#395: How to make 2021 an excellent trading year
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How to make 2021 an excellent trading year  Podcast: #395: How to make 2021 an excellent trading year In this video: 00:30 – Set your goals for the New Year 01:40 – Trading on the close of a candle 02:22 – Document your trades 02:42 – Client makes +2.75% gain in one trade 03:57 – TFTC Pattern Trader bot software 04:57 – Looking forward to a great year ahead 05:40 – Future podcast topics So, 2021. How are you going to ensure this is a great year for you as a forex trader? Let's talk about that more right now. Hey, traders, it's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 395. Set your goals for the New Year Come outside here, as it's a beautiful day today, and wanted to talk about goals for 2021. It's really important that you have some goals, that you think about your trading, you look at last year's performance. What was good? What was not good? If you're new to trading, you're probably in some ways a better off position, because you can start right now in January and focus on making this year a really good year, but you need a plan. And it was one of the things that we discussed on our last webinar with our clients. Held it just last night. Two and a half hour live webinar. First one for the year. We go through our trading goals. We look at when we're wanting to trade, what timeframes, what patterns we're looking at, continuations, reversals, risk per trade. What do you do if a few trades go wrong? What do you do if you make really good trades? Do you keep trading? Do you stop trading? What happens if you can't access your broker's platform, your internet goes down? Different timeframe charts, are you going to take different risk on each trade? How are you going to place your entries, your stop losses, your profit targets? All those things that we look at and we discuss, and we come up with a trading plan that suits the individual person. Trading on the close of a candle Now, with my strategy, we only look at taking a trade on the close of a candle, so it's very easy to know when to look at your charts, but with different people all around the world with different time zones, different time restrictions of availability, it's important to plan what works for you. Now, as I said, we make sure that clients have a plan and it's something that's realistic, easy to stick to. Really, there's no reason why you can't trade in under 30 minutes per day. That's what we do, and that's what we've done for years and years. But it's just about helping people to establish that plan, and I really encourage you to have a plan yourself as well. Document your trades Also about, when you record trades, are you writing them down on spreadsheets? Are you taking screenshots, et cetera? What are you doing to document, journal and analyse your trading performance as you go through this year? So some important tips there to work on. Just email me if you need any help, andrew@theforextradingcoach.com. Client makes +2.75% gain in one trade With our trade so far this year, we've been trading just this one week, and we've already had very profitable trades on the daily charts, the 12 hours, eight hours, four hours, two-hour and one-hour charts. Had an email from a client who said that he's already made, on his very first trade on gold on the one-hour chart, made a 2.75% account gain already, which is fantastic. On the live webinar yesterday, I took two two-hour chart trades; one on Euro yen, which lost, and one on the New Zealand-Canadian, which was profitable. The profitable trade completely got back all the loss of the first trade and more.
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