300 episodes

Andrew Mitchem is a full time Forex trader and Forex Coach with clients all around the World. Each week I provide you with the latest Forex news plus important trading tips and advise that will help improve your trading performance.

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Andrew Mitchem is a full time Forex trader and Forex Coach with clients all around the World. Each week I provide you with the latest Forex news plus important trading tips and advise that will help improve your trading performance.

    #483: My Favourite Candle Patterns to Trade

    #483: My Favourite Candle Patterns to Trade

    My Favourite Candle Patterns to Trade

    

    Podcast:



    Find out more about Blueberry Markets – Click Here

    Find out more about my Online Video Forex Course

    #483: My Favourite Candle Patterns to Trade

    In this video:

    00:37 – Trading the patterns

    01:10 – Make your trading enjoyable

    01:48 – The candle patterns we look for

    02:18 – My favourite candle pattern

    03:04 – Different time frame chart trades this week

    05:05 – Trade the pattern



    As a trader, it's important that you learn to trade the pattern and do not make your trading too complicated. If you can do that, your results will be good. Let's talk about that and more right now.



    Hey, traders. Andrew Mitchem here at The Forest Trading Coach with video and podcast number 483.



    Outside again today. Get some nice comments and feedback from people, just enjoying the outdoor environment here in Nelson, in New Zealand, and of course summertime here so nice to get outside.



    Trading the patterns



    Trading the pattern, it's a really important part of trading and it can declutter your mind. It can make your trading far more enjoyable, far easier and definitely more profitable. Now what I mean by that is in so many things like compliance, red tape, overcomplicating things just in life in general, government policies, whatever it is that things are just in many ways just overcomplicated and trading is no different.



    Make your trading enjoyable



    And in order to make your trading enjoyable, I strongly believe that you've got to declutter your mind and make things a lot more simple.



    And for me, it's about trading the pattern. I do that regardless of the timeframe chart that I'm trading. So a lot of people come to me and go, "Hey, Andrew. What's the best timeframe chart to trade? Should I only be trading daily charts? Should I only be trading hourly charts?" And to me, you trade the setup that's on the chart at the time. And if it's a good setup, you take the trade. If it's not, you don't take the trade.



    The candle patterns we look for



    So when I'm looking at a trade, I'm looking for a candle shape, candle pattern to form first to give me the confirmation that we could be seeing either a reversal pattern or a continuation pattern. So I trade those two patterns to start with. I trade reversals because if we've been in a big up trend, let's say, we're then seeing a bearish candle and we're then turning around, looking for a down trend opposite with a buy trade then, looking for a down trend and it to turn around to go up.



    My favourite candle pattern



    My favourite pattern though is a continuation pattern, and that's when we've had, let's say, a big up trend. We've had a pullback and then we see a bullish pattern to go long again. So candle pattern is always number one to me. I like to see previous indecision or bounce at a certain level, a round number if it's a buy trade bounce off a support level. I like to see room to move for the profit target. I love to see a round number to help protect my stop loss, things like that. If I'm taking a buy trade, I don't really want to see my profit target above the last, say, swing high. I don't need to have to make new ground, new high price to get to my profit target. That again just detracts from the likelihood of my profit target being hit. So all those things come into it.



    Different time frame chart trades this week



    But then it comes to the timeframe chart that you're trading,

    • 5 min
    #482: Don’t Race to Get Rich through Trading

    #482: Don’t Race to Get Rich through Trading

    Don’t Race to Get Rich through Trading

    

    Podcast:



    Find out more about Blueberry Markets – Click Here

    Find out more about my Online Video Forex Course

    #482:Don’t Race to Get Rich through Trading

    In this video:

    00:28 – Take your time when learning to trade

    01:33 – How I can help you

    02:06 – Trading with low risk per trade

    03:00 – Controlling your heart and your head

    03:17 – Client makes +60% in 6 weeks

    04:47 – Check out Blueberry Markets

    05:16 – Today’s lessons

    05:37 – Like & Subscribe



    Hey traders. Don't race to get rich through trading. It's likely to end in tears. Let me explain exactly what I mean through my 18 years of knowledge and experience to help you right now.



    Hey there, traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 482.



    Take your time when learning to trade



    Came outside this afternoon, beautiful afternoon. And I wanted to talk about why you should not race to get rich through trading. You see, people get into trading and they think it's going to be easy. They think they're going to become super rich really, really quickly without too much thought or too much effort. And look, you can't blame people for thinking that. I did exactly the same.



    Give you a bit of a kind of funny story. 17, 18 years ago, I was pushing kids around in prams, push chairs, or walking the dog and not really being in the moment, and instead my head was in the how much money am I going to make through my trading kind of space. And I would be forever calculating while I was walking. Go, okay, so I start with 10,000 and then I double that, that'd be 20, and I'd double that. That'd be 40, and I'd double, that'd be 80. And I was trying to sort of figure out if I'm doubling my money every sort of month, how long it would take me to get to these magic high numbers.



    And it's a mistake that so many people go through. And like I said, I really don't blame you if you are going through that or have done that because it's exactly what I did myself.



    How I can help you



    But what I'm here to help you with is now after some 17, 18 years of trading full time, in fact coming up near 19 now of trading full time, I can offer you knowledge, experience, bit of wisdom to help shortcut things for you. And that's what we do at the Forex Trading Coach. It's not only about the course, and the strategy, which of course work, it's about the realities of trading.



    And yes, you can do really, really, really well from your trading, and I'm going to share with you a testimonial that I received just yesterday shortly, but it's about the realities.



    Trading with low risk per trade



    And I quite often get asked by people saying, "Andrew, look, how can I make money when you only say trade half of 1% risk per trade?" And you got to remember, that's not me saying you should trade half of 1%. That's what I'm saying that suits me. And from my years of experience and knowledge, I find it a really good number. Now, if you want to go and trade 2, 3, 5, 10% per trade, go for it. It's your money after all. I'm not here to say you have to do this. I'm here to say, if you want my help and knowledge, these are my suggestions. And I've always sort of used that figure because I find personally that figure is a really good low risk figure.



    And when you look at prop firms around the world now, which by the way is a really good way for people to make money, once they know what they're doing,

    • 5 min
    #481: Profiting from the Crypto Crash

    #481: Profiting from the Crypto Crash

    Profiting from the Crypto Crash

    

    Podcast:



    Find out more about Blueberry Markets – Click Here

    Find out more about my Online Video Forex Course

    Click Here to Signup for my Black Friday Sale 2022

    #481: Profiting from the Crypto Crash

    In this video:

    00:25 – Today’s video and podcast

    00:53 – A massive fall in the Crypto market this week

    02:30 – Crypto Cash

    03:11 – Trading Battle and my 2022 predictions have been correct

    04:50 – Our Black Friday sale starts on 17th/18th November

    06:16 – Check out Blueberry Markets

    07:13 – This week’s summary



    The crypto market has been crashing and tumbling this week. So how do you profit from that rather than take massive losses? Let's talk about that and more right now.



    Hey there traders, it's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 481.



    Today’s video and podcast



    A big list of things to get through today, including the big crash in cryptos and how you can profit from that. I want to talk about my 2022 long-term predictions that I made last year and how those have come correct. I want to talk about our Black Friday sale on this upcoming Friday, on the 18th of November. I want to talk about Blueberry Markets as my preferred broker. So let's get into that.



    A massive fall in the Crypto market this week



    So cryptos; they have been tumbling. If you've been following cryptos, if you've been trading in cryptos, or you've been holding cryptos, you would have seen that this week we have had a massive fall in most of the crypto markets. So for a lot of people that's obviously really, really bad news. But for us as traders, Forex traders but we can now trade cryptos in the same way because my strategy works across all markets and all timeframes and that does crypto pairs as well. So luckily for us, we have the ability of course to trade short or to sell something. We're selling something that we don't own. Unlike going out there and actually buying Bitcoin or Ethereum or something, we're not doing that. We have the advantage of riding the market down if we're selling it and profiting exactly the same way as if we were buying it and the market was going up.



    Now, that's one of the main things that attracted me to the Forex market getting close on 20 years ago, was the ability to sell something and watch it fall and profit from that, unlike say traditional buying shares or buying property or something like that, where of course you buy, hope, hold, hope it goes up kind of strategy.I wasn't overly interested in that and that's why I like the ability to make money, providing I'm on the right side, whether a market is going up or down. That's the beauty of the way that we trade.



    Crypto Cash



    So with cryptos, for example, we've seen this week the likes of Bitcoin go from $21,000 down to $15,000. A massive, massive drop. We've seen Bitcoin cash go from 120 down to $86. We've seen Ethereum go from $1,600 down to $1,080. So massive, massive drops. Sure they might come back a little bit but the beauty is, as mentioned, we can trade them if they're going up or down. We're price-action based and that works across all markets without fail. That's the beauty of it. So that's why I like to trade the Forex market and now other markets.



    Trading Battle and my 2022 predictions have been correct



    The Trading Battle is a group online who came to m...

    • 7 min
    #480: It’s Time to Secure Your Financial Future

    #480: It’s Time to Secure Your Financial Future

    It’s Time to Secure Your Financial Future

    

    Podcast:



    Find out more about Blueberry Markets – Click Here

    Find out more about my Online Video Forex Course

    Click Here to Signup for my Black Friday Sale 2022

    #480: It’s Time to Secure Your Financial Future

    In this video:

    00:24 – A lot of doom and gloom in the world right now

    01:10 – Mortgage rates and Interest rates rise

    01:52 – Pension funds are dropping

    02:28 – What can you do about it?

    02:50 – Live webinar discussing a variety of time frame charts

    04:14 – Black Friday 2022 Sale – register here https://theforextradingcoach.com/black-friday-2022/



    It's time to start thinking about securing your financial future, regardless of how old you are, regardless of how wealthy you might be, and regardless of where you live. Let's talk about this really important topic right now.



    Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 480.



    A lot of doom and gloom in the world right now



    Thought I'd come outside this morning, early morning and record this video for you. There's a lot going on obviously around the world right now with inflation going up, cost of living going up, job uncertainties, wages not keeping up with inflation, and a lot of property values starting to drop. In fact, I saw just this morning reading one of the UK online papers, they're talking about potentially up to a 30% fall in their house prices. Property investors, maybe not such a good time now with higher interest rates and falling values if you already own property as well.



    Mortgage rates and Interest rates rise



    With mortgage rates going up and up, it's making things harder and harder for people to afford property, and so therefore it's not so attractive. Also, overnight my time, Britain has raised their cash rate from 2.25% up to 3%. That's actually a 33% rise, huge. Just this week, the US have also gone from 3.25% to 4%, and on Tuesday, Australia went from 2.6 to 2.85. Other countries did something similar just a week or so prior, and that's just this week, just those three countries.



    Pension funds are dropping



    We're also getting news about pension drops, and I saw again on an English online paper here, this comment about my pension fund has plunged, wiping out almost all the gains over the last eight years. People are saying, well, their pension funds, if they're coming up to retirement age, let's say. Your value of your pension fund some eight years ago is pretty much where you are right now because of the lowering values and just the bad performance of pension funds. All this comes down to the very obvious, I suppose the obvious question, not the obvious answer, so much.



    What can you do about it?



    The obvious question of what are you going to do about it, and how can you change this? Because obviously this is just spiralling out of control on so many different levels.



    To me, there is a relatively straightforward answer, and it's to get trading or get educated into trading so you can try to figure out what you can do about this for yourself.



    Live webinar discussing a variety of time frame charts



    Now, just last night my time, I held a live webinar with our clients. We discussed a variety of timeframe charts, monthly charts of which we've got five trades on for the month of November.

    • 6 min
    #479: Your Questions Asked to Blueberry Markets

    #479: Your Questions Asked to Blueberry Markets

    Your Questions Asked to Blueberry Markets

    

    Podcast:



    Find out more about Blueberry Markets – Click Here

    Find out more about my Online Video Forex Course

    Click Here to Send an Email to Ben Clay

    #479: Your Questions Asked to Blueberry Markets

    In this video:

    00:32 – I’m joined by Ben Clay at Blueberry Markets

    01:16 – Q #1 – Opening an account

    02:09 – Q #2 – Methods to fund an account

    03:45 – Q #3 – Banks having issues with opening a trading account

    04:58 – Q #4 – What’s the smallest account size?

    07:07 – Q #5 – Making a request for something different from Blueberry Markets

    07:46 – Q #6 – New markets available to trade

    08:55 – Q #7 – How secure are my funds if I don’t live in Australia?

    10:02 – Contacting Ben Clay directly at ben.clay@blueberrymarkets.com 



    Andrew Mitchem:



    Last week, I put some questions to our database and we've had some fantastic replies. We're going to interview Ben Clay at Blueberry Markets and find out how Blueberry can help you as a forex trader. Let's get into that and more right now.



    Hi everybody. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 479.



    I’m joined by Ben Clay at Blueberry Markets



    We are very lucky today to be joined by Ben Clay, who's the partners manager over at Blueberry Markets. Welcome along Ben. Ben, how are you?



    Ben Clay:



    Thank you. Very well, Andrew. Always a pleasure to be here. Thanks for having me again.



    Andrew Mitchem:



    Awesome. Well, just to recap, last week I sent an email out to our database asking for people to come through with a group of questions, knowing that I was going to interview you this week and to be able to put those questions to you. So, thank you very much for helping out with these questions that we have to ask you.



    So first one is from Steve, and Steve says he's never opened an account before. What is the process, and how complicated is it to set one up?



    Q #1 – Opening an account



    Ben Clay:



    Yep, pretty straightforward. The application itself takes three to four minutes to complete on our website, and then you just need to upload the ID documents that it will request. Typically one government issued photo ID and then a proof of address that was issued in the last 90 days. And you can upload all that in the portal. The account's typically open within a few hours, or 24 hours or so.



    Andrew Mitchem:



    Cool. So pretty straightforward, really. In terms of opening a demo, how's that been?



    Ben Clay:



    That's basically the same. You would do that straight on our website. There's a section there that just says "Open a demo account." That's a lot faster. Obviously, you don't need to upload any ID documents. But there'll be two buttons on our website. "Open a demo account," "open a live account," and you can follow the steps there. And you can get demo accounts up and running within the client portal as well.



    Andrew Mitchem:



    Okay, awesome. No, I hope that answers that one for you, Steve.



    Q #2 – Methods to fund an account



    We have a question here from Gidivo, and it's regarding funding the accounts. And this specific question was about can I fund on a MasterCard credit card and fund and withdraw that way? Because in some countries that's possibly a little bit easier than going through onl...

    • 11 min
    #478: Why We Trade Multiple Time Frame Charts

    #478: Why We Trade Multiple Time Frame Charts

    Why We Trade Multiple Time Frame Charts

    

    Podcast:



    Find out more about Blueberry Markets – Click Here

    Find out more about my Online Video Forex Course

    #478: Why We Trade Multiple Time Frame Charts

    In this video:

    00:26 – How looking at different time frame charts will help your trading

    01:01 – If we had focused on 1 time frame chart

    02:14 – More trade examples

    02:45 – More successful trades on my live weekly webinar

    03:39 – A higher probability of overall success

    04:06 – I’ll be interviewing Ben Clay at Blueberry Markets



    I'm going to explain why we look at multiple time frame charts each day. Let's talk about that and more, right now.



    Hey there, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 478.



    How looking at different time frame charts will help your trading



    I want to explain why we look at different time frame charts and how it can really help you with your trading. This week's a really good example, and this week we haven't had a great deal happening on the longer time frame charts. We had no weekly chart trades, which is quite unusual. On Monday and again today, being Friday, we've had no daily chart trades. On Tuesday and Wednesday, we only had one daily chart trade, and on Thursday we had four. And of course, you cannot tell in advance what's happening and why and what the market's going to do.



    If we had focused on 1 time frame chart



    So if we had just focused purely on the daily charts this week and the weekly charts, we'd have had just six trades. However, we look at other time frame charts as well. But it doesn't mean to say that you are taking lots and lots of time to do that because if you can trade once a day and have a look at the charts when the daily charts close, you can also look at the 12 hour charts, the eight hour and the six hour. That's at 5:00 PM New York time. If you can also look at 5:00 AM New York time or any time after that, you can also look at two hour, four hour, six hour and 12 hour charts. And so because we take trades only at the close of a candle, I can quite easily trade once or just twice a day. It takes a maximum of 30 minutes to go through all those different time frame charts and give ourselves more trade setups.



    Now, if you're the sort of person that trades just one hour charts or just 15 minute charts or just daily charts, you are really limiting yourself because you don't know what the market conditions are going to be. And that becomes quite a, not so much dangerous, but limiting factor on your trading.



    More trade examples



    So, some more examples. This week at the Wednesday, 5:00 AM time frame changeover, I'm on our forum site at that time. I posted five trades, two of them on the 12 hour charts and three of them on the six hour charts. Out of those five trades, four out of the five have been profitable, one's still in and it's in slight profit. So, so far we're a hundred percent profitable success. One trade's still to go on the 12 hour chart.



    More successful trades on my live weekly webinar



    And then last night, my time, on our live weekly European session webinar, which I hold, next week's a US session webinar with Paul over in America, but I held the European session webinar last night, my time, European morning. And on that session I took two trades on the two hour charts. We took a New Zealand Swiss Franc two hour chart trade, which was very profitable, made a three to one reward to risk.

    • 5 min

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