February 4, 2024 • 7 mins
The One Secret to Becoming a Successful Trader Podcast: Signup For my Forex Masterclass 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 #534: The One Secret to Becoming a Successful Trader In this video: 00:26 – What’s the one secret to becoming a successful trader? 00:47 – 8x Monthly chart trades for February. 02:24 – Benefits of trading the Monthly charts. 03:05 – Also we’ve posted 5x D1 trades and 2x H12 trades. 03:46 – A live 2 hour webinar with our clients. 04:09 – Trading the longer time frame charts is also more enjoyable. 05:36 – Most newer traders want to be scalpers. 06:19 – Blueberry Markets 06:31 – Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/ I've got asked this week what would be the one secret I would give to someone who is looking to become a successful trader? Let me share that with you and more right now. He there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 534. What’s the one secret to becoming a successful trader? So this week I got asked on a webinar by someone who's looking to trade, and they said, Hey, Andrew, if you could keep one secret in trading to help me to become successful, what would that be? And to me, it's quite simple. It's looking at the longer timeframe charts. And today's a perfect example. 8x Monthly chart trades for February. So I'm making this video on Thursday, the 1st of February day earlier than normal. And the reason I'm doing that is because I've just taken the February monthly chart trades. And on our membership site we identified and I've placed eight trades on the monthly charts. So based on the January candle close taken at the beginning of February, and with those trades because the longer timeframe charts, they have many advantages. One, you don't have to be that your charts at the exact time that they you know the new day opens or the new candle opens and you've got hours, days, maybe even longer. And especially the way that we trade with using limit orders or retracement orders as well. It also means that not only are those candle patterns higher quality because they contain more information, more data. When you think about it, they contain the whole month months worth of price action. So when you get a high quality set up are all showing in the right positive chart, it's going to have a higher probability chance of working. Today, most of those trades, those eight trades have taken a continuation trades. So they are continuing the main longer term trend. But after a recent pullback over like, you know, let's say October, November, December, January and they're they're ready to then head up or down again in the overall bigger picture. So that again, adds more weight, more credibility, more probability to the trades. Benefits of trading the Monthly charts. On top of that, because that monthly chart trades the rewards, the risks are even better as well. Spreads becomes almost like completely insignificant. And so with the trades that we've taken, they all range between the 3 to 1 is the smallest reward to risk. So let's imagine if you're risking, let's say half of 1%, one and a half percent is the smallest gain I'm going to make on a profitable trade. But the the biggest gain is a 6 to 1 trade. So that means half a cent risk means I'm making a 3% gain. If that trades hits its for profit target and so they all range between 3 to 1 to 6 to 1 On those eight trades I've taken. Also we’ve posted 5x D1 trades and 2x H12 trades. Not only that is today, I've also taken five trades on the daily charts that have all been published on our membership site for our clients to follow. But we also put 2 12 hour chart trades on that. So you've got the eight monthlies, the five daylies it's 13. 2 on the 12 hour chart.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
I've got asked this week what wouldbe the one secret I would give to
someone who's looking to become a successfultrader. Let me share that with you
and more right now, Hey theTraders, Andrew here at the first Trading
(00:21):
Coach with video and podcast number fivehundred and thirty four. So this week
I got asked on a webinar bysomeone who's looking to trade, and they
said, hey, Andrew, ifyou could give one secret in trading to
help me to become successful, whatwould that be? And to me,
it's quite simple. It's looking atthe longer time frame charts and today's a
(00:46):
perfect example. So I'm making thisvideo on Thursday, the first of February,
day earlier than normal. And thereason I'm doing that is because I've
just taken the February monthly chart tradesand on our membership site, we identified
and I've placed eight trades on themonthly charts. So based on the January
(01:07):
candle close taken at the beginning ofFebruary, and with those trades. Because
the longer time frame charts, theyhave many advantages. One, you don't
have to be that your charts atthe exact time that they you know,
the new day opens or the newcandle opens, you've got hours, days,
(01:30):
you know, maybe even longer,especially the way that we trade with
using limit orders or retracement orders aswell. It also means that not only
are those candle patterns higher quality becausethey contain more information, more data when
you think about it, they containthe whole month's worth of price section.
So when you get a high qualityset up all showing in the right part
(01:55):
of the chart, it's going tohave a higher probability chance of working day.
Most of those trades, those eighttrades I've taken the continuation trades,
so they are continuing the main longerterm trend, but after a recent pullback
over like you know, let's sayOctober, November, December, January,
and now they're ready to then headup or down again in the overall bigger
(02:15):
picture. So that again adds moreweight, more credibility, more probability to
the trades. On top of that, because they're monthly chart trades, the
reward to risks are even better aswell. Spread becomes almost like completely insignificant.
And so with the trades that we'vetaken, they all range between a
(02:37):
three to one is the smallest rewardto risk. So let's imagine if you're
risking, let's say half of onepercent. One and a half percent is
the smallest gain I'm going to makeon a profitable trade, But the biggest
gain is a six to one trade, So that means half percent risk means
I'm making a three percent gain ifthat trade hits its full profit target.
(02:58):
And so they all range between threeto one to six to one on those
eight trades I've taken. Not onlythat is today, I've also taken five
trades on the daily charts that haveall been published on our membership site for
our clients to follow. But wealso put two twelve hour chart trades on
that. So you've got the eightmonth least the five dailies, it's thirteen
(03:19):
two on the twelve hour charts.That's fifteen trades we've placed on our membership
site today in real time for everybodyto learn from, but also hopefully we
get it right and the market doesits right thing to earn from as well.
So you can see they're a massiveamount of information that gets published to
(03:39):
help our clients, like I said, to learn and also to earn.
Later tonight, my time I'm holdinga live to our webinar with our clients
in the European session. At theend of that session, when we finish,
we look through the Depending on what'shappening in the market, we might
go as low as the two ourcharts, but more like the four hour,
(04:00):
of the six hour and of thetwelve hour charts. So we're probably
going to take some more trades liveon that session as well. So just
go to show what can be done. Now, going back to that original
question, why have I picked tradethe longer time frame charts Because it's more
enjoyable. You can go and dothings. I've just jumped out of the
pool here behind me. Now,unlike other people that you will see on
YouTube and Facebook and things that hirea red ferrari, or hire a helicopter,
(04:27):
or go and sit in a hotelsomewhere, I do fly. It
is my helicopter. On Tuesday,I flew. For those of you who
followed me on Facebook, you'd seethat last week. I was on the
beach you'd seen last week with mydaughter and a friend on their horses.
This is my house behind me,This is this is real. This is
what trading. Once you know whatyou're doing can help you to achieve.
(04:48):
Now, I'm not out there sayingyou're going to suddenly go and by yourself
a helicopter, a couple of horses, or a house for the pool next
year, because you're not going to. That's not real. But over time,
the actual learning of knowing what todo with low risk, hyber reward
to risk, and making it enjoyableis all of those things, along with
(05:10):
you know, everything else that weprovide, the community and the suggestions and
the advice, etc. All ofthat combines to make for me, trading
the longer time frame charts the bestthing you can do because it's just more
enjoyable. It's longevity you can keepdoing. I've been doing this for twenty
years, don't forget, you know, and I'm still loving it because I'm
(05:31):
not glued to the charts. Ithink that's a really important point. So
most people when they start, actuallywant the opposite. They all want to
be scalping. They want to tradeone minute, five minute, fifteen minute
time frame charts. They want tobe taking, you know, like hundreds
of trades a day. They wantto sort of think they're an AI machine,
but you know, realistically, that'sjust not going to be profitable for
you spread screen to suddenly destroy yourtrades, your emotions. You know,
(05:57):
all these things that we've talked aboutall the time come into trading. And
also, you know, the longertime frame charts are more reliable. Therefore
the shorter time frame charts are lessreliable. You know, your rewards to
risks have massively reduced. So putall those things together. Trade longer time
frame would be my number one keysuggestion for you. If you're out there
(06:19):
looking for a broker, I canhighly recommend Blueberry Markets. They're based in
Australia, a really good bunch ofguys and been with them for years and
so have a lot of my clients. And if you've not yet been on
my masterclass, I strongly recommend youspend an hour, turn your phone off,
turn all your social media stuff off, go and sit down for an
hour. It's on demand, soyou choose the time that is right for
(06:43):
you and sit down and watch itand learn from it and follow along see
what we do. And you knowyou can gain a lot of information from
that. So I'll put a linkto that on this video and podcast as
well. So I hope that helpsthis is Andrew Mitch him here at a
frustrating coach. I see this timenext week by Finney
I've got asked this week what wouldbe the one secret I would give to
someone who's looking to become a successfultrader. Let me share that with you
and more right now, Hey theTraders, Andrew here at the first Trading
(00:21):
Coach with video and podcast number fivehundred and thirty four. So this week
I got asked on a webinar bysomeone who's looking to trade, and they
said, hey, Andrew, ifyou could give one secret in trading to
help me to become successful, whatwould that be? And to me,
it's quite simple. It's looking atthe longer time frame charts and today's a
(00:46):
perfect example. So I'm making thisvideo on Thursday, the first of February,
day earlier than normal. And thereason I'm doing that is because I've
just taken the February monthly chart tradesand on our membership site, we identified
and I've placed eight trades on themonthly charts. So based on the January
(01:07):
candle close taken at the beginning ofFebruary, and with those trades. Because
the longer time frame charts, theyhave many advantages. One, you don't
have to be that your charts atthe exact time that they you know,
the new day opens or the newcandle opens, you've got hours, days,
(01:30):
you know, maybe even longer,especially the way that we trade with
using limit orders or retracement orders aswell. It also means that not only
are those candle patterns higher quality becausethey contain more information, more data when
you think about it, they containthe whole month's worth of price section.
So when you get a high qualityset up all showing in the right part
(01:55):
of the chart, it's going tohave a higher probability chance of working day.
Most of those trades, those eighttrades I've taken the continuation trades,
so they are continuing the main longerterm trend, but after a recent pullback
over like you know, let's sayOctober, November, December, January,
and now they're ready to then headup or down again in the overall bigger
(02:15):
picture. So that again adds moreweight, more credibility, more probability to
the trades. On top of that, because they're monthly chart trades, the
reward to risks are even better aswell. Spread becomes almost like completely insignificant.
And so with the trades that we'vetaken, they all range between a
(02:37):
three to one is the smallest rewardto risk. So let's imagine if you're
risking, let's say half of onepercent. One and a half percent is
the smallest gain I'm going to makeon a profitable trade, But the biggest
gain is a six to one trade, So that means half percent risk means
I'm making a three percent gain ifthat trade hits its full profit target.
(02:58):
And so they all range between threeto one to six to one on those
eight trades I've taken. Not onlythat is today, I've also taken five
trades on the daily charts that haveall been published on our membership site for
our clients to follow. But wealso put two twelve hour chart trades on
that. So you've got the eightmonth least the five dailies, it's thirteen
(03:19):
two on the twelve hour charts.That's fifteen trades we've placed on our membership
site today in real time for everybodyto learn from, but also hopefully we
get it right and the market doesits right thing to earn from as well.
So you can see they're a massiveamount of information that gets published to
(03:39):
help our clients, like I said, to learn and also to earn.
Later tonight, my time I'm holdinga live to our webinar with our clients
in the European session. At theend of that session, when we finish,
we look through the Depending on what'shappening in the market, we might
go as low as the two ourcharts, but more like the four hour,
(04:00):
of the six hour and of thetwelve hour charts. So we're probably
going to take some more trades liveon that session as well. So just
go to show what can be done. Now, going back to that original
question, why have I picked tradethe longer time frame charts Because it's more
enjoyable. You can go and dothings. I've just jumped out of the
pool here behind me. Now,unlike other people that you will see on
YouTube and Facebook and things that hirea red ferrari, or hire a helicopter,
(04:27):
or go and sit in a hotelsomewhere, I do fly. It
is my helicopter. On Tuesday,I flew. For those of you who
followed me on Facebook, you'd seethat last week. I was on the
beach you'd seen last week with mydaughter and a friend on their horses.
This is my house behind me,This is this is real. This is
what trading. Once you know whatyou're doing can help you to achieve.
(04:48):
Now, I'm not out there sayingyou're going to suddenly go and by yourself
a helicopter, a couple of horses, or a house for the pool next
year, because you're not going to. That's not real. But over time,
the actual learning of knowing what todo with low risk, hyber reward
to risk, and making it enjoyableis all of those things, along with
(05:10):
you know, everything else that weprovide, the community and the suggestions and
the advice, etc. All ofthat combines to make for me, trading
the longer time frame charts the bestthing you can do because it's just more
enjoyable. It's longevity you can keepdoing. I've been doing this for twenty
years, don't forget, you know, and I'm still loving it because I'm
(05:31):
not glued to the charts. Ithink that's a really important point. So
most people when they start, actuallywant the opposite. They all want to
be scalping. They want to tradeone minute, five minute, fifteen minute
time frame charts. They want tobe taking, you know, like hundreds
of trades a day. They wantto sort of think they're an AI machine,
but you know, realistically, that'sjust not going to be profitable for
you spread screen to suddenly destroy yourtrades, your emotions. You know,
(05:57):
all these things that we've talked aboutall the time come into trading. And
also, you know, the longertime frame charts are more reliable. Therefore
the shorter time frame charts are lessreliable. You know, your rewards to
risks have massively reduced. So putall those things together. Trade longer time
frame would be my number one keysuggestion for you. If you're out there
(06:19):
looking for a broker, I canhighly recommend Blueberry Markets. They're based in
Australia, a really good bunch ofguys and been with them for years and
so have a lot of my clients. And if you've not yet been on
my masterclass, I strongly recommend youspend an hour, turn your phone off,
turn all your social media stuff off, go and sit down for an
hour. It's on demand, soyou choose the time that is right for
(06:43):
you and sit down and watch itand learn from it and follow along see
what we do. And you knowyou can gain a lot of information from
that. So I'll put a linkto that on this video and podcast as
well. So I hope that helpsthis is Andrew Mitch him here at a
frustrating coach. I see this timenext week by Finney
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
My Favorite Murder with Karen Kilgariff and Georgia Hardstark
My Favorite Murder is a true crime comedy podcast hosted by Karen Kilgariff and Georgia Hardstark. Each week, Karen and Georgia share compelling true crimes and hometown stories from friends and listeners. Since MFM launched in January of 2016, Karen and Georgia have shared their lifelong interest in true crime and have covered stories of infamous serial killers like the Night Stalker, mysterious cold cases, captivating cults, incredible survivor stories and important events from history like the Tulsa race massacre of 1921. My Favorite Murder is part of the Exactly Right podcast network that provides a platform for bold, creative voices to bring to life provocative, entertaining and relatable stories for audiences everywhere. The Exactly Right roster of podcasts covers a variety of topics including historic true crime, comedic interviews and news, science, pop culture and more. Podcasts on the network include Buried Bones with Kate Winkler Dawson and Paul Holes, That's Messed Up: An SVU Podcast, This Podcast Will Kill You, Bananas and more.