because it works.

17 minutes Masterclass and Book a Call.

And if you’d like to find out more about how we trade and teach and can help you, have a look at my free on-demand masterclass.

If you’ve been on that and you’d like to know more, and you’d like to potentially look at joining us, let me know and I can send you some more details.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a good, broker to trade through, I can highly recommend Blueberry Markets. And I’ll put a link to them as well.

Comments, Like & Subscribe

So have yourself a great 2025. Make sure you do commit to some realistic goals and expectations. If you need help with that, contact me [email protected]. Be glad to help you. I see this time next week. Bye for now.

In this video:

I’m going to talk about how you can trade successfully if you only have a small live trading account. Let’s talk about that a more right now.

Hi there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 572.

How to trade professionally if you have a small trading account?

I want to talk about a topic that affects a lot of you out there. And it’s all about how do you trade properly and professionally. If you only have a very small trading account, you see, the issue is that a small account, depending on who you are and your financial circumstances, may be a lot of money for you. And you become nervous. You’re not sure, how to trade. You’re fearful of losing money and you feel it’s not a sufficiently big enough account to make any sufficient and realistic money out of that account.

Dangers of gambling instead of trading.

On the other hand, you might be looking at trading, and you might find that a small account just play money for you. The danger of that is that you’re likely to do something really silly, and you’re likely to not understand risk management, and you’re not likely to calculate a lot sizing correctly, or you’re just going to gamble the money, or you don’t care about stop losses or for trade on forex trades opened over a weekend, whereas maybe your strategy says to shut those trades, you might over trade and take too many positions. And so depending on which side of the of the equation you’re at, the issues in some ways are still the same, because a small account can be hard to trade and to make what you call substantial gains on in terms of realistic monetary value. However, it’s very important that you trade that small account as though it was a larger account size.

Understanding correct money management and having a strategy.

It’s really important that you understand money management. Now, that account might be such a small account that the only thing you can do on your forex pairs is to trade 0.01 lots, and you may not have a big enough account to have really accurate, lot sizes. However, if that account is small, just trade 0.01 lots. Trade the absolute minimum lot size that you can.

The other thing that you really need to, get correctly here is a trading strategy. You know, just because you might have a lot of money and you’re just putting $500,000 in the can in this kind of play money, you’re probably going to end up losing it.

Or you might gamble in flukes and lucky trades, but without that strategy and that understanding of how you trade in the first place, you’re kind of not doing yourself any favors. Likewise, if that small account is a fortune for you. Get yourself educated first. Either way, you have to have a strategy that you thoroughly understand and have confidence in.

You have to have trades that have high reward to risk so that you can make substantial gains. But also it’s really important. Let’s say you had $1,000, right? And let’s say that over time you made pick a figure $200 on it, and it might have taken you six months. The issue that you have there is that someone’s going to go, Andrew, I just made $200.

It’s taken me six months to get there. This is ridiculous. But don’t do that. That’s a common mistake if you want to trade properly. Think of it the other way around. Think of it as I’ve just made a 20% return in six months on a live account. Now, yes. Realistically, that’s $200. And you go, wow. Yeppy! I can’t live off that.

No, of course you can’t. But you can make 20%. And with your strategy and your skills, you’ve just learned how to make 20% in six months. You know, that could easily be 30, 40, 50, 60% in a year.

You now have the skills to be able to trade.

Now you go out there into the real world and find too many places where you can make that sort of money as a return.

But not only that, you now have the skill of knowing how to do this. And that’s the crucially important bit that people underestimate. And people forget. They just look at the $200, they don’t look at the 20%. So if you can do that and you have the skills to do that, you’re small account is almost irrelevant and does not matter.

And that’s the point of this video. Just because you might only have $500 or $1000 to put into a live account. Don’t think I can’t trade or don’t think it’s pointless me even starting. Invest in the education in yourself to learn how to do this properly. Because if you can and you can make those sort of returns we just talked about, you can either potentially increase that account one day.

You may or may not be able to trade for other people or family members, if that’s possible, depending on where you live and circumstances.

Trading on a Prop Firm account.

But also, as you’ve heard me talk in the past, we have an opportunity now to use prop firms. Now, if you make 30, 40, 50, 60% in a year with low drawdowns, you’re going to do very, very well by trading through a prop firm.

And again, without sounding like a broken record. The important thing is, is to educate yourself first, have a strategy that you understand and believe in and know, and then your small account doesn’t matter. You’ll make great returns long term. Start small. Learn how to do it. You’ll make the returns if you do it the other way round. And you just rush in and you’re going to make, you know, think you’re going to be sitting on a beach or driving red Ferrari and doing dumb things and gambling.

Trading realistically is not for you or you’re not going to last. So treat it like it’s real because it is real. It is a business and that’s how you will succeed long term.

Final video and podcast for 2024.

Now, I just wanted to also say thank you for being here. Thanks for your support, for watching, for listening throughout 2024. And obviously under the previous 15, 16 years prior to that.

This is my last video for 2024. So and we’re taking a break over Christmas and New Year. So I just wanted to say thank you, for being here. And basically for, you know, for joining in, for following what I do. And if you’re a client, it’s been boring to have you on board. If you’re not. Well, maybe 2025 to the year that you should consider joining us. Have yourself a wonderful Christmas and New Year. We will be round to answer emails.

My 17 minutes Masterclass.

I do have my on demand masterclass is running all the time. They are recorded prerecorded so you can just jump on to that whenever you like. It’s only 17 minutes long. I’ll put a link to that. If you’ve not been on it really highly recommend you spend 20 minutes and do that over the Christmas and New Year.

Book a Call with us.

If you’d like to book a call with us to have a chat about how we trade and how we can help you, I’ll put a link here as well.

Blueberry Markets as a Forex Broker.

And also, if you’re out there looking for a really top quality forex broker so you’re ready to trade properly in 2025 regardless of your account size. I highly recommend Blueberry Markets and I’ll put a link to them.

Happy Christmas and I’ll be back in 2025.

So once again, have a fantastic Christmas and awesome New Year and I’ll look forward to coming back here and bringing you more trading information, tips and videos and podcasts in 2025. Bye for now.

In this video:

I’m going to talk about the importance of trading with strength and weakness in your favor. It’s going to give you a massively improved trading performance. Let’s talk about that and more right now.

Hi there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 571.

Analysing Currency Strength & Weakness.

Today is all about analyzing currency, strength and weakness. Why we do it, how we do it, and how it can massively help increase your overall trading performance. So you think about it in terms of basics. Well, if you’re trading something that strong against something as weak. Logic would suggest, it has to add more probability to the trade.

A real trading example using the Japanese Yen.

Here’s a classic example. Let’s say the Japanese yen was very weak across the board. And you’re looking at a chart, let’s say it’s the daily chart and you’re looking at the JPY it’s going up. You’re looking at EUR/JPY, it’s going up. The USD/JPY, the CHF/JPY, the AUD/JPY and NZD/JPY, USD/JPY, SGD/JPY, HKD/JPY, whatever it is that you have on your charts, everything against the yen is going up.

So therefore there’s massive yen weakness at this point in time. Now you’re probably unlikely to go and take all of those trades even if they were suitable candle patterns, even if they had some round numbers to protect, stop losses and they had room to hit that profit target. So all the things that we look for, you’re unlikely to go and say take ¥8, ¥9, ¥10 related pairs.

So what you’re prepared to do is analyze strength and weakness. Now, we clearly know that right now in our example, the yen is the weakest currency. But what happens if, say, the Australian dollar, the New Zealand dollar and the Canadian dollar were all fairly weak against everything else apart from the yen? So those are the commodity currencies and they tend to move together.

So let’s say you’re looking at the AUD/USD, it was heading down, the AUD/GBP was open, Aussie is heading up. So there’s Aussie weakness. You’re looking at NZD/USD, it’s heading down against the franc is heading down. There’s a lot of weakness overall in the New Zealand, the Aussie and the Canadian.

So that is telling us that maybe with our strength and weakness analysis that maybe that the AUD/JPY, the NZD/JPY and the CAD/JPY are probably not going to be your high probability trades on those daily charts that we talked about.

Refining the pairs you trade further.  

You could also go as far as saying, well, let’s have a look at, let’s say the EUR/JPY and the GBP/JPY. Also looking good. You could go as far as say, let’s have a look at the EUR/GBP and let’s say the EUR/GBP was heading down massively big red bearish candle on the EUR/GBP. That again tells us that the euro’s got weakness and the pound’s, got strength.

So now when we go to the GBP/JPY, we’re now trading a very strong currency with a very weak one. And therefore you may not want to take the EUR/JPY as well. So you might only be taking, let’s say the GBP/JPYH, the USD/JPY, you might see the SGD/JPY, all the HKD/JPY yen or the CHF/JPY also good.

But you know, you’re really narrowing down and focusing on not only the candle pattern but the strength and weakness at the time.

We analyse and post the Daily Strength & Weaknesses.

Now, every single day we analyze daily strength and weakness and we post it on our membership site for our clients to follow and to understand how to do this for themselves. I also do, by the way, if you’re not a client for a very free basic version of this each day on our website, which you can get for free every single day as well.

Those are not trades, by the way that I put on our free website. Those are strength and weakness analysis. So let’s say again, let’s say we were looking at that EUR/GBP as an example, heading down on the daily chart. If you were trading the following day and you saw, let’s say a four hour buy trade on the EUR/GBP, you might want to avoid it because the EUR/GBP looks like it’s heading down with that euro weakness and pound strength that we’ve talked about.

So what you might want to do is only take high quality set ups that are sell trades on the EUR/GBP that day. Likewise, if we go back to our GBP/JPY, whether you take that or not on a daily chart, if you see let’s say the GBP/JPY heading out, pulling back on four hour charts or two hour chart, six hour charts, whatever it is you trade and they see a bullish pattern, great.

You’ve now got strength and weakness and you’ve got the candle pattern all telling you that the market is likely to move up. All it’s doing is adding one more factor in probability in your favor.

Looking at the Weekly charts at the start of each trading week.

Now, I take that one stage further. We also, at the beginning of each week, look at the weekly charts. Now we go through and analyze the weekly chart and do the exact same process, but on a higher timeframe.

Now let’s say again, this pattern, the end that we’ve talked about, let’s say that on the weekly charts, the pattern again, look very strong. We’ve already identified on the daily charts the pan gains looking strong. That again adds more weight to our daily chart. Again, scale that down to, let’s say we saw really good strong bullish pattern on the pan down for our chart.

We’ve now got the weekly, the Daily and now the shorter time frame all showing bullish tendencies, all showing strength in the GBP/JPY all at the same time. Bigger picture daily picture, shorter timeframe picture Put all that together, you owe yourself, you’ve got yourself a very high quality high probability trade there.

Learn how to analyse the strength & weaknesses for yourself.

So if you’d like to find out how you can analyze the charts like this on descending strength. Weakness is part of our coaching program, but if you’d like to find out more about that, you can jump on to my masterclass.

Book a Call and talk with us.

If you’d like to book a call with us and have a chat with us to see if we’re the right fit for each other. Now obligation call just to find out if if what we do can help you. If you’ll write for us, you can book a call as well.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a high quality forex broker, I can highly recommend Blueberry Markets that based in Australia, they can take clients from most countries around the world. They offer the MT5 trading platform where you can trade forex, metals, commodities, indices, cryptos and of course be an MT5.

You can trade multiple timeframe charts as well, such as two hour, three hour, six hour, eight hour, 12 hour, as well as the more standard time frame charts. So I’ll put a link to all of that below.

Comments, Like & Subscribe.

Any questions you have, please email me Andrew @TheForexTradingCoach.com or like and subscribe and leave a comment.

If you’re watching this video on YouTube and I’ll see you this time next week. This is Andrew Mitchem at the Forex Trading Coach. Bye for now.