Podcast:
In this video:
00:24 Talking about trying to get you to trade less
01:29 You can trade 2 or 3 time per day www.TheForexTradingCoach.com
03:01 Trading needs to be fun
04:19 10.4% net gain over the last two weeks
05:23 Partnership with AxiTrader
Are You Spending Too Much Time at Your Computer and Watching Your Charts?
Do you find that you’re spending too much time at your computer and at your charts watching for setups and not spending enough quality time enjoying your life? If that’s you, I’ve got the perfect solution for you. Let me tell you more right now.
Hi this is Andrew Mitchem here, the Forex Trading Coach, today is Friday the 6th of September.
And that’s right I want to talk about trying to get you to trade less. You see, I get emails all the time people telling me that they’re scalping on short time frame charts, and saying, “Look Andrew how can I have more clarity in my trading, how do I know when to enter, when to exit, what levels to trade, what pairs, what time frames, etc.”, and it all comes down to the same solution: trade less; trade higher time frames. You see for me, apart from the daily charts, my next favourite time frames are the four hourly charts. And I want to spend some time now talking about four hourly charts and why I like them.
You see, the great thing is with them, is that you can plan your day around it. I know that I don’t need to be back at my screen here until probably into the European session, for me, until the next four hours has passed. And the great thing is, I look at my charts, when the four hour charts change over, every four hours, and if there are no good setups there then I simply don’t take any trades and I go and do whatever it is I want to do for the next four hours before I need to come back again.
Look at trading 2 or 3 times per day – when it suits you
Now, of course you can’t take trades every four hours or else you’d never get any decent sleep, but it allows me for my time to trade at 9 o’clock, 1 o’clock, 5 o’clock and 9 o’clock. So that’s 9 o’clock in the morning until 9 o’clock at night, looking just four times within the day, and for me here in New Zealand that covers the Asian session and the early part of the European session.
If you’re elsewhere throughout Asia or into Europe or into America, you’ll have different times of the day when you can and cannot trade, depending on your work, your family, your life etc. But there’s probably two, if not three, times in the day when you’d be able to get near a computer and take four hour chart trades – if and when they show good setups. The great thing is you know when there’s a setup coming in terms of you can’t take a trade when a candle hasn’t closed so on every four hours there’s a potential trade there. In between there’s nothing, so go away, leave the computer alone, and get away from those real short time-frame trades.
Trading Should be Fun
A lot of people, again, they find that indecision of not knowing when to trade because they’re looking for indicator A across indicator B and it could happen at any time. Or they have to trade at certain times of the day on real short time-frame charts. Stick to the four-hourlies, stick to the dailies. If you want to go anything shorter, I’d personally trade the one-hourly charts, but for me it’s generally only in the European session when there’s more activity, for looking maybe three or four candles in the evening my time, early European session. And that’s it, it just means you can go and enjoy your life. Trading needs to be fun.
