Episode Details

Podcast:

Another +6.55% this week – Get the Basics Right & Trade Well

In this video:
00:36 – Travelling and Trading – Focusing on the Basics
01:18 – Another +6.55% gain this week
01:45 – Trading the Basics well leads to good trades
03:04 – Trading from the right hand side of the chart
04:05 – Control your risk
04:53 – Don’t count Pips
05:25 – Reward:Risk is important
06:01 – The importance of getting the foundations right

I’m going to explain why I believe it is so important that you need to get the fundamental basics correct in order to be a good trader. Let’s talk about that and more right now.

Hey, forex traders, Andrew Mitchem here, The Forex Trading Coach video and podcast number 330.

You’ll notice I’m wearing a jumper, a sweater back here in New Zealand in the middle of winter after three weeks over in Europe.

Travelling and Trading – Focusing on the Basics

 If you’ve been following me over the last three or four weeks, you’d have been noticing that I’ve been overseas travelling around, and I’ve been really focusing on the basics.

In that time, I’ve been trading just the monthly, weekly and daily charts and nothing else. You would have seen that we’ve made some exceptional gains, including last week, which was my first week back at home. We had made with only a quarter percent risk per trade, 12.79%. That’s all trades that were posted on our membership site. Realistically, although I called it a 30-minute-a-day trip, most of the time, it was 10 minutes a day.

Another +6.55% gain this week

Just this week, it’s now Friday, I still have some open trades open that are at 0.9% so almost a 1% gain on open trades that are open just today, but this week already, we’ve had closed trades of another 6.55%, again, just using monthly, weekly, daily charts and a breakout strategy that we use once a week. Again, 10, 20 minutes once a day and that’s it.

Trading the Basics well leads to good trades

Not only did I want to share with you tho