Online Forex Trading Course

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

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 [email protected] 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

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