Podcast:

Why I Hate Fridays As A Forex Trader?

In this video:

00:42 Why I never get bored of Forex

01:52 The Way That I Trade

05:24 The Simple Process of Forex Trading

I hate Fridays. Most people think I'm crazy because they hate Mondays. But I hate Fridays. Let me share with you why right now.

Hi Forex traders, it’s Andrew Mitchem here I'm the Forex Trading Coach and in today's video and podcast I wanted to explain to you why I actually hate Fridays. As I mentioned most people, they hate Mondays. After having the weekend off, people really look forward to Fridays and they hate going back to work on Monday. Why is that? It's probably because most people actually hate their job. They don't actually enjoy what they're doing. They're more forced to be in sort of that job for an income or whatever the reasons may be.

Why I never get bored of Forex

But for me, as a Forex trader, and someone who is really passionate about Forex trading and has been for the last 12+ years. I never get bored of Forex. I always look forward to it. It's always changing. The market is always changing. There's' different reasons why price is changing. Fundamental reasons, all sorts of reasons, technical reasons why things change on a daily basis. It just keeps the whole spark and the whole interest in trading alive all the time.

As a trader you actually need that. If you don't have that enjoyment and that passion to want to see what's happening in the markets and see what's happening etc... What's happening around different countries around the world? If you don't have that passion, then maybe Forex is not for you and potentially it's maybe time to look at something else.

But if you are someone that wants to be a trader; who wants to get into trading... You don't need to spend all day and night trading. You definitely don't need to do that, far from it. In fact, complete opposite. But you still need to have an interest in it and a bit of an enjoyment and a passion in trading. Otherwise, why do it, you may as well go look at some other form of investment.

The Way That I Trade

For me as a trader, it doesn't mean to say that I'm glued to my charts all day and night. Far from it. Just yesterday, for example, I traded once in the morning at 9:00 o’clock in the morning my time, which is actually 5:00pm New York time when the daily charts closed. At that time I looked at the 1-hour charts, the 4-hours, the 6, the 8, and the 12-hour charts and of course the daily charts. Then I went flying all day. I was out flying to a beautiful island called Waikiki Island with my wife and my youngest daughter and we went off for the day. I came back in the evening my time and looked at 4-hour charts at 5:00 in the evening my time, and then at 9:00 in the evening my time which is now 5:00am New York time.

I looked again at the 1-hour, the 4-hour, the 6 and the 12-hour charts. That's it, that's all I did. Just traded 3 individual times within the day and still had some great trades. You'd have known by looking at charts this week, we've had some amazing strength in the British Pound (GBP). We've had lots of weakness in the New Zealand Dollar (NZD and also in the Euro (EUR). Yesterday, I took 2 trades on the New Zealand/US (NZD/USD) and the New Zealand/Yen (NZD/JPY), short term both of them. While I was away, I stopped for lunch on the helicopter trip and looked at my phone. I'd seen both trades had hit profits.

You don't have to be there at the time, staring at charts all day and night, watching 1-minute and 5-minute charts. Those times seem to suit some people and that's absolutely fine. But, you don't have to be there all the time... Because I trade less within day and I try to find to look for the higher quality setups on those longer time frame charts...