#457: My 5 Trading Tips to Improve Your Results


Manage episode 330073272 series 2496869
Creato da Online Forex Trading Course, autore scoperto da Player FM e dalla nostra community - Il copyright è detenuto dall'editore, non da Player FM, e l'audio viene riprodotto direttamente dal suo server. Clicca sul pulsante Iscriviti per rimanere aggiornato su Player FM, o incolla l'URL del feed in un altra app per i podcast.
My 5 Trading Tips to Improve Your Results Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Click Here to Download my Lot Size Calculator #457: My 5 Trading Tips to Improve Your Results In this video: 00:35 – #1 Understanding Risk Management 02:26 – Download my Lot Size Calculator 03:02 – #2 High Reward:Risk Trades 03:59 – #3 Focus on a few Candle Patterns and Time Frame Charts 05:25 – #4 Forget Social Media and time wasting 05:57 – #5 Seek high quality trading education 07:22 – Bonus #6 – Blueberry Markets I'm going to give you five tips that will massively help change your trading results around. Listen up for those five tips right now. Hey, trader. This is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 457. In this video and podcast, I'm going to give you five things that you can do right now today that will massively help change your trading around. Let's get into those. #1 Understanding Risk Management Number one, you need to understand risk management. Everybody wants to see all the flash side of trading, all the results, et cetera. But in order to trade properly, you have to understand risk management and have to know how to control your risk. Because ultimately, one of the keys to staying in business and trading properly and trading long term is understanding controlled risk. And it's all well and good when you see people that say, "Hey, look, I made $100,000 in a month and I doubled my account in two weeks." None of that really counts. It's all just one-offs, if at all it's true. But the important thing for you, because there's two things I always say to people who are new that control your trading. One's up here, one's your head, the other's your heart. You've got to get those two under controls, to your emotions, psychological, all those type of issues under control. And to do that, you have to have low and controlled risk per trade. Now, most people out there all still, despite all these years of me banging on about don't do it, people will still talk in pips. Forget pips. They will get you nowhere. They will not assist your trading. Do not worry about how many pips you make, lose, risk or anything like that. It does not matter. You try going down to the local shop and supermarket and go and buy something in pips. You cannot do it. Never have been able to, never will be able to. What you have to do is yes, you can measure number of pips you're taking on a trade, but that then has to relate to your position size. And so, it's your position size that's the key to your trade. And what that means is, if you use the right position size on each individual trade, you can trade all timeframe charts, doesn't matter what the stop-loss is. Doesn't matter what the currency period is, whether it's a crypto or FX or metal, it does not matter. Download my Lot Size Calculator Understanding that is very important. I have a Lot Size calculator that will help you with that. If you don't have it, I will put link on this video and podcast somewhere for you to get it. It works on MT4 and MT5. You simply drag it onto the correct chart that you're about to trade. It knows the account size that you have. It knows the trade that you're about to take in terms of the currency. All you do is enter the risk that you want to take, and I recommend no more than half of 1%. And you enter the stop-loss of the size of the trade. It will tell you the lot size needed or the position size needed for that trade. Understanding risk management, number one, key. #2 High Reward:Risk Trades Number two, understanding that high reward to risk trades will be your friend. That is the way that you are going to make small little step back, big step forward, little step back, big step forward. That's how you grow your account is by having high reward to risk trades. You see people that go, "Hey,

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