Online Forex Trading Course

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  • By The Forex Trading Coach
    The Forex Trading Coach 2024
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Finances personnelles Économie
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Épisodes
  • #572: Forex Trading Tips for Small Accounts

    #572: Forex Trading Tips for Small Accounts
    Dec 15 2024
    Forex Trading Tips for Small 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 Watch Prop Firm Masterclass #572: Forex Trading Tips for Small Accounts In this video: 00:29 – How to trade professionally if you have a small trading account? 01:06 – Dangers of gambling instead of trading. 02:05 – Understanding correct money management and having a strategy. 04:15 – You now have the skills to be able to trade. 05:18 – Trading on a Prop Firm account. 06:13 – Final video and podcast for 2024. 06:51 - My 17 minutes Masterclass. 07:07 - Book a Call with us. 07:13 – Blueberry Markets as a Forex Broker. 07:25 – Happy Christmas and I’ll be back in 2025. I'm going to talk about how you can trade successfully if you only have a small live trading account. Let's talk about that a more right now. Hi there, Traders! It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 572. How to trade professionally if you have a small trading account? I want to talk about a topic that affects a lot of you out there. And it's all about how do you trade properly and professionally. If you only have a very small trading account, you see, the issue is that a small account, depending on who you are and your financial circumstances, may be a lot of money for you. And you become nervous. You're not sure, how to trade. You're fearful of losing money and you feel it's not a sufficiently big enough account to make any sufficient and realistic money out of that account. Dangers of gambling instead of trading. On the other hand, you might be looking at trading, and you might find that a small account just play money for you. The danger of that is that you're likely to do something really silly, and you're likely to not understand risk management, and you're not likely to calculate a lot sizing correctly, or you're just going to gamble the money, or you don't care about stop losses or for trade on forex trades opened over a weekend, whereas maybe your strategy says to shut those trades, you might over trade and take too many positions. And so depending on which side of the of the equation you're at, the issues in some ways are still the same, because a small account can be hard to trade and to make what you call substantial gains on in terms of realistic monetary value. However, it's very important that you trade that small account as though it was a larger account size. Understanding correct money management and having a strategy. It's really important that you understand money management. Now, that account might be such a small account that the only thing you can do on your forex pairs is to trade 0.01 lots, and you may not have a big enough account to have really accurate, lot sizes. However, if that account is small, just trade 0.01 lots. Trade the absolute minimum lot size that you can. The other thing that you really need to, get correctly here is a trading strategy. You know, just because you might have a lot of money and you're just putting $500,000 in the can in this kind of play money, you're probably going to end up losing it. Or you might gamble in flukes and lucky trades, but without that strategy and that understanding of how you trade in the first place, you're kind of not doing yourself any favors. Likewise, if that small account is a fortune for you. Get yourself educated first. Either way, you have to have a strategy that you thoroughly understand and have confidence in. You have to have trades that have high reward to risk so that you can make substantial gains. But also it's really important. Let's say you had $1,000, right? And let's say that over time you made pick a figure $200 on it, and it might have taken you six months. The issue that you have there is that someone's going to go, Andrew, I just made $200.
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    8 min
  • #571: Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader

    #571: Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader
    Dec 8 2024
    Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader 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 Watch Prop Firm Masterclass #571: Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader In this video: 00:30– Analysing Currency Strength & Weakness. 00:54 – A real trading example using the Japanese Yen. 03:00 – Refining the pairs you trade further. 03:50 – We analyse and post the Daily Strength & Weaknesses. 05:16 – Looking at the Weekly charts at the start of each trading week. 06:10 – Learn how to analyse the strength & weaknesses for yourself. 06:25 - Book a Call and talk with us. 06:40 – Blueberry Markets as a Forex Broker. 07:10 – Comments, Like & Subscribe. I'm going to talk about the importance of trading with strength and weakness in your favor. It's going to give you a massively improved trading performance. Let's talk about that and more right now. Hi there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 571. Analysing Currency Strength & Weakness. Today is all about analyzing currency, strength and weakness. Why we do it, how we do it, and how it can massively help increase your overall trading performance. So you think about it in terms of basics. Well, if you're trading something that strong against something as weak. Logic would suggest, it has to add more probability to the trade. A real trading example using the Japanese Yen. Here's a classic example. Let's say the Japanese yen was very weak across the board. And you're looking at a chart, let's say it's the daily chart and you're looking at the JPY it's going up. You're looking at EUR/JPY, it's going up. The USD/JPY, the CHF/JPY, the AUD/JPY and NZD/JPY, USD/JPY, SGD/JPY, HKD/JPY, whatever it is that you have on your charts, everything against the yen is going up. So therefore there's massive yen weakness at this point in time. Now you're probably unlikely to go and take all of those trades even if they were suitable candle patterns, even if they had some round numbers to protect, stop losses and they had room to hit that profit target. So all the things that we look for, you're unlikely to go and say take ¥8, ¥9, ¥10 related pairs. So what you're prepared to do is analyze strength and weakness. Now, we clearly know that right now in our example, the yen is the weakest currency. But what happens if, say, the Australian dollar, the New Zealand dollar and the Canadian dollar were all fairly weak against everything else apart from the yen? So those are the commodity currencies and they tend to move together. So let's say you're looking at the AUD/USD, it was heading down, the AUD/GBP was open, Aussie is heading up. So there's Aussie weakness. You're looking at NZD/USD, it's heading down against the franc is heading down. There's a lot of weakness overall in the New Zealand, the Aussie and the Canadian. So that is telling us that maybe with our strength and weakness analysis that maybe that the AUD/JPY, the NZD/JPY and the CAD/JPY are probably not going to be your high probability trades on those daily charts that we talked about. Refining the pairs you trade further. You could also go as far as saying, well, let's have a look at, let's say the EUR/JPY and the GBP/JPY. Also looking good. You could go as far as say, let's have a look at the EUR/GBP and let's say the EUR/GBP was heading down massively big red bearish candle on the EUR/GBP. That again tells us that the euro's got weakness and the pound’s, got strength. So now when we go to the GBP/JPY, we're now trading a very strong currency with a very weak one. And therefore you may not want to take the EUR/JPY as well. So you might only be taking, let's say the GBP/JPYH, the USD/JPY, you might see the SGD/JPY, all the HKD/JPY yen or the CHF/JPY also good.
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    7 min
  • #570: Every Trader Must Know About Prop Firms

    #570: Every Trader Must Know About Prop Firms
    Nov 29 2024
    Every Trader Must Know About Prop Firms  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 Watch Prop Firm Masterclass #570: Every Trader Must Know About Prop Firms In this video: 00:21 – Tips and information to help you pass a prop firm challenge. 00:52 – Become profitable on your own account first. 01:55 – Keeping drawdowns low and your risk per trade low. 02:57 – Take your time and don’t rush the process. 04:00 – Open multiple prop firm accounts. 05:11 – My 17 minutes Masterclass and Book a Call. 05:20 – Blueberry Markets as a Forex Broker. 05:51 – Comments, Like & Subscribe. So you want to know how to pass a prop firm challenge? Let me give you some tips that can ensure you'll do that right now. Hey, traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 570. Tips and information to help you pass a prop firm challenge. Today I'm going to give you some tips and information to help you pass a prop firm challenge. So first of all, what is a prop firm? Well, there are companies out there that will give you money to trade on their behalf for profit share. Once you've proven to them that you can trade properly within that low drawdown criteria and then understand the worth low drawdown criteria, because after all, it's their money, it is not yours and you have to meet their rules in order to pass a challenge. Become profitable on your own account first. Now, first of all, I suggest that you forget prop firms and you go back to basics and you make sure that you are, first of all, profitable, all on a demo account and then a live account of your own. It doesn't really matter how big that live account is of your own. But make sure that you are consistently profitable on that first with low drawdowns. The reason I say that is that when you get on to the prop firm challenge, the numbers increase. You might have been trading a 5 or $10,000 live for kind of your own, and all of a sudden now you're on $100,000 with a prop. From now, sure, you start on a demo account, but the numbers can be quite scary to start with, and it can be quite off putting. So what you have to do is make sure that you trade your own personal live account in the same way and same conditions that you would the prop firm when you go on to that. Otherwise you just wasting your money and throwing it away and don't even bother start on the prop firm. So treat this real. Treat it like a business. It is, you know, serious stuff here. Keeping drawdowns low and your risk per trade low. So you open up your prop firm challenge and they give you 100,000 demo. Okay. They will probably have a rule such as, like a maximum 5% drawdown. Why? Well, it's their money, not yours. Today we're starting off and we're on a demo. I get that it's not real money, but when you go on to real money, you need to trade it the same way. So let's say we have a 5% drawdown there. That means your account starting at 100 cannot go below 95,000. Otherwise they close the account on the demo. And of course, the saying would be on the real. So what are you going to do to ensure that you have low drawdowns? Well, the most obvious thing is to have low risk per trade. I personally trade at an eighth to a quarter of 1% risk on trades on a prop firm. Why? Well, it means I can have if things go terrible. I can have multiple trades all getting stopped out at once or in a row, which, by the way, doesn't happen. But it could do. And I still keep within the drawdown criteria. Take your time and don’t rush the process. Now that also means that my gains are likely to be quite small, but that's fine. There is no rush to pass a prop firm challenge. Take your time and do it properly. Now you have to ensure that, of course, that you have high reward to risk trades so that when you are pr...
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    6 min

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