Why You Need a Backup Plan when Trading Forex

Podcast: In this video: 00:25 Euro/Yen hits the level that’s not being seen since April 2010 01:04 Importance of computer backups 01:51 Took a buy trade on the USD/CAD 02:09 Risking a half of 0.5% with a +2% return – absolutely huge 02:17 Took a buy trade on the GBP/CHF 02:29 Trade no risk whatsoever heading into the weekend Hi traders, Andrew Mitchem here the Forex Trading Coach. Today is Saturday the 9th of February. I’m here on the beautiful island of Waiheke again. If you’ve not being here when you come to New Zealand – definitely get out over here – its well worth it. EUR/JPY hits a level that’s not being seen since April 2010 Well this week, we’ve seen towards the end of the week, the Euro has been falling back, its been retracing. You may have noticed especially on a lot of the Yen pairs that historical highs have been hit. And for instance the Euro/Yen, it hits a level that’s not being seen since April 2010. And as we'd expect with such a strong resistance level, we formed a double top and the EUR/JPY’s pull back also so has the EUR/USD and even the EUR/GBP. So whether we see that continuing to next week not sure yet, we need to see some candle patters next week on Monday onwards to see if the Euro bullish trends are going to continue or if the more recent retracement is going to continue. At this stage I’m out of the market so I’m just undecided right now. A Trading Tip for You – Backing Up Your Information One thing I wanted to mention was to do woith computer backups. We talked about this on my last webinar. It’s really important just to consider a backup if you lose all of your information on your computer or an internet connection. Make sure you’ve got a backup laptop or make sure you have your account on a VPS server. Make sure you've got your broker’s contact details with you. In case you have an internet connection problem, have an iPhone hotspot backup. And always make sure that if you have a laptop or VPS you actually have all your trading software and your account pre loaded so you’re not there trying to download information when the worst should happen. It’s one thing that we’ve talked about on the webinar. It’s just important to consider that – always have a backup. 2 good trades on Friday Trading wise, I actually took my trades coming over here into the island on a ferry yesterday and again the beauty of an iPhone as a hotspot and a laptop, you can trade from anywhere. I took a buy trade on the USD/CAD yesterday and I suggested that to my clients. Woke up this morning and worked absolutely beautifully. The retracement trade was a 2.5 risk to reward trade and the market order trade was a massive 4 to 1 risk reward. Meaning: If I was risking a half of +1% on that trade (0.5%) that was a +2% return – so absolutely huge. I also took a buy trade on the GBP/CHF. It didn’t quite reach full profit but this morning just before the market closed I exited that position manually and a one to one risk reward. So out of the trade no risk whatsoever heading into the weekend and any potential market gaps next week. So that’s all I wanted to talk about for now. I’m off to enjoy the island I look forward to talking to you this time next week.