Andrew Mitchem’s tips for trading successfully in 2016

01/17/16 • 4 min

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.

Previous Episode

Clients amazing trading results with Andrew Mitchem

Podcast: Clients amazing trading results with Andrew Mitchem In this video: 00:28 – Thanks for your support this year 00:55 – Clients amazing trading results 03:55 – Good trading takes time to master 05:27 – Would you like to improve your Forex trading? 06:00 – Have a wonderful Christmas I'd like to talk about how has your trading been in 2015 and what would you like to see improve or change into 2016. Let's get into that right now. I'm Forex trader's Andrew Mitchem, here, the Forex trading coach and this is my last weekly video and podcast for 2015. Thanks for your support this year I'd just like to say thanks for everybody whose been following me on YouTube, on my website, on iTunes, Android, on podcasts. However you've been following along, great to have you along. Hope that you've really enjoyed these videos and podcasts. Judging by the feedback, people are just loving them, so great job and always continue to let me know what subjects you'd like me to talk about. Clients amazing trading results What I'd like to finish on for this year is just to give you an idea of some of the amazing results that clients have been getting through my coaching program. I held a webinar just this time last night and like to go through and talk about some feedback I've had from clients just on a webinar that I held yesterday. I've got some information here, some printouts. I'd just like to go through and read them to you, because as a coach, I get really excited and absolutely thrilled by the results that people have been achieving. Because, let's face it, people are putting in a lot time, a lot effort and a lot money up front to come to me and they could go to a number of Forex coaches out there and training programs, but they've decided to invest in my and my services and my course and strategy. The results are just absolutely overwhelming. Let me just read out ... These have just been received this last week. Lucia said, "Andrew, I wanted to let you know this month I'm up a 9.4% return on my capitol." That's one from Lucia, there. Benjamin, now this is a really interesting one. Just to let you know at the beginning, Benjamin is risking a higher percentage that I might risk myself, but he said, "Andrew, first of all, thanks for you effort to create the opportunity to become a profitable in Forex. I'm trading your method for a year now and it's a great time to share my honest opinion. Simply said, I generated 243.17% real profit." Just outstanding. Like I said, the risk is 6% per trade, which for me is a little bit too high, but Benjamin over in the Netherlands is happy with that. Like he said here, he's trading pullbacks on the hourly, daily, weekly, monthly time frames. Far safer way to trade greater reward to risk ratios. 243.17% return, just outstanding for the year. John over in Whales, "Andrew, getting close towards the end of the year, just wanted to let you know I've made a 9% gain on my accounts so far this month on a live account." Thank you for that, John. Like I said, these have just been received this week. Mike over in the U.S. said, "Wanted to share this trade with you on the 1 hour chart, British pound, Japanese Yen. Had a 70 pip stop loss twenty nine profits high, get 1.7 to 1 reward to risk." If he was risking 1% of his accounts, made 1.7% on one trade. Chris over in Australia, "Andrew, I took a trade on the British pound, New Zealand dollar as a buy trade. You suggested that on the daily suggestions. On the four hour chart trade, I saw a trade took. It his full profit over night Australian time, while I was sleeping. 4.2 to 1 return trade." Puts trade on in the evening in the European session, wakes up in the morning, Chris over in Australia, 4.2 reward to risk trade there. You can see, just amazing trade. Good trading takes time to master This was a fantastic one, this is from Collin down in Wellington in New Zealand here.

Next Episode

What trading information do you need to know? – Andrew Mitchem talks Forex

Podcast: What trading information do you need to know? - Andrew Mitchem talks Forex In this video: 00:28 – What’s happening in the world right now and how you can use that information 00:43 – Another recession on the way soon? 01:06 – The charts tell me all I need to know 01:30 – Have a look at your Forex charts and see these trades 02:35 - Big moves, reversal trades and some excellent trades 04:10 – A technical trader watched the charts and acts upon that information 04:44 – I’m speaking in Hong Kong at the iFX Trading Expo 26-28th January As a forex trader, there's so much information to try and understand, so how do you know what is the best information to read and how do you understand it? Let's talk about that and more right now. Hi forex traders, it's Andrew Mitchem here, the Forex Trading Coach, and in today's video and podcast. What’s happening in the world right now and how you can use that information I want to talk about what's happening in the world right now within the news, the whole global economy, and how you can read and understand that information, absorb it, and then take that through to your trading and make some money out of the currency market. It's quite difficult, there's so much information out there. From what I can gather right now, there's a lot of doom and gloom out there. Another recession on the way soon? They're talking about another recession coming, oil's getting lower and lower, it hit $30 and it's now gone down lower. Potentially 20 is now the next level. Commodity currencies like the New Zealand dollar, the Aussie, and especially the Canadian dollar are getting an absolute hammering. You're just trying to read all that information, absorb it, and think "How can I best trade?" The charts tell me all I need to know For me, as a technical trader, I like to trade what I see on the charts and I'll give you some examples why, because so many people out there say "Andrew, you need to understand these fundamentals, and you have to use that information." Yes, you can use that information, but you've got to be really careful that it doesn't overtake what you think becomes the absolute. You've got to actually see what's happening rather than just thinking this is going to be happening. Have a look at your Forex charts and see these trades The examples that I wanted to share with you are some trades that I took just yesterday on Thursday. Go and have a look at your charts for Thursday the 21st of January. I shared some of these trades with my clients on the membership site and I also discussed them on my live webinar with clients just last night. As an example, the euro Canadian dollar has moved to over 2000 pips since the beginning of December. I took a sale trade on the euro Canadian dollar yesterday, it's gone up and up and up. Just have a look at the charts, it's a massive upward movement. Most people would look at thinking "Yeah, the Canadian dollar's getting absolutely hammered, so why on Earth would you want to be taking a sale trade on the euro CAD, which is effectively saying weakness in the euro and some strength in the Canadian dollar." That is exactly what happened. I only took that trade because I saw the setups showing on the charts. I'm not to say that I'm taking complete reversals against 2000 pip movements all the time, I'd much rather wait for a pullback and then ride it back up again, because long-term it still looks like it's about to go up further. Big moves, reversal trades and some excellent trades However, there was a great reversal trade setting up, and there was a great opportunity to make some money on that pullback or on the retracement because, as you know, a market cannot go up and up forever. At some point, there has to be a time where the market pulls back and retraces. If you understand how to trade as a technical trader, you can find those opportunities to ride the market back down again and get out. Yes,