300 episódios

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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    • Investimentos
    • 5.0 • 2 classificações

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.

    #384: You cannot become a Doctor from reading an e-book

    #384: You cannot become a Doctor from reading an e-book

    You cannot become a Doctor from reading an e-book

    

    Podcast:



    #384: You cannot become a Doctor from reading an e-book

    In this video:

    00:26 – A new review on Forex Peace Army

    01:25 – A trader’s journey

    02:15 – Trading is limitless

    02:40 – Making 10% gain per month

    03:03 – Why traders fail

    04:10 – Trading can be lonely

    05:03 – Have a look at the review



    You cannot become a doctor just by reading an e-book, so how do you think trading's going to be any different? Let's talk about that and more right now.



    Hey, Forex traders, Andrew Mitchem here, the owner of the Forex Training Coach with video and podcast number 384.



    A new review on Forex Peace Army



    I want to talk about a review that I've just received on the Forex Peace Army website by a client of mine over in Germany called Simsek. Now, Simsek has written a review, his third review on Forex Peace Army, and it's been 10 months since he posted his last review. I'd really urge you to go and have a look at it. It's a very long, detailed, comprehensive explanation about his whole trading experience, and I know that you will find something in that that will resonate with you and something that will really help you. You see, what I love about the review is it's honest and it gives his whole detailed explanation of where he's come from, what he's done and what he's currently doing now.



    I'm going to put a link to the Forex Peace Army review site on this post, underneath this video.



    A trader’s journey



    What Simsek has done, which is so cool, is he said about the trials that he faced when he was looking around trying to become a trader, and he said that he looked everywhere. He's been on all sorts of different systems and e-books and things like that, and bought indicators looking for that magic holy grail, like everybody wants, do it for me, make it easy system. He realised it wasn't there. It just doesn't exist.



    But what he's done, since he's joined us, is he's put in time, effort, some hard work, some dedication and he's getting results. Like I said, it's the third review, so you can go back and look at his other two reviews back into 2019, and now see this latest one in mid September, 2020.



    Trading is limitless



    He's also posted on there to say that trading is limitless, and he's absolutely right. Trading is like no other job or anything out there, and that once you know how to do it, your income is only really dictated by the size of your account.



    But to start with, you've got to learn how to do things properly, and that's where he's at right now. In fact.



    Making 10% gain per month



    What he said is, in the last 10 months, since his previous review, he's made on average 10% per month. He's also said he's only had three or four losing weeks in that time. He's mostly been trading one-hour charts and know due to other things that he has in his life, he's developed into the longer timeframe charts, like the four, six, eight, twelve, and daily charts.



    Why traders fail



    But what he's also done in that post is he's put in there about why people fail. Go and have a read of it. Like I said, it's really, really valuable information.



    Now, if you've struggled through your trading, you're going to find something he's written in there is exactly what you've gone and done. It's about not sticking to the system about, sort of failing to have dedication, all those type of things. He also mentions, which is a very valuable point and I've said this before on previous videos and podcast here, is he's talked about what I provide, the strategy,

    • 5 min
    #383: The Right Trading Conditions, with a +6.8% Gain for the Week

    #383: The Right Trading Conditions, with a +6.8% Gain for the Week

    The Right Trading Conditions, with a +6.8% Gain for the Week

    

    Podcast:



    #383: The Right Trading Conditions, with a +6.8% Gain for the Week

    In this video:

    00:26 – An ex-dairy farmer and pilot

    01:06 – When the conditions are right

    02:02 – Up +6.8% for the week so far

    02:38 – Today’s trading examples

    03:50 – Make hay when the sun shines



    As a trader, it's really important that you wait for the conditions to be right before you jump into new trades. Let's talk about that and more, right now. Hey, traders, Andrew Mitchem, here, at The Forex Trading Coach with video and podcast number 383.



    An ex-dairy farmer and pilot



    Now, as an ex-dairy farmer, I know quite a lot about the weather and I know about conditions and I know what to do in certain conditions. Now, as a helicopter pilot, I also know quite a bit about the weather and I know what I should and shouldn't do according to the conditions. And as a trader it's exactly the same. If the conditions are not right, I'm just not really looking for too many trades. I don't go searching for trades. The conditions aren't right.



    Sometimes the best thing you can do is not to trade. Now, I know that can be a little bit disappointing for some people and that you feel like you always have to be in trades, but sometimes the best thing to do is to do nothing.



    When the conditions are right



    But other times, the best thing is to do is to see trades and take them, if the market is showing you those trading opportunities. Now, I'll give you some great examples. This week, so far, and it's now Friday morning here in New Zealand, I'm up 6.8% account gain for the week. Now, during most of August, I found that the trading conditions were not great for most of the time. I didn't trade so much. I actually had a losing month in August. And that happens from time to time. But I didn't trade a lot. And so, the important thing to get out of that is if the conditions are not there, don't take trades, or just don't take too many trades. I had a 0.5% loss in total for August. So, virtually, a breakeven month.



    Up +6.8% for the week so far



    But already here we are into September and I'm up 6.8% in four days already. Why? Well, because the conditions are there. Conditions are good. We trade when the conditions are good and we take advantage of that. And so, the other thing to look at is maybe days of the week, also. Monday and Tuesdays are generally pretty quiet, most of the time, but then Wednesdays, Thursdays, and sometimes into Fridays, you can get some exceptional trading conditions. And we talked about this on my webinar with clients, last night, of trading when the conditions are there.



    Today’s trading examples



    To give you another example. Today, Friday, the 11th of September. I didn't take any trades on my membership site, today, based off the daily charts. There were no trades there that I felt were suitable to take. However, we posted on our membership site and our forum site, five trades based off the eight-hour charts, today, and one trade based off the six-hour charts. So, although there were no trading opportunities on the daily timeframe, the bigger timeframe, those big moves, by the way, the parent especially has dropped considerably, some massive moves. But technically, the setups were not there on the daily chart, so we go down to the shorter timeframe chart, because we know the market's active. It's just that the daily charts were not showing us the right setups at the right time.



    So, we scaled down to the shorter timeframe charts, and we found those five trades on the eight-hour charts and one on the six-hour charts that we posted for our clients to...

    • 4 min
    #382: Under 30 years old and Trading Forex?

    #382: Under 30 years old and Trading Forex?

    Under 30 years old and Trading Forex?

    

    Podcast:



    #382: Under 30 years old and Trading Forex?

    In this video:

    00:30 – Trading for the younger generation

    00:55 – The benefits for the under 30’s

    02:39 – Master the skill of trading

    03:50 – Time is your friend

    05:02 – You’ll be used to webinars, so take advantage of my webinars

    05:42 – The webinars are on-demand



    If you're under 30 years old, you are in a prime position and prime stage of your life to take advantage of the Forex market to protect yourself going forward. Let's talk about that and more right now. Hey, Forex traders, it's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 382.



    Trading for the younger generation



    Now last week I made a video about people who are 50 years and older and looking at retiring. And I had a number of comments to say, "Hey, Andrew, what about us younger ones? I'm 20 or I'm 25, et cetera." So what I've done is I made this video and podcast for you. If you're on the lucky end of the scale and let's say you're 25, 30 years and under.



    The benefits for the under 30’s



    So if you're in that category, that age bracket, you have many advantages, of course, the obvious one being time. But the other obvious ones would be well, you're probably pretty good with computers and phones and iPads. You're probably used to online webinars, Zoom, especially during the coronavirus lockdown. So you understand webinars, you understand online memberships, you understand e-learning all that kind of thing. So you had that in your advantage.



    But what I really encourage you to do if you are in that younger age category is when you get into trading, if that's what you want to do... By the way you have to want to do this. Don't just do it because you think it's going to be a way of making some easy cash. Don't do it if that's you. But if you're at the mindset that you like numbers, you like patterns, you're in this for the long haul. If you want to do that and learn a skill to educate yourself, to almost future proof yourself as best as you can, going forward, in terms of finances and time freedom, don't start trading today, thinking that you're going to give up your job and become a full time trader next year. Just don't do that because it's likely not going to happen.



    Now, a lot of people that I've taught do go on to become full time traders, but it takes time. And of course you younger guys and girls love everything being instant and it's just the way the technology and things... You're used to that. And look, the trading, the Forex market does have that danger and that image out there of just being instant rewards. This money, money, money, money, money, flash cars, sit on a beach, go on holiday. That type of thing.



    Master the skill of trading



    The reality is quite different and the reality is, is that you need to learn how to trade. And a lot of people come to me and they say, "Andrew, look, how much do I need in my account to go and make X number of thousand dollars a week?" Well, my answer is, don't worry about that for now. You have to invest in yourself upfront just like you would, if you were going through university or anything like that, any form of education and learn to walk before you can run and you have time as your advantage. So take advantage of the fact that you have time.



    And don't worry about trying to make money from day one. Learn the skill properly, start small, start on demo, then get to small live accounts and make money as a percentage gain. Don't look at it and go, "I've got a thousand dollar account. How can I live on that?" Because you will not succeed at trading doing that.

    • 6 min
    #381: Trading in Preparation for Retirement

    #381: Trading in Preparation for Retirement

    Trading in Preparation for Retirement

    

    Podcast:



    #381: Trading in Preparation for Retirement

    In this video:

    00:27 – Preparing for retirement

    01:23 – The traditional way has disappeared

    02:07 – Recent examples

    03:47 – Results from a client in Germany

    04:39 – What can you do today to prepare for retirement?

    05:30 – Contact me at andrew@theforextradingcoach.com



    Are you looking to trade the Forex Market as a way to help you through retirement? Let's talk about that and more right now.



    Hey Forex traders, it's Andrew Mitchem here, the owner of the Forex Trading Coach, with video and podcast number 381.



    Preparing for retirement



    I want to talk about helping people in retirement. And the reason I want to do that is I was amazed at the recent survey that I held recently with a number of people who replied back who are over 50 years old. And it got me thinking about why people want to trade and want to learn how to trade. Now, obviously, the traditional ways of earning money a number of years ago, you potentially could have funds in a saving account or even a retirement account. And obviously, those type of saving accounts have just crashed. Savings accounts, interest rates through banks, and traditional means are just not what they used to be and you cannot rely on them any longer. And the likelihood going forward, at least for the next five plus years, is the interest rates aren't going to do a lot, regardless of where you live in the world.



    The traditional way has disappeared



    So, one of the traditional safe ways of having some funds and building up a retirement fund, have now gone. And for a lot of other people who are younger, then obviously property is potentially an option for some people. But as you get 50 and beyond, you either don't want to take on that kind of debt, you may not be able to take on that kind of debt through the bank rules, or you may be at that stage where maybe you're 60 or older and you're thinking, "Well, property and making some money in property in maybe 10 years time isn't what I need today. I need to make something today." And that's where we come back to the Forex Market.



    Recent examples



    Now, a couple of things I want to talk to you about is that... The first one is last night, I held a live two hour webinar, in fact it went for two and a half hours, with my clients like we hold each week. And on that, I invited a client of mine who's been trading since 2014, called Michelle, who lives over in New South Wales in Australia. And she came on to the webinar and talked for about half an hour and just gave some amazing information, and I didn't know it at the time, but Michelle is a retired nurse. I didn't know her complete background, but she explained why she got into trading, and then she took a break, and then why she got back into it again, and how she's now trading. But what Michelle's doing, which was fascinating, is she is a believer of the philosophy that to become an expert at something, you need to do it at least 10,000 times.



    And so, Michelle has some back testing software and she's testing, going through almost like in real time but through back testing my strategy, looking at different candle patterns, plus of course ongoing she's taking trades in real time. She said she was up to about 6,500 trades now of her 10,000 trade plan. But what it's doing, it's allowing her to trade, initially DMO, now live. But when she gets to that 10,000 and she's consistently profitable and making really good money. She said in her own words, that she will be then happy to then trade live account as her income for retirement, and so that is an exceptionally good thing to do.

    • 5 min
    #380: The Top 5 Issues Facing Forex Traders

    #380: The Top 5 Issues Facing Forex Traders

    The Top 5 Issues Facing Forex Traders

    

    Podcast:



    #380: The Top 5 Issues Facing Forex Traders

    In this video:

    00:26 – Issues that you’ll be facing as a Forex trader

    01:22 – The 5 main issues

    02:32 – #1 Lacking a working strategy

    03:40 – #2 Managing and Avoiding Risk

    04:15 – #3 Lack of time to trade

    05:00 – #4 Don’t know when or why to enter the market

    05:23 – #5 Controlling Emotions

    06:25 – Contact me if you’d like a copy of my live webinar recording



    Today, I'm going to discuss with you the top five issues facing most Forex traders. It's going to be really interesting. Let's get into it right now.



    Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 380.



    Issues that you’ll be facing as a Forex trader



    And I want to talk to you about some issues that you're likely to have as a Forex trader. And the reason I know that is I've held a survey recently from my entire database, had some great replies from people, and I've gone through all of those replies and I've categorised the replies in terms of the five biggest issues that most people seem to say that they have when it comes to trading the Forex market. And so I've categorised those in order to try and help you out.



    Now, just to let you know, also as a thank you for those people who send through the survey responses, I've given them access to one of my recent live two hour trading room webinars that I hold exclusively with my clients. If you'd like to get access to that same webinar replay, just send me an email or reply to andrew@theforextradingcoach.com, and I'll send that through to you.



    The 5 main issues



    So moving on to the five top issues that most people seem to have at that. So the first one is most people cannot seem to settle on a working strategy, seems to be the biggest issue at. Number two, most people seem to have an issue with being able to manage their risk or avoiding risk within their trading, avoiding taking stupid demand to risk. I'm going to cover all these issues in more detail shortly. Number three, most people seem to say that they do not have enough time to trade properly. Number four, they don't know where or what enter the market, and even when they've entered the market, they don't know how to exit the market or where to exit the market. So it's a lack of understanding. Number five, controlling emotions and how this hurts their trades. So there seems to be a lot of people out there with revenge trading or having issues with emotions or taking too big of possessions. So we'll cover all of those issues here.



    #1 Lacking a working strategy



    And number one, the strategy issue. It's the obvious number one problem that most people will have. So from my point of view, my strategies been working for years. It took me four years of trial and error, probably like you may be having right now to get to that situation of a proven strategy. And so for me, I strip my charts of everything. I got to look at the price. How often do you actually look at what the prices? Are you worried about indicators crossing over each other? So all those types of things have a detrimental effect. You've got to look at the price. You got to actually see where the price is right now.



    And so I started to build together an understanding of candles and where they appear on the chart, and then I introduced other things like support and resistance levels, ran numbers, Fibonacci retracements and extensions, and using a completely different way to the standard, by the way, and divergence and putting all that together to get a system that works for me. So strategy, once you understand and have a good, clear strategy,

    • 7 min
    #379: Securing Your Financial Future

    #379: Securing Your Financial Future

    Securing Your Financial Future

    

    Podcast:



    #379: Securing Your Financial Future

    In this video:

    00:31 – Coronavirus re-emerges again

    01:28 – Government job payment ends soon

    02:35 – Where does this leave you and your future?

    03:43 – It’s time to consider the Forex market

    05:22 – Few other businesses are as good as the Forex market

    06:05 – Learn how to trade first

    07:06 – How to find out more



    So the coronavirus continues to cause mayhem around the world. What are you doing to try and secure your financial future? Let's talk about that and more right now.



    Hey, traders. It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 379.



    Coronavirus re-emerges again



    Glorious day. So I thought I'd come outside here and talk about actually what is an extremely important subject to almost everybody. Here in New Zealand, we thought we were doing really well with coronavirus. We were paraded around the world as having a hundred days of no coronavirus in the country. Now, all of a sudden, Auckland has gone into lockdown, and the rest of the country has gone up to a higher level. I'm guessing next week, the whole country potentially could be locked down.



    So things are not quite as good as everybody thought they were. Of course, around the rest of the world, the same picture is applying with countries getting second waves and more lockdowns. Although that is, I suppose, annoying from a day-to-day living point of view, there's a far bigger problem, of course, going on, and that is money cannot just keep getting printed. Governments around the world cannot just keep propping up jobs that really are now not needed or there's no demand for them.



    Government job payment ends soon



    Here in New Zealand, on the 1st of September, all the handouts for the jobs that the governments are just keeping people going, that stops on the 1st of September. What happens then? All those jobs. People are artificially propped up right now. Yes, that had to happen, but governments cannot keep printing money.



    Here in New Zealand, the official cash rate stayed at 0.25%, and they're talking the next step they can do. Well, pretty much, the only thing they can do is to take it negative. Now, this is New Zealand. This is a country that only a few years ago had one of the highest interest rates in the world. We had this thing going on called the carry trade whereas New Zealand interest rates were very high, Japanese rates were very low, and people were just basically making money on the massive interest rate differential. But of course, here we are in the same position as the rest of the world. They are potentially talking about going negative on the official cash rate. Now, that's just never been even heard of before, and



    Where does this leave you and your future?



    So where does this leave you as someone either with a job, or someone that's looking to retire soon, or even someone young that's looking at getting into a job? Where does this leave you?



    It's not particularly good, and although I hear... Here in New Zealand, certainly, there are lots of people spending money. There's people spending money on lots of cars, and sparkles, and all these type of things, which is fantastic to keep the economy running because people are not spending money on big overseas trips this year because they can't, but that's really good to keep the economy propped up. But none of these things are actually to do with investing. They're all buying shiny objects, and that's the problem I have with our government here.



    They just keep spending money and spending money,

    • 7 min

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