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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    • 4.0 • 74 Ratings

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.

    #394: How Was Your Trading During 2020?

    #394: How Was Your Trading During 2020?

    How Was Your Trading During 2020?

    

    Podcast:



    #394: How Was Your Trading During 2020?

    In this video:

    00:26 – What an interesting year!

    01:06 - Trade the conditions you get at the time

    01:21 – How was your trading during the year?

    02:35 – My trading hours during the next 3 weeks

    03:15 – Use the next 3 weeks wisely

    04:07 – Wishing you all a fantastic Christmas and have a great 2021



    How was trading for you in 2020? It was an interesting year, wasn't it? Let's talk about that and more, right now.



    Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 394, and it's the last video and podcast for 2020.



    What an interesting year!



    Well, what an interesting year. Who would have thought back in January we would be in the situation that we're in now? Who would have thought we've seen all things that we've seen in 2020? Nobody could have predicted that, but for traders, it's actually been a pretty good year. Back in March and April, we had some unbelievably good trading conditions, made incredible returns because of the big movements in the market when the COVID really hit, and throughout the year we've seen some interesting trading conditions. Sometimes it's been a bit quiet. We've had the US election and all the buildup to that and still carrying on now, and so conditions have been a little bit quiet. Brexit still. Is it happening? Is it not happening in the UK?



    Trade the conditions you get at the time



    But as traders, you've got to just basically go with what the market's giving you at the time, and as mentioned, we have had some very, very good trading conditions throughout the year, sometimes a little bit quiet, other times exceptionally good.



    How was your trading during the year?



    But what I wanted to ask you is this. How has your year been in 2020? Has it been a good year, not such a good year? I suppose for a lot of people being able to now work from home and it's allowed people to adapt and accept working from home, working remotely. Things like trading has become easier to do. More opportunity to do it if you're not at work all day, so that's been a really good thing. But as a trader, what have your results been like and what are you doing to analyse those results, to look at those results and to think, "Well, this is what I've done this year?" Can't change it. This happened. Whether it be good or bad, but what are you doing now onwards over the next few weeks as we lead up to Christmas and New Year to ensure that 2021 is an exceptional trading year for you? What are you actually doing about that?



    Are you reviewing the trades that you've taken this year? Are you looking at changing something? Are you looking at getting some education, some help, some support, do a course, read an ebook, watch videos? What is it that you are going to be doing now for the next few weeks and take advantage of this quieter time?



    My trading hours during the next 3 weeks



    I'm stopping trading Friday the 18th of December and starting again on Monday the 11th of January, so I'm just taking a break from trading. The market conditions are going to do one of two things. Either it's going to be very thin trading volume and the market's going to be crazy, or it's just going to be flat and dead, and of course you never know which, so for me it's just easier not to be bothering. There's plenty of other weeks in the year to be trading and making money from the market. It's just nice at the end of the year, have a bit of a downtime, bit of a relax and get ready for next year and so really, that's what I encourage you to do.



    Use the next 3 weeks wisely



    Yes, have some down time, some family time. That's what Christmas and New Year's all about,

    • 4 min
    #393: All You Need to Know about Blueberry Markets

    #393: All You Need to Know about Blueberry Markets

    All You Need to Know about Blueberry Markets

    

    Podcast:



    #393: All You Need to Know about Blueberry Markets

    In this video:

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

    00:45 – Who are the people behind Blueberry Markets?

    02:23 – Where are your servers located?

    04:45 – Building their online reputation

    06:54 – What type of accounts can someone open at Blueberry Markets?

    09:18 – Can you have an unlimited demo account?

    10:29 – How do I withdraw funds?

    12:09 – Safety of my funds?



    I’m joined by Ben Clay at Blueberry Markets



    Andrew M.:

    Hi, everybody. It's Andrew Mitchem here at The Forex Trading Coach, and I'm pleased to be joined today by Ben Clay from Blueberry Markets. Hello, Ben.



    Ben Clay:

    G'day, mate.



    Andrew M.:

    Nice to see you here. Ben, got some questions to run through from you. Asked a number of traders right round the world to ask questions to me that I can pass them on to you, basically to find out more about Blueberry Markets, what it is you do, why you're a good broker, and why you're my preferred broker. So if you're all good, I'll fire away with some questions, Ben.



    Ben Clay:

    Absolutely.



    Who are the people behind Blueberry Markets?



    Andrew M.:

    The first question is, who are the people behind Blueberry?



    Ben Clay:

    Good question, one I get asked relatively often. Dean Hyde is actually basically the owner of Blueberry Markets, who I've known for about 11 years. We worked together at AxiTrader, who you obviously know, for some time. He just basically wanted to set up a broker where he thought there was a gap in the market, which was offering just really good, hands-on customer service and transparency to all of their clients. So he sort of separated from Axi a few years back and set out really on his own to come and set this up.



    Ben Clay:

    We're, of course, licenced through Eightcap, down in Melbourne, which is another firm who holds the FSL. Obviously, ASIC, it's very difficult to get your own licence when you're first starting out. So we're still under their licence, but they're a very strong financially-backed firm as well and they've been amazing to us. So technically it's Dean who's behind it, and then Eightcap who runs the licence is basically it.



    Andrew M.:

    Perfect. I think that's one of the nice things that I like about what you guys are. You're very personal group. It's real people. It's not a call centre. It's nice that you're dealing with real people all the time. And that's the feedback that I get from clients as well. It's always someone, like that.



    Ben Clay:

    Well, I'm really glad to hear that. That's what we set out to do, is have the real hands-on approach and be extremely accessible and transparent. So that's what we set out to do, and I think we've done pretty good at achieving that.



    Where are your servers located?



    Andrew M.:

    I think you've done very well. Absolutely. So another question, Ben. Your servers, where are they located?



    Ben Clay:

    Our main servers are based in Hong Kong, so that's where the main server centre is. And while that might sound a bit strange, it's a pretty central location to a lot of our key demographics. Having said that, though, we do have data centres all around the world, so in the main DCs like London, New York, Tokyo, Sydney, as well. The reason for that is when you're connected to the platform on MT4, anyone who's ever used it, down the bottom right-hand corner, there's the little connection status.



    Ben Clay:

    You can actually click there and select the best data centre that's giving you the best latency. Most of the time for me,

    • 14 min
    #392: Why I Trade with Low Risk Per Trade

    #392: Why I Trade with Low Risk Per Trade

    Why I Trade with Low Risk Per Trade

    

    Podcast:



    #392: Why I Trade with Low Risk Per Trade

    In this video:

    00:29 – Why do you keep your risk per trade low?

    01:03 - 2 things you must control

    03:05 – This completely amazes me

    04:08 – We also have high R:R trades

    05:33 – Understanding the market and understanding yourself

    06:10 – Our 2020 Black Friday 12 Hour Sale



    I get asked all the time, why I trade with such low risk. Let me explain more right now.



    Hey traders, it's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 392.



    Why do you keep your risk per trade low?



    The question I get asked quite often is, "Andrew look, if you've been trading for so long and you know what you're doing, you know how to trade, why is it that you constantly promote and suggest other people trade with such low risk per trade?" And it's quite an interesting question because people think that, you can just go and risk crazy amounts and make exceptional returns. For me as a full-time trader, that's been doing this for close on 17 years, I can tell you that yes, you can make exceptional returns from the Forex market, but you can do that without risking crazy amounts.



    2 things you must control



    Now, for me, there's two things as a trader, that you have to control. One is your head. The other is your heart. If you can control those two emotions, then you are a long way down the track to helping yourself becoming a good trader. And for me, I've never really, had to worry about my trading because what I know I've got a strategy that works and I'm very comfortable trading it, and I know how to trade it. It's been proven for such a long time. But also because I trade with such low risk per trade, I can place trades. I've got trades on behind me right now. I can go to sleep. I can go away for the day. I can do all sorts of things without stressing about trades, because I know that every single trade that I place has a very low and a controlled stop loss. And I'm not talking about putting a stop loss at 10 pips or 50 pips or a hundred pips or anything like that.



    I'm talking about if my trade gets stopped at and I place, my stop loss at a reason, not just at a number. In other words, I'm not placing it at 10 pips or 50 pips. I'm placing it at a level on the charts for a reason. Well, I know that that's say, got a good chance of not being stopped at, but let's say it does. And of course we all have trades that get stopped at. If it does, I know what my risk is as a percentage of my total account. And I can live with that because I know that it's not going to damage me. I know I can get up and trade again tomorrow. And that's the problem that I see so many traders having, and they have a losing streak and all of a sudden it's like, "Oh my goodness." It's the head and the heart, again. "I can't trade." Or. "I'm scared to trade." Or they see a really good setup and they go and take less risk than they normally would because they've had a string of losing trades.



    And of course that becomes the trade that ends up winning. And they only make a small amount rather than what they should be making. So you see the issue.



    This completely amazes me



    Now, it still blows me away that I see they're just all over the internet, people saying, you should be risking 2%, 5% per trade. 5% per trade. I can have 10 trades in a row, go wrong and lose 5%, which hardly ever happens by the way. But I could have 10 trades in a row go wrong and I lose 5% of my account. These guys online are suggesting that you risk 5% per trade. You imagine what happens when you end up with three or four or five losing trades in a row. How are you feeling? Not only that is, what have you got to do as a percentage gain to make back that loss that you...

    • 6 min
    #391: How to Adapt to The Current Market Conditions

    #391: How to Adapt to The Current Market Conditions

    How to Adapt to The Current Market Conditions

    

    Podcast:



    #391: How to Adapt to The Current Market Conditions

    In this video:

    00:29 – A very interesting week

    00:58 – Needed to adapt to the market price action

    02:02 – Client make a +6.1% gain on XAU/USD H2 chart

    02:27 – Just 1 Daily chart trade for the week

    03:22 – Trading the shorter time frame charts this week

    04:09 – The way we trade at TFTC

    04:28 – Trading next week onwards

    05:12 – Keep a look out for our Black Friday Sale



    As a forex trader, you need to be able to adapt to what is happening in the market at the current time. And I want to talk about that to help you in this week's video on podcast. So let's get into it right now.



    Hey, forex traders, it is Andrew Mitchem here at The Forex Trading Coach with video and podcast number 391.



    A very interesting week



    Now, this week we have had quite a lot happening. We've had the US elections. Right now, as I'm speaking, we still don't know the outcome, and by the time you get to watch this video, you may or may not know the outcome, but with that in mind, the market has been a little bit different to many other weeks. And then later tonight, my time, we have the monthly Nonfarm payroll, the US monthly employment results coming through.



    Needed to adapt to the market price action



    So, what does that mean? Well, it's meant that the market's been quite difficult to trade, but also it means that we've had to adapt to what the market is giving us. And what I mean by that is we've got to look at different currency pairs, different timeframe charts in order to basically give us the right setup that's happening at the time. Now, as you know, I talk about trading on monthly charts, weekly charts, daily charts, 12-hour charts, six-hour charts, all those kinds of longer timeframe charts. Now, this week, it's been completely different due to what the market is giving us. And as an example, online webinar that I held just last night with my clients, which was a fantastic webinar with many, many trading examples, we focused on one and two-hour charts predominantly with a few four-hour charts.



    And on the session, I took two two-hour chart trades, one on the Euro Australia and one on the Euro/New Zealand Dollar. And we took those live, and we explained the setups, et cetera, on that session.



    Client make a +6.1% gain on XAU/USD H2 chart



    Now, also on that session, we had a client who took a trade on gold and made us a massive 6.1% account gain on the two-hour chart on gold. And it just makes you realise that if you adapt to what the market is showing you, you can do very well in all conditions.



    Just 1 Daily chart trade for the week



    And as another example, this week, I've placed just one daily chart trade, just one the entire week. It was placed on Tuesday. It was an Australian Dollar-US Dollar trade on the daily chart. Go and have a look at your charts to see a bearish engulfing candle at the bottom of a downtrend, a double bottom off the bottom Bollinger Band. I believe we also had divergence. I think we all bounced off the 70 level, and we had a retracement all the trade that made a 2.5 to one reward the risk, and we had our market in order to make 1.6 to one reward the risk.



    It would take a quarter percent at each of those two. In other words, half percent risk on total, on the two trades, one trade, two positions. We just over 1% just on the one trade. So we have adapted because we just haven't really seen many daily charts, just the one.



    Trading the shorter time frame charts this week



    We've also adapted because we've been trading predominantly the shorter timeframe charts this week because that's what the market has been telling us t...

    • 5 min
    #390: How to Future Proof Yourself

    #390: How to Future Proof Yourself

    How to Future Proof Yourself

    

    Podcast:



    #390: How to Future Proof Yourself

    In this video:

    00:28 – What an interesting year 2020 has been

    01:20 – Problems around the rest of the World

    02:00 – Using other people’s money to trade?

    03:45 – Take advantage of these ways of making money from trading

    04:23 – TFTC Pattern Trader bots

    05:28 – Trading off a small account size

    06:42 – You need to future proof yourself and learn how to trade correctly



    What would another corona virus lockdown mean for you? Is your job secure and what are you doing to future proof yourself? 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 390.



    What an interesting year 2020 has been



    So, it's been an interesting year, hasn't it? We're heading up to the US elections next week, and we've obviously had coronavirus cause issues right around the world. We're lucky here in some ways in New Zealand, we're very small, a couple of islands safely tucked away at the bottom of the world. We've only got one international airport that's open. We've only got three in total, but we've got one that's open. Very, very easy for us to control coronavirus here. Only 5 million people but even so, we can't move around. We can't travel overseas. Visitors are not coming in.



    As a country, we rely on tourism and we're heading into summer now so there's going to be a lot of job losses here, a lot of problems coming.



    Problems around the rest of the World



    Around the rest of the world, Europe is getting... There's more and more problems. There's unrest, there's riots. There's more lockdowns coming and that's likely to cause huge problems and unemployment fear, et cetera like that.



    And it comes back to exactly like I mentioned to you back in around March, April, May time about future-proofing yourself, but how you can use the Forex market to do that. I want to give you some examples of what people are actually doing right now along those lines.



    Using other people’s money to trade?



    The first example is a client who wrote on our forum site just this week. He said that his trading's going really well. He has found one of those sites online where you can prove yourself as a trader. You can then get a split between profits from someone else's funds. And so what he's doing is he's spent the last six months on the course understanding trading, getting to make it work. And now he's at that position where he can really profit from it, which is fantastic. He sent a screenshot on the forum site. He said last week on his first week with this account that he's trading on behalf of another company, he made 7.9% gain.



    There's another email here and I've printed it out to read it to you. I won't give you the name of the company the guy's using, but he says I'm also looking at using the company and other funding providers. It looks like I'm out of work in the next five to six months so looking to transition to a full-time trader by then, and these funding providers are a very attractive option. He talks about the 70/30 profit split and they have a 10% challenge over 30 days and there's rules of maximum and minimums and draw downs and weekends, et cetera.



    And he said on here, I hit a 10% profit last month. And he talks all about what he did and how he's going to approach this. At the end, he said this is a great way to accelerate the path to full-time trading. It's a very viable option.



    Take advantage of these ways of making money from trading



    So there are those type of companies out there,

    • 7 min
    #389: Important Questions to ask a Forex Broker

    #389: Important Questions to ask a Forex Broker

    Important Questions to ask a Forex Broker

    

    Podcast:



    #389: Important Questions to ask a Forex Broker

    In this video:

    00:22 – Joined by Ben Clay at Blueberry Markets

    01:05 – How safe are your funds?

    02:13 – Order types and hedging

    03:30 – Can EU traders work with Blueberry?

    03:56 – Can we get our money back if the broker goes bankrupt?

    05:18 – What happens when you get sudden fluctuations in the market?

    07:06 – Can some trades missed being filled?

    08:19 – What makes Blueberry Markets different?

    10:08 – Email me if you’d like to ask Blueberry Markets another question



    Andrew Mitchem:

    Today, we're going to be answering your questions and the number one question that you want to ask a Forex broker. Let's get into it right now.



    Andrew Mitchem:

    Hey, traders, it's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 389.



    Joined by Ben Clay at Blueberry Markets



    Now, something a little bit different today. We're joined by Ben Clay at Blueberry Markets over in Australia. Hi there, Ben.



    Ben:

    Good day, Andrew. How are you?



    Andrew Mitchem:

    I'm fantastic and hope you are well too.



    Ben:

    Thanks, mate.



    Andrew Mitchem:

    Good. We've got something different. And last week, I asked a lot of questions to people and said, look, I want to know from you what's your most important thing that if you could ask a Forex broker directly and we had a lot of questions come through. What I've done, Ben, I've just listed the main important topics. And if we can, I'd like to ask you those questions and just get your feedback on that so we can help people when deciding who to look for for a Forex broker.



    Ben:

    Absolutely. Absolutely, mate.



    How safe are your funds?



    Andrew Mitchem:

    We'll start with this one is from a guy called Percy over in the United Arab Emirates. And Percy said, and this is a very common question. How safe is my money if the broker goes bankrupt, even if they're regulated?



    Ben:

    Very good question, Percy. It's one that I get asked very often as well, and is a question that you should be asking your broker, in my opinion. When it comes to any financial institution, there's risks no matter where you hold your funds. Even if it's in with the bank, there's always risks holding funds at any financial institution.



    Ben:

    However, in Australia, we're regulated by ASIC, the Australian Securities and Investments Commission, which enforced the Australian Client Money Laws. This is something that's been in place over the last 10 years or so, I believe, and very strict and diligent. Basically, it states that client's funds are segregated and kept separate from our daily operating funds, can't pay for staff wages, company losses, anything along those lines. But having said that, again, I cannot say the funds are 100% safe, but we are overly compliance here at Blueberry and follow these laws very closely to ensure that client funds are as safe as they possibly can be.



    Order types and hedging



    Andrew Mitchem:

    Perfect. Thank you, Ben. Second question from Antonio over in Barcelona in Spain. Do you allow pending audit trading with expert advisors, robots? And do you also allow hedging?



    Ben:

    Oh, okay. We allow any expert advisors. That's no issues at all and they can place pending orders. We have the four basic types of buy limit, sell limit, buy stop, sell stop, and we do allow hedging. I actually would like to touch on that a little bit because hedging is something I think there's a little bit of misconception around where clients can hedge a trade and it's used as protection.



    Ben:

    Whereas,

    • 10 min

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