#193: Make Hay While The Sun Shines

Podcast: Make Hay While The Sun Shines In this video: 00:28 – Difficult trading conditions last week but this week has been amazing 01:02 - Account up +4.6% for the week 01:28 – Important to trade the market conditions at the time 02:01 – When the trades are showing, you must take them 02:28 – Don’t get too greedy – be sensible 03:05 – Clients success stories mentioned on trading webinar 03:34 – Client becomes a full time Forex trader trades just a few minutes per day 04:32 – Great feedback from my free course – a link is below 05:03 – Strength and weakness helps you keep on the right side of the market As a Forex trader, you need to learn how to make hay while the sun shines. Let's talk about that and more right now. Hi Forex traders, Andrew Mitchem here, The Forex Trading Coach. Today is Friday the 2nd of September. I've got some wonderful news about making hay while the sun shines. Difficult trading conditions last week but this week has been amazing You see last week on last week's video and podcast, I said we had a really difficult trading week last week. Very quiet trading conditions, very difficult to get good trends or to get good technical trade set ups. There were a few, but very few. This week a complete change. There have been very strong trends, continuous trends, wonderful setups, all over the place. I've had profit target after profit target. My clients have had that, the trade suggestions that I put out to clients on daily and weekly charts, strengths and weaknesses, everything has been an absolute dream week. Account up +4.6% for the week So far this week I'm up 4.6% on my live account with a half percent risk per trade, and clients who did nothing else than just copied my daily and weekly suggestions this week will be up that same amount plus trades that they've taken by themselves on other time frame charts. That's just with half of one percent risk, 4.6% gains so far this week. Important to trade the market conditions at the time The thing I want to mention is that when you get quiet trading conditions as last week, you have to have the mental ability to withstand a few losses, and also you have the mental ability to not take trades just for the sake of taking trades. All you're doing is feeding your brokers back pocket really and taking money from your account by forcing trades to show when they're not A grade setups. So that's one part of trading, the mental side of trading. When the trades are showing, you must take them Likewise you get this week, and when there's just trades all over the place, you have to take them, you have to make hay while the sun shines, according to our farming phrase. You know, when the conditions are good, you have to take the trades. You have to see the trades, take the trades. So don't get all gloom and doom from last week when there's nothing happening or you might be a bit disappointed with your strategy, because look at your trading on a longer term perspective. Don’t get too greedy – be sensible Likewise, when you get good trades this week, make sure you take those trades but also don't get too greedy. Again, that's another important psychological part of trading. You see later today we have the US non-farm payrolls, the monthly employment data out of the US, so you've got to be sensible about these things. You have a major news announcement coming up later today, so if you've had a great week, don't spoil it by just taking silly trades or leaving your trades open over that news announcement, it's just pointless. If you've had a week like we've had this week, be sensible about it and don't go giving it all back to the market.