#505: How to Avoid Spending Hours Watching the Charts?

06/11/23 • 6 min

How to Avoid Spending Hours Watching the Charts? Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #505: How to Avoid Spending Hours Watching the Charts? In this video: 00:33 – I’m going to save you a lot of time 01:49 – Don’t know when to look at your charts? 02:05 – The fix 02:35 – The Weekly charts 04:12 – Pick the times to look that suits you 05:45 – Trade through Blueberry Markets Today, I'm going to show you how you can avoid spending far too much time glued to your chart, sitting at a computer and not making any money. Does that sound good? Well, it should do, because with this one simple trading tip and technique, I'm going to change all that for you. Let's get into it right now. Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video on podcast number 505. I’m going to save you a lot of time And that's right. I'm going to today save you a lot of time. I'm going to save you a lot of mixed emotions and probably make you a lot of money as a result. So it should sound pretty good to you. Unfortunately, most people out there, most people watching this, most people listening to this will be spending far too much time sitting at their charts watching every pip movement up and down, scared to leave their charts, forcing trades, getting emotionally involved in their trading. And as a result of that, you're not doing yourself any good. You're not making any money, not doing your health any good, and you're wasting too much time. Look, I know I used to do it myself long time ago when I started trading, and it's a very easy trap to fall into. And it doesn't do you any good. It doesn't make your longevity as a trader any good because you're forced to sit there hour upon hour because you're scared about moving missing a move. It also means if you're in a trade, you tend to find that you forced yourself into trade. And if you're in a trade, you tend to jump out early because you see the trade moving in your direction. Then it pulls back. And I should just take it now because something's better than nothing, right? And it's an issue that so many people face. I’m going to save you a lot of time It also means that they don't know when to look at their charts. And that confusion and from looking at maybe like, can I say, a 15 minute chart saying the market's moving up and our chart says it's moving down a daily moving up and you get this complete mix going on and you don't know what to do. The fix So a very, very easy way of avoiding all that is only look for a new potential trade set up upon the close of a candle. And what does that mean? Well, the forex market opens at 5 p.m. Eastern Standard Time. That's New York time every day. That's when the new day starts. So the market opens 5 p.m. on the Sunday New York time and it closes 5 p.m. on a Friday New York time. The Weekly charts So at the beginning of each week, just once a week, you could look, let's say at the weekly charts, you know, when they open, they open the beginning of each week. They're not going to change throughout the week or the previous weeks. Information is going to change once the weeks close. You look at the weekly chart, you can make your analysis exactly the same on a daily chart. You know, when the daily chart opens, it's 5 p.m. New York time. At that time, the previous day's candle is complete. You can make your analysis. So if you traded just once a day on the daily charts, you can do very, very well. Also, you could then say let's go something slightly shorter. You could look at the 12 hour charts. Now conveniently, they also open at 5 p.m. New York time and of course, 12 hours later will be 5 a.m. New York time. So if you wanted to look at the 12 hour charts, you could look just twice a day. And that will give you a lot of trading opportunities within a day. Of course,

Previous Episode

#504: Do You Lack a Clear Trading Strategy?

Do You Lack a Clear Trading Strategy? Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #504: Do You Lack a Clear Trading Strategy? In this video: 00:26 – You know the stats – Most people lose 01:45 – Spreads will affect Sell trades 03:12 – We’re here to help and make this work for you 04:05 – Trades taken on a live webinar 04:56 – Clients from 103 Countries 05:06 – Profitable trades posted on the Forum site 05:59 – Trade through Blueberry Markets Most people lack a clear trading strategy and it means they're never going to make money out of the forex market. So let's see how we can help you. Let's talk about that and more right now. Hey there, Traders! This is Andrew Mitchem here, the owner of the Forex Trading Coach with video on podcast number 504. You know the stats – Most people lose Now you've all heard the stats. 90 to 95% of traders out there lose money. And it's a well-known fact. And you can see why it's true. And as you can imagine, I get a huge amount of emails and I have quite a number of calls each week with people out there who are looking for help. And the same pattern comes through time after time after time. The people are out there trading. They are putting real money into this. They think they can get onto prop firms early. They see it as a way out, maybe financially. But the issue is, is that almost all of the people I speak to have no idea what they're doing. They don't have a clear strategy. They're swapping and changing systems. They understand the market well enough. They don't understand risk. They don't know how to calculate lot size, they don't know what timeframe charts to look at. They don't know when to trade. They don't really know their strategy in terms of like why they're placing a trade, where to put a stop loss, Why is this a good trade, yes or no? And then of course, things don't works. They go and try and create something else or go to the next thing that they find on some forum somewhere. And that whole lack of consistency, that lack of understanding in the market. Spreads will affect Sell trades Like I do know that if you take sell trades on especially pairs, that spreads widen like the exotic pairs, let's say at the close of a day, a sell trade can get you wiped out for your stop loss because of a massive widening and spread. But that won't happen on a by trade, you know, do know things like that. Do you know when the close of the day even is do you know how important 5 p.m. New York time is all these types of things. And so do you know how to calculate your risk? You know that Pips are completely irrelevant. Do you know that? Do you know that in some ways having a very, very high win rate is completely irrelevant, You know, all these type of things. So a lack of understanding is what I'm seeing out there all the time. And it's quite concerning because all people are doing is basically jumping into trading and placing some trades. They might get lucky on a few trades and then of course the inevitable happens and it goes wrong and they lose their money or they jump on a prop firm way too early without knowing what they're doing. They have not proven to themselves that they could trade on a demo, even let alone a small live personal account. But they're quite happy to go and throw money into a prop firm because they see that is the easy way out. And the danger there is that you become disillusioned. You don't have confidence in yourself. You think systems rigged, you think the brokers rigging it, you know, whatever it might be. And it all, you know, it all goes wrong. You give up and, you know, you move on to the next thing. We’re here to help and make this work for you And we're here to make things different for people. Our aim is to have quality, consistent traders, independent traders.

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#506: What’s the Best Trading Session?

What’s the Best Trading Session? Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #506: What’s the Best Trading Session? In this video: 00:38 – Which is the best trading session? 01:37 – We look at the close of a candle 02:18 – We use Limit Orders 03:30 – Trading is about picking quality setups 04:20 – Trade through Blueberry What's the best trading session that you should be at your computer? It's a question that a lot of people ask, and I've got a real simple answer for you. So let's get into that and more. Right now. Hey, there trader! Andrew Mitchem here at the Forex Trading Coach with video on podcast number 506. Wanted to come outside a glorious afternoon. We are just a handful of days away from the shortest day of the year and we're getting weather like this. So you've got to take advantage of being outside and enjoying some good vitamin D from the sun. Which is the best trading session? So trading sessions, actually the Sun relates to this quite a lot because I've just been on a Zoom call with a guy over in Oregon, over in the US, on the West coast of Oregon, West Coast to the US. And he said to me, Hey Andrew, I'm always concerned about when to trade the sessions because for him the US session, because he's on the West Coast and like, you know, the morning session opens in New York time on the East Coast. You know, it's quite a considerable timezone difference there. And he said to me I can't trade the US morning session even though he's in the same country, because, you know, it means getting up at like 3:00-4:00 in the morning and it's just not practical. Likewise, he cannot trade the European session because that's like 11, 12, you know, midnight, 1:00 in the morning, depending on time of year for him. So he said, well, what do I do? Because it's always something that's concerned him. And I said, Look, fantastic question, really good answer for you and you got to love it. The fact is, I won't tell you his name, but I said, We look at the close of a candle Look, the fact is you don't need to worry about sessions when you trade the way that we trade because we look at the close of a candle. It doesn't matter to me what the time of the day is. It doesn't matter what the session we might be in or leading up to. It really does not matter. You look at the close of a candle and you see the trade. Take the trade from there. So, you know, first of all, when to go and look at a charts because it's at the close of that candle. But I like I said to him, the thing is, if you look at the 5 p.m. New York Close of Day charts and for him that might be like 2:00 in the afternoon and I'm at work and you know, I can't trade then could have been an answer. You know, he could have said. We use Limit Orders And my reply was, well, it doesn't matter again because we use limit orders to place our trades. So if you don't place, you trade two, five, six, 7:00 in the evening for him, which is, you know, like sort of three, four, five, 6 hours after the close of day 5 p.m. New York time. It doesn't matter because at that time of the day, very little happens anyway. Would end of the US session time, you know, the start of New Zealand, Australia and into the Asian session. Nothing happens on most days, so it really doesn't matter if you're not there at that exact time. So in other words, it doesn't matter where you live in the world. Don't worry about sessions. Trade the close of a candle, use limit orders and you'll enjoy trading much, much more. You don't need to be setting your alarm clock that I used to do it years ago. When I started. I used to think I used to need to be up for the US session and it was like, you know, it's 1:00 in the morning or something and it's like crazy. You can do it for a week or two, but you're not going to do it consistently.