Online Forex Trading Course

Podcast: What to look for when choosing a good Forex broker In this video: 00:23 – Are you looking for a good Forex broker? 01:00 – What makes a broker different? 01:30 – The brokers I personally use and why 02:00 – Who to use if you live in the US 03:01 – Ensuring your funds are safe 03:15 – Use a 5pm EST start of day chart 03:50 – Tight spreads are needed throughout the entire day 05:02 – It’s your decision, your money – choose wisely 05:40 – The JPY strengthened all week 06:04 - Live trading webinar with my clients – great trading results achieved. What qualities should you look for when choosing a good Forex broker? Let's talk about that and more right now. Hi, Forex Traders. Andrew Mitchem here, the Forex Trading Coach. Today is Friday, the 19th of February. Are you looking for a good Forex broker? I've had a lot of emails come through this week, people are looking for a broker to use and coming to me saying, "Andrew, can you make some suggestions of some good, reliable, Forex brokers? I keep reading reviews about these brokers, I'm a little bit concerned about where I should put my money, who do I trust my funds with, and my Forex future with in terms of a broker. Who do I choose? How do I choose one?" Well, I've just come back from the IFX Expo in Hong Kong and at that event, there were a lot of brokers. What makes a broker different? When you look around at brokers, to be honest, a lot of them offer much the same type of thing in terms of similar type of platform, let's call it, MT4, Meta Trader 4 Platform. They offer a couple extra little gadgets and little incentives. Maybe cash bonuses, whatever it is, to try and get you on board. Basically, a lot of them from the ad side seem very, very similar so how do you determine who to go for and who to trust your money with? The brokers I personally use and why Well, for me personally, I only ever recommend four brokers. Three of them I use personally, and they are AxiTrader, Pepperstone, and Go Markets. I've had a relationship with all three of them for many, many years. I've referred a lot of people to them and I've got no problems. The odd time you get one little question here or there but almost no issues whatsoever, and if there have been issues they get dealt with real quick. I personally have quite substantial funds with all three of those brokers and I have no hesitation in recommending those three brokers. Who to use if you live in the US The other broker that I also recommend, and this is mostly for my US based clients, and that's ATC Brokers. All four of those brokers, they have very similar things in common. They have good regulations. I have a good rapport with their staff, I've found them very useful, very friendly in terms of looking after clients, good to deal with if you ever get an issue. The three Australian brokers, they're all ASIC regulated, Australian Securities Investment Commission. Now, if you're in Europe or US, you may think, "Well, why does an Australian broker really appeal to me? Well, the good thing is with those three brokers in particular, that they all have European and UK servers, they have branches over there, offices over there as well. You can have your accounts in Aussie dollars, Kiwi, Canadian, Franc, Pounds, Euros, so multiple currencies that you can trade in. I believe also ATC Brokers have a branch in the UK, I believe. Ensuring your funds are safe As a broker, you need to make sure that your funds are safe with that broker. As far as I can tell, all four of those are about as good as you can get. The other thing, they also have what I call the correct chart time. Use a 5pm EST start of day chart They start the day at 5 PM, New York time, Eastern Standard Time. That means that on the daily charts your day starts at 5 PM and ends at 5PM, 4:59. On the daily charts, there are five full, complete days within one week.

Podcast: How to Manage Open Trading Positions? In this video: 00:50 Your Different Options 02:58 Low Risk Trading Approach 05:42 Don't Forget About US Non-Farm Payrolls! What's the best way of managing your open trading positions? Let's talk about that and more right now. Hi Forex traders, it's Andrew Mitchem here, the Forex Trading Coach and today is Friday, the 7th of August. In this video and podcast, I wanted to have a chat about a really important subject and it's one that I discussed just last night with my clients on a live trading room webinar. I generally have a pretty full room of clients from all around the world and we get together every two weeks for around two sometimes two and a half hours of live trading. When I'm trading on my live account on my screen behind me here and my clients get to follow along and we have chats in between taking trades. Your Different Options One of those chats was all about how to manage open positions, you know, what to do? Really there are a couple of different options for you. 1. One, the most easiest, is to adopt a complete 100 percent set and forget strategy. That's something that I like to try and do as much as possible. Now I use the word try because not always do I do that. A set and forget policy means that if you have your stop loss in place for a technical reason and you have your top profit in place for a technical reason, when you take the position itself based on what you see, based on your strategy, you're happy to take that position. I like to give the market plenty of time to work and to get towards that profit target. Now of course if the trade goes against me, I'll get stopped at. I have a known pre-amount of risk on that trade, so for me and my examples, it's no more than half of one percent. That's a really good way of trading really. When I say managing your trade, you're not really managing it, because you placed it down and you leave it. 2. Another way is to monitor each candle, so for example, if I was to take a trade on the one hour charts, I might try to look at the completion of the next one hour buy and then the next one hour buy again and make my decisions on whether I look at closing some of the trade, all of the trade, moving stops, whatever it might be depending on the look of that next bar or next candle and on the close of that. If I was taking a buy trade on the Euro/US Dollar (EUR/USD), let's say, one hour chart and the next buy closes really quite strong and bullish, then yeah, I'm happy to stay in the trade. 3. Next one again, really bullish, I might then just leave it through to its full profit target. If all the sudden some indecision shows and it looks like it's then turning against me, that then could be the time to say “Hey look, it may not get to my profit target, it may now time to start closing out of that trade.”, or whatever it might be, according to your strategy. That's a couple of different ways. Low Risk Trading Approach Now as I shared with my clients last night on that live trading room webinar, I've taken only a handful of trades this week, around nine trades but all up I've had actually 18 closes so I've actually split some of those trades up into two closes or some even three and some just one. I've had 15 out of 18 profitable closes this week personally for a gain of 1.65 percent, which anywhere for me, if I'm looking with my low risk approach, somewhere between one and two percent gain consistently on average, then I'm more than happy with that. I'm on the upper side of that anyway, so far, with still today to go. Of course, while we're talking about today being Friday, don't forget it's the US non-farm payrolls later today. Always a little bit volatile, spreads wide and etc around the time, so always be really careful with any open trades that you have leading into that news announcement. It's probably one of the real major news announcements that I sort of really do try to have trad...

Podcast: Why Forex trading is one of the best things to learn? In this video: 00:28 Forex Trading Success Stories 02:20 The Lesson To Be Learned 03:20 The Great Thing About Trading I want to talk about why I think that Forex trading is one of the best things you could possibly learn. Let's get into that right now. Hi Forex traders, this is Andrew Mitchem here, the owner of the Forex Trading Coach. today is Friday, the 16th October, and I want to talk about why I just love trading Forex. There's many reasons, and I'm going to give you just a couple stories, to share with you. Forex Trading Success Stories I had a phone call yesterday, being Thursday afternoon, from a client of mine who lives here in New Zealand. He said, "Look Andrew, just been having some amazing success trading your strategy." He was perfectly open and admitted that the first few months was not that great. It took him a while to develop and understand the strategy and his own take on it, but he said, "Look, the last 10 months," he's been with me for about a year, "has just been absolutely fantastic." He gave me an example of five trades that he took the night before, the previous night, on the 8-hour charts, and he made over 10% on his live account. It's a pretty amazing figure when you think about it. Over 10%. I don't do 10% on one day, I certainly don't come close to 10% on one day, but this guy made over 10% on his live account on five charts. It was interesting that it was on the 8-hour charts. I've got some great software that I have for my clients, that allows us to create any timeframe charts that we wish to, on the MT4 charts. You'd know, if you use MT4, that the standard charts are the 1-minute, the 5, 15, 30, 1-hour, 4-hour, daily, weekly and monthly. I've got great software that I give to all my clients, and allows us to create charts such as 6-hour charts, 8-hour charts, 12-hour charts, whatever timeframe you like. Even if you wanted, say, 2-minutes or 4-minutes, if you're a very short timeframe trader. Brendan was making some great trades on the 8-hour charts and he shared it with me on the phone. We went through and looked at the charts and looked at the set ups. I also then shared that with clients on my live webinar last night. It was just great to show people this is what someone's done, he's seen the set up, he's taken them. The Lesson To Be Learned The moral of the story, in his opinion was, you need to almost get rid of all the clutter that you think that you hear, that you see. Get back to the basics of trading what you see on your charts. He said, "If I don't take any, worry about what's happening on the news or anything like that, I'll look at my charts and I'd go off what my charts are telling me is happening. Not so much what I think. If I start thinking the Euro's going to go up, then I see some ..." If you see sell/trade set ups, you may not take them, because you think it's going up, so it's really important to get back to basics and trade what you see on the charts. That's one great Forex story I'd like to share with you. As a coach, and as someone who's helped Brendan along, I just get so much pleasure out of hearing stories like that, because it just really is such a great success story. The Great Thing About Trading The other story is that we're trading, as you know, you can trade from anywhere, anytime. I was around one hour late with my daily suggestions today. Very rarely am I late, because I always make a point of being exactly on time, but I said to clients, "Hey, look. I'm away today, I'm flying at the time that the daily suggestions are written. I'm going to be one hour late. Sorry for that." In the end it didn't matter because we take pending orders, and they don't get filled at exactly the time that I write my post anyway. The great thing was I took my wife, my two girls, we headed for an hour and a half's flight down to the east coast of the north island of New Zealan...

Podcast: Andrew Mitchem’s tips for trading successfully in 2016 In this video: 00:37 – How was your trading last year? 00:55 – What are your plans for trading in 2016? 01:10 – My trading plan, download your own free copy 03:00 – A +3.1% account gain this week, a good start to the year 03:16 – I’ll be speaking in Hong Kong at the iFX Trading Expo 26-28th January   Do you have yourself a trading plan for 2016? If you don't, then you really need to watch this video. Hi, Forex traders. Andrew Mitchem here, the Forex Trading Coach. Welcome back to the first video and podcast for 2016. Today is Friday, the 15th of January. I want to talk about having a trading plan for 2016. I'll share some reasons for you really shortly.   How was your trading last year? First of all, how was last year? How was your trading year? Was it a good year? Was it not so good year? Are there things you can improve on? What did you do well on? What was not quite so good? Were you spending too long trading? What was it that you found good and what was it you found not so good about 2015?   What are your plans for trading in 2016? Take those points and use that to help build your plan for 2016. Where do you want to go with your trading this year? What are you trying to achieve out of it? Is it something that you want to do as a full-time income? Is it something as a passive income? Are you just learning at this stage? Have all that information jotted down or have it in your head, but then create a plan.   My trading plan, download your own free copy Now to help you out I've created a plan here which I have my own version written and printed out. What I've done for you, at the bottom of this video you'll find a form where you can just enter your name and email address. I'll give you access to my trading plan template so you can then go and go through the plan, look at the headlines that I suggest that you complete. Fill those details in, print it out, and then use that not only to think more about your trading, but every day before you start trading, have a quick look through that plan and make sure that you're sticking to that plan, because it really will help you develop as a more refined trader. It helps to take your emotions out of your trading. Don't forget to download a copy of that. It's freely available just by entering your details below this video. I hope that helps. I've got things on here such as when am I going to trade, what times of the day, what pairs, what time frames am I looking at. What type of trading setups am I looking at? Does that vary for different time frame charts? Where my entry and exits will be, where my stop loss is going to be. Again, does that vary for different time frame charts or different trading setups? Same with profit targets. My trade management: how am I going to approach open positions? They're almost at full profit. am I going to take that early or am I just going to leave it there? am I going to close part positions? Am I going to move stop losses up before news announcements? Am I get to close before the weekend? All those things, etc., I have in here. I've got a section on risk management. How much risk am I going to take per trade? Is that in PIPs or is that in percentages? Whatever suits you. How many trades am I going to take per day. If I've reached my trading goals, am I going to stop trading for the week? All those type of things here. Just have that written down. Then also print that out and have it next to your computer and go through it each day. I think it will really help you.   A +3.1% account gain this week, a good start to the year For my own trading, so far this year I'm just about to complete my first trading week of the year. I'm already up over 3%, 3.1% at last count, with some trades still open here. I'm really pleased with that as a really good start so far to the year.

Podcast: Do you measure your Forex success in Pips or Percentages? In this video: 00:30 – Money management and Risk 00:50 – How important are Pips? 01:30 – Percentages are the same regardless of your account size 02:15 – The problem with counting success in Pips 03:20 – All trades should have equal risk 03:52 – Download my Forex Calculator and use it – It’s Free! 04:30 – I’ve taught people from all over the World how to trade Forex 05:20 – A +2.3% account gain this week 05:50 – Help eliminate emotions and stop blowing your account How do you measure your success as a Forex trader? Do you look at the number of Pips you make, or do you look at the percentage return on your account you make? Let's talk about that and more right now. Hi traders, it's Andrew Mitchem here, The Forex Trading Coach. Today is Friday the 12th of February. I want to talk about a really topical subject. Money management and Risk I've had quite a lot of emails this week from people asking about money management and risk. I've also had quite a few emails from people saying, "Andrew, look, you know, I've made my account go from $1000 to $5000 and then I've blown it all in one day. I get that type of email quite often. What it shows me is that there are so many people out there who don't understand correct money management. How important are Pips? Unfortunately, when you look around online the vast majority of people tell you to measure your success of any strategy or years as a trader in terms of the number of Pips you make. I personally believe that that is not correct. I'll give you some examples of why. Just to quickly read out an email here that someone sent to me. "Hey, Andrew, can you tell me why I express my success in percentages and why I think that's better than Pips?" This person says, "Percentages depend on the account and, actually, say nothing about your success whereas Pips show you what's going on right now. That's from Jera Flow. Percentages are the same regardless of your account size I'm not sure that it's quite right, because for me a percentage is a percentage. It doesn't matter, regardless of your account size. As an example, this week right now I'm up 2.3% on my account right now. If I had a $10,000 account that means I've made $230 this week. If I had a $100,000 account it means I've made $2300 this week. It's still the same amount. It's the same amount risked. It's the same amount in terms of percentage gain made. The only thing that makes the difference between actual monetary value is the size of the account, but I'm still risking the same amount on each of the two accounts, and I'm still making the same amount on each of the two accounts. To me that's a far better way of being profitable than by looking at the number of Pips you make. The problem with counting success in Pips The problem is, let's say you took many trades on shorter time-frame charts, say like one-hour charts, 15-minute charts, and you made lots of small profitable trades, let's say. You made 10 Pips, and 15, and 20, and 30, etc., those sort of smaller amount of Pips. The thing is then you go and take a trade on say a daily chart and it loses 100 Pips, so that one trade that goes wrong completely outdoes and takes away from all those gains that you've made on all those shorter time-frame charts on lots of really good successful trades. You may have 80-90% win rate within your trading in terms of your profitable trades, but that way of trading in terms of looking at the number of Pips you've actually gone backwards and lost money. Whereas, if I had an equal risk on each one of those trades, regardless of it's profit target and regardless of its time-frame chart, for instance, then if I can make let's say half, or let's say I'm risking half of 1% on each of those trades but I'm making somewhere between 1, 1-1/2, even 2% gain if it's a full profitable trade. All trades should have equal risk