#545: I Don’t Know Where to Place my Stop Loss

I’m Not a Fan of Trading AI or Bots  Podcast: Find out more about Blueberry Markets – Click Here Click Here to Signup For Our 15th Birthday Sale #546: I’m Not a Fan of Trading AI or Bots In this video: 00:27 – Everyone is talking about AI and Bots. 01:10 – All Bots seem to fail. 01:30 – Knowing I can read a chart with high probability.   02:49 – Limitations of using trading bots. 03:19 – You don’t need to spend all day trading. 04:48 – Our 15th Birthday sale. 05:28 – Trade through Blueberry Markets.  I'm not a fan of trading AI or trading bots. Let me tell you why. Let's get into that and more right now. Hey, the forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 546. Everyone is talking about AI and Bots. Now something maybe a tiny bit controversial. Everybody's talking about, you know, AI and how it can help in life and in trading and trading bots and expert advisors and all these type of things. And look, it's been there for years and years. When I started trading, there was tradestation. You could create programs that would automatically trade for you. And then Metatrader came along and people had expert advisors, which would magically for $97 going to solve all your trading problems and trade for you. If you look back on Forex Factory, on different forums, etc., you're always finding people out there who are creating these these robots that are going to do all these wonderful things. All Bots seem to fail. Have you ever noticed that they all fail? Like, I've never ever in my 20 years of trading seen one that works consistently well. Sure, they'll all have good times, but almost sure they're going to have bad times as well. So the reliability of them, first of all, is not great. Knowing I can read a chart with high probability.   But to me there's more important things than that. As a trader, as a manual trader. There is nothing better than that knowledge, that satisfaction of knowing that I can look at a chart today, next week, next year, in ten years time, and with high probability and high certainty, predict what's likely to happen. Now, if I get the trade wrong, I get it wrong and I lose a small known set amount of my account. But if I get the trade right, it's going to make two, three, four, five times my risk. And having that knowledge and that ability to look at different markets because who knows what's going to be out there in the future. If we were talking, say, like five or ten years ago, certainly ten years ago, we wouldn't have been able to trade cryptos, we wouldn't have been able to trade indices and commodities and metals on forex platforms. So things evolve, things change. And I'm certainly not against that when I'm saying I'm not into A.I. or bots. But what I am saying, if you have that knowledge up here, that mental knowledge, ability, satisfaction to make those decisions, that is so much better than just relying on someone's $97 a month bot. Limitations of using trading bots. The other thing is, is if you buy this bot and it does really well, what happens if you no longer have access to it or what happens if it no longer works? And how do you know that? Because without that knowledge and that skill of understanding how that bot works, you have no way of monitoring it on improving it, on changing it, on anything to do with it. And so to me, that manual skill is still absolutely crucial. You don’t need to spend all day trading. And if you're out there, like sitting there thinking, well, that's all well and good, Andrew but I'm too busy and I don't want to spend hours and hours and hours on a chart and on a computer, nor do I. I trade 30 minutes a day and I try 15 minutes in my morning, 15 minutes at nighttime. To me, trading is about doing this, getting outside, enjoying the outside, being very focused and very skilled when it's happening, when it's trading time and relaxing, enjoying things,

I Don’t Know Where to Place my Stop Loss  Podcast: Signup For my Forex Masterclass 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 Click Here to Download my Lot Size Calculator #545: I Don’t Know Where to Place my Stop Loss In this video: 00:27 – Where should I place my stop loss? 01:18 – This is what most people do – and it’s wrong. 02:44 – Use support and resistance levels.  03:20 – Always look at round numbers. 04:22 – How big is your stop loss? 06:14 – Attend my Masterclass, Prop Firm webinar and book a call with us.                        06:37 – Trade through Blueberry Markets. Andrew. I don't know where to put my stop loss. Can you please help me? If that sounds like you. Listen up. I've got some great information for you. Let's get into it right now. Hey there, traders! This is Andrew Mitchem here with video and podcast number 545. Where should I place my stop loss? Now, I don't know where to place my stop loss. It's a question and a comment that I get all of the time. And it must be something that frustrates so many people because they just don't know where to put their stop loss. Why to put it at a certain level? And so it creates confusion, frustration, and inevitably leads to losing trades and therefore overall a losing trading performance. Now, unfortunately, most people out there just don't know where to put their stop loss because they don't understand the market or they don't understand what is happening at that time. They don't realize there's a difference between different currency pairs in terms of the amount of movement or different time frame charts or different times of the day, volatility at the time. All these things make a big difference and it's something that you need to consider when placing a stop loss. This is what most people do – and it’s wrong. Now, unfortunately, most people out there who learned to trade through, let's say, watching some YouTube videos or a few forum sites, they unfortunately make the common mistake of putting their stop loss X number of pips away from the entry price. Why they do that? Well, that's what most people tell you you should do. It makes it easier, I suppose. You go, I'm putting this stop loss at 20 pips away. Well, what on earth this 20 pips mean? It's completely and utterly irrelevant. You know, 20 pips if you're trading the EUR/CHF is massively different to 20 pips if you're trading the EUR/NZD as an example. You know, one doesn't move hardly anything. Daily range of maybe, you know, 40 pips, the other one moves a lot. Average daily range of 100, 150 200 pips is vastly different. It also depends on what time frame you're trading, what time frame chart you are trading, because you know that will determine how big a movement is likely to happen at that time in the next timeframe candle. Use support and resistance levels.  You know, because sometimes the market's very quiet. Other times it's moving a lot. Obviously, if you're trading on, let's say, a 4, 6, 8, 12 hour, Daily, you know, it's going to be a lot bigger candle than if you're trading on a 15 minute chart, for example. And so you have to take this into account also. Now, you also need to take into account and things that we do is a support and resistance level is a pivot point in a previous swing, high swing lows and making sure you're using as many factors as you can to put your stop loss behind that level. So if you're taking a buy trade, for example, you want to put your stop loss below several factors of safety to give yourself the best chance that the market may fall back towards your stop loss, but it's not going to take you out. And then it changes and goes up into your anticipated direction and you get a profitable trade. Always look at round numbers.

View my Monthly & Weekly Chart Trades Podcast: Signup For my Forex Masterclass 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 #544: View my Monthly & Weekly Chart Trades In this video: 00:33 – Great feedback about our latest videos. 00:58 – A look at my MN1 and W1 chart trades. 05:00 – GER40 Index trade.   07:23 – Trade through Blueberry Markets. 07:46 – Attend my Masterclass, Prop Firm webinar and book a call with us.     08:40 – Email me directly, like, share and subscribe. In this week's video and podcast, I'm going to share with you two trades that I've taken, one on the monthly chart, one on the weekly chart. One's a reversal, one's a continuation, one's a forex trade, one's a non forex market. Let's get into that and share those trades right now. Hey there, traders! It's Andrew Mitchem here at the Forex Trading Coach for video and podcast number 544. Great feedback about our latest videos. Loving the feedback that we're getting regarding the changes that we've made here and by showing you trades and just helping people to understand what the market's doing and to understand how we trade here in Forex Trading Coach don't forget we always promote very low risk per trade high reward to risk and the strategy works across all timeframe, charts and all different markets. A look at my MN1 and W1 chart trades. Now today's a great example of that. I'm going to run through two trades for you, the NZD/USD on a monthly chart and the German 40 index on a weekly chart. So let's jump straight onto the charts here and you can see the two trades on the cover, the first one here is a monthly chart trade that's just hit the profit target this week. This is the NZD/USD Monthly chart. So going back here, this is the monthly chart. So this is the candle here that closed in February for the January candle sets January of 2024. And we decided to take the trade heading into the first February when the January candle closed. And you can see in here my trade was not actually filled until the 20th because I take limit orders. So I'm looking to take a sell trade after this candle has closed, but I'm only looking at taking the sell trade If the price first retrace is now, I don't need to be sitting there waiting for 20 days for the price to retrace. On the 1st of February, I put my orders in. If within the first candle in this case, the one month the price retrace is to my entry level. Fantastic and then takes me on a sell limit looking for the price to then fall. Now you can see in here that the market opened on this candle at 0.6110 and my entry level was 0.6162, so some 52 pips higher. And you can see that the price pull back up here got me filled as my entry level and the stop loss was fine. It remained in the market and then the price fell away. By the end of February we were into some good profit. You can see the advantage of entering back up here using limit orders. By the close of the month we were already up 92 pips roughly. And then what happened going into the month of March? The price then came back up, tested that same level. Notice how it stopped at the same level. We're still safe. And by the completion of March, we then ended up being around about 188 pips up and then the profit target was hit down here on the 15th of March, 15th of April, just a few days ago at 0.5905. So a few things to notice there. One were at before the right number of 0.5900, but also using the way that we trade with our entry and exit levels, we had a great profit target. Now if you look at rough numbers, looking at the without calculating these exact but there's roughly our entry level, our stop loss was at 0.6222, which is in a roundabout here and that was 60 pips, 65 pips and our profit target was in 0.5, which was then in around about there, 257 pips.

See my H6 Chart Trades in Action  Podcast: Signup For my Forex Masterclass 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 #543: See my H6 Chart Trades in Action In this video: 00:27 – Trades that I’ve taken on the H6 charts this week. 01:02 – Why I traded the STOXX50 Index. 02:25 – Sell trade on the USD/MXN.  03:09 – EUR/MZN H6 trade makes profit. 04:41 – Last trade on the GBP/CAD. 05:29 – Low risk and high Reward:Risk trades. 06:50 – Trade through Blueberry Markets. 07:08 – Attend my Masterclass, Prop Firm webinar and book a call with us.    Today, I'm going to share with you some six hour chart trades that we've taken just this week, some winning trades and some losing trades. Let's get into that and more right now. Hi there, Traders! It's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 543. Trades that I’ve taken on the H6 charts this week. I want to share with you some trades that I've taken just this week on six hour chart trades across different markets and different forex pairs. I'm going to explain why I've taken these trades and to give you an understanding of how we trade. Now just to let you know also that when we trade at the Forex Trading Coach, our charts are a little bit different to this. I have some candle identifier software, pivot points, divergence, etc. on top. But what I've done for the purpose of this video podcast, I've stripped everything and so you can just see the actual candle patterns and the price. Why I traded the STOXX50 Index. So let's start here with the STOXX50, which is a European index. So we also trade non forex markets if the pattern show. And so you can see my trade in here. This is a six hour chart trade. It was taken on the completion of this candle here. And if you look at the first two results down here, you can see that one just got stopped out and the other went down to the profit target. So what is it we're looking at here? Well, first of all, we have a lovely downtrend in play and then a reversal, By the way, we took this trade, is a buy trade last week. But this pulled back beautifully. And then we saw the continuation pattern heading down in a nice trend line break up through here at this candle closed below that trend line break we had a nice “n” shape that we look for and we actually bounced off a middle bollinger band. We had a few other things adding to the trade but you can see in here my two entry levels and this mentioned the first position just got stopped out, the second position. Then price fell beautifully. So our profit target, which by the way, was before the 5000 level and before us swing low. So that was the at the first trade there. Now we take multiple trades throughout each day and each week on our membership site and on my forum site. And so these trades were all posted there. Sell trade on the USD/MXN.  The next trade I want to share with you is the next one down here. You can see the sell trade on the USD/MXN. And this trade just got stopped out on the completion of this candle. The price went down and I ended up closing the trade early. You can see there's a couple losing trades there and I got out of that trade in plenty of time after a loss, a small loss, a control loss of one position, small loss on the other. But overall, my logic for the trade was we were in a downtrend pullback and then we had this continuation pattern here looking for this to down. So a small loss taken there. EUR/MZN H6 trade makes profit. However, the next trade was taken at exactly the same time is on the EUR/MXN and that's in here. And you can see we had a very similar pattern but probably a stronger pattern there. Overall, we were in this big downtrend, nice pullback, and then we got the confirmation to go short.

I’ll Show You My Trades & Why We Took Them  Podcast: Signup For my Forex Masterclass 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 #542: I’ll Show You My Trades & Why We Took Them In this video: 00:32 – Sharing my screen and showing you my trades. 01:05 – Trades taken this week on D1 charts. 04:12 – Copying trades to other accounts and prop firms. 04:43 – EUR/CHF D1 trade. 06:11 – 3x H12 chart trades taken. 08:24 – How we trade and teach our clients. 10:29 – Trade through Blueberry Markets. 10:42 – Attend my Masterclass, Prop Firm webinar and book a call with us. In this week's video and podcast, I'm going to share with you some trades that we have posted on our membership site and our forum site and take in ourselves this week so we can show you how we operate, how we trade and how we have great results. Let's get into that a more right now. Hey there, Traders! Andrew Mitchem here at Forex Trading Coach with video and podcast number 542. Sharing my screen and showing you my trades. Something a little bit different this week. I've had multiple requests asking for me to share my screen and to show you some of the trades that we take. So that's exactly what I'm going to do. This week. So if you're listening on a podcast, apologize, but this is definitely going to be more of a visual video. So if you're on a podcast, maybe you can go and look at your charts whilst listening to the podcast or after and see some of the trades. But I will be descriptive in the trades set up. So let's get into this straight away. Trades taken this week on D1 charts. So this week we've had a very short week due to the Easter break. But what I want to share with you are just some trades that I have taken myself on our membership site and our forum site. So let's share with you here. This is going back to Wednesday, the 3rd of April. And you're seeing here I've got some trades on the EUR/CHF and the AUD/JPY. I want to cover those two to start with. These are taking on the daily charts. These are taken in advance of the market moving. And you can see all the reasons we put there, the entry and exit levels, etc. So I'll take that off and I'll just go back to the actual chart and share with you what it is we are looking at. So this is the Aussie yen in here that we took on the close of the Tuesday candle going into Wednesday, which was the 3rd of April 2024. You can see the two trades I've taken down here and you can see the results. But more importantly, I want to explain why we took rates. And if I take the chart out slightly, you can see that overall the AUD/JPY has been this is going back to like the end of December of last year, has been overall in quite an uptrend. And so when we saw this pattern here now obviously on my own charts, I have extra lines, indicators, etc., Candle Identifier, Bollinger Bands, etc. like that? But for the purpose of this video of stripped all that off to make it a little bit cleaner for you to see. And also if I put my exact levels on that, I would be looking at today, which is Friday the 5th of April, those levels wouldn't be relevant for this candle back here. However, what we saw overall was that bigger picture uptrend, as I mentioned. And then we saw this nice pullback here. And notice after this big pullback on the 22nd, we then had quite a few indecision candles and then we had the change around here. So this is quite a significant area that we see the price pull back to. Then we get our bullish candle on the Tuesday, which is the first full day after some shorter days throughout the Easter break through here. So we took it buy trade. And on our daily trade suggestions, you can drink bitcoin, you can see in here we had a buy trade at 98.64. To bear in mind we post these on the completion of this candle.

How to make Hundreds or Thousands of Dollars per Trade  Podcast: Signup For my Forex Masterclass 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 #541: How to make Hundreds or Thousands of Dollars per Trade In this video: 00:26 – How anyone can make hundreds or thousands of dollars per trade. 00:59 – Trade with the trend. 01:38 – Reversals and Continuation candle patterns. 02:11 – AUD/CHF H12 chart hits profit. 03:20 – Use Prop Firms to scale up your gains. 04:08 – AUD/CAD D1 trade hits the profit target in 5 hours. 04:45 – You cannot take every Continuation pattern as a new trade. 06:46 – Trade through Blueberry Markets. 07:38 – Attend my Masterclass, Prop Firm webinar and book a call with us. Today, I'm going to show you how you can make hundreds, if not thousands of dollars per trade in just a matter of a few minutes per day. Let's get into 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 541. How anyone can make hundreds or thousands of dollars per trade. So today I want to share with you how you, anybody it doesn't matter where you live in the world can make hundreds, if not thousands of dollars on a single trade. That takes you just minutes per day of chart time to see and to take. It's a really exciting opportunity that Forex offers. And the important thing for me is as a trader, I like to have high probability trades. You see, it's not so much by how many trades you take. It's about the quality of the trades. Trade with the trend. Now you've probably, if you've been trading for any length of time, heard the phrase about trading with the trend and it's a fairly logical phrase and expression because it makes sense, doesn't it? If the market's in a big uptrend that you should be taking buy trades. However, it's not quite as easy as that. And the trouble is a lot of people see a big trend and then they go, it's in an uptrend. I'm going to take it buy trade. And of course the market hits a high, turns around and stops and they take a loss. That is the danger that most people are reactionary and only see it's an uptrend after it's already done and completed and it's back to then turn back the other way. Reversals and Continuation candle patterns. For me as a trader, I trade two different patterns. I trade reversal patterns, which does mean selling at the top of an uptrend. But my favorite and preferred pattern is a Continuation Pattern. Now, I'm going to give you two examples from just this week of continuation patterns. So you can go and have a look at your charts. If you're watching, YouTube will probably put these on screen so you can see them. Obviously, if you're on a podcast, then you just have to go and find them on your charts. But two trades to give great examples of what I mean by continuation patterns, both profitable trades for us this week. AUD/CHF H12 chart hits profit. The first is a 12 hour chart trade on the AUD/CHF. If you go and have a look at the AUD/CHF from the 18th of March 2024, look at the 00:00 candle. So it's the completion of that candle, which means that the day starts at 5 p.m. New York time, but it means that that candle then closes at 5 a.m. New York time. So have a look at the charts. The 00:00 Opening Candle, The AUD/CHF 12 Hour chart 18th of March 2024. Go and have a look at that pattern and hopefully we'll get that screenshot put on here so you can see if you're viewing the video. We took a buy trade there. What happened? The market moved up, it pulled back, we waited for it to pull back and then we waited for a confirmation signal to go long again, trading in the main direction. But after that pullback and as you can see, we took a really good trade there. And even on a small account,

How to Survive a Financial Crisis  Podcast: Signup For my Forex Masterclass 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 #540: How to Survive a Financial Crisis In this video: 00:24 – How do we survive the next financial crisis. 00:57 – Increase income, decrease expenses and save more. 02:55 – What are my thoughts? 03:36 – You need to change your mindset. 03:58 – Plan and prepare. 04:54 – Upskill yourself today in preparation. 06:31 – Forex offers so may more benefits. 06:51 – Live webinar with trades and my account is at +2% gain for the week to date. 07:57 – Trading with a prop firm. 09:02 – Give yourself 6-12 months to learn how to trade properly. 10:00 – Trade through Blueberry Markets. 10:06 – Attend my Masterclass, Prop Firm webinar and book a call with us.       Today I'm going to talk about how you can plan for, prepare for and get through the next financial crisis. Let's talk about that and more right now. Hey there, traders! It's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 540. How do we survive the next financial crisis. Now, I ask people to give me some topics to talk about, things that will be helpful for you. And one of the main topics those come up is how do we survive the next almost certainly coming financial crisis? So to start and to prepare for this, what I've done is had a look on the Internet and I want to talk about what they suggest and then my thoughts after that. First of all, I have to let you know that what I'm about to say is not financial advice. It's purely my own thoughts and opinions, which may or may not work for you. Increase income, decrease expenses and save more. So did some research online, typed in how to survive a financial crisis. Upcoming standard answers of #1 increase your income, #2 decrease your expenses and #3 increase your savings. Quick overview on those. Increasing your income. How are you going to do that? Well, you probably going to if you're in a corporate job, work harder and up the ladder, which means less time at home, etc. like that. More stress. You may be working more hours in your current job. Not a great outcome either. Or you might be going there for a second or third job. Again, not a great outcome. So there's better ways you can do that. Number two, and decreasing your expenses is something that most people can do. From my own point of view, we like to be completely self-sufficient here. I say we're about maybe 80-90% self-sufficient in what we eat at home, and we choose to do that. We choose to grow our own food as much as possible with our own, you know, the fruit, vegetables, meat, etc. like that. Everything we try to do is our own choice for health reason and enjoyable reason of actually growing and eating our own food. We know what we're eating and less reliant on the system, on the supermarkets and the crazy inflated prices out there. So that may or may not be something you could do as an example. The third one to increase your savings. Not very practical for most people around the world, giving the cost of living just as an example, we've had interest rates come off here. Just last week, for me personally, at 2.79, they wanted it to float it at eight point something or fix it at seven point something. Just massive expenses going up there for everybody. A cost of living, a cost of groceries, food, as we've mentioned. Your fuel, your rate, your taxes. You know, everything goes up and up the whole inflation. So saving more for most people was not really a practical outcome there. So Bense what the Internet says What are my thoughts? These are now my thoughts of what you potentially could do because for me surviving or anything financial, a lot of it comes down to your mindset, your thoughts, your emotions.

Forex Trading's Preflight Check: Building Your Plan  Podcast: Signup For my Forex Masterclass 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 #539:Forex Trading's Preflight Check: Building Your Plan In this video: 00:34 – Heading off for a flight and carrying out my checks. 02:01 – You need a trading plan. 03:00 – Put in the time to ensure a good outcome with your trading. 03:45 – The market does not have even trading conditions. 04:42 – Trade through Blueberry Markets. 05:06 – Attend my Masterclass, Prop Firm webinar and book a call with us. Today, I'm going to discuss the importance of learning to plan properly, planning your training, See now exactly what you're doing, whether you're flying a helicopter like behind me here, or if you're trading the forex market, you have to plan properly. Otherwise, you plan to fail. Let's get into that a more right that. Hey there, Traders! Andrew here, at the Forex Trading Coach, a video and podcast number 539. Heading off for a flight and carrying out my checks. As you can see, I'm out at the hanger. I'm heading off tomorrow morning. Quite early on a flight, quite a long flight, probably about a three and a half hour return flight. And so as a result of that, I'm spending some time here today when there's no pressure and I'm going through my entire preflight and doing all my checks. I've got my my flight plans here. I've got my airports where I'm going to inside here. I've covered everything I need to know in terms of the cockpit. I've got a huge manual here. It's about 800 pages that's just specific to this machine. And on that, I have to know all that. Of course, long before today. But you know, you've got to keep updated on that. I've been through the machine here. I've checked through and, you know, engines and oils and up on the rotor blades there. I've checked everything. All my preflight checks and the tail here, everything is checked. My fuels good is clean. It's all on board. I know exactly what I've got. I know where I'm going. I know my radio calls. I'm discharging my headsets up. So that's ready. I've got a spare batteries. I've got my iPad. I've got my phone. I've got everything I need to know to do the flight properly, safely, and, you know, to get a good outcome and enjoyable experience for everybody on board and to know what's going to you know, we're going to get there safely and just have a great day. You need a trading plan. So me doing this is no different to me trading. You know, I've got my plan and this is what I want to stress to you, that I just see so many people that don't have a plan, don't know what they're doing. You wouldn't believe the number of emails that I get saying, Look, I've been trading for six months and I go back and I go, Great, Well, you've obviously got a problem because you're contacting me. So. So what are you doing? And they go, I'm just putting on, you know, one lot on this trade and I'm trading, you know, different times of the day. They trading. They don't know what they're trading. They see something all that, let's say a daily chart that's telling a buy on an hourly chart. They're saying sell. They don't know what to do. There's no light, there's no money management, there's no risk management. There's no no, no strategy at all. They don't know why they're doing what they're doing. They just know they want to trade forex. And because they're probably seen it's really good and seen something on YouTube or somewhere. Put in the time to ensure a good outcome with your trading. And that becomes the problem is that people don't put enough preparation time into learning the skill that they want to be good at. And you know, it's like anything is like flying this thing. There is nothing that beats flying.

7 Points to Help Develop Your Own Trading Plan  Podcast: Signup For my Forex Masterclass 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 #538: 7 Points to Help Develop Your Own Trading Plan In this video: 00:25 – 7 points to help develop your own trading plan. 00:36 – #1 Your personality. 01:15 – #2 What type of trading do you like? 02:16 – #3 What are your goals? 02:55 – #4 Risk management. 03:51 – #5 Know your strategy. 05:16 – #6 Demo, live or a prop firm? 05:50 – #7 Journal and record your trades. 07:10 – Attend my Forex Masterclass. 07:19 – Prop firm Masterclass. 07:40 – Book a call to chat with us. 07:52 – Blueberry Markets. Today. I'm going to give you some helpful tips and information to help you to develop your own trading plan as a forex trader. Let's get into that and more. Right now. Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 538. 7 points to help develop your own trading plan. Today is all about developing a trading plan that's going to work for you. I'm going to give you seven points. That's going to be something that if you put this together. Massively help you. #1 Your personality. Let's start with point number one. So first of all, you have to understand yourself. What type of person are you? What personality do you have? What what makes you tick? You know what you like as a trader. Now, I find that naturally most people, when they start trading and I did exactly the same almost 20 years ago myself. They tend to navigate through to the shorter timeframe charts, the one minute, five minute, 15 minute chart. Some people think that's the where the most opportunities are, where the most money is to be made, and that's why people do that. And then they realize that probably doesn't work quite as well as they thought it might do. And then they start to look at something a little bit longer timeframe charts. #2 What type of trading do you like? So figure out where you are on your trading journey and what type of trader you are. Are you someone that likes to watch the news? I'm someone that likes to watch the charts. Are you a fundamental or technical trader? And then what you need to do there is work out the trading style and that will become, you know, in the cooperation of both of those two. Possibly it could be, you know, looking at the longer timeframe charts, this sort of more medium timeframe or the shorter timeframe. So look at what works for you. If you're out there, you know, you've got family, you've got travel to do, you've got work to do, you've got music, sport, whatever it might be, you might go, Well, you know what the reality is? I only want to look at my charts maybe just once a day or a couple of times a day or just a few times a week. Therefore you're going to have to go to those longer timeframe charts. You may go, Well, you know, I've got a couple of hours. I can look at the European session or the US session a few days a week, and therefore I might look at say, the 30 minute, the one hour, the four hour timeframe charts or blend whatever works for you. #3 What are your goals? The next thing you need to do is define your goals, your personal goals, your financial goals, the time goals as well. Don't forget, time is really important. You know, it's all well and good to write down. Say I'm going to make 10% every month and I'm going to do this and I want to do that. But also is you got to realize that to do this successfully and properly, it's got to work around what your time restrictions are. Everybody has time restrictions. We all have 24 hours in a day. It's what you do within that day that counts. So how much of that time per day or per week do you want to dedicate to learning or trading or studying charts or watching news events?

The Realities of Learning How to Trade  Podcast: Signup For my Forex Masterclass 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 #537: The Realities of Learning How to Trade In this video: 00:26 – A trading reality check. 01:00 – Do you want it now or can you wait? 01:41 – Adults are no better than children at wanting instant gratification. 02:23 – How much can I make? 03:23 – Doing the hard work first. 04:33 – Not everything will go in your favour. 05:09 – Don’t knock someone who’s trying to help you. 06:00 – We can help you if you would like to trade well. 06:26 – Book a call with us. 06:38 – Blueberry Markets. Today, I'm going to talk about the realities of learning how to trade properly and why it's probably not quite as easy as you think it might be. Let's talk about that and more right now. Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 537. A trading reality check. Now today it's a bit of reality check. And it's kind of like not being grumpy day, but just wanted to keep things real. I've had just a few interactions with people over the last week or so that just got me kind of beating my head against the wall. One was a client and the other is not a client, and it just makes me realize that there's so many people out there that are not real with their trading. Do you want it now or can you wait? Now, you may have heard about the experiment. I don't know who did it. It was quite some number of years ago where they got a bunch of kids, put them in a room, and they said to them they put like a sweet or lolly chocolate and in front of them and said, You can have one right now. But if you wait, you know, 15 minutes, we'll give you three. And of course, most of the kids go, I'm just going to take the one that they can't comprehend. You know, if you just wait for a little bit longer, you'll get three times the amount for just a little bit of, you know, dedication. And that was a kid's experiment. Adults are no better than children at wanting instant gratification Now, I think the same logic, unfortunately, applies to so many adults today as well, now that whether it's me, show my age or what, I don't know, but whether it's, you know, an instant gratification thing, whether it's a cell phone thing, an Internet thing, a Netflix thing, you know, another thing, everything just seems to be instant. And people unfortunately don't seem to be able to. A lot of people anyway, don't seem to be able to. And accept the realities of hard work, dedication and a bit of time, commitment and effort. And also not an instant answer, an instant fix. How much can I make? Now, I want to talk about that because I think that you've got to get your head around that if you're going to give yourself a realistic chance of being a successful fighter because everybody wants to know how much am I going to make, how long is it going to take me, how much do I need to my account? How many prop firms do I need? All these? How to what's the answer? And without actually figuring out that they need to actually study and listen to people that have done this before and not only ask questions, but when someone gives you an answer in their best interest is to help you listen to that answer and possibly accept it. And I find that people struggle to do that. And maybe it's because it's not the answer that they want or it's not the quick fix solution. It's not the you're going to become a multimillionaire next week solution. It's and that kind of thing. I just I struggle with, I suppose, because I suppose I'm about a year away. Doing the hard work first. You know, you did the hard work moving to New Zealand with a couple of suitcases to the other side, the world, you know, with no Internet back then and no cell phones and, you know,