Don't Pay Your Broker

Podcast: Description: In this video: 00:26 Few good trade set ups on the daily charts 01:44 Real important lesson for new traders 03:02 Made really good money on yesterday’s webinar 04:41 Looking for predominantly long positions 05:12 Two webinars for more experienced traders When The Market is Quiet, Don't Pay Your Broker Let me explain more right now. Hi, it’s Andrew Mitchem here, the Forex Trading Coach, today is Friday the 28th of June. And what I mean by that is when you look back at this last week, it’s been an extremely quiet week of trading; it’s been quite difficult to look at daily strengths and weaknesses. I’ve actually had very few good trade set ups myself on the daily charts. It’s just been a very quiet week, been a lot of indecision candles on the longer time frame charts, and no real major trends, a lot of trades have bounced at certain support and resistance levels; it’s just been a really quiet week. And you get that from time to time, and the good thing is we know that with the Forex market if you do get those quiet times, there’s always some good trades not too far away around the corner, so hopefully we’ll get that next week. The point I wanted to make is if the market’s quiet, the market’s quiet. You can’t change it. Of course, you could go down to shorter time frame charts, and I’ll talk about those in a minute, but don’t overtrade. There are No Prizes for Trading More I use a catch phrase, or a phrase to my clients, and it’s this: “There are no prizes for trading more.” And it’s absolutely true; you don’t have to feel like you have to take more and more trades, there’s nothing to be gained or achieved by taking more trades. All you’re going to do is probably end up losing the majority of them, because you’re taking them for almost the feel or the need or the sake of taking trades, and what you’re going to end up doing, what you’re going to do is feed your broker’s pocket, line your broker’s pocket with what I call clicky-click fees, which are your spread fees you pay to enter a trade. So, don’t take trades unnecessarily if they’re not there. Real important lesson, especially for people who are new to trading. A Fantastic 2 Hour Live Trading Room Webinar And the other thing I wanted to share with you, I had a fantastic two hour live trading room session with my clients last night my time. I had a huge number of people attend, like I always do, but it was a particularly good session with quite a number of shorter time frame chart trades taken. I had a couple on the daily charts that went really well; one in particular was the USD/CHF. Yesterday it made seventy four pips and a two point two risk to reward trade. Earlier in the week I had a short position on the EUR/AUD, made one hundred and eighty-five pips in a three point four risk to reward. So, that’s the daily charts, but on the webinar yesterday, we had some great shorter time frame, four hourly trades and one hourly trades taken live in front of people. In total I had, throughout the session taken live and the few trades that were open before we started, I had twelve trades on those shorter time frames taken; seven were winning trades, hit full profit, and five were losing trades. High Reward:Risk Ratio Trades Now, as a win rate, it’s probably not massively high, but the trades averaged a 2.2 to 1 risk to reward, that was their average. So, I came out of that with some really good money on yesterday’s webinar. Like I said, the trades were taken live in front of clients. When I take those trades, I’m showing their count, I’m showing where I’m entering, the position size, obviously talking about the reasons for entering the trade, the stock loss profit target, everything’s fully disclosed and you can see me taking the trades live. So,