#552: Avoiding Confusion In Your Trading

07/21/24 • 7 min

Avoiding Confusion In Your Trading Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Check Out Other Recommended Brokers #552: Avoiding Confusion In Your Trading In this video: 00:28 – Confusion with time frames and when to trade. 00:58 – Too many indicators. 01:44 – Trade the same strategy across all time frame charts. 02:06 – Trade examples from this week. 06:19 – Blueberry Markets as a Forex Broker. 06:42 – Get onto my Master Class 06:59 – Comment, Like & Subscribe. Today, I'm going to explain the importance of looking at multiple timeframe charts as a forex trader and how it can massively help increase your returns. Let's get into that more right now. Hi there, traders is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 552. Confusion with time frames and when to trade. I find a lot of people come to me before they join as a client and they say, Look, I'm just confused. I don't know what to trade, when to look at my charts. I don't know what timeframes to look at. I could look at like a daily chart and it's telling me the EUR/USD is going down. I look at a one hour chart and the EUR/USD is going up. I completely lost. I don't know what to do and I get it because we've all been there. You know, everybody started with that confusion. Too many indicators. I had an email just yesterday actually, from someone who's brand new saying he opened a demo account and he couldn't believe how many indicators there were on the charts. And I went back to him and said, Look, you've got to understand that that looks really cool, real flashy. 99.9% of them are just a waste of time anyway. But you can see how people get into that confusion when you start off it all looks very easy. You're looking at hindsight. You see this line cross over that line and I took it buy trade there. I would have made all this money. Reality, of course, is vastly different because, you know, the market doesn't move like that. And and hindsight's a wonderful thing. Taking a trade in real time is completely different. So that all comes back to talking about today's topic of different timeframe charts. Trade the same strategy across all time frame charts. You see, the way that I trade is we trade the same strategy. The same logic, the same approach to any timeframe chart in any market. And what that means is you can go and look at your charts at the close of a candle issue. You know exactly when to look at your charts and make your analysis of Is there a suitable trade, yes or no? Trade examples from this week. Now give you some real time examples. Right now I have a sell trade on Copper (XCU). Copper on the monthly chart. And we are now in July on the close of the June monthly chart on Copper and we saw a bearish set up as a reversal trade. We've taken a sell trade on copper that's going really nicely right now. So that's the longer term perspective. This week I've taken six trades on the weekly chart trades predominantly looking for yen strength and they've retraced beautifully and now those pairs are heading downwards because we're looking for, as an example, like the CAD/JPY, you know, we're looking for that to drop with strength in the Canadian. And so that's the bigger picture. We've taken some monthly charts, we've got some weekly charts today, been Friday, the 19th of July. I've actually taken five trades on the daily charts, one on the sorry, two on the 12 charts and one on the eight hour charts. So I've got a trace that I've just taken just now. The beauty of that is they're all taken at exactly the same time after the change of day 5 p.m. New York time. So 6 p.m. by the time that we've taken and looked for the analysis and spreads have dropped. I've just taken those five daily chart trades,

Previous Episode

#551: What Markets Does Our Trading Strategy Work On?

What Markets Does Our Trading Strategy Work On? Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Check Out Other Recommended Brokers #551: What Markets Does Our Trading Strategy Work On? In this video: 00:23 – We trade the Forex market, plus many others. 01:06 – Our trading strategy also works on Crypto’s, Metals, Commodities and Indices. 02:24 – Reversals and Continuations. 02:58 – Market opening times vary. 04:04 – Join my Masterclass and Book a Call. 04:48 – Blueberry Markets as a Forex Broker. 05:22 – Comments, Like & Subscribe. What markets can you trade using my forex trading strategy? Let's talk about that a more right now Hey there, Traders! Andrew Mitchem here at the Forex Tading Coach with video on podcast number 551. We trade the Forex market, plus many others. So we call ourselves the Forex Trading Coach and obviously we trade the forex market. But over more recent years we have now the option to trade many more markets. Now go back to when we started. We could only trade forex pairs and then things develop like gold and silver and then a lot of brokers introduce more markets like some of the exotic pairs and the minor pairs like Singapore dollar pairs and Norwegian krona, Swedish krona pairs like that. Our trading strategy also works on Crypto’s, Metals, Commodities and Indices. And then over the last number of years you'd have noticed a lot more brokers are offering other markets, such as like cryptos, which seemingly everybody wants to trade and metals and commodities and indices. And the fantastic news is, is that trading strategy that I developed getting close on about 17 or 18 years ago still works today on the forex markets plus the new pairs. But also we can trade other markets such as the cryptos, the metals, commodities indices with exactly the same consistency. And when you think about it, the reason is because our strategy is price action based using candle pattern support and resistance. And it doesn't matter whether you're trading copper or Bitcoin or a Canadian index or the Japanese index or FTSE or oil or the NOK/JPY, it doesn't really matter so much exactly what it is you're trading and the beauty of it is, is by offering these other markets now is it if the forex market should have just a bit of a quiet day or so, it doesn't matter because we have access to all these other markets. So it just allows us to scan through different charts, not really worrying too much what the actual chart specifically is. We are looking for a candle pattern and a pattern that we teach our students that has high probability chance of success. Reversals and Continuations. Now we look for reversals and continuations and go and have a look at a market such as copper or Bitcoin or Ethereum. They also have reversals and continuations. They have candle patterns, they bounce at support and resistance levels and round numbers, they have divergence. So for me as a trader, I don't need to trade just the EUR/USD because it's the most traded or the NZD/USD. Because I live in New Zealand, it does not matter. So the beauty of it is, is that we can trade these other markets quite consistently. Market opening times vary. Now the important thing to notice also is that some of those markets, first of all, they don't all have 24 hour operating markets. Now cryptos do, of course, seven days a week, but other markets don't. Some will open at 6 p.m. New York Times, such as gold and silver and others will open a little bit later, like some of the oils and some of their like the US indices don't open into the US time. So you have to be mindful of some gaps which can occur on some of those markets. But also you just need to be mindful of spreads and the amount of movement that they have. So for me personally,

Next Episode

#553: We’ve Made a +13.2% Account Gain This Week

We’ve Made a +13.2% Account Gain This Week Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass Click Here to Check Out Other Recommended Brokers #553: We’ve Made a +13.2% Account Gain This Week In this video: 00:30 – A +13.2% account gain in the week. 00:40 – Other investment choices. 02:32 – You should be in control of your future. 03:17 – Trading results this week. 04:35 – All trades posted on our membership site and forum site. 05:11 – Join my free Masterclass 05:32 – Blueberry Markets as a Forex Broker. 06:02 – Course details are here https://theforextradingcoach.com/online_video_coaching_forex_course/ 06:25 - Comments, Like & Subscribe. We're having a fantastic trading week with so far a 13.2% account gain. Let me share details about that, how we've done that and how we can help you to do the same. Let's get into that email right now. A +13.2% account gain in the week. Hey, the Forex traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 553. That's right, A 13.2% account gain on one account, 3% on another account. I'm going to share details about that with you very shortly. Other investment choices. But on Wednesday, I attended my local weekly business morning breakfast group that I go to. And on that I was talking about investment choices that people have, and I was writing it to what I do here with my own trading and that the Forex trading coach where we help people to trade. And I was giving people a bit of an outline and say, look, what options do you have as an investor or to create some form of income. Now one of the obvious ones here in New Zealand and in many parts of the world is rental properties and just properties in general, whether it be housing or commercial or land, whatever it might be. The and there are many positives, of course, some of the obvious downsides right now is generally interest rates are pretty high around the world. And also it's probably a slower gain today. And also you need a large amount or most people need a large amount of debt, take it on with borrowings in order to get into any form of rental property, let's say. So pros and cons to that, like there is with everything, you know, I mentioned things like you could get into artwork and collecting things, you could get into share trading, but a lot of that, you know, you don't have leverage and you generally buy something and kind of hold and hope it goes up for a long term. So potentially there are some options there for people, but it's not that exciting for a lot of people. And you can look at fund management, and I was explaining about a fund management company that's based here in New Zealand, and they have a branch here in Nelson where I live, and I looked on their website just before going to that meeting and I looked at their five year average is under 2% gain per year on their five year rolling average. Not very exciting. So handing all your money over to someone else is also not a great option in most cases. You should be in control of your future. And so it came down to how important is it for you to be in control and in charge of what you do with your money and to have that knowledge. So as you know, the phrase knowledge is power. And it's so true. You know, if you end up doing what most other people do, you'll end up getting what most people other people have, which a lot of people is not a lot. And so you've got to think differently. You've got to have some form of knowledge, some some power for your own choices. And knowing what to do with your funds is quite important. So it came all the way back down to how important is it for you to know this for yourself? Trading results this week. And that's where we come in a forex trading coach that give you these examples of t...