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#582: How to Avoid Useless Forex Indicators
How to Avoid Useless Forex Indicators 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 #582: How to Avoid Useless Forex Indicators In this video: 00:24 – What trading Indicators should you use? 01:31 – Most Indicators don’t work. 01:52 – You must look at the price. 02:23 – Horizontal levels and Candles are good indicators. 04:50 – Blueberry Markets as a Forex Broker offering a 50% credit bonus. 05:19 – Book a Call and speak with us. 05:35 - 17 minutes Masterclass. What is the best trading indicator that you can use on your charts as a trader? Let's talk about that more right now. Hi there, Traders! It's Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 582. What trading Indicators should you use? Today I want to talk and discuss indicators. As a trader, if you open any charting package, whether it's MetaTrader like I've got the Me here or Trading view, whatever it is that you use, you will find that trading package, that charting package absolutely full of various indicators. They can be dots and lines and arrows and triangles and all sorts of different things on your charts. And I'll tell you what, they look amazing, don't they? They look so good, especially if you're a new trader and everybody falls for it. I know I did this like 20 years ago. I had this moving average crossing over that one and a swing low here and a MACD there, and I looked absolutely beautiful, and I knew that I was going to become a multi-millionaire in no time at all, because as soon as this line crossed that line there, and this dot showed there and below it and all those things, it was going to be a brilliant, simple, easy trade. Said reality is, none of that is true. That is the truth. Most Indicators don’t work. The reality is that almost all indicators that you see on a standard charting package, they lag time, they tell you what's already happened, they can't help you, most of them with what's likely to happen or any sensible trading decisions. Sure, there are some that can be used as a bit of an age once you know what you're doing. You must look at the price. But in general, most people get completely caught up because they don't look at the obvious thing. And that's the right hand side of the chart, and they do not look at the price. If you don't look at the price and you rely on dots and arrows and lines, etc., you're going to get spaghetti on your charts and you're not seeing what's really happening. You're not seeing the true psychology behind what's happening. What's really happening are the buyers are the sellers. Has it bounced at that level before all those type of things? You're completely ignoring because you're failing to look at the price? Horizontal levels and Candles are good indicators. I much prefer a number of indicators. Horizontal levels are absolutely fantastic. Why? Because they never move. A horizontal level that you see is the same as what I see at the same time. You know, again, the price, whether it be the daily pivot point, support and resistance level, swing high swing lows, those things never change. And so by having those on your chart, it's giving you something that's an absolute that's actually happened. If the price pulls back to a round number and that happens to be a previous swing low and it bounces at that level, well, quite likely, then you're going to get that support level holding and the price is likely to move up. So then I add another, indicator of a sort and that's candle, patterns and understanding candles themselves. What they're telling me are they exhaustion candles. Are they indecision candles. Are they confirmation of a change in direction? Are they confirmation of a continuation pattern or a reversal pattern?
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5:53
#581: How to Choose the Best Forex Pairs for Trading
How to Choose the Best Forex Pairs for 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 #581: How to Choose the Best Forex Pairs for Trading In this video: 00:22 – Forex pairs – what to choose? 01:37 – The best pair to trade is …….. 02:00 – Assessing Strength and Weakness. 03:13 – Fine tuning to pick the best setup available. 04:25 - 17 minutes Masterclass. 04:33 – Blueberry Markets as a Forex Broker offering a 50% credit bonus. 05:05 – Book a Call and speak with us. As a forex trader, what are the best forex pairs that you can look at trading? Let's talk about that a more. Right now. Hey traders, Andrew here at The Forex Trading Coach with video and podcast number 581. Forex pairs – what to choose? What to talk about forex pairs as a trader you have a lot of pairs available and a lot of people, especially when they start. I get very confused with the different currency pairs. You standard main pairs you get you exotics, you get your minors, and more and more pairs now are available to us as traders. So really the question is what is the best pair to trade? Well, a lot of people think you need to trade just the euro US dollar or just the US yen because their spreads are tight. And in the case of the EUR/USD, it tends to have the most movement or not some movement, but the most volume traded on it, per day in general. And then other people look at pairs like the GBP/JPY because it moves a lot and they think they need to trade that. And then people look at pairs like the EUR/CHF, which doesn't move a lot, and they think they can't trade it. So that becomes a lot of confusion out there. Do you need, like the most liquid pair, the tighter spread. Do you need one that moves a lot? Do you need one that doesn't move at all? The best pair to trade is …….. And so my answer is it depends. And I know I say that to a few things because it's true. I don't just trade the NZD/USD or against the JPY because I live in New Zealand. You shouldn't do that either. You shouldn't have an emotional tie to a currency pair. What you should do is look through all the currency pairs. And the reason I say that there's a few reasons. Assessing Strength and Weakness. Number one, you can assess strength and weakness very well. If you do that. As an example, rather than just looking at the EUR/USD, why don't you look at also the EUR/JPY, the EUR/GBP, the EUR/AUD, EUR/NZD, EUR/CAD and make a full assessment. So if for example you can do that and you see let's say all of those pairs were moving up, that's going to give you a fairly good indication that the Euro is very, very strong. But if you didn't do that and you looked at just the EUR/USD and is moving up, you don't know whether the strength in the Euro or whether that movement of the EUR/USD heading up is, is just because the US is extremely weak right now. So you might be taking a by trade on the EUR/USD thinking the strength in the Euro, whereas it may just be the US weakness that's pushing it up. And the Euro against other pairs may actually be dropping. So you're not doing yourself any favors there. So to assess multiple currency pairs is going to be your best option. Fine tuning to pick the best setup available. The other thing that gives you is let's say you see really good buy trades on the EUR/USD, the EUR/CAD, the EUR/AUD, the EUR/NZD, the EUR/CHF. Let's say they're all showing some fairly good setups at the same time. And by the way, I only trade on the close of a candle. Let's say you see that what you really then should do is fine tune those setups and maybe pick 1 or 2 of the very best ones setups that give you a high probability chance of a success for trade setups that have round numbers in their favor. On a buy trade that doesn't need to break a previous swing hig...
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5:27
#580: What’s More Important: Win Rate or Risk-Reward?
What’s More Important: Win Rate or Risk-Reward? 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 #580: What’s More Important: Win Rate or Risk-Reward? In this video: 00:23 – What should your win rate be? 01:03 – Controlling your emotions. 01:23 – An example of a 90% winning system trader. 03:01 – A high reward:risk is more important. 04:47 – Summary of what’s important to be a profitable trader. 05:24 - 17 minutes Masterclass and Book a Call. 05:47 – Blueberry Markets as a Forex Broker. 06:03 – Comments, Like & Subscribe. What percentage win rate do you need to be a successful and profitable trader? Let's get into that and more right now. Hey there, Trades! Andrew Mitchem here at The Forex Trading Coach. Video on podcast number 580. What should your win rate be? Want talk all about a winning percentage level rate. What should it be? and what do you need that to be in order to be a profitable trader. Now the answer is quite interesting. And it may not be quite what you're expecting me to say. You see, if I ask most people out there, what should your percentage win rate paid? They'll go, oh, it needs to be 80%, 90% in order to be profitable. Then it's not actually true. There's more to it than just the win rate. Yes, sure. The win rate is very important. And yes, it's more than just how many winning trades you get. Controlling your emotions. It's the whole mental approach to trading. There's two things in trading you need to control. Like I've said, one's ahead, one's your heart. You've got to control your emotions. And so obviously having more winning trades, more profitable trades is a good thing psychologically, emotionally it helps you trading. Of course it does gives you confidence. Everybody wants to see winning trades. An example of a 90% winning system trader. But here's a scenario, I had someone many years ago, and you may have heard me talk about this in the past, who came to me with and this was a real situation, by the way, came to me with a 90% winning system. So every ten trades, they had nine profitable trades, one loss. You'd think, especially if you're relatively new to trading. Wow, what an amazing system. I want to know how they did it. The issue is, is that person was losing money. And you think about it. How does that happen? Well, it's quite simple. What they were doing is having small wins and a big loss. And to put it in very simple, basic terms, let's, let's talk pips. You know, I don't like pips. And I don't believe in pips as a way of identifying profit. But let's make it simple. And let's say that they had nine trades in a row making an average of ten pips profit. So therefore they made 90 pips. You could think of it as like percentages. And they had one loss out of those ten trades that lost let's say 100 pips. So now the minus ten pips. If they were making 1% all the time and they lost 10%. Yeah. Same thing. You know, they're negative, but the win rate's really good, which is what you all want. And I'm here to say, well, maybe it's not quite as important as you think. So for me, there's more important factors. A high reward:risk is more important. And a good strategy to me should always have a high reward to risk. And that's more important. And let's do some very quick numbers again. Let's imagine we still have ten trades. And let's imagine instead of being a 90% winning system we're only a 50%. So we're losing half the trades. We take one and every two trades we take will now lose. Okay. In this scenario. Now let's say we have a 3 to 1 reward to risk trade. So that means on every single trader take I have a stop loss. Let's call it 1%. And I have a profit targets. Let's say it's three times. Now of course in reality it's not always going to be exactly that.
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6:24
#579: What Every Trader Needs to Know About Broker Time Settings
What Every Trader Needs to Know About Broker Time Settings 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 #579: What Every Trader Needs to Know About Broker Time Settings In this video: 00:28 – What time do your charts start the new trading day? 01:56 – 5:00 P.M. EST New York time is when the charts open for the new day. 02:50 – Does your broker have a “Sunday candle”? 03:58 – Have a look at the brokers that I use – see here https://theforextradingcoach.com/forex_trading_resources/ 04:32 - 17 minutes Masterclass and Book a Call. 05:03 – Comments, Like & Subscribe. Is your Forex Broker’s Trading Platform set to the right time zone? If it's not, it could be causing you many unnecessary losses. Let's find out about that and more right now. Hey there, Traders! It's Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 579. What time do your charts start the new trading day? You can ask the question about forex brokers and the time that their platform start the trading day and the trading week. It's really important that you get this right, because maybe there's a lot of people out there that just don't understand it and don't understand understand the importance of getting it correct. So it doesn't matter where you live in the world, the correct start time of the new week and each day of the trading week is always at 5:00 P.M. New York time. That's Eastern Standard Time. So again, it doesn't matter where you live. Doesn't matter where I live. All you need to do is convert your local time into that 5:00 P.M. Eastern Standard Time, new York time start of day. And obviously with most people around the world, they will have daylight saving. When you change from, you know, into summer, into winter, etc. and that's the same also in New York. But 5:00 P.M. New York time is always 5:00 P.M. New York time. So the only thing that's going to change is what that converts to in your local time zone. So really important that you understand that. And there could be differences like for me right now in, March, we are in summer time in the southern hemisphere. But of course, in the northern hemisphere where New York is, it's still like wintertime, winter in the spring. And, you know, vice versa. When they go to summer, we go to winter. 5:00 P.M. EST New York time is when the charts open for the new day. But you have to understand that 5:00 PM New York time is always 5:00 P.M. New York time. So get that bit right and you'll be fine. So how do you check that on your forex brokers trading platform? Well, the easy way to do that is to see when the new week starts. So when the charts open for the first time in the week, that should be Sunday 5:00 P.M. New York time, and each subsequent day will be 5:00 P.M. New York time. And if you're seeing that on your charts, generally if you go down to like a one hour chart, it will start at 00:00 Timestamp and you will see that on your charts and you'll know in your local time zone what time that is. You'll know that's the start of the day. You'll also figure out that that converts to 5:00 PM New York time. Perfect. You're good to go. Does your broker have a “Sunday candle”? The issue that we find not as much today is it used to happen, but some brokers used to have what we call a Sunday candle, and that would have been a candle that lasts 2 or 3 hours, at the beginning of the week before their first full day starts. Now, when you think about the problems that causes is the charts. So if you're using light indicators or support and resistance levels whenever you're using, it assumes that one bar is equal. So it assumes that in the correct chart you should have five days on the daily charts. Each of them having exactly 24 hours. And if you do, fantastic.
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5:22
#578: Top 5 Forex Trading Mistakes to Avoid
Top 5 Forex Trading Mistakes to Avoid 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 #578: Top 5 Forex Trading Mistakes to Avoid 00:33 – What you must do in order to succeed as a Forex trader. 00:46 – #1 You must have confidence in your trading strategy. 02:00 – #2 Forget Pips and understand Percentages. 03:50 – #3 High Reward:Risk trades. 05:35 – #4 Don’t let trading control your life. 06:40 – #5 Belong to a trading community. 07:52 - 17 minutes Masterclass and Book a Call. 08:52 – Blueberry Markets as a Forex Broker. 09:14 – Comments, Like & Subscribe. Today, I'm going to discuss the five things that you must have as part of your trading plan in order to be a successful, independent and profitable forex trader. Really important this. Let's get into the more right now. Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 578. What you must do in order to succeed as a Forex trader. That’s right today I'm going to give you my five top points that you must have in order to become a successful trader, but a profitable trader and also an independent and knowledgeable trader. So let's get into it. #1 You must have confidence in your trading strategy. Now the first point is you must have full and utter confidence in your trading strategy. You must know exactly what to do when to do it. You must have proof in your strategy that it's been proven across different markets, across different time frame charts, across a large amount of length of time that you've traded that on demo and small live accounts before taking it a little bit more serious on a bigger candle problem. But you have to have that strategy. Why? Well, otherwise you're going to doubt yourself. Aren’t you? Going to see something and you go, I'm not quite sure what to do here or you start gambling or you leave a trade because you've had a few losing trades. And of course, that's the one that would have won. And you do all these silly things and you break the rules, you break your plan and it all comes down to having no confidence or a lack of confidence in what you are doing as a trader yourself and or your trading strategy. It's because it's not proven, because you're not really 100% committed and confident with it. And so to have a trading strategy, you're fully on board with is the most important thing as part of being a successful and independent trader. #2 Forget Pips and understand Percentages. The second point is you must understand risk. Forget pips, do not count your success or your failure on pips is just madness. Luckily, over the last number of years, more and more people have figured that out. But when I started, everybody talked in pips and I'm talking 20 years ago now. But luckily today people understand percentages of risk. Now, for me, it's vitally important that you have low and controlled risk on every single one of your trades and it's equal. So what that does is one, it gives you peace of mind that knowing that if a trade goes against you and we all have trades, it get stopped in you. No it's perfect. It's a part of trading. You got to accept it. But if a trade goes against us that's fine. Providing that the set up that we took at the time look good and you can have some fantastic looking trade setups. And sometimes the market goes against you. Something happens, news announcement, somebody says something, whatever it is and the trade just goes wrong, that's that's life. Okay? But if the trade goes against you, you have to know that you lose a set low and pre known amount as a percentage of your trading account. Therefore it doesn't matter if you're trading $1,000, $10,000, $100,000, $1 million, it doesn't matter. It's still the same percentage risk.
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9:35