So You Want to be a Scalper? ﻿﻿﻿﻿ Podcast: #401: So You Want to be a Scalper? In this video: 00:23 – Is scalping a good idea or not? 00:58 – Can we help you? 01:14 – Some real trade examples 03:11 – You need a good strategy to scalp 04:35 – Send me an email to receive more details 04:57 – Feel free to share this video and podcast So you want to be a scalper. Is that a good idea, and can we help? Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 401. Is scalping a good idea or not? Now you want to be a scalper. Is that a good idea? Well, it depends on what type of person you are, and if you'd like looking at your charts either at a certain time each day, when you know, there's likely to be more price activity such as the European session, or maybe the US session. But also you need to be the sort of person that's willing to do that regularly. And you've got to be the sort of person that's willing to be a little bit more active on your charts. So is it a good idea? Well, it depends on you as a person, but it also depends on your strategy as in, does it work? Can we help you? And the other question is, can we help? Well, yes, absolutely we can help, because my strategy which I've been trading now for the last 14 years, works on all currency pairs and all timeframe charts. Some real trade examples Now to give you a perfect couple of examples, just yesterday, I held my client's weekly live two hour trading room webinar. And on that webinar, we actually took two short timeframe charts. We took a trade on the 30 minute chart on the Australian Canadian dollar, and we took a trade on the Aussie Yen on the 15 minute chart. So both kind of scalping trades. They may not be like one minute charts or five minute charts, which are real scalping, but they are very short timeframe being a 15 and 30 minute chart. So pretty much what you would classify as scalping. And they were both profitable trades. We took them live, on the session, in front of my clients. The first one, the Aussie Canadian, the 30 minute chart trade, just happened to have a 10 bit stop loss, had an 18 pip profit target. Therefore it made a 1.8 to one reward to risk. Risk half of 1% of your account on that trade. Make a 0.9% almost a 1% gain. It did that in two hours. The other trade that we took was on the 15 minute timeframe on the Aussie Yen. That had a 13 pip stop loss, a 28 pip profit target. And that made a 2.1 to one reward to risk or 1.05% gain. Two trades together, half percent risk on each. So therefore total of only 1% of my account with risk on those two trades yet I made a positive plus 1.95% account gain. So almost a 2% gain just on two trades, live in front of my clients, for everybody to take, everybody to see. And 2% from one night, two trades took me what, five minutes total, just look through all the charts, see them, take them. 2% account gain. Not bad is it? Especially when you consider that's way more than the bank's going to pay me in 12 months. You need a good strategy to scalp So can we help you? Absolutely. Certainly we can because the strategy, as I've mentioned works across all timeframe charts. You still need to have everything setting up in your favour. The probability, what we're looking for in terms of candle patterns, bounces round numbers, divergence, all those types of things that we teach, we trade and we look for. And then you have to of course have the strategy and that knowledge to be able to take that trade, all those trades at the exact right time. So can we help? Absolutely. We also have on our forum site, a section dedicated to one hour charts and another section dedicated to 30 minute charts and lower. So we have people who like to scalp and like to trade those shorter timeframe charts with a dedicated section as well. So is it a good thing to do? Well, that's for you to decide on what suits you. Can we help? Absolutely.

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#401: So You Want to be a Scalper?

New ASIC Regulations and How They Affect Forex Traders ﻿﻿﻿ Podcast: #400: New ASIC Regulations and How They Affect Forex Traders In this video: 00:24 – I’m joined by Ben Clay from Blueberry Markets 00:43 – Why are ASIC making these changes? 01:43 – If you have more experience, will these levels change? 03:12 – How does this affect Australian traders? 04:00 – How will these changes affect non-Australian traders? 05:35 – I’m looking for a new broker. Can I join Blueberry? 06:11 – What should you look for in a good Forex broker? 07:36 – Can a trader contact you directly? 09:21 – A goal to help people succeed Andrew Mitchem: There are new changes coming from the Australian regulators affecting us as Forex traders. So let's discuss how that's going to change things with the Australian brokers. Let's get into it right now. Andrew Mitchem: Hi traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 400. I’m joined by Ben Clay from Blueberry Markets Andrew Mitchem: And today we're joined by Ben Clay from Blueberry Markets to discuss the upcoming changes through ASIC and how it's going to affect us as traders, whether we be in Australia or overseas. So Ben, welcome, great to have you here today. Ben Clay: Thank you, Andrew. Thanks very much. Why are ASIC making these changes? Andrew Mitchem: So Ben, we're here about these changes out of ASIC, so it's the Australian Securities and Investment Commission. So can you tell us how is this likely to affect us? And first of all, why are ASIC making these changes? What is it that they're doing and why are they doing it? Ben Clay: Sure. So essentially the changes are mainly to protect traders at the end of the day, especially new traders coming on board. There's a lot of new traders that come into brokers on one to 500 leverage, the maximum leverage that can be offered and that's just too much risk for someone who doesn't know anything about the Forex markets to be trading on. So these changes is to try and help new traders get a better understanding and trade on much lower leverage, which will be one to 30 for Forex pairs. So they can get an understanding of how the products works before jumping into higher leverage. Andrew Mitchem: Okay. So it's mainly about leverage and protecting some of those newer traders. Ben Clay: Absolutely. If you have more experience, will these levels change? Andrew Mitchem: That's one of the reasons. So does that mean that once someone understands risk and they've been through trading for a while, things can change, or is that leverage that you just mentioned pretty much set? Ben Clay: No, that's exactly right. So when a client has a bit of experience and has some trading history, they can actually become what's called a sophisticated trader. So there'll be some extra parameters that they have to go through, which we'll send out to our clients in the next month, but it will basically almost be a test to show that they understand the markets and that they clearly understand the risks of when it comes to Forex trading. Like myself, I trade on high leverage. It's just a way that I prefer to trade. So, me, myself, I would want to be listed as a sophisticated investor so I can have that as an option to trade on much higher leverage. Andrew Mitchem: Right. So it's about educating the client as well. So they're not just going in there gambling and throwing it all away, and then all goes wrong. Ben Clay: Exactly. That's exactly right. And at Blueberry, that's something that we're really passionate about is making sure that our clients understand the risks, and people like yourself as well, who are out there educating clients so they're not coming in and blowing up an account right off the bat on massive leverage. Andrew Mitchem: Yeah. So you're teaching them about low risk and how to trade carefully and properly rather than the people that think they're going to doub...

#400: New ASIC Regulations and How They Affect Forex Traders

5 Things to Know Before You Start Trading Forex ﻿﻿﻿ Podcast: #399: 5 Things to Know Before You Start Trading Forex In this video: 00:26 – 5 very important things to know 00:38 – You will not become an overnight millionaire 02:01 – You don’t need to spend all day and night watching your charts 02:40 – You don’t need to study global events 03:52 – You do need to understand global time zones 05:47 – You must be willing to learn and invest in yourself 06:46 – Do you have questions and share this video  I'm going to share with you five things that you should know before you start wanting to become a Forex trader. Let's get into that and more right now. Hi traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 399. 5 very important things to know I'm going to share with you five important things that I think you need to know and understand before you start to enter the amazing Forex world. You will not become an overnight millionaire So let's start with the first thing is, you not be an overnight multimillionaire. Despite all the claims, all the promises, all the flash cars, all the laptops on the beaches that you see online and all the growth that you see, people tell you, you will achieve, you will not. And that's the reality of it. 90 to 95 percent of Forex traders out there, of just retail small time Forex traders, lose money. It's the facts. It's the reality. And you have to figure out what are you you're going to do differently to that sort of 90, 95% of other people? There's a lot of things you can do, and we can certainly help you with those. But you've got to actually realise that you will not be doubling your account every week or every month like people tell you, you will do. If you do that, you're basically a gambler. And if you do that, you are not a trader and you will not last as a trader. So if you think you're going to suddenly take a thousand dollars and turn it into a hundred thousand dollars or a million dollars in a week, month, a year, it's not going to happen. You're just going to lose money. Even if you've got a million dollars today to trade, if you don't know what you're doing, you're going to lose money and you won't have a million dollars pretty soon after. So, do not expect overnight success. Like all good things, it takes time. You will not double your account next week. You don’t need to spend all day and night watching your charts Number two, you don't need to spend all day looking at your charts. A lot of people get into trading think that they need to sit up all night, all day, watching charts, watching every bit of movement. You do not need to do that, absolutely far from it. So don't think that you need to sit there. You can go to work, do your normal things, kids, family, jobs, sports, whatever it is, travel, whatever it is you like to do, you can make trading work around that. So don't think that you're suddenly going to have to give up all your nights to sit watching charts moving or get up at three o'clock in the morning or anything like that. You don't need to do that. You don’t need to study global events Number three. You don't actually need to sit and look and study global events. I had an email from a guy this morning on LinkedIn said to me, "Hey, Andrew, look, I'd love to share with you what we write up each day." And it was basically this about five or six pages on a PDF file of what happened yesterday, news events and political events and COVID events and all this type of stuff. Completely irrelevant. If you know what you're doing as a technical trader, you can look at the charts. You don't need to be studying all the political news events. You just don't need to. Sure, it's good to have an understanding and possibly look at a website once a day to see high impact news announcements, or just if you have an interest in that type of thing, to see what unemployment rates are doing or interest rates,

#399: 5 Things to Know Before You Start Trading Forex

The Forex Market or the Stock Market? ﻿﻿ Podcast: #398: The Forex Market or the Stock Market? In this video: 00:28 – Which is the best market to trade? 00:51 – The Forex market is open 24 hours a day 02:27 – It’s easy to follow and understand the 8 FX currencies 03:43 – Massive liquidity in the Forex market 04:44 – Use Leverage to your advantage 05:42 – You can trade Forex long and short 06:27 – The low cost of trading the Forex market 06:47 – The ability to take high reward:risk trades 08:13 – Send me the trading topics you’d like me to discuss Should you trade the Forex market or should you consider trading the stock market instead? Which is best? Let's talk about that and more, right now. Hi Forex traders. It is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 398. Which is the best market to trade? And I want to talk about the differences, the comparisons, the benefits of trading the Forex market over the stock market. It's a question I get asked quite often. And so I thought to help you out, I'll give you what I see the benefits of the Forex market that are clearly beneficial to us as traders and why I choose the Forex market over the stock market. So to list these in no particular order. The Forex market is open 24 hours a day The first one, the market is open 24 hours a day when you trade the Forex market. So it's open five days a week. It opens at 05:00 PM, New York time on a Sunday, and it closes at 05:00 PM, New York time on a Friday. So it's open for five complete days, 24 hours a day, and it doesn't shut within that time. Now that has many benefits. Depends on where you live around the world. You may find that some exchanges, if you're trading the stock market, it may be crazy hours of the day for you. As an example, for me, living here in New Zealand, I can trade the Forex market quite easily, any time of day. Yet, if I wanted to trade the US stock market, I'd need to be up from about two o'clock in the morning through to about 06:00 or 07:00 AM every day. And there is no way I'm doing that. And it depends on where you're living. If you're in Europe, let's say, you can't trade the Australian stock market very easily because of the time differences. And when you have time differences and you have exchanges open for, let's say eight hours a day, what you tend to find is between one day and the next day you have gaps in the price and you have price jumping from here and opening the next day up here. So all sorts of different things like that, which as a trader can become a problem. Yet with the Forex market, it doesn't matter where you live in the world, what time zone you're on. When you look at the market, the market is open. And that to me is a massive, massive benefit. And you just get that continual flow with the Forex market that you don't get in the stock market. It’s easy to follow and understand the 8 FX currencies Another benefit, when you look at the Forex market, there's really only eight currencies that we look at trading. You get to know pretty soon the characteristics, how they move, how they flow with each different currency and the currency pairs. Yet if you're trading the stock market, how on earth do you get to really know what's happening with each of those stocks, those companies, what their debt levels are like, what their employment levels are like, what their plans are? All those type of things that I don't believe that you really can know. And even if you study just a few of them, well, there's thousands of them to go and look at. So how do you know which one to look at? Whereas the Forex market's such a small focused market. And when you get currencies like the New Zealand and the Australian and the Canadian that tend to all move together because they're the commodity currencies and you get the Euro and the Franc moving opposite to each other, because they're highly correlated,

#398: The Forex Market or the Stock Market?

How to Lose Money Fast through Trading ﻿ Podcast: #397: How to Lose Money Fast through Trading In this video: 00:33 – You’ll know it’s easy to lose money through trading 01:27 – What are you going to do differently? 02:05 – Watch last week’s video about using Limit Orders 05:01 – A real example on the EUR/AUD W1 chart which made a 4:1 R:R 06:22 – New monthly webinars for all traders to attend 07:16 – We’ve gone full circle I'm going to explain how you can lose money really, really fast by trading the Forex market. You interested? Let's talk about that and more right now. Hey, traders, Andrew Mitchem here at The Forex Trading Coach, with video and podcast number 397. And you can see it's an awesome day here, summertime in New Zealand, so I thought I'd come outside. I want to talk about something very, very different this time. I want to talk about losing money. You’ll know it’s easy to lose money through trading Now, it's very, very easy to do that if you're trading in the Forex market, and if you've been trading for any length of time, you will know how easy it is to lose money. Now, not the sort of topic that I usually talk about, so you can see it's kind of like tongue in cheek here, because really everybody knows how to lose money in the Forex market. All you have to do is to simply do what most people have always done and just follow the masses, do all the usual things that most people do that are incorrect. And if you do that, you will certainly lose lots of money. But that's not fun. If you want to change things around, like with anything, if you continue to do what you've always done, as the phrase goes, you will continue to get what you've always got. What are you going to do differently? So as a trader, what are we going to do differently here now to change this around? What are you going to do with your mindset, with your thinking, with the way that you trade, with what you're going to learn, who you're going to interact with, all those types of things? What are you going to do to change this around? Because otherwise, like the topic of this conversation, you will lose money and you'll do it really well and you'll do it really fast. You'll get upset. You'll blame the broker, you'll blame the internet, you'll blame everybody, but ultimately it's you that's done it wrong. So yes. Okay, so you're going to change things around, what are you going to do? Watch last week’s video about using Limit Orders Well, have a look at last week's video and podcast, as an example of one simple thing you can do to change things around. The feedback from that, by the way, thank you for that, was tremendous. It was all about using retracement orders, limit orders, and how that one simple thing can massively change your trading performance. Now, this week I held a presentation for a group of traders over in Singapore. Of course, it was online. I haven't been over there. But on that presentation, I put together a very, very simple chart, and I made an example of a trade. And I said, "Well, here's three ways of trading this trade, entering the trade. We can enter at the market. We can enter using a stop order," in this example, it was a buy trade, so a buy stop, "or we can enter using a buy limit." Now, this trade had the same stop loss on all three entry methods, had the same profit target on all three entry methods. It was a hypothetical trade, but it was to show an example, and it was to say, basically what we showed was, if you enter at the market, this particular trade example made about a 1.1-to-1 reward-to-risk. If you entered using a stop order, it made about a 0.6-to-1 reward-to-risk. If you entered using the limit order, it made a 2.2-to-1 reward-to-risk. Massive difference. What I then did is shared that same example and just said, "Look, if we had 10 trades all with much the same reward-to-risk, and we were profitable on five of those trades and we'd lost on five of those tr...

#397: How to Lose Money Fast through Trading

How Using Retracements Will Help Your Trading Results ﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿ Podcast: #396: How Using Retracements Will Help Your Trading Results In this video: 00:26 – The biggest difference to my trading success 01:06 – The many benefits of using limit orders 01:46 – Frees up your time 03:57 – A real time example on the EUR/NZD H4 chart 05:03 – Using retracement entries will massively help you Using retracement orders can massively improve your trading success. Let's talk about that more right now. Hi Forex traders, it's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 396. The biggest difference to my trading success Now, next week I'm going to be speaking at a virtual trading week for a group of traders over in Singapore. I've been asked to speak as a special guest. And the guy who's organising the events said to me, "Andrew, I want you to talk about on a topic that can help people, but choose a topic that made a huge difference to your own trading success. Like what helped you as a trader to change your trading around and what made it so successful." So I've got quite an interesting topic and it is all about how you actually enter the market using retracement orders. The many benefits of using limit orders Now you see, there are so many benefits to using retracement orders.And when I'm saying retracements, I'm using what's called limit orders, so buy limits or sell limits. So if you were to take a buy trade, for instance, a buy limit order means that you're entering the market below the current price. If you're taking a sell order, you are entering the market above the current price. So in other words, you're getting in at a better price after the price has retraced from where it currently is, and then you're anticipating it to then continue in the direction of your trade. Frees up your time Now, huge number of benefits to this. One, time-wise. Now a number of people stress about sitting and watching their charts all the time. You know, you're missing out on trades, or you don't know when to be at your charts. Now we simplify that here at the Forex Trading Coach by only looking at a candle at the close of the candle, that's the only time we look at a trade. So once you do that, then we get people that say, well, I cannot be there at at 12 o'clock or four o'clock, whenever the candle closes. But the beauty of taking retracement orders is you don't actually need to be there. So, as an example on a buy trade, we're still looking at using our same profit target, our same stop loss, but rather than entering at the market and needing to be there at that time and having a smaller reward to risk, we're looking for the price to first fall, get our buy limit order filled, and then head up in our overall anticipated direction. Massive benefits time-wise. The other massive benefit also you can see, we've now increased our reward to risk of the trade. And that's massively important psychologically. Now you don't need to be winning 80, 90% of the time. And you think about this in simple terms. If you have trades that are three to one reward to risk on average, and you take three trades, one of them's profitable, you just made one and a half percent on your account by using half percent risk. You have two losing trades following that, you've lost 1% total. So out of the three trades, you've only making 33.3% of the time. You're only profitable on a third of your trades, yet you've still made half of 1% gain by using half percent risk on each of those three trades. So people that say, "Look, I need to be profitable 80, 90% of the time." Most of those people don't make money. And you think about this, if you're making one out of three profitable trades, what happens if you can expand that out to 10 trades. And rather than three out of 10, let's say you're up to four or five out of 10. You see how with high reward to risk trades, you can make massive, massive gains.

#396: How Using Retracements Will Help Your Trading Results

How to make 2021 an excellent trading year ﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿ Podcast: #395: How to make 2021 an excellent trading year In this video: 00:30 – Set your goals for the New Year 01:40 – Trading on the close of a candle 02:22 – Document your trades 02:42 – Client makes +2.75% gain in one trade 03:57 – TFTC Pattern Trader bot software 04:57 – Looking forward to a great year ahead 05:40 – Future podcast topics So, 2021. How are you going to ensure this is a great year for you as a forex trader? Let's talk about that more right now. Hey, traders, it's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 395. Set your goals for the New Year Come outside here, as it's a beautiful day today, and wanted to talk about goals for 2021. It's really important that you have some goals, that you think about your trading, you look at last year's performance. What was good? What was not good? If you're new to trading, you're probably in some ways a better off position, because you can start right now in January and focus on making this year a really good year, but you need a plan. And it was one of the things that we discussed on our last webinar with our clients. Held it just last night. Two and a half hour live webinar. First one for the year. We go through our trading goals. We look at when we're wanting to trade, what timeframes, what patterns we're looking at, continuations, reversals, risk per trade. What do you do if a few trades go wrong? What do you do if you make really good trades? Do you keep trading? Do you stop trading? What happens if you can't access your broker's platform, your internet goes down? Different timeframe charts, are you going to take different risk on each trade? How are you going to place your entries, your stop losses, your profit targets? All those things that we look at and we discuss, and we come up with a trading plan that suits the individual person. Trading on the close of a candle Now, with my strategy, we only look at taking a trade on the close of a candle, so it's very easy to know when to look at your charts, but with different people all around the world with different time zones, different time restrictions of availability, it's important to plan what works for you. Now, as I said, we make sure that clients have a plan and it's something that's realistic, easy to stick to. Really, there's no reason why you can't trade in under 30 minutes per day. That's what we do, and that's what we've done for years and years. But it's just about helping people to establish that plan, and I really encourage you to have a plan yourself as well. Document your trades Also about, when you record trades, are you writing them down on spreadsheets? Are you taking screenshots, et cetera? What are you doing to document, journal and analyse your trading performance as you go through this year? So some important tips there to work on. Just email me if you need any help, andrew@theforextradingcoach.com. Client makes +2.75% gain in one trade With our trade so far this year, we've been trading just this one week, and we've already had very profitable trades on the daily charts, the 12 hours, eight hours, four hours, two-hour and one-hour charts. Had an email from a client who said that he's already made, on his very first trade on gold on the one-hour chart, made a 2.75% account gain already, which is fantastic. On the live webinar yesterday, I took two two-hour chart trades; one on Euro yen, which lost, and one on the New Zealand-Canadian, which was profitable. The profitable trade completely got back all the loss of the first trade and more. I risked only a quarter of 1% on each trade and ended up making plus 0.2% gain from those two trades, with one quarter percent loss and the other making almost a half a cent. So a net gain there of 0.21% on the two trades, live, in front of clients. We've had some good profitable weekly chart trades.

#395: How to make 2021 an excellent trading year

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, of course, but also don't waste that time. Make sure that you seek help. If you want our help, we're still here even though I'm not trading. I'll still be on emails everyday. If you want to ask questions about trading,

#394: How Was Your Trading During 2020?

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, even on Hong Kong here in Sydney, I'm still getting great latency. We do put a lot into our servers to make sure that they're as fast as possible, but if ever anyone is ever having issues with latency, just come to us and we can sort out a VPS, and all those type of things that will bring that latency down. Andrew M.: Perfect. That's good.

#393: All You Need to Know about Blueberry Markets

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've just created? It starts messing with your head, with your heart. It comes back to those two things. So I can tell you that someone that's been in this market for such a long time,...

#392: Why I Trade with Low Risk Per Trade

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 that has been active. You're in and out of a trade a lot quicker, and the results have been outstanding. So, it always worries me when some traders say to me," Hey Andrew, I've got this amazing system.

#391: How to Adapt to The Current Market Conditions

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, those type of systems out there, and they really do provide a great way of trading to start with a relatively small account yourself, but to gain profit from this, which can certainly help you when it comes to your income if like these guys, you're looking at losing your job. Now, of course, there's also the option of becoming a signal provider where you basically...

#390: How to Future Proof Yourself

Should You Only Trade The Major Forex Pairs? ﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿ Podcast: #388: Should You Only Trade The Major Forex Pairs? 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, I think a common misconception is a good thing to know is if you go 10 lots short, 10 lots long on the Euro, you still have double that exposure in the marketplace, whether your margin requirement is zero. It's definitely something to keep in mind is that if spreads it to wide and outs, you are long and short on either side. 10 lots long, 10 lots short,

#389: Important Questions to ask a Forex Broker

Should You Only Trade The Major Forex Pairs? ﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿ Podcast: #388: Should You Only Trade The Major Forex Pairs? In this video: 00:26 – 2 things to talk about today 00:53 – How do you know which pairs to trade? 01:43 – Should you only trade the Majors? 02:28 – My trading routine 04:55 – It doesn’t matter which pairs I trade 05:18 – All covered in my 5 star rated coaching course 05:42 – I’ll be interviewing Blueberry Markets – let me know your questions How do you know which Forex pairs to trade? And when? Let's talk about that and more right now. Hey, Forex traders, Andrew Mitchem here, the owner of The Forex Trading Coach with the video and podcast number 388. 2 things to talk about today Now I've got two things to talk about. The first, I want to talk about how I can help you to know which Forex pairs to trade. And secondly, at the end of the video, I'm going to explain about next week's video and podcast when I'm going to be interviewing, Ben Clay from Blueberry Markets and I want to know from you, what's your number one question you'd like me to ask Blueberry Markets to Forex Brokers. So we'll talk about that at the end. How do you know which pairs to trade? So back to the first point, how do you know which Forex pairs to trade? Now, it's a problem that a lot of people come to me and they say, hey Andrew, look, I just don't know what to trade. There's a lot of currency pairs out there, which ones should I look at? And as Forex traders, we're quite a fortunate position when you think about it. And that we really only have eight main currencies to look at and the combinations of each. Now of course there's extra currencies like Norwegian kroner and Swedish krona and South African rand and all those. But there's really the main eight. Unlike most other markets out there where there could be hundreds or even thousands of different stocks and shares and companies to look at. So we do have an advantage, but it's still confusing for a lot of people. Should you only trade the Majors? And now another thing is a number of people also suggest that you should just look at the main currency pairs, the majors, and that will be like the GBP/USD, EUR/USD, USD/JPY, USD/CHF, AUD/USD, NZD/USD, USD/CAD. And you start to see the problem there is that they all have the US Dollar in them. Now let's say the US Dollar happens to be quite flat. Then there may not be many opportunities there, and that becomes the issue or the US Dollar is very strong or very weak, and they'll move together and then things suddenly change around and they all come and stop you and that becomes the problem when you trade just the majors. So what I like to do this is my routine. My trading routine At the beginning of each week, I scan the weekly charts on all the currency pairs or the main character pairs. There's about 28 of them. And by setting up my weekly charts as a profile on my MetaTrader Platform, it's very easy to get all the Euro pairs, all the Pound pairs, all the Aussie pairs, all the Kiwi pairs and just scan through and see what's happening on the weekly charts. There'll be some trades there most weeks, but even if there are no trades or very few trades off the weekly charts themselves, what they do is they give me an overall biases, this country pairs a little bit indecisive, or this one strongly bullish, or this one's very bearish and is that likely to continue for the upcoming week, yes or no?. And it allows me to basically to plan that bigger picture. And then at the beginning of each new day, I then do exactly the same process, put on a profile where I have just the daily charts. And quite often there'll be trades there specific trades based off the daily charts. But also I get my bias for that day, my strength and weakness analysis of where I see currency pairs. Again, some may not be moving much. And so I just tried to avoid those pairs that day.

#388: Should You Only Trade The Major Forex Pairs?

How to Prevent your Stop Loss from being Hit ﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿﻿ Podcast: #387: How to Prevent your Stop Loss from being Hit In this video: 00:25 – Stop loss placement 01:04 – Examples shown on our weekly webinar 03:00 – The benefits of having the stop loss protected by a round number 03:33 – EUR/CAD trade makes a +1.5% account gain with low and controlled risk 04:32 – Details about how you can learn how to take trades like this too  What measures can you take to prevent your stock loss from being hit all the time? Let's talk about that more right now. Hey, Forex traders, this is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 387. Stop loss placement I want to talk about an issue that affects all of us, and it's talking about stop loss placement and how to place your stop loss why and where, and what can you do to give yourself a higher probability chance of success within your trade and to prevent your trade from being stopped out? And this was a discussion that we had on our live clients webinar just last night my time. I was asked by a new client that's just joined us this week, and he said, "Look, I've been through the course, loving the concept and how you're going, but what measures do you put in place to help protect your stop loss?" Examples shown on our weekly webinar And so I showed a lot of examples, as I do every week, that have stop loss protection. Now, what I mean by that is this. It's not just placing your stop loss at X number of pips. It's not even placing your stop loss, according to the way that we trade with fibs, extensions, and retracements, but it's also having extra protection in place to prevent that stop loss being stopped out. Now, a perfect example of that would be to have your stop loss on a sell trade above a round number. Now, we took a trade on that webinar yesterday, and you're going to see it on your charts. It's on the Euro-Canadian dollar on the one hour chart on the 8th of October. And we took a sell trade, and the trade had just come down through the 156 level 1.5600. And it had broken below that level. It closed below that level. We saw the setup that what we're looking for, we had the trendline break in place, we had divergence, we had below the pivot point, all the things we're looking for with a candle set up. Everything was really good there. Room to move to the profit target. But what we had is we had the ability to put our stop loss above 156, above that round number. And what that was basically saying was, on this trade, if the price then pulls back and goes to 156 and back beyond it, we get stopped out, we accept that we lose on the trade, but we have controlled low risk on that trade. So if the trade got stopped out, then we lose. We accept that. That's part of trading. But what we also had in our favour was we knew that the 156 level had been a strong level in the past, and we knew that it was a round number, and those psychological levels are very, very important. The benefits of having the stop loss protected by a round number And by placing our stop loss above that level, it meant that not only did we have our stop loss above the high of the candle and a swing high, it meant that the price to go and break that strong barrier in order to take us out. And as it happened, the price dropped and it did exactly as we thought it would do, and it moved to the previous main swing low, and it gave us a three to one reward to risk trade in under three hours. In under three candles, profit target had been hit for a three to one reward to risk trade. EUR/CAD trade makes a +1.5% account gain with low and controlled risk Now, if you placed half of 1% of your account on that one position, you'd have made a one and a half percent account gain in under three hours. That's pretty good. One and a half percent is an excellent return with very, very low controlled risk, high reward to risk trade,

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