Online Forex Trading Course

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

Podcast: How To Best Use Limit Orders And Set Up a Live Account in Forex Trading In this video: 00:57 What I love about the limit order? 02:29 When Not To Take A Limit Order 04:42 What to do between demo and live account? I'm going to share with you some information about how to best use limit orders and also how to choose a broker and transition from a demo account through to a live account, so let's get into it. Hi Forex traders, it's Andrew Mitchem here the Forex trading coach and today is Friday the 28th of August. I've got two questions that have been sent through that I'd like to discuss on this video and podcast. The first one is here from Raphael and Raphael says, “Andrew, I've been watching you on YouTube, love your videos, love your work, but I'd like to ask you a question about the best use of limit orders, how to use them.” I actually use limit orders quite a lot within my trading and it's generally for the longer timeframe chart, so I use them personally for anything from four hours and above. That can be a six hour charts, 12 hours, daily, weekly, even monthly charts. What I love about the limit order? What I love about the limit order, is it actually fills you at a better price than the current market order. Now if you are taking buy trades for example, rather than entering up here at the market order, saying, I'm placing an order below the current price to buy. If the market retraces back to that level, it fills me for a buy trade and then I'm anticipating it's going to move upwards. Exactly the same, but in reverse for a sell trade. Now the benefits of many, of course you get filled at a better price and if you know what you're doing and you have your entry at a certain level, then the majority of the time you get the price filled. What it also does is, it generally increases the return that you make from your traders and it's in the higher reward to risk, because it means that generally you have maybe a smaller stop loss than if you'd placed your trade at the market and therefore you have potentially, because you're getting in at a better price, and potentially a far greater gain as a percentage of your stop loss, so a higher return from your trade. It also means, another great thing is, you don't have to be there right at the time, at the market, at your computer, to place the trade because, let's say you're trading let's say a four hour chart with a limit order as a retracement entry, you don't have to be there at the close of the four hour chart. You could come a little bit later and say, well it's still not moved back to my entry order but I'm now placing that limit order at this lower level looking for, anticipating the market is going to pull back. I actually love taking limit orders. When not to take a limit order? The only time I wouldn't really take a limit order is anything on a shorter timeframe chart of let's say one hour or shorter, because really, let's say if you're trading a 15 minute chart, you're pretty much most of the time want to be in at the market straight away as a market order because you're really trying to ride the momentum in the market at that time to best make use of a 15 minute or even a five minute chart. Use limit orders for the longer timeframe charts. The second question that I've got here is from Patrick and Patrick says, "Hey Andrew have you any tips or recommendations in setting up a live account. I've been practicing for the last two to three months on a demo, I'm now ready to go live but I've just heard a few stories about brokers. How can you help me?" Patrick, first of all you've been trading two to three months on a demo before you go live. That's really good because use a demo account to iron out all those mistakes, silly mistakes that everybody makes when they start trading. Your position size is way too big, you put an extra zero so you take about five standard lots instead of 0.5 standard lots.

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: This is why having a trading plan is so important In this video: 00:35 – Client makes +6.82% return in 2 weeks by sticking to his trading plan 01:20 - Trade specifically the way that suits you 02:02 – Create rules around your trading 02:45 – Trade results show consistency and profit 04:00 – 12 trades taken and 11 were winners 05:15 – Get on my free weekly webinars Have you ever wondered if a trading plan really does work? Well, I'm here to tell you it does, and I've got proof right here. Let's talk about that and more right now. Andrew Mitchem: Hi Forex traders, this is Andrew Mitchem here, The Forex Trading Coach, Today is Friday the 5th of February. I want to talk about trading plans and trading goals again, because a couple weeks ago I covered that at the beginning of the New Year, and I expressed how important I believe it is to have a trading goal and a trading plan. Client makes +6.82% return in 2 weeks by sticking to his trading plan Now, it just so happens that this morning I opened my emails and I've had an email from Paul who's been a client for just over two weeks. He said to me a number of things and it just backs up why having that plan is so important. By the way, before we get into it, Paul has made, on two accounts 6.82% in the first couple weeks since he's been with me, so we'll talk about those specific trades shortly. Just to read and quote some of the information that Paul said. He said, "Look, I'm taking it really slowly, only putting on trades that I have a high level of confidence in. I can tell you right now that I'm a one-hour chart trader. I use the lot size calculator, and I'm extremely strict with money management." That's the first outline. No specific plan here, but just the outline. Trade specifically the way that suits you He then goes on to say and explain about he's only taking trades initially on one-hour chart trades. He's leaving the trade on for an hour, seeing how they're going, and then after one hour he's then making a decision about moving stop-losses if the trade's moved up into profit. He's telling me exactly about what he's also looking potentially to add to a position if the trade's already in good profit, of what factors need to be in place to justify adding to a position, or just moving the stop-loss up, protecting the trade, and riding it to the full profit target. He also mentioned that over time he's looking at, and this is probably in about three months time, going to add weekly charts, daily charts, and four-hour charts to the existing time-frames, which is just the one-hour chart trades. Create rules around your trading He also mentioned here some rules that he's sticking to, and as an example, "I'm never gonna trade anything lower than a one-hour chart," so that's one-hour chart and above are the time frames that suit Paul. "I'm never gonna risk more than 1% of my total capital on a single trade or on a correlating trade," and "Under no circumstances will I enter a trade based on hype, gut feeling, or news." Now, there's some other rules that he's got listed here which are more specific to my course on trading strategy so I won't actually mention those right now in the video. Just to really let you know to outline really what Paul's done as he's got specific rules and he's sticking to them. Trade results show consistency and profit Now, what he's got down here he essentially mentioned in terms of Pips, not so much the return from the trade, but just to read out from one account here. He's taken a sell trade, Canadian - Yen, 82 Pips, another buy trade Euro - Aussie 26 Pips. Another trade here 32 Pips, 12, 8, and another sell trade Australian dollar - Japanese Yen, currently running 114 Pips. I've moved my stop-loss up and I've locked in 50 Pips of the trade. In total I've placed six trades. They're all winners on this account, and I've increased my account by 5.3%. That's one particular account.

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...