Online Forex Trading Course

WHY MOST TRADERS FAIL PROP FIRM CHALLENGES AND HOW TO SUCCEED  PODCAST: CLICK HERE TO REGISTER MY UPCOMING WEBINAR – “PROP FIRM MASTERY: HOW TO GET – AND STAY – FUNDED… SO YOU CAN TRANSFORM YOUR INCOME IN JUST 30 MINUTES A DAY” [https://us02web.zoom.us/webinar/register/WN_Hz6Sgv5jTxCa9XKyC-uz_Q] FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://www.blueberrymarkets.net/lp/tftc-forex-broker] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/] #583: WHY MOST TRADERS FAIL PROP FIRM CHALLENGES AND HOW TO SUCCEED In this video: 00:26 – Advantages and disadvantages of trading on a prop firm. 01:05 – People jump in too soon and then fail. 02:02 – Prop firm challenge example.  03:44 – Large gains for a small investment. 04:25 – Use a VPS and copier software. 05:24 – A free and LIVE webinar for passing a prop firm challenge. 06:16 – 17 minutes Masterclass and book a call with us. 06:27 – Blueberry Markets as a Forex Broker. So you want to know how to pass a prop foam challenge and to make money by making commissions via prop firm. Let’s talk about that a more right now. Hey there, traders! Andrew Mitchem here at the Forex Trading Coach with video on podcast number 583. Advantages and disadvantages of trading on a prop firm. Today is about passing prop firm challenges, the pitfalls and the advantages of trading via a prop firm. Now, if you don’t know, all approximates, go and have a look online. If you do know what one is. Then you’ll know that they’re not always as easy to pass as you might think. They look really good, and for a lot of people, they look to be a fantastic way of making some very, very good, substantial profits from trading. But with that, needing your own funds and that is the obvious advantage of them. But there are a number of things you have to be careful of. People jump in too soon and then fail. One of the most common issues that I see is that people jump into a prop firm way too soon. They should don’t know how to trade, and they just think they’re going to pay $500 to get $100,000 account. Pass a few demo challenges onto real money, make a fortune. The reality is that for most people, that’s not going to happen. And it comes back to, as I’ve mentioned, that they jump too soon. So for me, it’s really important that you look at a prop firm maybe as something maybe like 6 to 12 months from now. So it’s a profitable first, get yourself profitable and have confidence in strategy and understand it on a demo account. Then a small live account and then maybe a larger live account. And at that point, with consistency and with the meeting, the rules of a prop firm. You can then go and successfully pass the challenge. Now this printed out some, a prop firm challenge here. This happens to be from, blueberry funded. And they have one and two step processes. I actually really like the two stage process. The two step process. I’ll tell you what, because you have to prove yourself twice on a demo account before you go to live money. And what I like about it is because you have to prove yourself twice, and you will probably take a little bit longer to pass the demo, challenge or challenges. Prop firm challenge example.  As a result of that, you get given a larger drawdown amount. And to me, probably the most, well, the biggest reason why people don’t pass prop firm challenges is because they get stopped at and they reached the drawdown criteria, and that means that they’re risking too much and they’re having too many losing trades, etc.. What I like with this idea is that you need to make a, a 10% gain, but also they allow you up to a 10% drawdown. So there’s a lot more flexible in there. And so by going through a two stage process, having that bigger drawdown, ability, when you get on to the real account, things become a lot easier. You think about it, if you have the ability to have, let’s say, a 10% drawdown as opposed to maybe a 5 or 6% drawdown when it comes to real trading and real money. It just gives you a lot more flexibility. So don’t just pick like the quickest solution or the cheapest solution. Pick one that’s going to suit you. And don’t be in a race to pass the demo challenge to get on to real money. Large gains for a small investment. When it comes to real money, if you think about things just in very basic terms, let’s say cost $500 to have a $100,000 account and you pass the demo challenges and then on the real money of 100,000, you have to get to, let’s say, 10%, and obviously it’s $10,000 or an 80/20 profit share means that you potentially could be on a an $8,000 profit every time you reach the, the next stage of their criteria. So if your $500 investment sure might take you a little bit longer to get to the real money. But then when you’re off and rolling with that bigger drawdown criteria, you’re making some good amounts. Use a VPS and copier software. Don’t forget also, you don’t have to stick to one challenge or one broker or, you know, one prop firm. You can have multiple going. And what you could do and what I suggest you consider, if that’s the case, is you use a virtual server and a bit of copy service, to copy between accounts. So you just focus on your one, personal smaller account, knowing that the trades are being copied behind the scenes automatically according to the size of the account that you traded, and everything becomes automated. It’s far easier for you to trade and focus on your one account. Let’s say $10,000 person live account. Knowing that the trades have been copied, then calculating your entry in your exit and your risk. Lot size, etc. on multiple accounts of various sizes. So focus on your one account, knowing that behind the scenes that get copied automatically for you. A free and LIVE webinar for passing a prop firm challenge. If you’d like to know more about how we can help you to pass a prop firm challenge, this, Thursday morning, my time, New Zealand time at 8:00 in the morning. I’m holding a free webinar, live webinar for the public who are interested in passing prop firm challenges. So if you’re in Europe/US, that’s going to be on your Wednesday afternoon, evening time, depending on where you live. I’m going to put a link here. It’s this week. It’s the for me it’s the 3rd of April. Thursday 3rd of April. So it’s going to be your Wednesday afternoon and evening or early hours of Thursday, depending on where you live in the world. Register so you can find out how we can help you to pass a prop firm challenge successfully, and to really elevate your trading and take it to another level and to gain substantial returns from your trading. 17 minutes Masterclass and book a call with us. It all comes back to knowing how to trade that. So make sure you jump onto that webinar. Or if you’ve not been on to my, 17 minute on Demand masterclass, have a look at that. I’ll put a link to that as well. If you’d like to jump on a call and have a chat with us to see how we can help you with your trading. I’ll put a link to that. Blueberry Markets as a Forex Broker. And if you’re out there looking for a really good forex broker, I can highly recommend Blueberry Markets. As mentioned, they also have Blueberry Funded, which is their prop firm. As well. But Blueberry Markets as a broker, fantastic brokerage. Lots and lots of different markets both Forex and Non-Forex, especially on the MT5 platform. I’ll put a link to them as well. If you need any help with anything trading related send me an email Andrew@TheForexTradingCoach.com. Be glad to help. Bye for now. EPISODE TITLE: #583: WHY MOST TRADERS FAIL PROP FIRM CHALLENGES AND HOW TO SUCCEED ---------------------------------------- FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://www.blueberrymarkets.net/lp/tftc-forex-broker] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/]

HOW TO AVOID USELESS FOREX INDICATORS  PODCAST: FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://www.blueberrymarkets.net/lp/tftc-forex-broker] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/] #582: HOW TO AVOID USELESS FOREX INDICATORS In this video: 00:24 – What trading Indicators should you use? 01:31 – Most Indicators don’t work. 01:52 – You must look at the price.  02:23 – Horizontal levels and Candles are good indicators. 04:50 – Blueberry Markets as a Forex Broker offering a 50% credit bonus. 05:19 – Book a Call and speak with us. 05:35 – 17 minutes Masterclass. What is the best trading indicator that you can use on your charts as a trader? Let’s talk about that more right now. Hi there, Traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 582. What trading Indicators should you use? Today I want to talk and discuss indicators. As a trader, if you open any charting package, whether it’s MetaTrader like I’ve got the Me here or Trading view, whatever it is that you use, you will find that trading package, that charting package absolutely full of various indicators. They can be dots and lines and arrows and triangles and all sorts of different things on your charts. And I’ll tell you what, they look amazing, don’t they? They look so good, especially if you’re a new trader and everybody falls for it. I know I did this like 20 years ago. I had this moving average crossing over that one and a swing low here and a MACD there, and I looked absolutely beautiful, and I knew that I was going to become a multi-millionaire in no time at all, because as soon as this line crossed that line there, and this dot showed there and below it and all those things, it was going to be a brilliant, simple, easy trade. Said reality is, none of that is true. That is the truth. Most Indicators don’t work. The reality is that almost all indicators that you see on a standard charting package, they lag time, they tell you what’s already happened, they can’t help you, most of them with what’s likely to happen or any sensible trading decisions. Sure, there are some that can be used as a bit of an age once you know what you’re doing. You must look at the price.  But in general, most people get completely caught up because they don’t look at the obvious thing. And that’s the right hand side of the chart, and they do not look at the price. If you don’t look at the price and you rely on dots and arrows and lines, etc., you’re going to get spaghetti on your charts and you’re not seeing what’s really happening. You’re not seeing the true psychology behind what’s happening. What’s really happening are the buyers are the sellers. Has it bounced at that level before all those type of things? You’re completely ignoring because you’re failing to look at the price? Horizontal levels and Candles are good indicators. I much prefer a number of indicators. Horizontal levels are absolutely fantastic. Why? Because they never move. A horizontal level that you see is the same as what I see at the same time. You know, again, the price, whether it be the daily pivot point, support and resistance level, swing high swing lows, those things never change. And so by having those on your chart, it’s giving you something that’s an absolute that’s actually happened. If the price pulls back to a round number and that happens to be a previous swing low and it bounces at that level, well, quite likely, then you’re going to get that support level holding and the price is likely to move up. So then I add another, indicator of a sort and that’s candle, patterns and understanding candles themselves. What they’re telling me are they exhaustion candles. Are they indecision candles. Are they confirmation of a change in direction? Are they confirmation of a continuation pattern or a reversal pattern? All these type of things are really important for you to understand, as a trader. And you can only really make that decision about a candle upon the close of a candle, because then it becomes again, like a horizontal line. It set is an absolute and it’s never going to change. There are a few extra little indicators that I do like, to help me give a likely, change in direction such as divergence. I think that is a very, powerful, way of looking at using an indicator. Can help with reversal and continuation patterns if you have it set up right. You cannot just take every divergence signal and go, here’s a buy or sell again, you still need to include those round numbers, those support and resistance levels and the candle patterns as well. But you can start to see now when you put some common sense, and some real trading knowledge into it, how very simple indicators like that will work and do work and be proven to work as opposed to and lines and arrows and things on your standard trading package, which just will give you lots of headaches. In reality, as a trader. And so that would be my suggestion. You find some, someone that understands how to trade properly. Someone has a proven system in the strategy, and you join and follow that. Blueberry Markets as a Forex Broker offering a 50% credit bonus. Now, if you’re out there, looking for a very good broker right now until the end of March, Blueberry Markets have a fantastic 50% credit bonus. There are a few terms and conditions about which countries can apply and maximum bonus, etc.. I’m going to put a link to that if you’re interested. Have a look at it doesn’t matter whether you’ve not traded with them or if you have an existing account. They’re doing that on both. Just through The Forex Trading Coach only. So make sure you take advantage of that if that’s something you want to do. Book a Call and speak with us. If you would like to book, call to speak to myself or one of my team to find out how we can help you to decipher indicators and what works and what doesn’t. I’ll put a link so you can book up a free 30 minute call with us and see if we can help you with the trading. 17 minutes Masterclass. And if you have not been on my masterclass, I’ll put a link to that as well. Jump on that. It’s only a very short on demand masterclass, gives you heaps of free information and will massively help you with your trading. So this is Andrew Mitchem here at The Forex Trading Coach. I see this time next week. Bye for that. EPISODE TITLE: #582: HOW TO AVOID USELESS FOREX INDICATORS ---------------------------------------- FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://www.blueberrymarkets.net/lp/tftc-forex-broker] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/]

HOW TO CHOOSE THE BEST FOREX PAIRS FOR TRADING  PODCAST: FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://www.blueberrymarkets.net/lp/tftc-forex-broker] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/] #581: HOW TO CHOOSE THE BEST FOREX PAIRS FOR TRADING In this video: 00:22 – Forex pairs – what to choose? 01:37 – The best pair to trade is …….. 02:00 – Assessing Strength and Weakness. 03:13 – Fine tuning to pick the best setup available. 04:25 – 17 minutes Masterclass. 04:33 – Blueberry Markets as a Forex Broker offering a 50% credit bonus. 05:05 – Book a Call and speak with us. As a forex trader, what are the best forex pairs that you can look at trading? Let’s talk about that a more. Right now. Hey traders, Andrew here at The Forex Trading Coach with video and podcast number 581. Forex pairs – what to choose? What to talk about forex pairs as a trader you have a lot of pairs available and a lot of people, especially when they start. I get very confused with the different currency pairs. You standard main pairs you get you exotics, you get your minors, and more and more pairs now are available to us as traders. So really the question is what is the best pair to trade? Well, a lot of people think you need to trade just the euro US dollar or just the US yen because their spreads are tight. And in the case of the EUR/USD, it tends to have the most movement or not some movement, but the most volume traded on it, per day in general. And then other people look at pairs like the GBP/JPY because it moves a lot and they think they need to trade that. And then people look at pairs like the EUR/CHF, which doesn’t move a lot, and they think they can’t trade it. So that becomes a lot of confusion out there. Do you need, like the most liquid pair, the tighter spread. Do you need one that moves a lot? Do you need one that doesn’t move at all? The best pair to trade is …….. And so my answer is it depends. And I know I say that to a few things because it’s true. I don’t just trade the NZD/USD or against the JPY because I live in New Zealand. You shouldn’t do that either. You shouldn’t have an emotional tie to a currency pair. What you should do is look through all the currency pairs. And the reason I say that there’s a few reasons. Assessing Strength and Weakness.  Number one, you can assess strength and weakness very well. If you do that. As an example, rather than just looking at the EUR/USD, why don’t you look at also the EUR/JPY, the EUR/GBP, the EUR/AUD, EUR/NZD, EUR/CAD and make a full assessment. So if for example you can do that and you see let’s say all of those pairs were moving up, that’s going to give you a fairly good indication that the Euro is very, very strong. But if you didn’t do that and you looked at just the EUR/USD and is moving up, you don’t know whether the strength in the Euro or whether that movement of the EUR/USD heading up is, is just because the US is extremely weak right now. So you might be taking a by trade on the EUR/USD thinking the strength in the Euro, whereas it may just be the US weakness that’s pushing it up. And the Euro against other pairs may actually be dropping. So you’re not doing yourself any favors there. So to assess multiple currency pairs is going to be your best option. Fine tuning to pick the best setup available. The other thing that gives you is let’s say you see really good buy trades on the EUR/USD, the EUR/CAD, the EUR/AUD, the EUR/NZD, the EUR/CHF. Let’s say they’re all showing some fairly good setups at the same time. And by the way, I only trade on the close of a candle. Let’s say you see that what you really then should do is fine tune those setups and maybe pick 1 or 2 of the very best ones setups that give you a high probability chance of a success for trade setups that have round numbers in their favor. On a buy trade that doesn’t need to break a previous swing high, things like that. So you can be really, really critical of setups and fine tuned to make sure that when you take your trades and there’s multiple trade showing at the same time, you can be selective and choose the highest quality trades. So that’s why I say you should be looking at multiple currency pairs. And it’s very easy to do once you know what you’re doing. Once you understand candle patterns, you can very easy scans through multiple pairs very, very quickly on the close of a candle and identify the best quality setups. 17 minutes Masterclass. If you like to know how we do that and how we can help you to do the same, have a look at my short on demand masterclass. There’s a link here, Blueberry Markets as a Forex Broker offering a 50% credit bonus. And if you’re out there looking for a fantastic broker right now, Blueberry Markets are offering a 50% credit bonus. There’s some terms and conditions countries like the US and Australia cannot, sign up for it unfortunately. But have a look at the link that I’m putting on here. If you, are interested in opening an account with blueberry markets or increasing your current account, size with blueberry markets, you’re going to the end of March to take advantage of their offer. Again. I’ll put a link here, check that out for yourself and see the terms and conditions, etc. Book a Call and speak with us. if you’d like to book a call with us, I’m going to put a link here so you can, book a free consultation call with us to discuss about your trading and how we can help you to become a better trader again. Have a look at that link here. This is Andrew Mitchem at The Forex Trading Coach. I see you this time next week. Bye for now. EPISODE TITLE: #581: HOW TO CHOOSE THE BEST FOREX PAIRS FOR TRADING ---------------------------------------- FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://www.blueberrymarkets.net/lp/tftc-forex-broker] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/]

WHAT’S MORE IMPORTANT: WIN RATE OR RISK-REWARD?  PODCAST: FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://portal.blueberrymarkets.com/en/sign-up?referralCode=t90r3z11a] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/] #580: WHAT’S MORE IMPORTANT: WIN RATE OR RISK-REWARD? In this video: 00:23 – What should your win rate be? 01:03 – Controlling your emotions. 01:23 – An example of a 90% winning system trader.    03:01 – A high reward:risk is more important. 04:47 – Summary of what’s important to be a profitable trader. 05:24 – 17 minutes Masterclass and Book a Call. 05:47 – Blueberry Markets as a Forex Broker. 06:03 – Comments, Like & Subscribe. What percentage win rate do you need to be a successful and profitable trader? Let’s get into that and more right now. Hey there, Trades! Andrew Mitchem here at The Forex Trading Coach. Video on podcast number 580. What should your win rate be? Want talk all about a winning percentage level rate. What should it be? and what do you need that to be in order to be a profitable trader. Now the answer is quite interesting. And it may not be quite what you’re expecting me to say. You see, if I ask most people out there, what should your percentage win rate paid? They’ll go, oh, it needs to be 80%, 90% in order to be profitable. Then it’s not actually true. There’s more to it than just the win rate. Yes, sure. The win rate is very important. And yes, it’s more than just how many winning trades you get. Controlling your emotions. It’s the whole mental approach to trading. There’s two things in trading you need to control. Like I’ve said, one’s ahead, one’s your heart. You’ve got to control your emotions. And so obviously having more winning trades, more profitable trades is a good thing psychologically, emotionally it helps you trading. Of course it does gives you confidence. Everybody wants to see winning trades. An example of a 90% winning system trader.    But here’s a scenario, I had someone many years ago, and you may have heard me talk about this in the past, who came to me with and this was a real situation, by the way, came to me with a 90% winning system. So every ten trades, they had nine profitable trades, one loss. You’d think, especially if you’re relatively new to trading. Wow, what an amazing system. I want to know how they did it. The issue is, is that person was losing money. And you think about it. How does that happen? Well, it’s quite simple. What they were doing is having small wins and a big loss. And to put it in very simple, basic terms, let’s, let’s talk pips. You know, I don’t like pips. And I don’t believe in pips as a way of identifying profit. But let’s make it simple. And let’s say that they had nine trades in a row making an average of ten pips profit. So therefore they made 90 pips. You could think of it as like percentages. And they had one loss out of those ten trades that lost let’s say 100 pips. So now the minus ten pips. If they were making 1% all the time and they lost 10%. Yeah. Same thing. You know, they’re negative, but the win rate’s really good, which is what you all want. And I’m here to say, well, maybe it’s not quite as important as you think. So for me, there’s more important factors. A high reward:risk is more important. And a good strategy to me should always have a high reward to risk. And that’s more important. And let’s do some very quick numbers again. Let’s imagine we still have ten trades. And let’s imagine instead of being a 90% winning system we’re only a 50%. So we’re losing half the trades. We take one and every two trades we take will now lose. Okay. In this scenario. Now let’s say we have a 3 to 1 reward to risk trade. So that means on every single trader take I have a stop loss. Let’s call it 1%. And I have a profit targets. Let’s say it’s three times. Now of course in reality it’s not always going to be exactly that. But let’s for example, assume like some basic numbers. So three times my risk is my reward. So I have five trades five trades lose 1% each 5% loss five trades win 3 to 1. They make 3% each 15%. So I’ve lost 5%, made 15%. Obviously it becomes a net gain. Positive 10%. But I’ve lost 50% of my trades. And you go well how can you lose half your trades and still be profitable? Well, I’ve shown you. So you take that scenario further and you can see like at 40%, 30%. And you know, you work out the numbers and the mathematical and, you know, numbers there and the stats, and you realize that you don’t have to have a 90% win rate. It’s more important to have the quality trades and the high reward to risk than it is simply to aim for maximum wins. Summary of what’s important to be a profitable trader. So I hope that helps explain that scenario. I think it’s really important that you you understand that because it will massively, potentially change it or help you with your trading, but change the way you’re thinking of trading and get right to looking for high quality trades that are going to more likely give you high reward to risk. Have your low controlled risk on every single trade. High profitable trades. Think of it as stepping. You have like, little losses, big gains, little losses, big gains like that. That’s how you become successful and profitable. Far more so than worrying just about you win rate. If you’d like to find out more about that and you’ve not been on my masterclass yet, click on the link that you’ll find probably below this video or on this page. 17 minutes Masterclass and Book a Call. It takes you through to a 17 minute free on demand, webinar masterclass and I’ll explain about what we do, how we trade, how we teach, how we can help you. If you’d like to book a call. You’ll find the link also here. Blueberry Markets as a Forex Broker. And if they’re looking for a high quality forex broker, I can highly recommend Blueberry Markets. I’ll put a link to them here as well. They offer not just the forex market but other markets like indices, metals, commodities, cryptos as well. Great bunch of people, high quality service and highly recommend them. So if you have any questions that you’d like me to answer or any topics you like me to discuss on future videos and podcasts like this, send me an email or drop a comment. Comments, Like & Subscribe. Don’t forget to like and subscribe! I’ll see this time next week. This is Andrew Mitchem here from The Forex Trading Coach. Happy trading. Bye for now. EPISODE TITLE: #580: WHAT’S MORE IMPORTANT: WIN RATE OR RISK-REWARD? ---------------------------------------- FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://portal.blueberrymarkets.com/en/sign-up?referralCode=t90r3z11a] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/]

WHAT EVERY TRADER NEEDS TO KNOW ABOUT BROKER TIME SETTINGS  PODCAST: FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://portal.blueberrymarkets.com/en/sign-up?referralCode=t90r3z11a] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/] #579: WHAT EVERY TRADER NEEDS TO KNOW ABOUT BROKER TIME SETTINGS In this video: 00:28 – What time do your charts start the new trading day? 01:56 – 5:00 P.M. EST New York time is when the charts open for the new day. 02:50 – Does your broker have a “Sunday candle”?   03:58 – Have a look at the brokers that I use – see here https://theforextradingcoach.com/forex_trading_resources/ 04:32 – 17 minutes Masterclass and Book a Call. 05:03 – Comments, Like & Subscribe. Is your Forex Broker’s Trading Platform set to the right time zone? If it’s not, it could be causing you many unnecessary losses. Let’s find out about that and more right now. Hey there, Traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 579. What time do your charts start the new trading day? You can ask the question about forex brokers and the time that their platform start the trading day and the trading week. It’s really important that you get this right, because maybe there’s a lot of people out there that just don’t understand it and don’t understand understand the importance of getting it correct. So it doesn’t matter where you live in the world, the correct start time of the new week and each day of the trading week is always at 5:00 P.M. New York time. That’s Eastern Standard Time. So again, it doesn’t matter where you live. Doesn’t matter where I live. All you need to do is convert your local time into that 5:00 P.M. Eastern Standard Time, new York time start of day. And obviously with most people around the world, they will have daylight saving. When you change from, you know, into summer, into winter, etc. and that’s the same also in New York. But 5:00 P.M. New York time is always 5:00 P.M. New York time. So the only thing that’s going to change is what that converts to in your local time zone. So really important that you understand that. And there could be differences like for me right now in, March, we are in summer time in the southern hemisphere. But of course, in the northern hemisphere where New York is, it’s still like wintertime, winter in the spring. And, you know, vice versa. When they go to summer, we go to winter. 5:00 P.M. EST New York time is when the charts open for the new day. But you have to understand that 5:00 PM New York time is always 5:00 P.M. New York time. So get that bit right and you’ll be fine. So how do you check that on your forex brokers trading platform? Well, the easy way to do that is to see when the new week starts. So when the charts open for the first time in the week, that should be Sunday 5:00 P.M. New York time, and each subsequent day will be 5:00 P.M. New York time. And if you’re seeing that on your charts, generally if you go down to like a one hour chart, it will start at 00:00 Timestamp and you will see that on your charts and you’ll know in your local time zone what time that is. You’ll know that’s the start of the day. You’ll also figure out that that converts to 5:00 PM New York time. Perfect. You’re good to go. Does your broker have a “Sunday candle”?   The issue that we find not as much today is it used to happen, but some brokers used to have what we call a Sunday candle, and that would have been a candle that lasts 2 or 3 hours, at the beginning of the week before their first full day starts. Now, when you think about the problems that causes is the charts. So if you’re using light indicators or support and resistance levels whenever you’re using, it assumes that one bar is equal. So it assumes that in the correct chart you should have five days on the daily charts. Each of them having exactly 24 hours. And if you do, fantastic. Everything’s good. The issue, though is if you’re broke, it doesn’t do that. And it has this small candle at the beginning of the week and it’s representing effectively one day. But it’s not because it might only be a handful of hours. Generally, the market doesn’t move much at the very beginning of the week, and so all your indicators, your levels, etc. will be completely incorrect and distorted. So you had to be very careful with that. Have a look at the brokers that I use – see here https://theforextradingcoach.com/forex_trading_resources/ [https://theforextradingcoach.com/forex_trading_resources/] So have a look at brokers that I use and I suggest especially like a broker like Blueberry Markets. They always open their new day on the forex market. It doesn’t matter what time of year. It’s always 5:00 pm, New York time, Eastern Standard Time. Very important that you get that right. And it will massively help you because everything then is set correctly with the forex market. So I’ll put a link to Blueberry Markets if you’re interested in checking them out and having a look at them. I think they’re very good broker. Been using them for years, as have like thousands of other people who have sent to them. 17 minutes Masterclass and Book a Call. If you’re interested in finding out more about trading and how we can help you, or figuring out any issues that you have and how we can, fix those for you, if you’d like to book a call with myself or one of the team, click on the link that I’ve put on here to book a call with us. Set a time, and, we can have a chat to see how we can help you with any issues that you currently have. If you have not been on my masterclass, it’s a free, very short On-Demand session. I’ll put a link to that as well. If you’ve not been on it, I highly recommend you spend 20 minutes and go through that and have a look. Comments, Like & Subscribe. If you’re on the likes of YouTube anyway that you can like and subscribe and comment, please do so and then any questions? I’ll answer them personally for you to do my best to help you to become a successful forex trader. This is Andrew Mitchem, The Forex Trading Coach. I see you this time next week. Bye for now. EPISODE TITLE: #579: WHAT EVERY TRADER NEEDS TO KNOW ABOUT BROKER TIME SETTINGS ---------------------------------------- FIND OUT MORE ABOUT BLUEBERRY MARKETS – CLICK HERE [https://portal.blueberrymarkets.com/en/sign-up?referralCode=t90r3z11a] FIND OUT MORE ABOUT MY ONLINE VIDEO FOREX COURSE [https://theforextradingcoach.com/online_video_coaching_forex_course.html] BOOK A CALL WITH ANDREW OR ONE OF HIS TEAM NOW [https://theforextradingcoach.com/call-application] CLICK HERE TO WATCH PROP FIRM MASTERCLASS [https://theforextradingcoach.com/propfirm-masterclass/]