#269: Becoming a Full Time Forex Trader

04/21/18 • 6 min

Podcast: Becoming a Full Time Forex Trader In this weekly video: 00:25 – Living the dream and becoming a full time Forex trader 01:10 - Client becomes a full time Forex trader after seeking a mentor 02:10 – A lot of dedication and back testing to prove the system to himself 02:52 – Making 5% return on trading account per week 03:46 – Watch the interview with Imre 04:21 – Be realistic about your trading expectations 05:25 – The hard work pays off Would you like to quit your job to become a full time Forex trader? If the answer is yes, this video is for you. Hey, traders, Andrew Mitchem here, the owner of The Forex Trading Coach, video and podcast number 269. Got some really exciting news to share with you. Living the dream and becoming a full time Forex trader Would you like to live the dream? Would you like to work from home and work from anywhere, quit your job, become a full-time Forex trader? Because that's what most people who get into Forex want, don't you? That's what most people really aim for. And it can be done. Now, I know it can be done because I've had many clients do that, but just this week I've interviewed another client who has taken that step to becoming a full-time Forex trader. He's quit his job, his name is Imre Gams, he lives in Toronto in Canada, a real, nice, smart, intelligent, young man. He's worked for Google, he's worked for Apple, so he's right up there with being a very smart guy. Client becomes a full time Forex trader after seeking a mentor He took my course back in August of 2017, some eight months ago, and I interviewed him, and I asked him what the process was that he went through. He's been through Brazilian jiu-jitsu, he's been a fencer, as in the sport fencing, he's done many things in his life that he's always sought a mentor for, because he's seen it as a shortcut to success with a good mentor. So, he did some reviews, he found my course a while ago, joined last August and basically has been very thorough with everything he's done. You can hear the interview. It's on my homepage. I'll put a link below this video. It's 38 minutes long. It is highly, highly recommended if you watch the entire thing. There is so much you can learn from that video, even if you just want passive income from Forex, but just watch the entire video. Take your time, grab a coffee or a cup of tea or something and sit and watch the whole thing. A lot of dedication and back testing to prove the system to himself Imre started back in August 2017, went through the course, he's been dedicated, he's asked questions, et cetera, like a lot of people. But he's done extensive backtesting on the course, he had huge confidence after doing extensive backtesting, and then a few months ago he decided to quit his job and go live. Now, a few weeks ago he started sending me emails of some of the money withdrawals he's taken from his account, from his live trading. Very, very, very impressive figures. Not going to reveal how much. That's private information for him. But it's well into the six figures that he's withdrawn just this last quarter. Making 5% return on trading account per week And as he said to me, "I've made more in the last quarter than I made in the entire last year." And he's now, as he said, living the dream. He's working from home, he's making around 5% return on his account per week with very low-risk trading, very low drawdowns, and only about one hour of actual trading per day. He is spending more time with his continued learning, his self-development, his self-education. His whole knowledge-base is constantly growing, and he puts time and dedication into that. He's spending a lot of time each day with backtesting, looking at different ways of trading my strategy, different timeframes, et cetera, so he's constantly learning, constantly evolving, but actual trading no more than one hour per day. A 5% return per week on average.

Previous Episode

#268: Which Time Frame Charts Should You Trade?

] Podcast: Which Time Frame Charts Should You Trade? In this weekly video: 00:29 – Understanding which time frame chart to trade 01:14 - What can you do to select the right chart to trade 01:56 – Examples of how to select the best time frame 02:52 – Live webinar with my clients 03:53 – I took trades live on the webinar for excellent profit of +1.5% gain 05:15 – Don’t always trade just 1 time frame chart as you’ll limit options 06:45 – Live Webinar – Free to attend for non-clients How do you know which currency timeframe you should be trading? Let's talk about that and more right now. Hi Forex traders, it's Andrew Mitchem here, owner of the Forex Trading Coach with video and podcast number 268. I want to talk to you about a really common problem that almost all currency traders go through Understanding which time frame chart to trade It's all about understanding which timeframe chart you should be trading. You see, a lot of people get really confused by this. They think that they must be needing to trade short timeframe charts because that's where the price action is, right? That's what everybody tells you, you need to be trading five minute charts and scalping, looking for all these small movements within the overall flow of the day. A lot of people also get confused with thinking that I can't trade longer timeframe charts because the stop loss needs to be too big, and I don't have a big enough account size. So there's all these misconceptions there; both of which, by the way, are completely wrong. There are ways around all of these things. What can you do to select the right chart to trade What can you do to select which timeframe chart you need to trade? Well, a lot of it comes down to having the ability to be open and flexible and to basically see what's happening in the market right now, because no one really knows like next week what's going to happen. No one knows. You can have predictions and economists and all these type of things going on, but really nobody knows what's going to happen. All we can do is see what's happening right now. So to give you a great example. Today is Friday ... It's Friday the 13th. It's Friday the 13th of April, 2018, when I'm recording this right now. Examples of how to select the best time frame This last week has been very, very poor for trading the daily charts. There have been very few set ups. I love trading the daily charts, and I post daily chart set ups to my clients on our membership site and there have been very few this week. So it's not to say that everybody has missed out, it's to say that the daily charts for whatever reason, and it's quite rare, but for whatever reason have not produced very many high quality set ups this week. Also, the weekly charts this week on Monday there were no suitable, in my opinion, weekly chart set ups. Now the weekly charts are less surprising, because last week was Easter and then on last Friday we had the US monthly job report, so not a lot happened last week. So I can understand the weekly charts for this particular week not showing a great deal. However, it's been quite an unusual week in that the daily charts, the longer timeframes, have not shown much also. Live webinar with my clients However, I took a webinar last night ... I had a live, two hour webinar with my clients like I do every two weeks. By the way, every week in between Paul Tillman holds the US webinar sessions. So clients get a weekly two hour webinar. But last night I held a webinar. Two hours long, and on that webinar I showed many, many great examples from just this week of the six hour chart trades showing some very good quality set ups. Also in general it was the commodity currencies, the New Zealand dollar, the Canadian dollar, the Aussie dollar, this week for whatever reason showed more high quality set ups than most of the other ... Like the Euro and the Pound and the Yen and the Franc,

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#270: Why The Longer Time Frame Charts Can Help Your Trading

Podcast: Why The Longer Time Frame Charts Can Help Your Trading In this weekly video: 00:38 – Being able to trade and travel 01:05 – Interview with a Full Time Forex Trader 01:43 – Trading the Longer Time Frame Charts 02:22 – Trade in a way that allows longevity 04:18 – Do the professionals trade 5 minute charts 04:45 – Celebrating 9 years of The Forex Trading Coach helping traders 06:12 – Now it’s your turn to join us I'm going to explain to you why I love trading the longer timeframe charts and how they could help you in so many ways. Let's get into that right now. Hi, Forex traders. Andrew Mitchem here, The Forex Trading Coach video and podcast number 270 coming to you from beautiful Queenstown in the South Island of New Zealand. School holidays here in New Zealand and we're at our holiday home here in Queenstown having a great time. Being able to trade and travel Just got me thinking about so many things to do with trading because part of trading is being able to travel. It's being able to not be glued to your computer. It's being able to do things like this, come to places like this and still continue to trade. I love trading. I don't want to stop trading. I trade every day. But while I'm here, I don't want to be glued to my charts all day. It will mad. There's just no point in being here. Interview with a Full Time Forex Trader It also got me to think about last week when I interviewed Imre Gams, who's a client of mine in Canada, who's now a full-time Forex trader, and Imre was looking at the longer timeframe charts and going down from the weekly charts and matching the strengths and weaknesses of the weekly charts with the data charts, et cetera, and basically pulling things together to give a higher probability chance of success, and that is what the longer timeframe charts give you. Before you start thinking, "Andrew, I can't trade the longer timeframe charts because my account is not big enough." That's not actually quite true, but we'll talk about that on another video. Trading the Longer Time Frame Charts The longer timeframe charts are available for anybody to trade, regardless of your level experience or your account size. In fact, the newer you are to trading, I'd actually suggest that you just look at the longer timeframe charts anyway, because everybody gets involved in wanting to look at the shorter timeframe charts, looking at every pit movement up and down, scared to miss trades, being glued to their charts. Yes, while you're learning, understanding how the charts move and how price moves is really good. It's very important, and we've all been there, been really excited to see our account move up and get disappointed when it moves down. But long term, that's not a good way of trading. Trade in a way that allows longevity Long term, it's got to be something that's practical, that it's something that's enjoyable, and when you think about it, the bigger the higher timeframe chart you trade, the more information is contained within that one candle or that one bar. Therefore, the more reliability that candle or that one bar has. That's why I like trading ... See, this week I traded the weekly charts on Monday. I've taken six trades on the weekly charts. I took two trades on Monday on the daily charts, one yesterday Tuesday, and one today Wednesday. I'm recording this bit early, because I'll be on a plane on Friday when I'm normally recording the weekly videos. So far, those daily trades have worked beautifully, and a couple of the weekly chart trades are in as well. On top of that, I look at the 12 and 6 hour charts just twice a day and that's it. You can do that from being on holiday, and that's the great thing about it. It's all about having something that's reliable. The bigger the timeframe chart, the more reliable the information and the data within that timeframe. Just think about it, logically. You can't have a five minute chart having equal streng...