Online Forex Trading Course

Hosted by Online Forex Trading Course

Business Investing

Website RSS feed

Episodes

300

Latest episode

Aug 2026

Language

EN-US

About the show

By The Forex Trading Coach

Listen to episodes

60 recent

August 23, 20264 min

#647: I Never Move My Stop to Break Even… Here’s Why

I Never Move My Stop to Break Even… Here’s Why Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #647: I Never Move My Stop to Break Even… Here’s Why In this video: 00:30 – Should you move your stop loss to breakeven. 01:05 – No relevance to the price you entered. 01:40 – Alternative ways to manage a trade. 02:38 – Take the full profit not a partial profit. 04:00 – Check out my new Masterclass. 04:12 – Blueberry Markets as a Forex Broker. 04:27 – Forget moving your stop to breakeven. Do you realize that the market doesn’t care why you entered the trade or where you entered the trade? So why do people have this massive obsession with moving their stops to break even all the time? Let’s talk about that and more right now. Hi there, traders! It’s Andrew here at The Forex Trading Coach with video and podcast number 647. Should you move your stop loss to breakeven. Outside on another stunning winter’s day here in Nelson, New Zealand. So today I want to talk about moving your stops to break even. Why do so many people do it? I’ve had so many discussions with people. It’s got me into a bit of trouble in the past at certain trading conferences that I’ve been to because of my opinion. Now, I’m not saying don’t move your stop to break even. If you have a strategy and it works, go for it. I’m not saying you shouldn’t do it. But my question to you is, why do you do it? And what’s the point in doing it? You see, so many people just think moving their stop to break even is a safe way of trading, and it protects losses, which in some ways it can do. But there are so many better things you could do. No relevance to the price you entered. You see, for me, moving a stop to break even has no relevance. The market doesn’t care when you entered the trade, why you entered it, or what the price was. So you’ve just entered the trade at some random price. You’re in the trade now. Simply putting your stop loss at that entry price, what does it mean? It means nothing. Technically, it means nothing. If you’re a news trader, it means nothing. What is the point in doing it? And for me, it’s just a bit of a fluffy, feel-good thing. You know, pretty brutally honest, but I think it’s true that people just feel okay about not losing on the trade. Alternative ways to manage a trade. Now, the issue I have with that—well, there are many. Moving your stop loss to that price point has no relevance. So what you could do instead is maybe close part of your trade. You could move your stop loss, if you really want to, but to a technical level. Don’t just put it simply at the price that you got filled at in the market. You could, on a buy trade, let’s say, put it below the last swing high, or you could put it below a round number and stagger the trade up as it gets into profit. That’s 1 thing you could do. Of course, if you wanted to do those types of things or partially close a trade, I would do it for a reason. I don’t just do it because, you know, you feel like it. Do it for an absolute reason. And I think that’s the important thing here. We’ve got to try and get our emotions out of trading and manage our trades for a reason, not simply because it feels good. Take the full profit not a partial profit. The other problem I have with moving stops and messing around with your trades is when you close a trade early, what you’re doing is limiting your potential gains. Now think of it this way. For most people, if they take a loss, they take a full loss. If they move their stop loss to break even, they basically get nothing from the trade on the entire position, let’s say. But what happens if you’ve already partially closed some of your trade and it gets to the full profit? Well, you’re not gaining the full lot size of your original trade when you hit profit. So when you say you made a 2-to-1 trade or a 3-to-1, whatever it might be, you might only be making that on part of your original lot size. So your actual overall gain is nowhere near the amount it should be. So for me, it’s quite important that you enter a trade for a reason. You put your stop loss at a safe level for a reason. You know your risk, your complete risk, if the trade goes completely against you, and you put your profit target at a level for a reason. So therefore, if you’re risking, let’s say, 0.5% and you make a 3-to-1 trade, you make the full 1.5% gain. I think it’s really important that you do that because, like I said, if you take losses, then generally you’re taking the whole loss anyway. So you want to make sure that when you hit a profitable trade, you get the full gain on that. Check out my new Masterclass. A few additional things for you. Have a look at our masterclass. You’ll find it really useful if you’re new to trading. It’s about 20 minutes long. I’ll put some details under this video and podcast. Blueberry Markets as a Forex Broker. And if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets. They’re a really good bunch of people, with very quick withdrawals as well, very tight spreads on their trades, and lots and lots of markets on their MT5 platform. Forget moving your stop to breakeven. So that’s it for this week. Just consider breaking even. Consider not doing it. Consider better ways of doing it, and try not just to feel fluffy, nice feelings about your trade simply because you’ve made $0. Episode Title: #647: I Never Move My Stop to Break Even… Here’s Why 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 Attend my Free Masterclass

August 15, 20265 min

#646: Watch Me Take 2 Live Oil Trades… Both Won in 31 Minutes

Watch Me Take 2 Live Oil Trades… Both Won in 31 Minutes Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #646: Watch Me Take 2 Live Oil Trades… Both Won in 31 Minutes In this video: 00:35 – Live trades taken on my European session webinar from 13th August 2026. 01:33 – 2x H1 Oil trades hit their profit targets in 31 minutes on a live webinar. 02:57 – 5 trades taken live on the webinar. 03:43 – Learn while you earn. 04:17 – European and US session webinars. 04:43 – Blueberry Markets as a Forex Broker. 05:03 – Gold Daily trades taken. 05:17 – Like, share and subscribe. Hey there, Traders! This is Andrew here at The Forex Trading Coach. If you’re out there looking to become a good trader, there’s nothing better than following someone in real time, asking questions, and seeing them trading. On our webinar just last night, I took 2 sell trades on UK Oil and US Oil. They both happened in real time. They were both profitable, and I’m going to share those video clips with you right now. Live trades taken on my European session webinar from 13th August 2026. Bradley and also Isaac just mentioned the UK and US Oils. Bradley on US Oil. Oh, sorry, Isaac on US Oil, Bradley on both. On 1-hour charts. Guessing they’re going to be bearish. Oh yes. Very nice. Good spotting. Good spotting. Yeah, nothing wrong with those 2. Very nice. And the fact that they are both pulling back right now gives us just that little bit extra. There’s 89.50, and it’s bounced, I’m guessing, at 90 or pretty damn close to 90. Only a few pips away. So that’s excellent. Got a round number in there of 83. Do you know what? I think they’re both good. I’m going to take them both. Appreciate you finding those 2. 2x H1 Oil trades hit their profit targets in 31 minutes on a live webinar. Well, that one’s very close. So is that one. There we go. Happy days. Now, only on very, very, very, very, very tiny amounts for me on here. Okay, so they’re only at 1/8 because I combined to put them on the normal level. But regardless of that, how much I make or you make is irrelevant. It’s the percentage that we look at, risk and reward-to-risk. I think we said on these, so it’s about 44 pips and it’s just about hit the profit target. So that’s well over 2, wasn’t that? Pretty much bang on 2. There we go. Just hit profit right then. And if we go to UK Oil, ooh, we’re about a fraction of a pip away. Just got the spread. There’s bid, ask, and there we go. Profit on that one as well. So really nice to see 2 live trades both hitting profit. Notice that they’re both continuation trades as well. So UK Oil, US Oil, both hitting profit there. So thank you. I think that was Ryan and Bradley who found those 2, and I think Isaac as well. You mentioned 1 of them as well. So great spotting, and hopefully you all just made a profit on those 2 trades. Thank you, Dean, for letting me know. 5 trades taken live on the webinar. So there you go. Hope you enjoyed looking at those 2 trades and learning from them. So that’s exactly what our clients do on all of our live webinars. I ended up taking 5 trades on the webinar live in the end, but those 2 I wanted to share with you because they’re really quick trades. They were both in and out of the market in 31 minutes. Now, the 1st trade, the UK Oil, also had a 1.3-to-1 reward-to-risk, slightly lower than we normally take. However, you just saw the reason why I lifted my stop loss to above the round number of 90, just for that added protection. And of course, why would you not do that when you’ve got such a powerful level just there in the way? Use it to your advantage. The US Oil made a 1.7-to-1 reward-to-risk trade, so really good profitable trades in just 31 minutes. Both trades were taken live, and you can see the profitable results. Learn while you earn. So our clients not only could see me take those trades in real time, they could learn from them. And of course, if they took them themselves, which most people did, they made profit from those trades while being on the webinar. So again, it comes back to learning why we’re taking those trades and seeing us do this in real time. You know, we’re not hindsight traders. We’re not just out there closing just good trades and ignoring the others. We’re putting all of our trades there on the webinar in real time for people to see and follow, like we do every day with our daily chart trades. European and US session webinars. But our webinars are held in the European session 1 week, US session the next week. They’re all live, they all get recorded, and so our clients have the opportunity to attend them live or watch the recording if they can’t get on there live. And it’s just such an invaluable resource. If you’d like to know more, I’ve put together a new video on our homepage at The Forex Trading Coach, and there’s the opportunity to download a PDF there that gives you lots of information about how we trade and how we can help you. Blueberry Markets as a Forex Broker. If you’re out there looking for a really good broker, I can highly recommend Blueberry Markets. You would have seen I took those 2 trades on that live webinar on my Blueberry Markets account. I’ll put a link to them as well. I’ve been with them for years. Really good people, really good broker, very fast withdrawal times as well. You know, they’re really quick to deal with and efficient as well. Gold Daily trades taken. And Blueberry Markets have lots of other markets available. Just today, for instance, I’ve taken 3 gold trades on the XAU/EUR, XAU/USD, and XAU/SGD. So lots of options there with Blueberry Markets to trade the market that’s showing the best setup at the right time. Like, share and subscribe. Don’t forget to like, share, and subscribe, and email me directly at Andrew@TheForexTradingCoach.com if you’ve got any trading questions. But I hope you enjoyed this video and podcast today, just sharing a glimpse of what we offer here for our clients to help make them successful traders. Episode Title: #646: Watch Me Take 2 Live Oil Trades… Both Won in 31 Minutes 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 Attend my Free Masterclass

August 9, 20266 min

#645: The Trading Mistake That Cost Him 5 Prop Firm Accounts

The Trading Mistake That Cost Him 5 Prop Firm Accounts Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #645: The Trading Mistake That Cost Him 5 Prop Firm Accounts In this video: 00:26 – Remember hearing about Aesop’s fables? 01:33 – Trading luck on a demo account. 02:40 – Prop firm account failures. 03:42 – When I started trading, I had no idea what I was doing. 04:38 – Trading is harder than you think. 05:13 – Avoid the mistakes and view my Masterclass. 06:04 – Blueberry Markets as a Forex Broker. 06:22 – Questions, Like, share and subscribe. Have you ever confused trading skill with trading luck? I know I used to do it. I’m sure you’ve done it. And I’ve got a great story to share with you. Let’s get into that more right now. Hey there, Trader! Andrew here at The Forex Trading Coach with video and podcast number 645. Remember hearing about Aesop’s fables? Do you remember as a kid you may have heard about Aesop’s Fables? Well, I’ve got a story to tell you today that’s a true story, and it’s about confusing trading skill and trading luck. A number of months ago, I received an email from somebody who was saying, “I don’t need to learn how to trade. I know how to trade, and I don’t need your course because I know how to trade.” And I was thinking, why is this person telling me this? Why are they wasting their time, or my time, telling me this? So I had a little look online at our database, and I saw this person had been on our masterclass. They’d downloaded my book and calculator, they’d been opening emails all the time, and I thought, that’s strange. Why is this person so interested in what we do if they’re so good? And it’s fine if they’re really good. Good on you, go for it. So I wrote back to him and said, “Look, that’s absolutely fine. But keep in touch. If you want to send me some details, I will have a look.” So he sent me his account details. Trading luck on a demo account. Of course, it was a demo account. All I could see was trading luck. I couldn’t see any skill there. Now, of course, I couldn’t tell his strategy and how he was taking the trades, but I could see the results. And yes, there were some very good trades on there in terms of monetary value. But when I looked at the risk and the stop losses and that type of thing, it was a complete fluke. I didn’t quite tell him that in those exact words, but I said, “Look, it looks like your money management and your risk management are not great. They could be improved. We could certainly help you there. Have a look at some of my free videos.” And I left it at that. He wrote back and told me, “Well, I certainly don’t need your help.” So this went around in circles. I was getting a little bit confused. I’m trying to help someone, they didn’t seem to want the help, but they kept writing anyway. I said, “Well, good luck.” And he wrote back and said, “I’m going to be a successful trader trading prop firms.” So I said, “Oh well, again, keep in touch if you really want to, but good luck. Off you go.” Prop firm account failures. Now, just this week I received an email from him saying that he has failed 5 $100,000 prop firm trials. They’ve cost him about $550 USD each, so you can see how much he’s spent. And he’s not made a single penny out of it. It’s no surprise to me because, obviously, to pass a prop firm you’ve got to have low risk and low drawdown. You could see clearly this guy was never going to do that if he continued to trade the same way. So I kind of felt like going back and saying, “Well, I told you so.” I also kind of felt like thinking, “Well, if you’ve just spent 5 lots of $550 USD, for way less than that you could have jumped on our course and be trading the way that we trade, with low risk and following what we do.” I didn’t tell him that, but I kind of felt it, and he’s probably got that feeling himself. So when I think about Aesop’s Fables, it’s like you learn the hard way. A lot of those stories are the same. When I started trading, I had no idea what I was doing. When I started trading, I had no idea what I was doing. Look, I’m not saying I’m immune to this. When I started trading, I did exactly the same. I was trading on a demo account, and I was just randomly putting positions on here, there, and all over the place. Most of the time, no stop losses, just random lot sizes of 1.00 lots because I thought that’s what I should do. I’ve looked at a lot of good trades as well. I distinctly remember showing friends at the time and saying, “I’m going to be a full-time currency trader because look at all these trades I’ve made. I’ve just turned a $100,000 demo account into like half a million dollars in about a month. Look at me.” And I did well. Now, of course, that never happens in real time, in real life, in live accounts, because you soon figure out through the school of hard knocks, whether it’s through blowing accounts or not being able to afford any more money, or like this guy, 5 failed prop firm challenges in a row, that trading is a lot harder than you think. Trading is harder than you think. You do need to treat it properly. You do need low risk. You do need some support and some help. And you do need a proven strategy. So it’s quite interesting when you think about that. This guy could have saved himself a whole heap of headaches, a whole heap of time, and a whole heap of money, and he’s still no better off today. That’s the other thing. He spent 5 lots of $550 on prop firm accounts, and he’s got nothing to show for it now. Sure, he might have learned a few things along the way, but he’s not actually any better off in terms of his logic, his strategy, or any hope of making a return. Avoid the mistakes and view my Masterclass. So look, if you’d like to avoid being like him, and like I was at the very early stages, probably 23 or 24 years ago now, do yourself a favour. Jump onto my masterclass. Have a look. It’s completely free of charge, with no obligation. Have a look. It’s 15 minutes long, and please ask questions of us. That’s what we’re here for. We’ve been doing this for a long time. We’ve got clients right around the world, so we know what works. We know what doesn’t work as well, and we’re doing this ourselves every single day. I’ve just taken a 6-hour chart trade right now, just a few minutes ago, selling the AUD/USD. I’ve taken 2 daily trades so far today already as well. We’ve got several weekly charts on, and at the beginning of this week, the beginning of August, we took monthly chart trades as well, all for our clients to follow, learn from, and hopefully profit from as well. Blueberry Markets as a Forex Broker. If you’re looking for a really good broker, I can highly recommend Blueberry Markets. I’ll put a link to them. They’re a great bunch of people, with really good spreads, lots and lots of markets on their MT5 accounts, and very fast withdrawals as well. So if you have any other questions, don’t forget to email me directly at Andrew@TheForexTradingCoach.com and I’ll see you this time next week. Bye for now. Episode Title: #645: The Trading Mistake That Cost Him 5 Prop Firm Accounts 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 Attend my Free Masterclass

August 2, 20264 min

#644: Most Traders Chase Win Rates… That’s the Problem

Most Traders Chase Win Rates… That’s the Problem Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #644: Most Traders Chase Win Rates… That’s the Problem In this video: 00:22 – Paul Tillman – Director of Coaching at TFTC 00:53 – On holiday/vacation in Europe and trading. 01:44 – As a trader, be prepared for the unexpected. 02:40 – Casino win rate and your trading win rate. 03:30 – High reward:risk trading in trading is key. 04:35 – Monte Carlo Casino visit. How would you like to achieve a win rate in the forex market that’s much less than you can even get here at the casino? Let’s talk about that and more right now. Paul Tillman – Director of Coaching at TFTC Hello traders, this is Paul Tillman. I’m the Director of Coaching Services here at The Forex Trading Coach, and this is video and podcast number 644. I want to talk about 2 things today that we encounter in the forex market. The 1st one is expect the unexpected for trading, and the 2nd one is achieving a lower win rate, much lower than you can get here at the casino in Monte Carlo. But you can get that rate achieved in the forex market and still do very well in your trading journey. So 1st is expect the unexpected. On holiday/vacation in Europe and trading. My family and I, we’ve been in Europe for the last 11 days. We started out in Paris and got to Disney, and then came down to Barcelona, Spain. And lo and behold, we found out that my wife was missing her passport. So we’re in another country. Talk about things going unexpectedly. So just like in the forex market, we had to pivot. I had to take a flight back up to Paris, come back down to Spain, and then find the passport, get it, come back down, and meet the family just so we can be on this cruise right now. So what does that mean for the forex market? Well, many people think it’s a get-rich-quick scheme. People show you spreadsheets. “Oh, it’s so easy all the time. You can just sprint to the finish line and it’s not a big deal, and you can just get rich fast.” And that’s just not true. As a trader, be prepared for the unexpected. You’re going to have unexpected things happen in the forex market, just like our trip, all the time. You’re going to have spreads that you have to deal with. You’re going to have price spikes you have to deal with. You may not have a certain pair on your broker platform. You may miss a time frame change. You miss a trade. A trade may not fill you in. All these unexpected things that can happen on a trip can certainly happen in the forex market. You’ve got to be adaptable. Yeah, I was adaptable and took an early morning flight to save my family so we could go on a cruise and get home back to the US, back to North Carolina, where we live. And in the trading markets, you’ve got to adapt to all of that. You know, it’s also news trading. What if you have round numbers and full Winter Band support? All of these things you have to account for, and the unexpected can certainly happen. But to succeed, you’ve got to deal with that. Well, the 2nd thing I want to talk to you about is the win rate. Casino win rate and your trading win rate. So here at the casino, many of the games you might have a 47%-48% chance to win. And that’s because the house always has the advantage. So you’ve got a little bit less than a 50-50 chance of winning consistently in the long run in the casino. The great thing about the forex market is, and the way we trade with consistent risk management and a great reward-to-risk, great trading is all about reward-to-risk in the markets. I’m talking about 2-to-1 trades, 2.5-to-1, 3-to-1, 4-to-1. We’re in some great British pound weekly chart trades just this week that, on the market orders, can have upwards of 5-to-1, 6-to-1, or 7-to-1 in the market. And so you can do very well with, say, a rate of even 35%-40%. High reward:risk trading in trading is key. So it’s the 1 thing in the world, really, that you can get a less than 50% win rate and still achieve great results. Different things like sports. Our Carolina Hurricanes had a much bigger than 50% win rate, and they got in the playoffs and just won their 1st Stanley Cup in the last 20 years. Even in all sports like tennis, you’ve got to win more than 50% of the points. In basketball, football, you’ve got to make more than 50% of your kicks and all that. But in trading, you can have that lower win rate and you can still do extremely well. So what are we talking about today? Expect the unexpected when it comes to trading. Be adaptable, willing to make changes on the fly. Have a routine, even though things are there, subjectivity there. Then you’ve just got to go with the unexpected, trade your plan, and get it going. With the casino and the win rate, then you’ve got to make sure you have a decent win rate, but it doesn’t have to be 50-50. Monte Carlo Casino visit. So I’m heading here. Going to go have a look at the casino, see if I can get that win rate for a little bit, and then head back on our cruise and our trip. Andrew will be back next week, but great to talk to you here from our Tillman trip in Europe, and we’ll see you next week. Episode Title: #644: Most Traders Chase Win Rates… That’s the Problem 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 Attend my Free Masterclass

July 26, 20265 min

#643: The Best Forex Pair? Everyone Gets This Wrong

The Best Forex Pair? Everyone Gets This Wrong Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #643: The Best Forex Pair? Everyone Gets This Wrong In this video: 00:22 – What is the best Forex pair to trade? 00:59 – Don’t limit your trading opportunities. 01:55 – Give yourself a higher probability of success. 02:25 – An example of Strength and Weakness. 03:50 – What are the current market conditions? 04:25 – Look at multiple FX pairs. 05:06 – Check out my new Masterclass. 05:15 – Book a call to talk with us. 05:28 – Blueberry Markets as a Forex Broker. Hey, traders! Do you know what the best forex pair is to trade? If you don’t, listen up. I’ve got some interesting news to cover for you. Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 643. What is the best Forex pair to trade? Now, I’ve been asked 4 times this week already by 4 different people. And it’s the same question. It is, Andrew, can you tell me please, what’s the best forex pair to trade? What should I be looking at? Now, what it does show me is that unfortunately, there’s a lack of knowledge out there by so many people when it comes to trading, and they just always want to know what is the answer? What’s the best thing, what time frame, what pair? What’s my stop loss? Where should my profit target be? All those type of things. And it unfortunately shows that most people don’t do enough research into trading. Don’t limit your trading opportunities. And the problem is, is that people see the major currencies like the EUR/USD or the USD/JPY, and they think that’s the only pair I should trade. And I suppose, in all honesty, when I started, you know, it was the GBP/USD, the USD/CHF, the USD/JPY, and then later on the EUR/USD. And everybody thought those were the 4 pairs you should focus on trading. And the issue is, why just those 4 pairs? Now, when you think about it, all 4 of those that I’ve just mentioned are all US dollar dominated. And therefore, if you focus on pairs that are just US dollar dominated, you’re not giving yourself a very good chance of success because they’re all likely to move, much of the time, in the same direction. And because it depends if the US is strong or the US is weak. Give yourself a higher probability of success. And as a trader, I like to give myself the best probability chance of success. So when it comes to which pair is the right 1 to trade, I don’t get aligned to any pair. I look at all the different pairs and you can very quickly scan through the charts, looking to see if there’s a suitable trade there, yes or no. And the other reason I do that on a daily basis is because I also prefer to trade with strength and weakness. An example of Strength and Weakness. Now, give you an example. Let’s focus again on the EUR/USD. What happens if for today the Euro is really strong and the US is really strong, and that’s the only pair that you look at? Then you’re trading 2 strong pairs together, and you see how the problem might come. 1, you’re unlikely to get many setups or good setups. And what happens if you buy the EUR/USD because the Euro’s got some strength, but you also know now that, and you would know this only if you look at more pairs. If you don’t look at more pairs, you’re not going to know this. The US dollar has got strength. So why would you be buying the EUR/USD if you know that the US dollar has got strength? And so, what about other pairs in the market? What about pairs like the CAD/JPY or the NZD/CHF? And so by analyzing multiple markets at the same time, you can soon understand which pairs are strong, which pairs are weak because, doesn’t it make more sense to trade a strong currency against a weak currency? And so that, to me, adds more basis to my trading. And again, it’s just adding more and more probability to my trading. So when someone says to me, what’s the best pair? I can’t answer it. And of course, there’s more things on top of this, you know, to consider. What are the current market conditions? It depends on the day, what’s happening in the market right now, what news has been, what news there might be coming up, what time frame chart you’re looking at, what’s the conditions? What’s the time of year? Right now we’re in the Northern Hemisphere summer. Does that mean that there’s less price action in maybe, say, the Franc and the Euro? Maybe. You know, so all these things have got to come into it. What’s the characteristic of the market right now? And so by picking 1 or 2 pairs and giving you that as the answer, that’s not me doing my job. That’s not what I suggest you do. Look at multiple FX pairs. I suggest that you scan through multiple pairs and give yourself a high-quality chance of a successful trade. Use strength and weakness. Use candle patterns. Don’t limit yourself to just something against the US dollar. It’s not a wise idea. And so there’s a lot more you can be doing to help yourself there. And if you do want to look at pairs that include the US dollar, why not look at things like the AUD/USD or the NZD/USD? Because maybe if that US is still strong, maybe the Aussie and Kiwi are weak that day. So therefore you might be selling the AUD/USD or the NZD/USD. So all these things can certainly massively help you. Check out my new Masterclass. If you’d like to find out how we do this, and you’d like to learn from the way that we trade, have a look at my On-Demand Masterclass. I’ll put a link to that here. Book a call to talk with us. If you’d like to book a call to speak to myself or 1 of my team, we’re more than happy to do that. And we can cater for people right around the world. So it doesn’t matter what time zone you’re on, you can book a time with us and I’ll put a link to that also here. Blueberry Markets as a Forex Broker. If you’re out there looking for a really good broker where you can trade multiple time frames, multiple markets, multiple currency pairs, and non-forex markets as well, have a look at Blueberry Markets. I’ll put a link to them here as well. So that’s it for this week. This is Andrew Mitchem at The Forex Trading Coach, keeping you on the right side of your trades and putting probability in your favor. Episode Title: #643: The Best Forex Pair? Everyone Gets This Wrong 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 Attend my Free Masterclass

July 19, 20266 min

#642: The Truth About Forex vs Stock Trading

The Truth About Forex vs Stock Trading Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #642: The Truth About Forex vs Stock Trading In this video: 00:22 – Should you trade Shares or Forex? 01:04 – Are shares erratic? 01:38 – You need to factor in the exchange rate. 02:31 – You are in charge when you trade Forex. 02:50 – People buy what they know and like. 04:40 – We trade the pattern, not the emotions. 05:12 – Different time frame charts and markets. 05:33 – Check out my new Masterclass. 05:49 – Blueberry Markets as a Forex Broker. 06:05 – Like, share and subscribe. So which is best to invest in, either forex trading or share trading? Let’s talk about that really important topic and more right now. Hey Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 642. Should you trade Shares or Forex? Today I want to talk about share trading or forex trading, which is best, which is best for you, and what are the key differences. The reason I want to talk about this today is because I’ve just seen on the news, right now, that the SpaceX shares have dropped quite a lot. Now, about 1 month ago when SpaceX got launched, I had quite a few people who are friends say to me, “Hey look, Andrew, are you going to get in on this? Are you going to buy SpaceX shares?” Very roughly, they started at about $130 USD, quickly climbed to about $150, and I think they got to about $225 very quickly within a handful of days. Here we are 1 month later, and they’ve just dropped back below $130 again. Are shares erratic? The issue that I see there is it’s kind of a little bit erratic. Now, I’m not saying that all shares do that, of course, but this is just an example of a very well-known share that’s topical right now. So if you imagine that you jumped in there at $150, $175, $200, or even right at the top at $225, and here we are just a few weeks later and it’s worth $130. You’re going to start panicking, aren’t you? That’s quite erratic kind of behaviour, especially if you’ve gone and put some considerable sum of money into that. You need to factor in the exchange rate. The other thing I think that a lot of people outside of the US don’t factor in is the exchange rate. Here in New Zealand right now, the New Zealand/US exchange rate is actually really quite poor. It’s sitting around $0.56. It’s very low. Therefore, that means that if you’re buying something in US dollars, that’s very, very expensive. So you’ve got to factor that in. Now let’s say that you go and take your money out of the shares, and the Kiwi dollar rises up to about $0.70 against the US dollar. This same example, by the way, is typical whether you’re in Canada, the UK, Europe, or anywhere else. You might have made some money on your shares, possibly, but by the time you bring it back at a better exchange rate, you’re actually not making anything. So that’s one thing to really consider as well for everybody outside of the US. You are in charge when you trade Forex. The other thing I think with forex is it’s more consistent. You’re in charge. Of course, you can buy, you can sell, you’ve got leverage, and you’ve got the ability to trade through prop firms as well. So all these advantages mean you don’t need to put that amount of money straight into something and then sit and watch it, hoping it’s moving up. People buy what they know and like. Another classic issue that I see, and SpaceX actually is a very topical one, is people were saying to me, “Hey Andrew, I like what Elon is doing,” and all the other things that are out there. Of course, the news media kind of hypes it all up. People know SpaceX, they know Elon Musk, so they go and buy it. Now, I’m not saying you shouldn’t do that, but what I am saying is people tend to follow things that they know. Another New Zealand classic is back years and years ago, I had a lot of friends that bought Air New Zealand. Here in New Zealand we don’t have a huge amount of iconic companies, but Air New Zealand, being the national airline, is one of those. It’s a globally recognised brand. Years ago I had a lot of friends buying Air New Zealand shares. Why did they buy them? Well, they bought them simply because they knew of Air New Zealand. It’s topical, everybody flies on them here, and so they bought based on the name. Now I’ve just had a look back, and in 2000 Air New Zealand shares were $7.50. They peaked at around $7.50 per share. Right now, here we are some 26 years later, they’re $0.43. Now imagine if you had invested $10,000, or bought 10,000 shares at $7.50 each. Today, 26 years later, they’re down to $0.43. Now imagine what would have happened if you had invested in learning how to trade the forex market back in the year 2000, and the money that you could have made by understanding the markets, different time frame charts, choosing what to trade, whether to buy or sell, what time frames to use, how long you’re in the market for. We trade the pattern, not the emotions. What I love about the forex market and the way that we trade is that we’re trading the pattern. I don’t just trade New Zealand pairs simply because I live here. It’s completely irrelevant. If you’re in the UK, you don’t just trade the pound pairs. If you’re in Australia, you don’t just trade the Aussie pairs simply because you live there. We trade what we see setting up right now on the charts, and that takes the emotion out of it. You’re trading the pattern, and that’s key. Different time frame charts and markets. Just this week, for example, I’ve taken 2 weekly chart trades. One was a GBP/NZD sell and that hit profit. The other was an AUD/CHF buy and that hit profit. You’ve got longer time frame charts like that. Just last night I took a Nasdaq 100 3-hour chart trade. So you’ve got shorter time frame charts like that as well. You’re trading the pattern, and that takes the emotion out of things a lot more. Check out my new Masterclass. If you’d like to find out how we do this and how we can help you do the same, I’ll put a link here to my new masterclass. It’s only about 15 minutes long. It’s on demand. You can just click on it and watch it through. It teaches you about how we trade, what we’re looking for, and how we can help you do the same. Blueberry Markets as a Forex Broker. If you’re out there looking for a really good forex broker that you can trade not only forex but also other markets like metals, cryptos, indices, and commodities, and they’re a great bunch of people as well, that’s Blueberry Markets. I’ll put a link to them here as well. Like, share and subscribe. Don’t forget to like and share this around, especially if you’ve got friends that might be interested in starting trading, or maybe they’re thinking about share trading. Like anything in life, there are pros and cons and traps with everything. I’m not saying don’t trade shares. I’m not saying do trade forex. I’m just giving you some real-life examples that I’ve found through friends of mine, either like the New Zealand example from 26 years ago or like the SpaceX example from just 1 month ago when they launched and the price dropped. By the time you watch this, if you’re watching this years later, the price might be way higher. Who knows? But the point is, do you want to be in control of what you’re doing and decide for yourself? If you do, then maybe consider the forex market. This is Andrew here at The Forex Trading Coach. I’ll see you this time next week. Bye for now. Episode Title: #642: The Truth About Forex vs Stock Trading 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 Attend my Free Masterclass

July 12, 20266 min

#641: I Found a Trading Pattern That Repeats for Years

I Found a Trading Pattern That Repeats for Years Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #641: I Found a Trading Pattern That Repeats for Years In this video: 00:32 – How to use and understand Support and Resistance levels. 01:14 – What are Support and Resistance levels. 01:45 – UK Oil (Brent Crude Oil) price bounces at 70.00 02:20 – Charts from 2026 – 2014 showing bounces at 70.00 03:20 – Identify setups at these important levels. 04:38 – Check out my new Masterclass. 05:03 – Talk with us. 05:13 – Blueberry Markets as a Forex Broker. 05:52 – How to contact me for trading help. Do you realize how important support and resistance levels are? Do you know how to find them on your chart and how to take advantage of them to ensure you become a good trader? Let’s find out about that and more right now. The traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 641. Outside again on another beautiful winter’s day here in Nelson in New Zealand. How to use and understand Support and Resistance levels. So today I want to talk about support and resistance levels and how you can benefit from understanding them and using them in your trading. Now, it’s very easy in hindsight to go and look at support and resistance levels, and it’s very easy to scan back through your charts and go, “Oh look, the price bounced there and it bounced there,” and you conveniently almost ignore other levels that potentially in real time could have also been useful support and resistance levels but didn’t actually do anything. And so I find that a lot of people, you know, it’s a bit like Fibonacci levels. It’s something that’s very easy if you see a screenshot and ideal support and resistance levels, but in real time it potentially can be quite hard. What are Support and Resistance levels. So support and resistance levels, if you don’t know, are horizontal levels on your charts. And they are where historically prices bounced, reversed, stalled, etc. I tend to find that if you include a round number or look for round numbers, you’ll find that support and resistance levels tend to also form at those levels. Now you can go and find out all about round numbers from a video I’ve made just a few weeks ago. UK Oil (Brent Crude Oil) price bounces at 70.00 But if you look at your charts, a classic example I’m going to use today is UKOil, UK Brent Crude Oil. Go and have a look at your charts while you’re watching or listening to this, and have a look at the 70 level. Now just last week at the beginning of July, you see that the price would have come down to 70 and has now bounced right now as we are speaking. And so I’m going to put 4 screenshots up on screen for you right now for you to have a look at. Now, I’ve identified some of the support and resistance levels, not all of them. These charts you’re going to see right now are the UKOil daily chart. Charts from 2026 – 2014 showing bounces at 70.00 So the first chart you’ll see is from now back to 2023. You’ll see I’ve identified levels where the price has reversed at that 70 level. The next chart you’re going to see will be from 2023 back to 2021. Again, I’ve identified some of those levels so you can see the importance of those price bounce levels. The next chart, this third one, will be 2021 back to 2017. Again, lots of examples here. I have not identified all of them. But just to give you an idea of support and resistance, again, all happening at exactly 70. Then the fourth chart on screen right now is from 2017 all the way back to 2014. Again, lots and lots of examples. So here’s maybe 20-25 examples that I’ve just shown you there on the charts of 1 chart, 1 market, UK Brent Crude Oil bouncing at just that one level of 70. Identify setups at these important levels. Now don’t you think it would have been important last week to have looked at that chart? And by the way, the reason I’m talking about this is because I identified this exact thing to our clients on our forum site when we saw a buy trade on the market that you’ve just been looking at, and the price candle bounced at 70. Now, the important thing to note here is you can’t just go and look at every time that the price bounces at a level and say, “Oh, it’s hit that level, I’m taking a buy trade again,” or “It’s gone through that and bounced at 70 and now I’m taking a sell trade.” You can’t do that. You still need to have a strategy, some logic. From my point of view, we use candle formations and a number of other things that we look at and teach here at The Forex Trading Coach. But the 70 level was hit, the candle bounced at that level, and then formed a good strong bullish candle. So I put the 4 screenshots that you’ve just seen in front of you now on the forum site and said, “Look, here’s the reason. Not only the candle pattern in the right part of the chart, but now it’s bouncing at 70.” And hey, look, go back further in time and look at how important that level was. So the trade I actually took was a 12-hour chart trade. It’s a slightly longer time frame chart trade, and 70 was a massive level. So if you’d like to find out more about how we do this and how we teach our clients from around the world, with clients in 111 countries, how to do this, if you’ve not been on my new masterclass, it’s around 15 minutes long. It’s on demand, so you can just jump on whenever you like. Check out my new Masterclass. I’ll put a link to that masterclass so you can get onto that and have a look at some examples exactly like I’ve just mentioned, and see some actual trades that we’ve taken as well. I’ll put a link to that masterclass. Talk with us. If you’d like to speak to us, you can book a call to speak to myself or one of my team, and I’ll put a link to that here as well. Blueberry Markets as a Forex Broker. If you’re out there looking for a really good, high-quality broker that offers 12-hour charts, such as the trade I’ve just mentioned, and markets like that, not only forex but metals, indices, cryptos, and commodities, I’ll put a link to Blueberry Markets as well. They’re based over in Australia, and pretty much anybody from most countries around the world can open an account with Blueberry Markets. I highly recommend them. Great people, great service, and very good spreads. Withdrawal speeds are incredible. I’ll put a link to them so you can consider Blueberry Markets if you’re out there looking for a good, high-quality broker to trade through. How to contact me for trading help. So that’s it for this week. Don’t forget to like, share, and subscribe. Any questions? Please email me directly at Andrew@TheForexTradingCoach.com. See you this time next week. Bye for now. Episode Title: #641: I Found a Trading Pattern That Repeats for Years 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 Attend my Free Masterclass

July 5, 20267 min

#640: If You Can’t Master This, You’ll Never Succeed in Trading

If You Can’t Master This, You’ll Never Succeed in Trading Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #640: If You Can’t Master This, You’ll Never Succeed in Trading In this video: 00:24 – The mindset of successful traders. 01:13 – You need to be excited by trading. 02:40 – Don’t get too emotional with winning trades either. 03:30 – Accept losses if you traded your strategy correctly. 03:58 – Community is so important. 04:30 – Examples from my experience. 06:42 – Check out my new Masterclass. 07:00 – Blueberry Markets as a Forex Broker. 07:33 – How to contact me for trading help. Do you have the right mindset to be a successful trader? It’s a really important aspect of being a good trader or a poor trader. Let’s talk about what’s required and more right now. Hey traders, Andrew Mitchem here at The Forex Trading Coach for video and podcast number 640. The mindset of successful traders. Today I want to talk about mindset. It’s really, really important. And I’ve just been off a webinar where a lot of traders and investors from around the world were talking about the importance of mindset and what it requires to be that kind of person that is successful. You see, trading is not for everybody, and unfortunately, a lot of people see trading online as something to maybe give up the job because they hate the job, or they need some money or, you know, they think it’s a get-rich-quick scheme, or they just simply want to be lazy and think it’s a great way of making lots of money without any effort. And the reality is it’s not any of those. And if that’s your mindset, then it really is not something I suggest that you do because it’s going to end in disappointment and failure and just wasting money and time on your behalf. You see, the reality is that trading is much different. You almost need that entrepreneur kind of mindset to do it. You’ve got to be interested in it to start with. You’ve got to be excited by the markets. You’ve got to want to do it. Like, how much do you really, really want to do this? You need to be excited by trading. And that becomes a big part of it because what you do have to do is you have to have that mindset where you show up consistently. You have to be disciplined. You have to show up. You have to understand risk. You have to understand the strategy and stick to it. Now to me, good trading is almost boring, and I mean that in a really good way because you have to control emotions as a trader. Now you have to control your mindset, your heart, all the emotions that come into making and losing money. And so to do this properly, you have to trade your strategy, your system, and you almost have to forget the monetary value. You can’t treat it like a game. You can’t gamble. You have to stick to your rules, stick to your discipline. Pass on trades when they’re there. If you see the trades, take the trades. And you also need to not get knocked down and despondent when you have losing trades, and you have to accept there will be times where you get losing days, losing weeks, possibly losing months. And you have to look at this and go, well, did I stick to my plan? Did I stick to my strategy? And if you did, then fine, carry on. Don’t get too emotional with winning trades either. Likewise, the other side of the spectrum is you can’t get too stupidly carried away when you have profitable trades or lots of profitable trades. Yes, it’s really good. Yes, that’s why we’re doing it. Yes, we’re looking at making money. Of course we are. But you can’t get carried away and do stupid things because that’s where I see a lot of people do these things. You know, it’s almost like they’re bulletproof. They can’t fail. So they then start doubling up, or they take the stop losses out because, “I know the trade is going to reverse on me soon and come back into profit.” All those silly things that people who don’t have the correct mindset end up doing. And of course, it always, always backfires. It just always does. So have the mindset of consistency, showing up, sticking to your plan, being disciplined, almost being boring in your trading, your approach, and you will find that that will help you massively. Accept losses if you traded your strategy correctly. Now, I’ve talked about accepting losses, and it is something that you do have to accept. And you know you can’t go out there blaming the broker, blaming the market, blaming everything. If you did something silly and you broke your rules, then just blame yourself. If you stuck to your rules and the market just did something different, then you know, that’s the way it goes. Nothing is 100% guaranteed, and trading is all about probability and sticking to the same disciplined system. Community is so important. Also, I think community is a big part of things as well. If you’re sitting there just trading on your own, maybe off your phone or your laptop or your iPad, you’ve really got no sort of backup and support. And I think that community, being willing to help people, to share ideas, to invest in yourself, whether it’s your time or financial investment into someone else’s time and information and knowledge, all of those things become a big part of the mindset of someone who’s out there doing well. Examples from my experience. Now, I just want to give you a few examples of things that I’ve done in my life that could help you with your trading, especially if you’re struggling right now. I practiced karate for many, many years. I practiced it, my kids have been through it, and I taught it for many years also. Now, when you see someone practicing any sport, martial arts for example, what you see is the end result and you go, that looks really cool. And look how well they can kick or, you know, punch or block or do karate, whatever it might be. What you don’t see is all the hundreds or thousands of hours of discipline, of learning, of fitness, of turning up to the dojo when you’re absolutely shattered. It would be easier to stay home. You know, all those kinds of things that go into any sort of high to top-level sport. So you’ve got to show up, you’ve got to be disciplined, and it can work very nicely for you. Moving on from that, helping my wife raise 5 children. You know, it’s not easy. If you’ve got kids, you know how hard it is. There are a lot of times when you think, “You know, I can’t do something. I’m not going to do it today.” Other things I’ve done in my life include learning to fly a helicopter. You know, you’ve got to invest your time, your money. It’s hard. It’s really, really, really hard at times. So you just think, “Oh, it’d be easier to give up.” But you don’t. You show up, you do your exams, you learn your practical information. It’s a constant learning process, very expensive, and time-consuming. Other things I’m doing right now include learning to play the guitar and sing on stage. Again, hard. It’s easy to watch someone play a guitar and sing on stage. They’ve done it for years and years and they’re really good. You think, “Wow, I can do that.” What you don’t see is all the hours behind the scenes of learning to play that guitar and the songs, learning different chord formations and strumming patterns, learning the vocal techniques involved with singing, and then actually being able to stand on stage and do it in front of other people. So all these things take time, and I think to do anything good in life, and trading is just a perfect example, it does take time. Don’t expect miracles quickly. Seek help, be willing to learn, accept new ideas, be willing to seek mentors if that’s something you want to do. And it comes back to, again, how much do you really, really, genuinely want to do it? Check out my new Masterclass. So if you are one of those people who really, genuinely wants to learn how to trade, have a look at our masterclass. I’ll put a link to it here below. It’s only about 15-20 minutes. It’s on demand so you can click on it and have a look at it when it suits you. Just turn your phone off, put the kids to bed, watch it for 20 minutes, and you’ll learn so much from it. Blueberry Markets as a Forex Broker. And if you’re out there looking for a really good quality MT4 and especially MT5 broker, I can highly recommend Blueberry Markets. People from right around the world can open an account with them. I’ve been with them for years and I trade not only forex but also metals, commodities, cryptos, and indices with them as well. I’ve actually withdrawn some funds just this week from 3 different accounts. The funds were here within less than 24 hours, so really quick there as well. So I’ll put a link to Blueberry Markets if you’re out there looking for a good broker. How to contact me for trading help. Any other topics, feedback, or questions you have, please send me an email at Andrew@TheForexTradingCoach.com. I see you this time next week. Bye for now. Episode Title: #640: If You Can’t Master This, You’ll Never Succeed in Trading 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 Attend my Free Masterclass

June 28, 20266 min

#639: The Easiest Trading Edge Nobody Talks About

The Easiest Trading Edge Nobody Talks About Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #639: The Easiest Trading Edge Nobody Talks About In this video: 00:23 – Round numbers will help your trading results. 00:50 – Traders ignore the most important part of the chart. 01:43 – What is a Round Number? 02:28 – Support and Resistance levels. 02:58 – How to use Round Numbers in your trading. 05:30 – Check out my new Masterclass. 05:59 – Blueberry Markets as a Forex Broker. 06:35 – How to contact me for trading help. Round numbers. What are they? How can you use them and why are they so important? Let’s talk about that and more right now. Hi there, Traders! Andrew Mitchem here at The Forex Trading Coach with this week’s video and podcast number 639. Round numbers will help your trading results. So I want to talk to you about round numbers because it’s something that I find most people don’t use and don’t understand. And you don’t see the importance of it, probably because they don’t look at the price axis. You see, most people, when they get into trading, they’re worried about this line moving over that line and a moving average crossing over or MACD changing from overbought to oversold. And they get very caught up in indicators. Traders ignore the most important part of the chart. And the issue becomes that most people ignore what is probably the most important part of the chart. It’s the right-hand side axis. It’s the price axis. You wouldn’t go out there in normal life buying something without considering the price. So why is it that when you suddenly want to become a trader, you take this crossover of a moving average, but you never look at the price? Why is that? Well, it’s because most people get so fixated with all these lovely squiggly lines and things, or they hear news events and they suddenly want to become fundamental traders, that they fail to look at the actual price. Go and look at the price on your charts and you’ll see that price changes over and bounces at those levels so many times. So most people ignore round numbers. What is a Round Number? What is a round number? So I classify a round number as a price level that ends in a 00 or a 50. The 00s are more important and have more weight in my opinion, but 50s are also important. So think of, let’s say, $100 or $100.50 or 101, 101.50, 102, that type of thing. So think of those types of 50s and zeros. Anything ending in a 50 or 0, they are the most important round numbers. And so those levels are important to us as traders because those levels act as natural areas of support and resistance. Support and Resistance levels. So think of support and resistance as floors and ceilings. When the price comes up to a resistance level, it hits that ceiling and it will likely bounce and fall away. Now how do you know that that’s a resistance level? Well, you can look at your charts and see a previous bounce at that level, but you can also look at the other side of your chart and go, “Oh, that’s bounced at a round number.” And so those levels suddenly become really important for you. There are so many ways you can use them. I’ll give you some examples. How to use Round Numbers in your trading. Let’s say you are buying at the close of a candle, but that candle had already gone up and hit a round number and then rejected that level. I personally would not be taking a buy trade at that point because the price has already proven to have hit that level, rejected it, and fallen away. So that’s one way of using a round number. It helps protect a trade that might end up being a losing trade. Secondly, if the price has come down and bounced at a round number and the candle low is at a round number and then turned around, that could be a good reason for that level to be a support level. It could be why the price is turning around because it’s bounced at that round number. Another way you can use round numbers is to help protect your stop loss. Let’s again say that we’re buying a currency, and we have the ability to put our stop loss below a round number. It means that the price might move up, it may come back, it may test that round number. Your stop loss, by the way, is below the round number on a buy trade. The price may come and test that round number and then head back up again. So your stop loss below a round number on a buy trade will help protect the trade. The other way of looking at a round number to your advantage is, again, if we’re saying that we’re buying a currency pair, it’s moving up and it’s moving up nicely. Make sure if there’s a round number at or near your profit target that you need for your strategy, you just bring your profit target down to below that round number. Again, the price may go up and let’s say your profit target, if you don’t understand round numbers, just happens to be above that round number. The price may come up to test that round number and then drop away and you think, “Oh, it’s just a few pips from hitting profit and the market’s changed. Why does it always do that?” Whereas I would look at that and go, “Okay, I’m accepting that I’m just reducing my reward-to-risk slightly. I’m bringing my profit target down to below that round number, but I’m giving myself a higher probability chance of that trade hitting my profit target.” And where it goes afterwards, I don’t care. It could burst through the round number, but more likely it’s going to hit that level and bounce back down again. But I don’t care because I’m out of the trade for profit. So round numbers. Use them. Please look at the right-hand side of your charts. After you finish listening to this video and podcast, go and look at your charts and see where the price changes around. So many times it happens at round numbers. Lastly, 2 things. Check out my new Masterclass. 1. Have a look at my new masterclass. It’s on demand. It’s only around 15 minutes. It’s just been uploaded last week. Great content, really valuable information to help you as a trader, to explain how we trade and how we can help you to trade. If you’re interested in some quality coaching that’s been around for over 17 years with clients in 111 countries, there is probably nothing else more proven out there than the strategy. Blueberry Markets as a Forex Broker. 2. If you are out there looking for a high-quality forex broker, I can highly recommend Blueberry Markets. I’m actually in discussion right now, today, with Blueberry Markets. They are looking at a promotion between themselves and myself to give you the option to join us at The Forex Trading Coach for a discounted rate. They’re going to foot the bill for the difference, and you can open an account with Blueberry Markets and trade with us. More details will be announced in early July. So once again, this is Andrew Mitchem here at The Forex Trading Coach. Look at round numbers, please. It will massively help you. How to contact me for trading help. If you need any more help, leave a comment below or ask me a question. You can email me directly at Andrew@TheForexTradingCoach.com and I’ll get back to you personally. I hope it helps. Bye for now. Episode Title: #639: The Easiest Trading Edge Nobody Talks About 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 Attend my Free Masterclass

June 21, 20265 min

#638: Your Breakout Strategy Is Failing (Do This Instead)

Your Breakout Strategy Is Failing (Do This Instead) Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #638: Your Breakout Strategy Is Failing (Do This Instead) In this video: 00:28 – Trader has a failed breakout strategy. 01:33 – False breakouts and low reward:risk trades. 02:23 – I use limit orders and not stop orders. 04:07 – View our new 15 minute Masterclass. 04:25 – Blueberry Markets as a Forex Broker. 05:40 – Real people, community and communication. So your breakout strategy keeps failing. What can you do to overcome that? If you trade breakouts or you’ve considered trading breakouts, this video is exactly what you need to hear. Let’s get into it. Traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 638. Trader has a failed breakout strategy. Just this week I’ve received an email from a trader who said, “Andrew, I need some help with breakouts. My breakout strategy is not working. It keeps failing. I keep losing money. What can you suggest?” Well, first of all, let’s understand what a breakout strategy is. For most people, it means that you’re buying at the high of a candle or a range, and you’re selling at the low of a candle or range. So that could mean you look at every 4 hours and you take a buy stop, let’s say, to buy above the high of that 4-hour range. Or you may be taking like the first 10 hours of the day or taking the European session and trading a breakout of that, whatever it is you do. There are all sorts of styles of breakout, but effectively it means you’re buying high and you’re selling low. So you’re either sitting there waiting for that price to break out of that range and you’re taking a market order, or probably the more sensible way of doing it is to put a buy stop and sell stop in, which means that when the price breaks high or low, the market automatically gets you filled into the market. False breakouts and low reward:risk trades. But the trouble is, it doesn’t generally give you a particularly good reward-to-risk. And you’ll find so many times you’ll get false breakouts. The market will move up, get your buy stop in and move up a bit, and then fall back down again. You get stopped out and it just keeps happening. So for me, I don’t actually like breakout strategies. I don’t think they are a particularly good way of trading. It’s just basically here’s a range and if it goes higher than that, we’re taking buys. If it goes lower, we’re taking sells. It doesn’t have a huge amount of other technical qualities about it. And as I mentioned, it certainly doesn’t, in most cases, give you a particularly good reward-to-risk. So therefore, for me, it’s not something I really am interested in doing. So a better way of answering the question might be to say what else can you do instead? I use limit orders and not stop orders. Now, for the last 20-plus years, I have used limit orders and it’s something that if you don’t use them, I suggest you go and have a look and consider using them. So a limit order, a buy limit or a sell limit, means to buy below the current price, and a sell limit is to sell above the current price. And already, if you think about it, to buy below the current price means that if the market should pull back down, get me filled, and then move up in my direction, I’m already massively in reward-to-risk favor. And if you imagine you’ve got a buy stop and I’ve got a buy limit in, the market moves down, gets me filled, by the time it then turns around and goes back up to your buy stop area, I’m probably already with my strategy in at least a 1-to-1 reward-to-risk trade, if not more, and you’re just getting filled on the trade. And so the likelihood of me making profit on a buy limit order is so much more than you taking profit, and good profit and good reward-to-risk, with your buy stop order. So I would consider limit orders. The markets always move up and down and retrace. So in most cases buy limit orders get filled very often and you just find that they work beautifully once you know what you’re doing. Now let’s say that the market does not pull back and you do not get filled on your buy limit order. Well, that doesn’t really matter, because all it means is that you miss out on the trade. That’s absolutely fine. You know, that happens from time to time. So have a look for buy limit orders and sell limit orders. Your reward-to-risk will improve massively. View our new 15 minute Masterclass. In other news, I have made a new short 15-minute-long masterclass this week. It’s now available on our website. It’s on demand so you can go and watch it whenever you like. I’ll put a link to that. I highly recommend you spend 15 minutes, go and watch that and you’ll learn so much about trading on that session. Blueberry Markets as a Forex Broker. And if you’re out there looking for a very high-quality forex broker, one I’ve personally used for many years, it’s Blueberry Markets. I find them just really good to deal with, very responsive and if you need help with anything, very quick to withdraw funds and a huge array of markets that you can trade through them, both forex and non-forex, especially on their MT5 platform. If you’re out there looking for a good broker, just consider Blueberry Markets. I don’t think you’ll be disappointed. And yeah, I’ll put a link to them as mentioned. Real people, community and communication. So if you have any trading topics or questions, just like this email that came in about the breakouts, let me know and I can answer them for you on future videos and podcasts just like this one. So once again, this is Andrew Mitchem here. Enjoy your trading. Potentially use your limit orders. I think you’ll find them a lot more beneficial than your stop orders. Bye for now. Episode Title: #638: Your Breakout Strategy Is Failing (Do This Instead) 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 Attend my Free Masterclass