#367: Trading in 10-15 minutes a day

05/24/20 • 6 min

Trading in 10-15 minutes a day Podcast: #367: Trading in 10-15 minutes a day In this video: 00:26 – How much time do you spend watching the charts each day? 01:30 – Waiting for every pip 01:53 – The way we trade 03:12 – Why we trade at 5pm EST, New York Time 03:58 – 4 weeks on holiday and I made +12.7% 04:48 – A normal day 05:37 – Get away from the short time frame charts I'm going to show you how you can trade the Forex market very well in as little as 10 to 15 minutes per day. Let's talk about that and more right now. How much time do you spend watching the charts each day? Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 367. And I want to talk about how much time you spend at your charts, at the computer as a Forex trader. And probably for most people watching this, you're probably part-time traders doing this as an interest, a hobby, something to create a passive income. And what I tend to find is that most people seem to think they need to be set at their computer at their charts all day long or as long as they can. A lot of people say to me, "Andrew, I'm around working in the daytime, but I've got all evening to sit and watch the charts." And the problem with that is it doesn't become sustainable, it's not reality. Yes, you can do it for a short period of time. But think about this long-term, are you going to spend five days a week just sat there watching your chance every evening? Or if you are working night times, are you going to sit there every day time watching your charts? The reality is that you're not going to be doing that or you're not going to enjoy doing that for very long. And that becomes a problem. Waiting for every pip Most people though, they think they've got to be sitting there waiting for every pip per movement, waiting for this line to cross over that line. And just in case you miss something or you're scared to leave a trade open because you might like lose a pip or two. And that's the problem. People thinking in the wrong terms, you should never think in pips, forget the pips, they do not matter. Think in percentages, but that's another subject. So the reality is that the way that I teach and the way I trade is that most days I spend between 30 and 60 minutes total chart time. Now, when you start trading, when you learn a system, yes, you've got to put that time in the effort upfront. Absolutely you do. You've got to watch, you've got to see what's happening. See how the market behaves, see the behaviours of different currency pairs, all those types of things. But the reality is though that once you know how to trade it's quality, not quantity. And less is more, all those kinds of phrases that you hear, but they are so true when it comes to being a good Forex trader, because you do not need to sit watching your charts all day long in order to do well. And for me in the way that I trade, the way that I teach is that we only look for a trade at the close of a candle. Now for me, the two main times that I try to be at my computer on New York time, 5:00 PM and 5:00 AM. Those are the two times. If I'm not there exactly at that time, especially the 5:00 AM. It doesn't matter because the way that I trade is I'm taking retracement orders anyway so I don't need to be there. The 5:00 PM. I'm always there because that's when I post my trades for my clients and have done so for nearly 11 years now, without fail, we've never missed day. Why we trade at 5pm EST, New York Time So the reasons for those times, the 5:00 PM New York time, that's Eastern standard time. That is at the close of the trading day. That is when I can look at the daily charts, the 12 hour charts, the eight hour charts, the six hour charts and the four hour shots. I can scan through those five timeframe charts in probably 10 minutes. Look at all the currency pairs, scan through them, 10 minutes done. And then at 5:00 AM, New York time,

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#366: How to manage a run of losing trades

How to manage a run of losing trades Podcast: #366: How to manage a run of losing trades In this video: 00:25 – Trader struggles with losing trades 01:41 – Your strategy stops working 02:26 – No trading results are ever even 03:13 – Trade a variety of different time frame charts 04:15 – 7 closed trades and a 7% account gain this week 05:15 – Things will be different next week. Be flexible 06:14 – Examples of using Fib levels What happens to you when you're in a losing streak of trades? How do you cope? How do you manage with it? Let's talk about that and more, right now. Hey traders, Andrew Mitchem here at The Forex Trading Coach with the video and podcast number 366. Trader struggles with losing trades So I've received an interesting email from somebody this week. They're not a client, but they were saying, "Andrew, I'm having a really bad losing streak right now. My trades are mostly going wrong. I'm losing money. What do I do? How do I cope with it?" And it's a really interesting question because of course, nobody writes to say, "Hey, I'm having a fantastic time. My trades are going really well. And I now want to change systems and jump in and take your course." But if someone is having a losing run, then they write and say, "Well, how do I overcome this?" So it's really interesting that that happens. And it's a tricky one to answer, but I'll do my best to give you an explanation of how we trade and help overcome that. Because to me, it's really important that now I'm assuming this person has a good strategy that's been profitable in the past. If you're just jumping straight into a strategy and there's no proof behind it or you don't know how it was created or it's a logic or it's theory, and it's not working. Well, that might be different. You might want to sort of think about jumping out of that one pretty quick. Your strategy stops working But I'm assuming, for now, that you've got yourself a strategy that's been profitable, it's been proven in the past, and now all of a sudden, it's not working for you. Now, if that strategy has been good in the past, logic would suggest that there's no reason why it probably won't come right again, but you've still got to get through this time period that you're in right now, where things are going wrong. So I think it's really important to start with, that you actually, if you've got confidence and faith in your strategy, and you've created this strategy yourself, and you know it works, is to stick at it. Don't go trying to tweak it. Don't try optimising it. Don't add other indicators or changing it because that's likely just to mess with you and mess with the logic and the strategy. No trading results are ever even Don't forget also that no trading or any investment for that matter is a straight-line return. It just doesn't happen. Nothing is perfect all the way through. You're not going to make 5% month after month after month after month, perfect straight line. It doesn't happen. You'll still end up with the same result maybe after a year, but you're going to make 2% minus 4% plus 6%. Depending on how your strategy goes, but you'll still get to that same overall result, but no way do you flat line equal results all the time. So you just need to accept that you might be in a situation where the market's not reacting perfectly to the strategy that you have. Trade a variety of different time frame charts So here at The Forex Trading Coach, the way that we try to overcome that is we trade a variety of different timeframe charts. Now, to give you an example, this week, I've seen very, very little on the shorter timeframe charts. I've taken only two trades, three trades, sorry, on the daily charts, two of which closed for profit, one's still in, and I've taken another one just today about an hour ago. So the two that have closed for profit on the pound-yen and Canadian-yen made a 2.7 to one reward to risk and 3.

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#368: We’ve Won The Best Forex Mentorship 2020 Award

We’ve Won The Best Forex Mentorship 2020 Award Podcast: #368: We’ve Won The Best Forex Mentorship 2020 Award In this video: 00:28 – TFTC Wins the Best Forex Mentorship 2020 Award 01:15 – Making trading work for our clients 02:32 – We celebrate our 11th birthday – don’t miss out on our sale 03:36 – Proud to have been coaching for 11 years 04:34 – A very quiet trading week 05:09 – Looking forward to a good trading month in June Today, we've just won the award for the number one best Forex mentorship programme online for 2020. I want to talk about that and more right now. TFTC Wins the Best Forex Mentorship 2020 Award Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 368. And that's right today, we have been awarded for 2020, the number one best Forex mentorship programme online. We're very, very proud of that. Very thrilled to have won that amongst a group of other very good online companies. It's been awarded to us by the bestonlineforexbroker.com website, and I will put a link to their award with their top ranked Forex mentorship programmes for 2020 on this page. A big achievement. It's taken a lot of hard work and dedication on our behalf to get there, but also it's the reward for the hard work that goes in to ensure that the trading works for our clients. Making trading work for our clients Now, ultimately, that's what we're about as a mentorship programme, we're about imparting our knowledge and our education to other people who are out there wanting to learn how to trade and how to do it well. So as a result of this award, I got in contact with the owner of the website, Edward, and I said to Edward, "Look, why have you created this programme? Why have you created this website? What is it all about?" And he said to me, "Look, Andrew", he's been involved in the Forex market for a number of years. And he said, "I was just fed up with the amount of scams out there, the amount of just utter rubbish or garbage, whatever you want to call it, out there in the Forex market." And he wanted to do something about it. So he's created the website, the bestonlineforexbroker.com, and on that he ranks different brokers, and also different online education companies, and of which we were the number one ranked for this year. So very, very pleased with that. So go and have a look at that site. Like I said, there's a group of really good, honest, quality education companies on there. And we are one of those, but fantastic from our point of view to win the first place. So very, very happy with that. We celebrate our 11th birthday – don’t miss out on our sale So that leads on to something that we are holding right now. When you get to watch this video and podcasts, it will be this week. It is going to be on the 3rd of June. For me in New Zealand, starting, could be the 2nd of June if you're in Europe or the US. Now we are holding our 11th birthday sale. So every year on our birthday, we hold a sale where I give a really good, massive discount on the course itself. Now this year, we've just delayed it slightly because we've just been spending the last few weeks updating and upgrading our membership sites. So now it's a great opportunity for you to jump on board. We've just gone to new membership software, makes the whole joining process even more smoother, and the actual site itself is a new and improved look as well. So we've just delayed the sale by a few weeks, but it's going to be this week, second or 3rd of June, depending on where you live in the world. It's going to be a 12 hour sale and the starting price is going to be absolutely crazily low. Proud to have been coaching for 11 years But yeah, look, we're really proud to have been in the industry for 11 years. Looking forward to many, many more years to come and to helping many thousands and thousands of traders still to help people become profitable.