#304: Helping you trade the right way in 2019 and beyond

Podcast: Helping you trade the right way in 2019 and beyond In this weekly video: 00:21 – Happy New Year 00:41 – A lot of political events 01:14 – Having a strategy and a plan 02:33 – My favourite time frame chart 03:21 – H12, H8 and H6 charts 04:01 – Take the higher probability trade setups 04:38 – Shorter time frame charts 05:33 – Forget about making pips 2019, what does it hold for you as a Forex trader? Let's talk about that and more right now. Hey traders, Andrew Mitchem here, the Forex Trading Coach video and podcast number 304. Happy New Year Happy New Year and happy start to 2019. I want to discuss a few things with you on today's video and podcast that's going to help you as a trader into 2019 because quite likely we are going to see some fairly difficult trading conditions will be my guess at this stage. A lot of political events A lot of political events happening right now with Brexit still undecided, political unrest within Europe, issues in South Africa, China of course, and the US and Trump and difference enhancements in how the world and the market reacts to all of that. On top of that, you know there's still Russia and there's lots of things happening politically around the world that can affect us as traders whether we like it or not. Whether we're technical traders or fundamental traders, the political events do have a bearing. Having a strategy and a plan What can we do about that? Well, to me it's really important that you obviously have a plan and you have a strategy in place. THat's kind of a given, but for me one of the things that I stress to my clients is having the ability to look at various timeframe charts throughout the day or the week and I think it's really important. Let's discuss that. If you're looking at say like the monthly charts or the weekly charts, of course for some people they're too big, they're too slow, they take too long to mature trades. Some people seem to think that they can't trade them because they don't have a big enough account or they can't afford such a big stop loss, which is actually incorrect, but that's a different subject. But for the me, the monthly and the weekly charts are trades that kind of tick along in the background doing their own thing, bigger picture, I'm happy to leave them in for several days, several weeks, sometimes even several months if needed, and they're sort of like ... Kind of like the bread and butter behind the scenes. Still high reward to risk trades, in fact very high reward to risk. Spread virtually has zero effect at all on say like a monthly or weekly chart and they just sit there looking at the bigger trend, the bigger picture and very, very nice charts to trade when you see good setups. My favourite time frame chart Come down to slightly shorter than that and that's the daily chart. Now that's still after 15 years of trading, that is still my favourite timeframe chart to trade. Why? Because I can look once a day. It's faster than obviously like the weekly and the monthly. It has more relevance to what's happening in the market right now and it's juts a great chart to trade. Once a day look at the charts, are there any good setups on the daily charts? Yes or no? If there are, take them. Generally I find one or two, sometimes three or four a day and that's what I post to my clients on our membership site. Really high reward to risk trades, easy to place, put them on. H12, H8 and H6 charts The bigger picture is less of an issue, it's more riding that sort of ...